An important difference between CAPM and APT is

CAPM assumes many small changes are required to bring the market back to equilibrium: APT assumes a few large changes are required to bring the market back to equifibrium.

CAPM depends on risk$-$retum dominance: APT depends on a no arbitrage condition.

CAPM depends on risk$-$retum dominance; APT depends on a no arbltrage condition and assumes many small changes are required to bring the market back to equilibrium.

CAPM depends on risk$-$retum dominance; APT depends on a no arbitrage condition, CAPM assumes many small changes are required to bring the market back to equilibriums: APT assumes a few large changes are required to bring the market back to equilibrium, implications for prices derived from CAPM arguments are stronger than prices derived from APT arguments.

implications for poices derived from CAPM arguments are stronger than pefices derived from APT arguments.