This show how much this group is falling from favor. Depending on the government for revenue in the is a double edged sword. Ayn Rand said so. ESI and the others still have some downside, maybe lots imho.
APEI is miltary focused and they will be hit hard from a financing standpoint. So not exactly the same business.
Also, look at the APEI chart and look at the ESI chart. APEI had some correcting to do that ESI had already gone through. In a major way as well. The other one with more correcting to do is Strayer. I am now long ESI and short STRA.
Here is chart comparison between ESI and APEI. Big difference.