The other great rotation: Google vs. Apple

The great rotation in the technology sector continues.

Google (GOOG) shares are trading at record highs above $800, while Apple (AAPL) continues to plumb new lows.

Apple's fall from grace isn't directly related to Google's new-found darling status, but the trend is a significant turnabout.

Once the most valuable company on earth, Apple's stock has fallen 42%, dropping from an all-time trading high of $705 in September to a new 52-week low of $419 on Monday.

The slide pushed Apple's market capitalization below $400 billion, although it clawed back above that level on Tuesday.

Even with that bounce, Apple has ceded its title as the world most valuable company to ExxonMobil (XOM), which has a market cap of nearly $403 billion at its current share price.

And so far this year, Apple has been among the 10 worst performing stocks in the S&P 500, alongside the likes of Cliffs Natural Resources (CLF) and Peabody Energy (BTU).

Related: The rise and fall of an Apple analyst

Google, meanwhile, has seen its stock price surge 17% so far this year. After hitting an all-time high Monday, Google shares continued to gain early Tuesday.

What gives?

Google has been the world's leading search engine for a long time, but it has not rested on its laurels. Instead, the company has been working on new consumer products and developing tools for advertisers to target those consumers.

Related: Buffett says Apple stock is a buy

By contrast, Apple has yet to have a new blockbuster since its visionary leader passed away in 2011.

CEO Tim Cook has hinted at the potential of the Apple TV, and there are rumors of an iWatch coming to market this year. But investors remain concerned about Apple's ability to compete as iPhone demand appears to be waning and rival smartphone makers, such as Samsung, have been taking market share.