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Relative Intelligence · Software

How AppLovin (APP) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on APP alone. It places APP (AppLovin Corporation) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where APP stands in the market, and of the alternatives worth a closer look.

Period covered: APP's full trading record, from April 2021 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against APP →Chart APP vs. 18 alternatives →
On this page12 sections

Key findings

How much would $10,000 in APP have grown?

This chart tracks a hypothetical $10,000 investment in APP over the past 5 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of APP over the same span and APP's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: APP began trading on April 15, 2021, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 5 years of APP's record, starting at the end of September 2021.

From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 200 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of APP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000202120222023202420252026$10,000$100,000202120222023202420252026
  • MU$153,675+1,437% total · +72.7% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • PLTR$77,807+678% total · +50.7% a year
  • TSEM$76,064+661% total · +50.0% a year
  • ZETA$53,872+439% total · +40.0% a year
  • APP$40,130+301% total · +32.0% a year
  • GOOG$25,811+158% total · +20.9% a year
  • META$21,571+116% total · +16.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • AMZN$15,169+51.7% total · +8.7% a year
Change the dates or add tickers to this chart in EasyCompare

APP at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: APP began trading on April 15, 2021, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The company

Market value
$92B
Industry
Software - Application
Price history from
April 2021

Returns

Past 1 year
−51.9%total return
Past 3 years
+625%+93.5% a year
Past 5 years
+192%+23.9% a year
Best calendar year
+713%2024
Worst calendar year
−88.8%2022
Losing years
1 of 4full calendar years

Risk

Volatility
78.1%typical yearly swing, 5 years
Sharpe ratio
0.66return per unit of risk, 5 years
Worst decline ever
−91.9%Nov 2021 to Dec 2022
From its all-time high
−62.9%below the peak

APP against the whole market

Where APP ranks among every stock and fund, and what across the market has done better.

How does APP rank among all stocks?

This section ranks APP on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how APP stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureAPPRankStanding
1-year return−51.9%3,126 of 3,287bottom 6%
3-year return+625%69 of 3,017top 2%
5-year return+192%337 of 2,893top 12%
Volatility, 5 years78.1%2,608 of 2,893bottom 11%
Sharpe ratio, 5 years0.66552 of 2,893top 19%

What has beaten APP on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). APP sits where the dashed lines cross. Anything in the green box above and to the left earned more than APP with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to APP; faint dots are 90 more of the 270 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than APPLITE: +57.3% a year, volatility 64.5%CIEN: +45.2% a year, volatility 52.6%IESC: +58.5% a year, volatility 58.0%TTMI: +48.0% a year, volatility 54.3%PTGX: +35.7% a year, volatility 66.8%AGX: +53.5% a year, volatility 54.1%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%ETON: +55.6% a year, volatility 66.1%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%FEIM: +52.0% a year, volatility 65.4%LLY: +40.7% a year, volatility 32.8%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%MCK: +38.7% a year, volatility 25.0%INSW: +56.5% a year, volatility 40.5%APH: +33.8% a year, volatility 32.2%WELL: +26.0% a year, volatility 23.8%NTRA: +29.3% a year, volatility 57.6%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%COHR: +31.6% a year, volatility 66.3%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%BELFB: +78.0% a year, volatility 52.1%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%PWR: +39.3% a year, volatility 37.2%SU: +33.1% a year, volatility 32.5%CNQ: +26.5% a year, volatility 32.5%GLW: +31.4% a year, volatility 42.1%ITUB: +26.3% a year, volatility 33.8%VRT: +54.2% a year, volatility 64.2%AEM: +29.5% a year, volatility 38.4%IMO: +34.3% a year, volatility 32.0%GWW: +26.3% a year, volatility 24.9%VST: +53.4% a year, volatility 48.6%HPE: +32.9% a year, volatility 42.2%RCL: +28.8% a year, volatility 48.4%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%FTI: +54.1% a year, volatility 41.3%AU: +40.4% a year, volatility 49.9%TSM: +31.5% a year, volatility 38.5%RVMD: +48.8% a year, volatility 62.1%TEVA: +32.2% a year, volatility 42.8%BAP: +30.8% a year, volatility 30.3%P: +37.3% a year, volatility 55.0%KB: +25.3% a year, volatility 34.4%STLD: +32.2% a year, volatility 38.0%NWG: +27.7% a year, volatility 34.1%JBL: +35.8% a year, volatility 39.6%CASY: +29.9% a year, volatility 29.3%FLEX: +36.0% a year, volatility 48.2%GFI: +35.5% a year, volatility 53.4%SBS: +39.1% a year, volatility 37.1%CIB: +32.9% a year, volatility 32.9%NVT: +35.4% a year, volatility 38.0%KGC: +32.7% a year, volatility 45.6%AMD: +35.7% a year, volatility 57.6%CW: +30.8% a year, volatility 28.7%ROIV: +42.2% a year, volatility 58.8%STRL: +78.4% a year, volatility 60.0%DINO: +31.8% a year, volatility 38.8%TPC: +42.5% a year, volatility 56.0%BCH: +25.2% a year, volatility 28.2%RL: +28.6% a year, volatility 36.9%THC: +32.9% a year, volatility 45.1%TPR: +28.1% a year, volatility 40.8%FTAI: +52.1% a year, volatility 57.2%COKE: +41.2% a year, volatility 38.0%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%XPO: +30.5% a year, volatility 47.0%APP: +23.9% a year, volatility 78.1%SPY (S&P 500): +12.7% a year, volatility 17.1%ZETA: +33.2% a year, volatility 70.5%MU: +68.1% a year, volatility 57.1%PLTR: +51.4% a year, volatility 67.0%TSEM: +42.5% a year, volatility 52.2%NVDA: +58.0% a year, volatility 51.9%AVGO: +48.3% a year, volatility 44.5%TER: +24.0% a year, volatility 54.3%FIX: +77.0% a year, volatility 46.7%CLS: +101% a year, volatility 59.7%STX: +57.4% a year, volatility 48.7%WDC: +53.7% a year, volatility 53.5%DXJ: +26.6% a year, volatility 19.1%MPLX: +23.5% a year, volatility 18.8%SOXQ: +28.3% a year, volatility 38.9%RKLB: +32.0% a year, volatility 78.8%APPSPY (S&P 500)ZETAMUPLTRTSEMNVDAAVGOTERFIXCLSSTXDXJMPLXSOXQRKLB0.0%20.0%40.0%60.0%80.0%100%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than APPLITE: +57.3% a year, volatility 64.5%CIEN: +45.2% a year, volatility 52.6%IESC: +58.5% a year, volatility 58.0%TTMI: +48.0% a year, volatility 54.3%PTGX: +35.7% a year, volatility 66.8%AGX: +53.5% a year, volatility 54.1%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%ETON: +55.6% a year, volatility 66.1%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%FEIM: +52.0% a year, volatility 65.4%LLY: +40.7% a year, volatility 32.8%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%MCK: +38.7% a year, volatility 25.0%INSW: +56.5% a year, volatility 40.5%APH: +33.8% a year, volatility 32.2%WELL: +26.0% a year, volatility 23.8%NTRA: +29.3% a year, volatility 57.6%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%COHR: +31.6% a year, volatility 66.3%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%BELFB: +78.0% a year, volatility 52.1%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%PWR: +39.3% a year, volatility 37.2%SU: +33.1% a year, volatility 32.5%CNQ: +26.5% a year, volatility 32.5%GLW: +31.4% a year, volatility 42.1%ITUB: +26.3% a year, volatility 33.8%VRT: +54.2% a year, volatility 64.2%AEM: +29.5% a year, volatility 38.4%IMO: +34.3% a year, volatility 32.0%GWW: +26.3% a year, volatility 24.9%VST: +53.4% a year, volatility 48.6%HPE: +32.9% a year, volatility 42.2%RCL: +28.8% a year, volatility 48.4%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%FTI: +54.1% a year, volatility 41.3%AU: +40.4% a year, volatility 49.9%TSM: +31.5% a year, volatility 38.5%RVMD: +48.8% a year, volatility 62.1%TEVA: +32.2% a year, volatility 42.8%BAP: +30.8% a year, volatility 30.3%P: +37.3% a year, volatility 55.0%KB: +25.3% a year, volatility 34.4%STLD: +32.2% a year, volatility 38.0%NWG: +27.7% a year, volatility 34.1%JBL: +35.8% a year, volatility 39.6%CASY: +29.9% a year, volatility 29.3%FLEX: +36.0% a year, volatility 48.2%GFI: +35.5% a year, volatility 53.4%SBS: +39.1% a year, volatility 37.1%CIB: +32.9% a year, volatility 32.9%NVT: +35.4% a year, volatility 38.0%KGC: +32.7% a year, volatility 45.6%AMD: +35.7% a year, volatility 57.6%CW: +30.8% a year, volatility 28.7%ROIV: +42.2% a year, volatility 58.8%STRL: +78.4% a year, volatility 60.0%DINO: +31.8% a year, volatility 38.8%TPC: +42.5% a year, volatility 56.0%BCH: +25.2% a year, volatility 28.2%RL: +28.6% a year, volatility 36.9%THC: +32.9% a year, volatility 45.1%TPR: +28.1% a year, volatility 40.8%FTAI: +52.1% a year, volatility 57.2%COKE: +41.2% a year, volatility 38.0%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%XPO: +30.5% a year, volatility 47.0%APP: +23.9% a year, volatility 78.1%SPY (S&P 500): +12.7% a year, volatility 17.1%ZETA: +33.2% a year, volatility 70.5%MU: +68.1% a year, volatility 57.1%PLTR: +51.4% a year, volatility 67.0%TSEM: +42.5% a year, volatility 52.2%NVDA: +58.0% a year, volatility 51.9%AVGO: +48.3% a year, volatility 44.5%TER: +24.0% a year, volatility 54.3%FIX: +77.0% a year, volatility 46.7%CLS: +101% a year, volatility 59.7%STX: +57.4% a year, volatility 48.7%WDC: +53.7% a year, volatility 53.5%DXJ: +26.6% a year, volatility 19.1%MPLX: +23.5% a year, volatility 18.8%SOXQ: +28.3% a year, volatility 38.9%RKLB: +32.0% a year, volatility 78.8%APPSPY (S&P 500)ZETAMUPLTRTSEMNVDAAVGOTERFIXCLSSTXDXJMPLXSOXQ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than APP?

Investments that beat APP over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat APP over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks APP's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than APP follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than APP's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× APP's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than APP's.

Screen the whole market against APP for any period in BetterThanSPYOpen these 16 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with APP?lower diversifies moreExpenseper year
APPAppLovin Corporation · this page
+23.9%78.1%0.66−91.9%+192%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.470.09%
Popular alternativesbest 1 shownThe investments people most often weigh against APP. 1 of 17 passed at least one test.
ZETAZeta Global Holdings Corp. · Software
Higher return, lower volatilityHigher Sharpe, smaller worst decline+33.2%70.5%0.77−70.0%+320%0.01—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Software and the categories next to it (Application Software, Enterprise Software, Payment Processing, Semiconductors), plus APP's specific themes. 25 of 130 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+68.1%57.1%1.20−57.6%+1,244%0.25—
PLTRPalantir Technologies Inc. · Enterprise Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.4%67.0%0.95−84.6%+695%0.55—
TSEMTower Semiconductor Ltd. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.5%52.2%0.93−62.3%+487%0.18—
NVDANVIDIA Corporation · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+58.0%51.9%1.14−66.3%+884%0.47—
AVGOBroadcom Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+48.3%44.5%1.11−48.3%+617%0.30—
TERTeradyne, Inc. · Semiconductor Equipment
Similar return, lower volatility+24.0%54.3%0.67−59.1%+193%0.23—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 325 of 3,487 passed at least one test.
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+77.0%46.7%1.46−49.7%+1,636%0.42—
CLSCelestica Inc. · Electronics Manufacturing
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+101%59.7%1.47−80.6%+3,143%0.41—
STXSeagate Technology Holdings plc · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+57.4%48.7%1.18−57.0%+866%0.29—
WDCWestern Digital Corporation · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+53.7%53.5%1.07−70.5%+759%0.32—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+225%0.180.48%
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+23.5%18.8%1.22−75.2%+187%0.20—
SOXQInvesco PHLX Semiconductor ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+28.3%38.9%0.84−46.0%+248%0.330.19%
RKLBRocket Lab USA, Inc. · Aerospace & Defense
Higher return, similar volatilityHigher return in most periods+32.0%78.8%0.74−83.0%+300%0.57—
What these numbers mean for APP
Annual return
APP returned 23.9% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $29,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
APP's volatility over the past 5 years was 78.1%, 4.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APP's return lands within 78.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
APP's Sharpe ratio over the past 5 years was 0.66, against 0.79 for the S&P 500, so APP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
APP's worst fall from a peak to a low over the past 10 years was 91.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 91.9% fall takes a 1,135% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, APP's monthly returns had a correlation of 0.47 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against APP instead: the lower it is, the more that option would diversify a APP holding. Guide: Correlation and diversification →
Show all 270 stocks and funds worth at least $500 million that earned more than APP with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with APPExpense
1
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+1,636%0.42—
2
CLSCelestica Inc. · Electronics Manufacturing
Whole market+101%59.7%1.47−80.6%+3,143%0.41—
3
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+866%0.29—
4
WDCWestern Digital Corporation · Computer Hardware
Whole market+53.7%53.5%1.07−70.5%+759%0.32—
5
LITELumentum Holdings Inc. · Communications Equipment
Whole market+57.3%64.5%1.03−66.9%+863%0.24—
6
CIENCiena Corporation · Communications Equipment
Whole market+45.2%52.6%0.97−49.5%+546%0.35—
7
MUMicron Technology, Inc. · Semiconductors
Same or nearby category+68.1%57.1%1.20−57.6%+1,244%0.25—
8
PLTRPalantir Technologies Inc. · Enterprise Software
Same or nearby category+51.4%67.0%0.95−84.6%+695%0.55—
9
IESCIES Holdings, Inc. · Engineering & Construction
Whole market+58.5%58.0%1.09−54.3%+900%0.59—
10
TTMITTM Technologies, Inc. · Electronic Components
Whole market+48.0%54.3%0.99−57.6%+609%0.26—
11
PTGXProtagonist Therapeutics, Inc. · Biotechnology
Whole market+35.7%66.8%0.80−85.8%+360%0.20—
12
AGXArgan, Inc. · Engineering & Construction
Whole market+53.5%54.1%1.06−56.7%+751%0.35—
13
TSEMTower Semiconductor Ltd. · Semiconductors
Same or nearby category+42.5%52.2%0.93−62.3%+487%0.18—
14
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+690%-0.09—
15
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+705%-0.17—
16
ETONEton Pharmaceuticals, Inc. · Drug Manufacturers - Specialty & Generic
Whole market+55.6%66.1%0.99−79.9%+811%0.50—
17
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+594%0.30—
18
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%-0.07—
19
FEIMFrequency Electronics, Inc. · Communication Equipment
Whole market+52.0%65.4%0.95−62.4%+712%0.14—
20
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+451%0.11—
21
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+1,008%0.08—
22
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,082%0.18—
23
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+232%-0.23—
24
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+218%-0.07—
25
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+318%0.10—
26
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+366%0.37—
27
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.180.48%
28
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+288%0.19—
29
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+800%0.30—
30
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+319%0.09—
31
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+667%-0.19—
32
ANETArista Networks, Inc. · Communications Equipment
Whole market+49.0%49.0%1.06−52.2%+634%0.27—
33
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+413%0.08—
34
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%+839%-0.31—
35
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+329%0.32—
36
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+217%0.15—
37
NTRANatera, Inc. · Medical Diagnostics
Whole market+29.3%57.6%0.74−77.7%+261%0.37—
38
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+295%0.07—
39
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+413%-0.01—
40
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+524%-0.06—
41
COHRCoherent, Inc. · Electronic Components
Whole market+31.6%66.3%0.75−72.2%+295%0.29—
42
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+355%0.52—
43
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+326%0.16—
44
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+301%0.04—
45
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+1,688%0.07—
46
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+319%-0.07—
47
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+210%0.27—
48
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+327%0.10—
49
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+235%0.27—
50
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+425%0.37—
51
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+318%-0.06—
52
CNQCanadian Natural Resources Limited · Oil & Gas
Whole market+26.5%32.5%0.89−77.5%+224%-0.08—
53
NVDANVIDIA Corporation · Semiconductors
Same or nearby category+58.0%51.9%1.14−66.3%+884%0.47—
54
GLWCorning Inc · Electronic Components
Whole market+31.4%42.1%0.86−51.5%+292%0.15—
55
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+221%-0.18—
56
VRTVertiv Holdings Co · Electrical Equipment
Whole market+54.2%64.2%1.01−71.3%+772%0.38—
57
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+29.5%38.4%0.87−54.2%+264%-0.01—
58
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+337%-0.11—
59
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+221%0.20—
60
VSTVistra Corp. · Independent Power Producers
Whole market+53.4%48.6%1.13−53.3%+748%0.54—
61
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+315%0.25—
62
RCLRoyal Caribbean Cruises Ltd. · Cruise Lines
Whole market+28.8%48.4%0.77−83.3%+255%0.27—
63
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+212%0.20—
64
AVGOBroadcom Inc. · Semiconductors
Same or nearby category+48.3%44.5%1.11−48.3%+617%0.30—
65
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+27.5%36.9%0.85−46.7%+236%-0.02—
66
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+435%0.19—
67
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+499%0.37—
68
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+769%0.01—
69
AUAngloGold Ashanti Plc · Gold Mining
Whole market+40.4%49.9%0.93−66.3%+445%-0.03—
70
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Same or nearby category+31.5%38.5%0.91−56.6%+293%0.30—
71
RVMDRevolution Medicines, Inc. · Biotechnology
Whole market+48.8%62.1%0.95−73.3%+630%0.21—
72
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Whole market+32.2%42.8%0.86−85.5%+303%0.02—
73
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+283%0.14—
74
PEverpure, Inc. · Computer Hardware
Whole market+37.3%55.0%0.85−69.4%+388%0.27—
75
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+209%0.13—
76
STLDSteel Dynamics, Inc. · Metals & Mining
Whole market+32.2%38.0%0.93−68.5%+304%0.14—
77
NWGNatWest Group plc · Banks
Whole market+27.7%34.1%0.89−67.4%+239%0.14—
78
JBLJabil Inc. · Electronics Manufacturing
Whole market+35.8%39.6%0.97−57.3%+361%0.34—
79
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+270%0.08—
80
FLEXFlex Ltd. · Electronics Manufacturing
Whole market+36.0%48.2%0.88−70.0%+365%0.42—
81
GFIGold Fields Limited · Gold Mining
Whole market+35.5%53.4%0.84−56.2%+356%-0.02—
82
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+420%-0.08—
83
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+314%-0.09—
84
NVTnVent Electric plc · Electrical Equipment
Whole market+35.4%38.0%0.99−56.2%+356%0.38—
85
KGCKinross Gold Corporation · Gold Mining
Whole market+32.7%45.6%0.85−67.9%+311%0.09—
86
AMDAdvanced Micro Devices, Inc. · Semiconductors
Same or nearby category+35.7%57.6%0.82−65.5%+359%0.22—
87
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+283%0.29—
88
ROIVRoivant Sciences Ltd. · Biotechnology
Whole market+42.2%58.8%0.89−79.2%+482%0.09—
89
STRLSterling Infrastructure, Inc. · Engineering & Construction
Whole market+78.4%60.0%1.26−59.6%+1,708%0.52—
90
DINOHF Sinclair Corporation · Oil & Gas
Whole market+31.8%38.8%0.91−77.3%+298%-0.01—
91
TPCTutor Perini Corporation · Engineering & Construction
Whole market+42.5%56.0%0.91−91.0%+488%0.27—
92
BCHBanco de Chile · Banks
Whole market+25.2%28.2%0.94−58.4%+208%-0.20—
93
RLRalph Lauren Corporation · Apparel & Footwear
Whole market+28.6%36.9%0.87−55.1%+251%0.40—
94
THCTenet Healthcare Corporation · Health Care Facilities
Whole market+32.9%45.1%0.86−71.7%+315%0.14—
95
TPRTapestry, Inc. · Luxury Goods
Whole market+28.1%40.8%0.82−78.9%+245%0.39—
96
FTAIFTAI Aviation Ltd. · Aerospace & Defense
Whole market+52.1%57.2%1.02−72.8%+713%0.33—
97
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+461%0.05—
98
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+279%0.22—
99
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+417%0.18—
100
XPOXPO Logistics, Inc. · Freight & Logistics
Whole market+30.5%47.0%0.80−64.5%+278%0.34—

APP against its popular alternatives

The investments people most often weigh against APP, compared period by period and year by year.

How do APP's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at APP, which divides the map into what did better or worse on each measure.

Green points earned more than APP with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAPP: 23.9% a year, volatility 78.1%SPY (S&P 500): 12.7% a year, volatility 17.1%ZETA: 33.2% a year, volatility 70.5%APPS: −35.4% a year, volatility 112%GOOG: 19.0% a year, volatility 32.0%META: 15.5% a year, volatility 45.4%AMZN: 9.0% a year, volatility 36.6%DSP: 1.1% a year, volatility 64.7%MGNI: −4.7% a year, volatility 74.7%PUBM: −10.3% a year, volatility 66.2%NEXN: −14.2% a year, volatility 55.5%PERI: −16.5% a year, volatility 52.1%CRTO: −16.6% a year, volatility 46.0%DV: −17.5% a year, volatility 50.9%U: −22.4% a year, volatility 77.5%SNAP: −39.0% a year, volatility 76.2%RBLX: −7.8% a year, volatility 71.1%TBLA: −17.8% a year, volatility 59.8%TTD: −30.8% a year, volatility 67.7%APPSPY (S&P 500)ZETAAPPSGOOGMETAAMZNDSPMGNIPUBMNEXNPERICRTODVUSNAPTBLATTD0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAPP: 23.9% a year, volatility 78.1%SPY (S&P 500): 12.7% a year, volatility 17.1%ZETA: 33.2% a year, volatility 70.5%APPS: −35.4% a year, volatility 112%GOOG: 19.0% a year, volatility 32.0%META: 15.5% a year, volatility 45.4%AMZN: 9.0% a year, volatility 36.6%DSP: 1.1% a year, volatility 64.7%MGNI: −4.7% a year, volatility 74.7%PUBM: −10.3% a year, volatility 66.2%NEXN: −14.2% a year, volatility 55.5%PERI: −16.5% a year, volatility 52.1%CRTO: −16.6% a year, volatility 46.0%DV: −17.5% a year, volatility 50.9%U: −22.4% a year, volatility 77.5%SNAP: −39.0% a year, volatility 76.2%RBLX: −7.8% a year, volatility 71.1%TBLA: −17.8% a year, volatility 59.8%TTD: −30.8% a year, volatility 67.7%APPSPY (S&P 500)ZETAAPPSGOOGAMZNDSPMGNIPUBMNEXNPERIUSNAPRBLXTBLATTD
All figures
InvestmentAnnual returnVolatility
ZETA Zeta Global Holdings Corp.+33.2%70.5%
APP This pageAppLovin Corporation+23.9%78.1%
GOOG Alphabet Inc.+19.0%32.0%
META Meta Platforms, Inc.+15.5%45.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
AMZN Amazon.com, Inc.+9.0%36.6%
DSP Viant Technology Inc.+1.1%64.7%
MGNI Magnite, Inc.−4.7%74.7%
RBLX Roblox Corporation−7.8%71.1%
PUBM PubMatic, Inc.−10.3%66.2%
NEXN Nexxen International Ltd.−14.2%55.5%
PERI Perion Network Ltd.−16.5%52.1%
CRTO Criteo S.A.−16.6%46.0%
DV DoubleVerify Holdings, Inc.−17.5%50.9%
TBLA Taboola.com Ltd.−17.8%59.8%
U Unity Software Inc.−22.4%77.5%
TTD The Trade Desk, Inc.−30.8%67.7%
APPS Digital Turbine, Inc.−35.4%112%
SNAP Snap Inc.−39.0%76.2%
Open these 19 in EasyCompare

Has APP consistently beaten its popular alternatives?

This section compares APP with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than APP helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than APP over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
APP AppLovin Corporation (this page)—−17.5%−35.8%−44.5%−55.9%−51.9%+625%+192%78.1%0.66−91.9%—$92B—
ZETA Software - ApplicationZeta Global Holdings Corp.5/5 short1/2 long+7.7%+57.2%+84.8%+68.5%+81.0%+300%+320%70.5%0.77−70.0%—$8.4B—
GOOG Internet Content & InformationAlphabet Inc.5/5 short0/2 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%32.0%0.71−44.6%—$4.1T—
META Internet Content & InformationMeta Platforms, Inc.5/5 short0/2 long−6.3%+7.6%+3.7%+7.0%−4.9%+127%+106%45.4%0.55−76.7%—$1.8T—
AMZN Specialty RetailAmazon.com, Inc.5/5 short0/2 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%36.6%0.42−56.1%—$2.8T—
DSP Software - ApplicationViant Technology Inc.5/5 short0/2 long+6.2%+13.0%+19.8%+15.9%+55.3%+161%+5.4%64.7%0.34−95.3%—$894M—
MGNI Advertising AgenciesMagnite, Inc.5/5 short0/2 long−5.9%+25.5%+70.1%+48.3%+27.5%+238%−21.4%74.7%0.29−90.6%—$3.4B—
PUBM Software - ApplicationPubMatic, Inc.5/5 short0/2 long−2.3%+33.4%+76.5%+103%+110%+49.4%−41.8%66.2%0.17−91.0%—$795M—
NEXN Advertising AgenciesNexxen International Ltd.5/5 short0/2 long+2.5%−9.8%+17.4%+43.8%+4.8%+170%−53.4%55.5%0.01−86.3%—$518M—
PERI Advertising AgenciesPerion Network Ltd.5/5 short0/2 long+1.3%−7.6%−17.7%−4.8%−8.6%−65.2%−59.5%52.1%-0.07−83.1%—$368M—
CRTO Advertising AgenciesCriteo S.A.5/5 short0/2 long−8.4%−30.0%−21.9%−23.2%−25.1%−46.5%−59.6%46.0%-0.17−88.5%—$754M—
DV Software - ApplicationDoubleVerify Holdings, Inc.5/5 short0/2 long+0.7%+17.0%+25.5%+24.6%+20.2%−51.7%−61.9%50.9%-0.11−81.7%—$2.1B—
U Software - ApplicationUnity Software Inc.5/5 short0/2 long−7.1%+34.7%+51.4%−9.2%+13.9%+47.8%−71.8%77.5%0.06−93.1%—$18B—
SNAP Internet Content & InformationSnap Inc.5/5 short0/2 long+11.9%+39.9%+6.3%−21.5%−17.5%−32.4%−91.6%76.2%-0.26−95.3%—$11B—
BRZE Software - ApplicationBraze, Inc.5/5 short0/2 long+79.4%+74.0%+92.0%+40.0%+65.6%+4.1%———−83.2%—$5.2B—
RBLX Electronic Gaming & MultimediaRoblox Corporation4/5 short0/2 long+2.1%−1.7%−15.3%−35.3%−61.2%+64.8%−33.4%71.1%0.24−82.8%—$37B—
TBLA Internet Content & InformationTaboola.com Ltd.4/5 short0/2 long−4.7%−35.1%−8.5%−22.1%+10.9%−2.8%−62.6%59.8%-0.04−84.8%—$932M—
APPS Software - ApplicationDigital Turbine, Inc.4/5 short0/2 long−18.7%+17.5%+157%+105%+55.8%+90.3%−88.7%112%0.12−98.7%—$1.2B—
TTD Advertising AgenciesThe Trade Desk, Inc.2/5 short0/2 long−8.9%−32.1%−47.4%−66.4%−75.9%−82.9%−84.1%67.7%-0.20−91.5%—$6.0B—
Open these 19 in EasyCompare

How did APP do year by year?

This table shows each investment's total return in every full calendar year since 2022, along with where APP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with APP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: APP began trading on April 15, 2021, so the table starts with 2022, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of APP; gray means the two finished within a fraction of a point. The rank row places APP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of APP2025202420232022
APP This pageAppLovin Corporation—+108%+713%+278%−88.8%
Rank among alternativesTop quarter in 3 of 42 of 191 of 191 of 1919 of 19
SPY S&P 500State Street SPDR S&P 500 ETF1 of 4+17.7%+24.9%+26.2%−18.2%
ZETA Zeta Global Holdings Corp.1 of 4+13.1%+104%+8.0%−3.0%
GOOG Alphabet Inc.1 of 4+65.4%+35.6%+58.8%−38.7%
META Meta Platforms, Inc.1 of 4+13.1%+66.0%+194%−64.2%
AMZN Amazon.com, Inc.1 of 4+5.2%+44.4%+80.9%−49.6%
DSP Viant Technology Inc.1 of 4−36.6%+176%+71.4%−58.6%
MGNI Magnite, Inc.1 of 4+1.9%+70.5%−11.8%−39.5%
PUBM PubMatic, Inc.1 of 4−39.6%−9.9%+27.3%−62.4%
NEXN Nexxen International Ltd.1 of 4−34.7%+98.0%−21.6%−57.4%
PERI Perion Network Ltd.1 of 4+13.1%−72.6%+22.0%+5.2%
CRTO Criteo S.A.1 of 4−47.9%+56.2%−2.8%−33.0%
DV DoubleVerify Holdings, Inc.1 of 4−40.5%−47.8%+67.5%−34.0%
U Unity Software Inc.1 of 4+96.6%−45.1%+43.0%−80.0%
SNAP Snap Inc.1 of 4−25.1%−36.4%+89.2%−81.0%
BRZE Braze, Inc.1 of 4−18.1%−21.2%+94.8%−64.6%
RBLX Roblox Corporation1 of 4+40.0%+26.6%+60.6%−72.4%
TBLA Taboola.com Ltd.1 of 4+26.3%−15.7%+40.6%−60.4%
APPS Digital Turbine, Inc.2 of 4+196%−75.4%−55.0%−75.0%
TTD The Trade Desk, Inc.1 of 4−67.7%+63.3%+60.5%−51.1%
Open these 20 in EasyCompare

Risk and diversification

How APP has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were APP's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents APP's five deepest drawdowns since it began trading in 2021, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: APP began trading on April 15, 2021, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means APP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringAPP fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−91.9%−16.1%Nov 2021Dec 202213 monthsSep 202421 months
No named crash−64.3%+13.3%Dec 2025Oct 202610 monthsNot yet—
No named crash−57.0%−16.9%Feb 2025Apr 20252 monthsSep 20255 months
No named crash−36.7%+6.3%Jun 2021Aug 20212 monthsOct 20212 months
No named crash−27.6%−1.1%Sep 2025Nov 20252 monthsDec 20251 month

How did APP do in stock market crashes?

This section measures how far APP, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: APP began trading on April 15, 2021, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than APP.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
APP This pageAppLovin Corporation—−7.4%−80.0%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
ZETA Zeta Global Holdings Corp.1 of 2−7.0%−67.9%————————
GOOG Alphabet Inc.2 of 2−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
META Meta Platforms, Inc.2 of 2−2.9%−62.1%−32.9%−26.5%−9.8%−13.9%————
AMZN Amazon.com, Inc.2 of 2−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
DSP Viant Technology Inc.1 of 2−10.7%−58.8%————————
MGNI Magnite, Inc.1 of 2−13.8%−62.5%−62.6%−34.4%−11.2%−28.7%————
PUBM PubMatic, Inc.2 of 2−4.7%−53.1%————————
NEXN Nexxen International Ltd.1 of 2−10.7%−59.4%————————
PERI Perion Network Ltd.1 of 2−7.6%−35.3%−58.6%−19.6%−4.9%−45.8%−44.2%−3.4%−77.8%—
CRTO Criteo S.A.2 of 2−6.3%−44.0%−53.4%−16.7%−3.4%−45.5%————
DV DoubleVerify Holdings, Inc.1 of 2−8.0%−41.1%————————
U Unity Software Inc.1 of 2−7.6%−76.6%————————
SNAP Snap Inc.1 of 2−7.4%−78.3%−51.3%−45.4%−9.4%—————
BRZE Braze, Inc.1 of 2−9.0%−57.9%————————
RBLX Roblox Corporation2 of 2−3.4%−75.6%————————
TBLA Taboola.com Ltd.1 of 2−11.3%−76.2%————————
APPS Digital Turbine, Inc.1 of 2−7.1%−78.0%−47.8%−18.6%−2.4%−62.1%−31.6%0.0%−84.6%—
TTD The Trade Desk, Inc.1 of 2−8.4%−51.7%−54.2%−33.0%−8.6%—————
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How closely does APP move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares APP with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than APP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
APP This pageAppLovin Corporation257%267%0.962.56
ZETA Zeta Global Holdings Corp.178%106%1.681.38
GOOG Alphabet Inc.140%132%1.071.20
META Meta Platforms, Inc.139%150%0.921.18
AMZN Amazon.com, Inc.125%170%0.741.45
DSP Viant Technology Inc.100%177%0.571.11
MGNI Magnite, Inc.190%333%0.572.33
PUBM PubMatic, Inc.57%144%0.391.55
NEXN Nexxen International Ltd.98%257%0.381.62
U Unity Software Inc.101%308%0.332.10
TBLA Taboola.com Ltd.69%233%0.301.50
APPS Digital Turbine, Inc.108%397%0.273.00
DV DoubleVerify Holdings, Inc.52%205%0.250.99
PERI Perion Network Ltd.31%140%0.221.13
RBLX Roblox Corporation24%115%0.211.45
TTD The Trade Desk, Inc.-12%192%-0.060.99
CRTO Criteo S.A.-8%95%-0.080.29
SNAP Snap Inc.-61%207%-0.291.08
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What diversifies APP?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with APP's. Because such investments tend not to fall at the same time, pairing APP with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which APP lost money. The last two columns show a portfolio that is 80% APP and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
APP AppLovin Corporation (this page)1.00+192%0.66−88.8%84.7%+32.0%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.05+119%1.48+3.8%67.9%+34.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.18+225%1.34+6.0%68.3%+36.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.25+101%1.04+10.4%68.5%+34.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.03+83.3%1.00+7.1%67.9%+33.8%
SMH TechnologyVanEck Semiconductor ETF0.37+323%0.97−33.5%70.7%+38.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.25+85.0%0.96−5.1%68.4%+33.6%
GLD CommoditiesSPDR Gold Shares0.02+126%0.96−0.8%67.9%+35.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.43+136%0.93−10.4%69.6%+34.8%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
APP AppLovin Corporation (this page)1.00+192%0.66−88.8%84.7%+32.0%
CAH Medical - DistributionCardinal Health, Inc.-0.07+479%1.55+54.1%67.6%+40.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.41+3,143%1.47+1.3%73.3%+51.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.42+1,636%1.46+17.0%72.0%+47.4%
MCK Medical - DistributionMcKesson Corporation0.08+413%1.44+51.8%68.4%+39.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.09+690%1.41+86.6%67.5%+43.2%
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Common questions

What was APP's worst drawdown?

APP's deepest decline since it began trading in 2021 was 91.9%, from November 2021 to December 2022. It took 21 months from the low to climb back to its old high. Because APP launched in April 2021, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were APP's best and worst years?

Over four full calendar years, APP's best year was 2024, when it returned 713%. Its worst was 2022, with a return of -88.8%.

Is there a better investment than APP?

Among APP's popular alternatives, ZETA earned more than APP with less volatility over the past 5 years: 33.2% a year at 70.5% volatility, against 23.9% a year at 78.1%. Looking beyond its popular alternatives, MU (semiconductors) and PLTR (enterprise software) earned more than APP with less volatility over the past 5 years. MU returned 68.1% a year at 57.1% volatility, against 23.9% a year at 78.1%.

Is APP more volatile than the S&P 500?

Yes. APP's volatility over the past 5 years was 78.1%, 4.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APP's return lands within 78.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is APP's Sharpe ratio?

APP's Sharpe ratio over the past 5 years was 0.66, against 0.79 for the S&P 500, so APP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is APP with the S&P 500?

Over the past 5 years, APP's monthly returns had a correlation of 0.47 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against APP instead: the lower it is, the more that option would diversify a APP holding.

What are the best alternatives to APP?

None of the 18 popular alternatives we compared outperformed APP in at least 3 of 5 short-term and 2 of 2 long-term timeframes, which says more about APP's strength than about its alternatives.

Did APP outperform the S&P 500?

APP finished ahead of the S&P 500 (SPY) in three of four full calendar years. In 2025, it returned +108%, against +17.7% for the index.

How did APP do in stock market crashes?

APP fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when APP fell 80.0% and the S&P 500 fell 24.5%.

What diversifies APP?

These had a low correlation with APP over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.05), DXJ (correlation 0.18) and EMLP (correlation 0.25); among large stocks, CAH (correlation -0.07), CLS (correlation 0.41) and FIX (correlation 0.42). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to APP

Other stocks and ETFs