AMT vs APP: Correlation
Measured on weekly returns over the past three years, American Tower (AMT) and AppLovin (APP) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMT and APP?
Across a 3-year window, the weekly returns of AMT and APP correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.05) runs above the 3-year figure (-0.17). Stretching to 5 years gives 0.03, with an annualized covariance of -388.2 %².
Within AMT's tracked universe of 30 assets, APP comes in at #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AMT ahead by 21.5 points (-11.0% versus -32.5%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.36 to 0.44. Risk is not evenly split, since APP carries 3.1 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AMT vs APP: side by side
| AMT (American Tower) | APP (AppLovin) | |
|---|---|---|
| 1-year return | -11.0% | -32.5% |
| 5-year return | -30.2% | +326.5% |
| Volatility (ann.) | 27.1% | 84.3% |
| Beta vs S&P 500 | 0.18 | 3.10 |
| Max drawdown (3Y) | -28.4% | -59.3% |
| Market cap | $81.2B | $105.0B |
| P/E (trailing) | 24.2 | 23.7 |
| Dividend yield | 3.97% | 0.00% |
| Sector / category | Real Estate | Communication Services |
Year-by-year returns
| Year | AMT | APP |
|---|---|---|
| 2022 | -25.7% | -88.8% |
| 2023 | +5.4% | +278.4% |
| 2024 | -12.2% | +712.6% |
| 2025 | -0.9% | +108.1% |
| 2026 | +1.1% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMT and APP good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMT and APP?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.05 over the last year and 0.03 over 5 years.
Is APP a good diversifier for AMT?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amt-vs-app.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amt-vs-app/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMT correlations · APP correlations
