API vs APP: Correlation
Agora, Inc. (API) and AppLovin (APP) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are API and APP?
Over the past 3 years, API and APP moved with a correlation of 0.47, which is moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.47). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 3768.4 %².
In API's tracked universe of 14 assets, APP sits right near the top at #1. Correlation aside, the last 12 months split them widely, with API ahead by 48.2 points (+15.7% versus -32.5%).
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.
API vs APP: side by side
| API (Agora, Inc.) | APP (AppLovin) | |
|---|---|---|
| 1-year return | +15.7% | -32.5% |
| 5-year return | -86.7% | +326.5% |
| Volatility (ann.) | 96.1% | 84.3% |
| Beta vs S&P 500 | 1.90 | 3.10 |
| Max drawdown (3Y) | -60.8% | -59.3% |
| Market cap | $0.3B | $105.0B |
| P/E (trailing) | 45.1 | 23.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | API | APP |
|---|---|---|
| 2022 | -75.9% | -88.8% |
| 2023 | -32.7% | +278.4% |
| 2024 | +58.2% | +712.6% |
| 2025 | -2.2% | +108.1% |
| 2026 | -0.2% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are API and APP good diversifiers for each other?
Reasonably. At 0.47, API and APP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between API and APP?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.29 over the last year and 0.42 over 5 years.
Is APP a good diversifier for API?
Reasonably. At 0.47, API and APP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/api-vs-app.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/api-vs-app/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: API correlations · APP correlations
