APLD vs BTBT: Correlation
Measured on weekly returns over the past three years, Applied Digital Corporation (APLD) and Bit Digital, Inc. (BTBT) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLD and BTBT?
Across a 3-year window, the weekly returns of APLD and BTBT correlate at 0.51, moderate. The past 12 months show a tighter link (0.73) than the 3-year average (0.51). Stretching to 5 years gives 0.40, with an annualized covariance of 5089.6 %².
BTBT is one of the assets that tracks APLD most closely: it ranks #2 out of the 15 assets we track against APLD. Correlation aside, the last 12 months split them widely, with APLD ahead by 106.3 points (+64.3% versus -42.0%).
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.
APLD vs BTBT: side by side
| APLD (Applied Digital Corporation) | BTBT (Bit Digital, Inc.) | |
|---|---|---|
| 1-year return | +64.3% | -42.0% |
| 5-year return | +465.8% | -87.6% |
| Volatility (ann.) | 117.7% | 85.4% |
| Beta vs S&P 500 | 2.73 | 2.24 |
| Max drawdown (3Y) | -71.9% | -78.1% |
| Market cap | $7.8B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APLD | BTBT |
|---|---|---|
| 2022 | – | -90.1% |
| 2023 | +266.3% | +605.0% |
| 2024 | +13.4% | -30.7% |
| 2025 | +220.9% | -35.5% |
| 2026 | +11.9% | -15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLD and BTBT good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APLD and BTBT?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.73 over the last year and 0.40 over 5 years.
Is BTBT a good diversifier for APLD?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 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/apld-vs-btbt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apld-vs-btbt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APLD correlations · BTBT correlations
