APP vs AXON: Correlation
Measured on weekly returns over the past three years, AppLovin (APP) and Axon Enterprise (AXON) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and AXON?
Across a 3-year window, the weekly returns of APP and AXON correlate at 0.61, strong. Recent behaviour matches the longer record: 0.52 over 1 year against 0.61 over 3. Stretching to 5 years gives 0.53, with an annualized covariance of 2932.8 %².
In APP's tracked universe of 44 assets, AXON sits right near the top at #1. On 12-month performance AXON holds a 11.9-point edge, -32.5% against -20.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.19 to 0.79.
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.
APP vs AXON: side by side
| APP (AppLovin) | AXON (Axon Enterprise) | |
|---|---|---|
| 1-year return | -32.5% | -20.6% |
| 5-year return | +326.5% | +216.9% |
| Volatility (ann.) | 84.3% | 57.4% |
| Beta vs S&P 500 | 3.10 | 1.51 |
| Max drawdown (3Y) | -59.3% | -60.3% |
| Market cap | $105.0B | $49.7B |
| P/E (trailing) | 23.7 | 250.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | Industrials |
Year-by-year returns
| Year | APP | AXON |
|---|---|---|
| 2022 | -88.8% | +5.7% |
| 2023 | +278.4% | +55.7% |
| 2024 | +712.6% | +130.1% |
| 2025 | +108.1% | -4.4% |
| 2026 | -53.6% | +7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and AXON good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between APP and AXON?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.52 over the last year and 0.53 over 5 years.
Is AXON a good diversifier for APP?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
A reading of 0.61 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/app-vs-axon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/app-vs-axon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APP correlations · AXON correlations
