APP vs INOD: Correlation
Measured on weekly returns over the past three years, AppLovin (APP) and Innodata Inc. (INOD) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and INOD?
On 3 years of weekly data the APP/INOD correlation comes out at 0.52, moderate. The past 12 months show a weaker link (0.42) than the 3-year average (0.52). The 5-year figure is 0.50, and annualized covariance runs at 5388.5 %².
Among the 44 assets we track against APP, INOD ranks #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months INOD outperformed by 84.1 percentage points (-32.5% for APP against +51.6% for INOD).
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 INOD: side by side
| APP (AppLovin) | INOD (Innodata Inc.) | |
|---|---|---|
| 1-year return | -32.5% | +51.6% |
| 5-year return | +326.5% | +620.6% |
| Volatility (ann.) | 84.3% | 122.9% |
| Beta vs S&P 500 | 3.10 | 3.71 |
| Max drawdown (3Y) | -59.3% | -63.0% |
| Market cap | $105.0B | $2.0B |
| P/E (trailing) | 23.7 | 43.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | APP | INOD |
|---|---|---|
| 2022 | -88.8% | -49.8% |
| 2023 | +278.4% | +174.1% |
| 2024 | +712.6% | +385.5% |
| 2025 | +108.1% | +28.9% |
| 2026 | -53.6% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and INOD good diversifiers for each other?
To a limited degree. At 0.52 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 INOD?
As of 2026-08-27, the correlation of weekly returns between APP and INOD is 0.52 over 3 years, 0.42 over 1 year and 0.50 over 5 years.
Is INOD a good diversifier for APP?
To a limited degree. At 0.52 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 0.52 mean?
A reading of 0.52 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-inod.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/app-vs-inod/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APP correlations · INOD correlations
