APP vs MDLZ: Correlation
How closely do AppLovin (APP) and Mondelez International (MDLZ) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and MDLZ?
Over the past 3 years, APP and MDLZ moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -342.0 %².
By 3-year correlation, MDLZ places #37 of the 44 assets tracked against APP. Correlation aside, the last 12 months split them widely, with MDLZ ahead by 37.1 points (-32.5% versus +4.6%). Across three years, the rolling one-year figure varied moderately, from -0.30 to 0.18. One caveat on sizing: APP is 4.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MDLZ: side by side
| APP (AppLovin) | MDLZ (Mondelez International) | |
|---|---|---|
| 1-year return | -32.5% | +4.6% |
| 5-year return | +326.5% | +14.7% |
| Volatility (ann.) | 84.3% | 20.5% |
| Beta vs S&P 500 | 3.10 | 0.03 |
| Max drawdown (3Y) | -59.3% | -29.0% |
| Market cap | $105.0B | $79.7B |
| P/E (trailing) | 23.7 | 22.9 |
| Dividend yield | 0.00% | 3.17% |
| Sector / category | Communication Services | Consumer Staples |
Year-by-year returns
| Year | APP | MDLZ |
|---|---|---|
| 2022 | -88.8% | +2.9% |
| 2023 | +278.4% | +11.2% |
| 2024 | +712.6% | -15.3% |
| 2025 | +108.1% | -7.0% |
| 2026 | -53.6% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and MDLZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between APP and MDLZ?
As of 2026-08-27, the correlation of weekly returns between APP and MDLZ is -0.20 over 3 years, -0.24 over 1 year and -0.04 over 5 years.
Is MDLZ a good diversifier for APP?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
A reading of -0.20 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
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Related comparisons
Hubs: APP correlations · MDLZ correlations
