APP vs NFLX: Correlation
Measured on weekly returns over the past three years, AppLovin (APP) and Netflix (NFLX) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and NFLX?
Over the past 3 years, APP and NFLX moved with a correlation of 0.36, which is moderate. The past 12 months show a weaker link (0.03) than the 3-year average (0.36). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 1062.2 %².
Among the 44 assets we track against APP, NFLX ranks #30 by 3-year correlation. Neither side won the trailing year by much: -32.5% against -34.7%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.05 and 0.56 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since APP carries 2.4 times the volatility of the other side.
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 NFLX: side by side
| APP (AppLovin) | NFLX (Netflix) | |
|---|---|---|
| 1-year return | -32.5% | -34.7% |
| 5-year return | +326.5% | +41.0% |
| Volatility (ann.) | 84.3% | 35.2% |
| Beta vs S&P 500 | 3.10 | 0.99 |
| Max drawdown (3Y) | -59.3% | -49.5% |
| Market cap | $105.0B | $332.4B |
| P/E (trailing) | 23.7 | 25.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | APP | NFLX |
|---|---|---|
| 2022 | -88.8% | -51.1% |
| 2023 | +278.4% | +65.1% |
| 2024 | +712.6% | +83.1% |
| 2025 | +108.1% | +5.2% |
| 2026 | -53.6% | -14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and NFLX good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APP and NFLX?
As of 2026-08-27, the correlation of weekly returns between APP and NFLX is 0.36 over 3 years, 0.03 over 1 year and 0.40 over 5 years.
Is NFLX a good diversifier for APP?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
A reading of 0.36 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-nflx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/app-vs-nflx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APP correlations · NFLX correlations
