APP vs NWS: Correlation
Measured on weekly returns over the past three years, AppLovin (APP) and News Corp (Class B) (NWS) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and NWS?
On 3 years of weekly data the APP/NWS correlation comes out at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 801.8 %².
Within APP's tracked universe of 44 assets, NWS comes in at #26 by 3-year correlation. The last year tells two different stories: NWS led by 36.8 percentage points, -32.5% for APP against +4.3% for NWS. This link changes with the market regime, having swung between 0.12 and 0.64 on a rolling one-year basis. Risk is not evenly split, since APP carries 3.4 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 NWS: side by side
| APP (AppLovin) | NWS (News Corp (Class B)) | |
|---|---|---|
| 1-year return | -32.5% | +4.3% |
| 5-year return | +326.5% | +67.8% |
| Volatility (ann.) | 84.3% | 24.5% |
| Beta vs S&P 500 | 3.10 | 0.77 |
| Max drawdown (3Y) | -59.3% | -26.8% |
| Market cap | $105.0B | $19.0B |
| P/E (trailing) | 23.7 | 34.3 |
| Dividend yield | 0.00% | 0.57% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | APP | NWS |
|---|---|---|
| 2022 | -88.8% | -17.2% |
| 2023 | +278.4% | +41.0% |
| 2024 | +712.6% | +19.2% |
| 2025 | +108.1% | -2.0% |
| 2026 | -53.6% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and NWS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between APP and NWS?
As of 2026-08-27, the correlation of weekly returns between APP and NWS is 0.39 over 3 years, 0.30 over 1 year and 0.43 over 5 years.
Is NWS a good diversifier for APP?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/app-vs-nws.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/app-vs-nws/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APP correlations · NWS correlations
