APP vs NWSA: Correlation
Measured on weekly returns over the past three years, AppLovin (APP) and News Corp (Class A) (NWSA) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and NWSA?
Across a 3-year window, the weekly returns of APP and NWSA correlate at 0.37, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.37 over 3. Stretching to 5 years gives 0.43, with an annualized covariance of 733.0 %².
By 3-year correlation, NWSA places #29 of the 44 assets tracked against APP. Their recent paths diverged sharply: over the last 12 months NWSA outperformed by 38.5 percentage points (-32.5% for APP against +6.0% for NWSA). This link changes with the market regime, having swung between 0.10 and 0.63 on a rolling one-year basis. One caveat on sizing: APP is 3.6 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 NWSA: side by side
| APP (AppLovin) | NWSA (News Corp (Class A)) | |
|---|---|---|
| 1-year return | -32.5% | +6.0% |
| 5-year return | +326.5% | +45.9% |
| Volatility (ann.) | 84.3% | 23.4% |
| Beta vs S&P 500 | 3.10 | 0.76 |
| Max drawdown (3Y) | -59.3% | -27.8% |
| Market cap | $105.0B | $16.8B |
| P/E (trailing) | 23.7 | 30.0 |
| Dividend yield | 0.00% | 0.65% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | APP | NWSA |
|---|---|---|
| 2022 | -88.8% | -17.6% |
| 2023 | +278.4% | +36.4% |
| 2024 | +712.6% | +13.0% |
| 2025 | +108.1% | -4.5% |
| 2026 | -53.6% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and NWSA good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APP and NWSA?
As of 2026-08-27, the correlation of weekly returns between APP and NWSA is 0.37 over 3 years, 0.34 over 1 year and 0.43 over 5 years.
Is NWSA a good diversifier for APP?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/app-vs-nwsa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/app-vs-nwsa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APP correlations · NWSA correlations
