APP vs. SKYY

Last updated Jun 13, 2026

APP (AppLovin Corporation) is a stock, while SKYY (First Trust ISE Cloud Computing Index Fund) is Technology Equities fund tracking the ISE Cloud Computing Index. Over the past 5 years, APP returned 43.23%/yr vs 5.69%/yr for SKYY. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

APP vs. SKYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AppLovin Corporation (APP) and First Trust ISE Cloud Computing Index Fund (SKYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APP achieves a -26.28% return, which is significantly lower than SKYY's 3.03% return.

APP

• 1D: 3.80%
• 1M: 9.53%
• YTD: -26.28%
• 6M: -25.93%
• 1Y: 30.53%
• 3Y*: 180.45%
• 5Y*: 43.23%
• 10Y*: —

SKYY

• 1D: 0.18%
• 1M: 6.69%
• YTD: 3.03%
• 6M: 1.79%
• 1Y: 13.95%
• 3Y*: 20.38%
• 5Y*: 5.69%
• 10Y*: 16.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

APP vs. SKYY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APP AppLovin Corporation	-26.28%	108.08%	712.62%	278.44%	-88.83%	34.66%
SKYY First Trust ISE Cloud Computing Index Fund	3.03%	9.20%	35.87%	52.18%	-44.68%	3.52%

Correlation

The correlation between APP and SKYY is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021	0.64

The correlation between APP and SKYY shifts across timeframes, from 0.50 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

APP vs. SKYY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APP

APP Risk / Return Rank: 57
APP Sharpe Ratio Rank: 58
APP Sortino Ratio Rank: 57
APP Omega Ratio Rank: 57
APP Calmar Ratio Rank: 57
APP Martin Ratio Rank: 56

SKYY

SKYY Risk / Return Rank: 17
SKYY Sharpe Ratio Rank: 18
SKYY Sortino Ratio Rank: 19
SKYY Omega Ratio Rank: 18
SKYY Calmar Ratio Rank: 16
SKYY Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APP vs. SKYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AppLovin Corporation (APP) and First Trust ISE Cloud Computing Index Fund (SKYY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APP	SKYY	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.49	-0.06
Sortino ratio: Return per unit of downside risk	1.02	0.89	+0.13
Omega ratio: Gain probability vs. loss probability	1.13	1.11	+0.03
Calmar ratio: Return relative to maximum drawdown	0.61	0.51	+0.10
Martin ratio: Return relative to average drawdown	1.22	1.13	+0.09

APP vs. SKYY - Sharpe Ratio Comparison

The current APP Sharpe Ratio is 0.43, which is comparable to the SKYY Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of APP and SKYY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APP vs. SKYY - Drawdown Comparison

The maximum APP drawdown since its inception was -91.90%, which is greater than SKYY's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for APP and SKYY.

Drawdown Indicators

	APP	SKYY	Difference
Max Drawdown Largest peak-to-trough decline	-91.90%	-53.20%	-38.70%
Max Drawdown (1Y) Largest decline over 1 year	-49.99%	-27.39%	-22.60%
Max Drawdown (3Y) Largest decline over 3 years	-57.00%	-31.80%	-25.20%
Max Drawdown (5Y) Largest decline over 5 years	-91.90%	-53.20%	-38.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-53.20%	—
Current Drawdown Current decline from peak	-32.28%	-13.63%	-18.65%
Average Drawdown Average peak-to-trough decline	-42.52%	-10.90%	-31.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.10%	12.34%	+12.76%

Volatility

APP vs. SKYY - Volatility Comparison

AppLovin Corporation (APP) has a higher volatility of 20.54% compared to First Trust ISE Cloud Computing Index Fund (SKYY) at 13.09%. This indicates that APP's price experiences larger fluctuations and is considered to be riskier than SKYY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APP	SKYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.54%	13.09%	+7.45%
Volatility (6M) Calculated over the trailing 6-month period	58.87%	23.88%	+34.99%
Volatility (1Y) Calculated over the trailing 1-year period	71.03%	28.45%	+42.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.84%	30.67%	+47.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	77.53%	26.90%	+50.63%

Dividends

APP vs. SKYY - Dividend Comparison

Neither APP nor SKYY has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APP AppLovin Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SKYY First Trust ISE Cloud Computing Index Fund	0.00%	0.00%	0.00%	0.00%	0.23%	0.78%	0.17%	0.54%	0.37%	0.27%	0.35%	0.41%

Frequently Asked Questions

Can I hold both APP and SKYY in my portfolio?

APP and SKYY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APP or SKYY?

APP has higher volatility (20.54%) compared to SKYY (13.09%). In terms of maximum drawdown, APP dropped -91.90% vs SKYY's -53.20%.

Which has better risk-adjusted returns?

SKYY currently has the higher Sharpe Ratio (0.49 vs 0.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.