APP vs. SMH
APP (AppLovin Corporation) is a stock, while SMH (VanEck Semiconductor ETF) is Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 5 years, APP returned 43.23%/yr vs 38.42%/yr for SMH. At a 0.47 correlation, their price movements are largely independent.
Performance
APP vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, APP achieves a -26.28% return, which is significantly lower than SMH's 72.15% return.
APP
- 1D
- 3.80%
- 1M
- 9.53%
- YTD
- -26.28%
- 6M
- -25.93%
- 1Y
- 30.53%
- 3Y*
- 180.45%
- 5Y*
- 43.23%
- 10Y*
- —
SMH
- 1D
- 1.72%
- 1M
- 8.30%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 136.32%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
APP vs. SMH - 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% |
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 24.08% |
Correlation
The correlation between APP and SMH is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021 | 0.47 |
Over the past year, the correlation between APP and SMH has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
APP vs. SMH — Risk / Return Rank
APP
SMH
APP vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AppLovin Corporation (APP) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.60 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 9.18 | -8.57 |
| Martin ratioReturn relative to average drawdown | 1.22 | 33.74 | -32.52 |
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Drawdowns
APP vs. SMH - Drawdown Comparison
The maximum APP drawdown since its inception was -91.90%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for APP and SMH.
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Drawdown Indicators
| APP | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.90% | -84.96% | -6.94% |
Max Drawdown (1Y)Largest decline over 1 year | -49.99% | -14.93% | -35.06% |
Max Drawdown (3Y)Largest decline over 3 years | -57.00% | -35.74% | -21.26% |
Max Drawdown (5Y)Largest decline over 5 years | -91.90% | -45.30% | -46.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -32.28% | -2.81% | -29.47% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -41.04% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.10% | 4.06% | +21.04% |
Volatility
APP vs. SMH - Volatility Comparison
AppLovin Corporation (APP) has a higher volatility of 20.54% compared to VanEck Semiconductor ETF (SMH) at 16.25%. This indicates that APP's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APP | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.54% | 16.25% | +4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 58.87% | 27.73% | +31.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.03% | 33.20% | +37.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.84% | 35.47% | +42.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 77.53% | 32.82% | +44.71% |
Dividends
APP vs. SMH - Dividend Comparison
APP has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| 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% |
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
APP and SMH have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APP has higher volatility (20.54%) compared to SMH (16.25%). In terms of maximum drawdown, APP dropped -91.90% vs SMH's -84.96%.
SMH currently has the higher Sharpe Ratio (4.13 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.
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