APP vs. TBIL
APP (AppLovin Corporation) is a stock, while TBIL (F/m US Treasury 3 Month Bill ETF) is Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Over the past 3 years, APP returned 171.29%/yr vs 4.60%/yr for TBIL. At a 0.02 correlation, their price movements are largely independent.
Performance
APP vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, APP achieves a -30.69% return, which is significantly lower than TBIL's 1.69% return.
APP
- 1D
- -0.50%
- 1M
- -3.04%
- YTD
- -30.69%
- 6M
- -35.89%
- 1Y
- 39.24%
- 3Y*
- 171.29%
- 5Y*
- 40.77%
- 10Y*
- —
TBIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.69%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.60%
- 5Y*
- —
- 10Y*
- —
APP vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
APP AppLovin Corporation | -30.69% | 108.08% | 712.62% | 278.44% | -73.77% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.69% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between APP and TBIL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.02 |
The correlation between APP and TBIL shifts across timeframes, from -0.08 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
APP vs. TBIL — Risk / Return Rank
APP
TBIL
APP vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AppLovin Corporation (APP) and F/m US Treasury 3 Month Bill ETF (TBIL). 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 | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.20 | ||
| Sortino ratioReturn per unit of downside risk | -56.94 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 17.08 | -15.92 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 195.79 | -195.00 |
| Martin ratioReturn relative to average drawdown | 1.54 | 929.44 | -927.90 |
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Drawdowns
APP vs. TBIL - Drawdown Comparison
The maximum APP drawdown since its inception was -91.90%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for APP and TBIL.
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Drawdown Indicators
| APP | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.90% | -0.10% | -91.80% |
Max Drawdown (1Y)Largest decline over 1 year | -49.99% | -0.02% | -49.97% |
Max Drawdown (3Y)Largest decline over 3 years | -57.00% | -0.02% | -56.98% |
Max Drawdown (5Y)Largest decline over 5 years | -91.90% | — | — |
Current DrawdownCurrent decline from peak | -36.34% | 0.00% | -36.34% |
Average DrawdownAverage peak-to-trough decline | -42.48% | -0.00% | -42.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.48% | 0.00% | +25.48% |
Volatility
APP vs. TBIL - Volatility Comparison
AppLovin Corporation (APP) has a higher volatility of 20.85% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that APP's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APP | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.85% | 0.06% | +20.79% |
Volatility (6M)Calculated over the trailing 6-month period | 58.78% | 0.19% | +58.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.97% | 0.29% | +70.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.90% | 0.32% | +77.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 77.45% | 0.32% | +77.13% |
Dividends
APP vs. TBIL - Dividend Comparison
APP has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.81%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APP AppLovin Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.81% | 4.07% | 5.02% | 5.00% | 1.10% |
Frequently Asked Questions
APP and TBIL have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APP has higher volatility (20.85%) compared to TBIL (0.06%). In terms of maximum drawdown, APP dropped -91.90% vs TBIL's -0.10%.
TBIL currently has the higher Sharpe Ratio (13.76 vs 0.56), 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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