AXON vs. APP
AXON (Axon Enterprise, Inc.) and APP (AppLovin Corporation) are both stocks. AXON operates in Aerospace & Defense (Industrials), while APP operates in Advertising Agencies (Communication Services). Over the past 5 years, AXON returned 23.87%/yr vs 43.43%/yr for APP. At a 0.45 correlation, their price movements are largely independent.
Performance
AXON vs. APP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with AXON having a -21.96% return and APP slightly lower at -22.70%.
AXON
- 1D
- 0.34%
- 1M
- 13.10%
- YTD
- -21.96%
- 6M
- -19.68%
- 1Y
- -43.22%
- 3Y*
- 29.87%
- 5Y*
- 23.87%
- 10Y*
- 34.47%
APP
- 1D
- 4.85%
- 1M
- 3.96%
- YTD
- -22.70%
- 6M
- -22.85%
- 1Y
- 42.90%
- 3Y*
- 179.05%
- 5Y*
- 43.43%
- 10Y*
- —
AXON vs. APP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AXON Axon Enterprise, Inc. | -21.96% | -4.44% | 130.06% | 55.69% | 5.69% | 2.99% |
APP AppLovin Corporation | -22.70% | 108.08% | 712.62% | 278.44% | -88.83% | 34.66% |
Correlation
The correlation between AXON and APP is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021 | 0.45 |
Fundamentals
AXON:
$36.56B
APP:
$176.43B
AXON:
$2.41
APP:
$11.64
AXON:
184.25
APP:
44.75
AXON:
0.05
APP:
0.13
AXON:
12.74
APP:
28.77
AXON:
10.34
APP:
74.65
AXON:
$2.98B
APP:
$6.16B
AXON:
$1.77B
APP:
$5.45B
AXON:
$156.24M
APP:
$4.87B
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Return for Risk
AXON vs. APP — Risk / Return Rank
AXON
APP
AXON vs. APP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Axon Enterprise, Inc. (AXON) and AppLovin Corporation (APP). 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.
| AXON | APP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.16 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 0.86 | -1.58 |
| Martin ratioReturn relative to average drawdown | -1.22 | 1.71 | -2.93 |
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Drawdowns
AXON vs. APP - Drawdown Comparison
The maximum AXON drawdown since its inception was -91.78%, roughly equal to the maximum APP drawdown of -91.90%. Use the drawdown chart below to compare losses from any high point for AXON and APP.
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Drawdown Indicators
| AXON | APP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.78% | -91.90% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -60.28% | -49.99% | -10.29% |
Max Drawdown (3Y)Largest decline over 3 years | -60.28% | -57.00% | -3.28% |
Max Drawdown (5Y)Largest decline over 5 years | -60.28% | -91.90% | +31.62% |
Max Drawdown (10Y)Largest decline over 10 years | -60.28% | — | — |
Current DrawdownCurrent decline from peak | -49.11% | -29.00% | -20.11% |
Average DrawdownAverage peak-to-trough decline | -43.61% | -42.51% | -1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.48% | 25.09% | +10.39% |
Volatility
AXON vs. APP - Volatility Comparison
The current volatility for Axon Enterprise, Inc. (AXON) is 17.58%, while AppLovin Corporation (APP) has a volatility of 19.98%. This indicates that AXON experiences smaller price fluctuations and is considered to be less risky than APP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AXON | APP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.58% | 19.98% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 44.14% | 59.05% | -14.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.76% | 71.18% | -15.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.95% | 77.90% | -29.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.20% | 77.53% | -28.33% |
Dividends
AXON vs. APP - Dividend Comparison
Neither AXON nor APP has paid dividends to shareholders.
Financials
AXON vs. APP - Financials Comparison
This section allows you to compare key financial metrics between Axon Enterprise, Inc. and AppLovin Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
AXON vs. APP - Profitability Comparison
AXON - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Axon Enterprise, Inc. reported a gross profit of 477.29M and revenue of 807.35M. Therefore, the gross margin over that period was 59.1%.
APP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, AppLovin Corporation reported a gross profit of 1.64B and revenue of 1.84B. Therefore, the gross margin over that period was 89.0%.
AXON - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Axon Enterprise, Inc. reported an operating income of 29.24M and revenue of 807.35M, resulting in an operating margin of 3.6%.
APP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, AppLovin Corporation reported an operating income of 1.44B and revenue of 1.84B, resulting in an operating margin of 78.2%.
AXON - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Axon Enterprise, Inc. reported a net income of 169.31M and revenue of 807.35M, resulting in a net margin of 21.0%.
APP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, AppLovin Corporation reported a net income of 1.21B and revenue of 1.84B, resulting in a net margin of 65.4%.
Frequently Asked Questions
AXON and APP have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APP has higher volatility (19.98%) compared to AXON (17.58%). In terms of maximum drawdown, AXON dropped -91.78% vs APP's -91.90%.
APP currently has the higher Sharpe Ratio (0.61 vs -0.78), 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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