SKYY vs. APP

Last updated Jun 13, 2026

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

Performance

SKYY vs. APP - Performance Comparison

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

Returns By Period

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

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%

APP

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

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

SKYY vs. APP - Yearly Performance Comparison

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

Correlation

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

Return for Risk

SKYY vs. APP — Risk / Return Rank

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

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

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

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.

SKYY vs. APP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust ISE Cloud Computing Index Fund (SKYY) 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.

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

SKYY vs. APP - Sharpe Ratio Comparison

The current SKYY Sharpe Ratio is 0.49, which is comparable to the APP Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of SKYY and APP, 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

SKYY vs. APP - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

SKYY vs. APP - Volatility Comparison

The current volatility for First Trust ISE Cloud Computing Index Fund (SKYY) is 13.09%, while AppLovin Corporation (APP) has a volatility of 20.54%. This indicates that SKYY 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.

Volatility by Period

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

Dividends

SKYY vs. APP - Dividend Comparison

Neither SKYY nor APP 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 SKYY and APP in my portfolio?

SKYY and APP 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, SKYY or APP?

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

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.