SPRX vs. APP
SPRX (Spear Alpha ETF) is Technology Equities fund actively managed by Spear, while APP (AppLovin Corporation) is a stock. Over the past 3 years, SPRX returned 43.37%/yr vs 180.45%/yr for APP. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
SPRX vs. APP - Performance Comparison
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Returns By Period
In the year-to-date period, SPRX achieves a 43.69% return, which is significantly higher than APP's -26.28% return.
SPRX
- 1D
- 1.50%
- 1M
- 12.60%
- YTD
- 43.69%
- 6M
- 43.35%
- 1Y
- 101.77%
- 3Y*
- 43.37%
- 5Y*
- —
- 10Y*
- —
APP
- 1D
- 3.80%
- 1M
- 9.53%
- YTD
- -26.28%
- 6M
- -25.93%
- 1Y
- 30.53%
- 3Y*
- 180.45%
- 5Y*
- 43.23%
- 10Y*
- —
SPRX vs. APP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPRX Spear Alpha ETF | 43.69% | 41.91% | 20.58% | 88.02% | -44.99% | 9.15% |
APP AppLovin Corporation | -26.28% | 108.08% | 712.62% | 278.44% | -88.83% | 49.88% |
Correlation
The correlation between SPRX 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 | 0.51 |
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021 | 0.60 |
Over the past year, the correlation between SPRX and APP has dropped to 0.39 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
SPRX vs. APP — Risk / Return Rank
SPRX
APP
SPRX vs. APP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) 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.
| SPRX | APP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.13 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 0.61 | +3.61 |
| Martin ratioReturn relative to average drawdown | 13.10 | 1.22 | +11.88 |
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Drawdowns
SPRX vs. APP - Drawdown Comparison
The maximum SPRX drawdown since its inception was -51.21%, smaller than the maximum APP drawdown of -91.90%. Use the drawdown chart below to compare losses from any high point for SPRX and APP.
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Drawdown Indicators
| SPRX | APP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.21% | -91.90% | +40.69% |
Max Drawdown (1Y)Largest decline over 1 year | -24.21% | -49.99% | +25.78% |
Max Drawdown (3Y)Largest decline over 3 years | -42.12% | -57.00% | +14.88% |
Max Drawdown (5Y)Largest decline over 5 years | — | -91.90% | — |
Current DrawdownCurrent decline from peak | -5.87% | -32.28% | +26.41% |
Average DrawdownAverage peak-to-trough decline | -17.58% | -42.52% | +24.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.80% | 25.10% | -17.30% |
Volatility
SPRX vs. APP - Volatility Comparison
Spear Alpha ETF (SPRX) and AppLovin Corporation (APP) have volatilities of 19.77% and 20.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPRX | APP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.77% | 20.54% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 38.52% | 58.87% | -20.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.91% | 71.03% | -25.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.15% | 77.84% | -35.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.15% | 77.53% | -35.38% |
Dividends
SPRX vs. APP - Dividend Comparison
Neither SPRX nor APP has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
APP AppLovin Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPRX Spear Alpha ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.25% |
Frequently Asked Questions
SPRX 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 (20.54%) compared to SPRX (19.77%). In terms of maximum drawdown, SPRX dropped -51.21% vs APP's -91.90%.
SPRX currently has the higher Sharpe Ratio (2.23 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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