AAOI vs. CVNA

Last updated Jun 4, 2026

AAOI (Applied Optoelectronics, Inc.) and CVNA (Carvana Co.) are both stocks. AAOI operates in Semiconductors (Technology), while CVNA operates in Internet Retail (Consumer Cyclical). Over the past 5 years, AAOI returned 85.24%/yr vs 2.60%/yr for CVNA. At a 0.26 correlation, their price movements are largely independent.

Performance

AAOI vs. CVNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Optoelectronics, Inc. (AAOI) and Carvana Co. (CVNA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAOI achieves a 428.03% return, which is significantly higher than CVNA's -24.59% return.

AAOI

• 1D: -9.04%
• 1M: 6.41%
• YTD: 428.03%
• 6M: 617.62%
• 1Y: 998.27%
• 3Y*: 332.83%
• 5Y*: 85.24%
• 10Y*: 32.59%

CVNA

• 1D: -2.97%
• 1M: -15.48%
• YTD: -24.59%
• 6M: -19.43%
• 1Y: -6.43%
• 3Y*: 172.78%
• 5Y*: 2.60%
• 10Y*: —

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

AAOI vs. CVNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAOI Applied Optoelectronics, Inc.	428.03%	-5.43%	90.79%	922.22%	-63.23%	-39.60%	-28.37%	-23.01%	-59.20%	-23.43%
CVNA Carvana Co.	-24.59%	107.52%	284.13%	1,016.88%	-97.96%	-3.24%	160.23%	181.41%	71.08%	72.25%

Correlation

The correlation between AAOI and CVNA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 1, 2017	0.26

The correlation between AAOI and CVNA shifts across timeframes, from 0.17 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap AAOI : $13.99B CVNA : $9.43B
EPS AAOI : -$0.65 CVNA : $8.69
PS Ratio AAOI : 24.18 CVNA : 0.47
PB Ratio AAOI : 12.65 CVNA : 2.53
Total Revenue (TTM) AAOI : $507.00M CVNA : $22.52B
Gross Profit (TTM) AAOI : $150.29M CVNA : $4.50B
EBITDA (TTM) AAOI : -$26.44M CVNA : -$116.00M

Return for Risk

AAOI vs. CVNA — Risk / Return Rank

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

AAOI

AAOI Risk / Return Rank: 98
AAOI Sharpe Ratio Rank: 99
AAOI Sortino Ratio Rank: 96
AAOI Omega Ratio Rank: 94
AAOI Calmar Ratio Rank: 99
AAOI Martin Ratio Rank: 99

CVNA

CVNA Risk / Return Rank: 35
CVNA Sharpe Ratio Rank: 36
CVNA Sortino Ratio Rank: 36
CVNA Omega Ratio Rank: 35
CVNA Calmar Ratio Rank: 35
CVNA Martin Ratio Rank: 35

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.

AAOI vs. CVNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Optoelectronics, Inc. (AAOI) and Carvana Co. (CVNA). 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.

	AAOI	CVNA	Difference
Sharpe ratio Return per unit of total volatility	7.37	-0.11	+7.48
Sortino ratio Return per unit of downside risk	4.58	0.26	+4.32
Omega ratio Gain probability vs. loss probability	1.53	1.03	+0.50
Calmar ratio Return relative to maximum drawdown	21.18	-0.16	+21.33
Martin ratio Return relative to average drawdown	59.65	-0.35	+60.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAOI vs. CVNA - Sharpe Ratio Comparison

The current AAOI Sharpe Ratio is 7.37, which is higher than the CVNA Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of AAOI and CVNA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAOI	CVNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.37	-0.11	+7.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.02	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.45	-0.17

Drawdowns

AAOI vs. CVNA - Drawdown Comparison

The maximum AAOI drawdown since its inception was -98.49%, roughly equal to the maximum CVNA drawdown of -98.99%. Use the drawdown chart below to compare losses from any high point for AAOI and CVNA.

Drawdown Indicators

	AAOI	CVNA	Difference
Max Drawdown Largest peak-to-trough decline	-98.49%	-98.99%	+0.50%
Max Drawdown (1Y) Largest decline over 1 year	-47.64%	-41.21%	-6.43%
Max Drawdown (3Y) Largest decline over 3 years	-77.17%	-53.47%	-23.70%
Max Drawdown (5Y) Largest decline over 5 years	-83.07%	-98.99%	+15.92%
Max Drawdown (10Y) Largest decline over 10 years	-98.49%	—	—
Current Drawdown Current decline from peak	-17.49%	-33.48%	+15.99%
Average Drawdown Average peak-to-trough decline	-65.79%	-38.11%	-27.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.88%	18.24%	-1.36%

Volatility

AAOI vs. CVNA - Volatility Comparison

Applied Optoelectronics, Inc. (AAOI) has a higher volatility of 42.89% compared to Carvana Co. (CVNA) at 15.52%. This indicates that AAOI's price experiences larger fluctuations and is considered to be riskier than CVNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAOI	CVNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	42.89%	15.52%	+27.37%
Volatility (6M) Calculated over the trailing 6-month period	107.15%	43.03%	+64.12%
Volatility (1Y) Calculated over the trailing 1-year period	137.01%	59.47%	+77.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.73%	111.18%	+7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.94%	99.27%	-1.33%

Dividends

AAOI vs. CVNA - Dividend Comparison

Neither AAOI nor CVNA has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

AAOI vs. CVNA - Profitability Comparison

The chart below illustrates the profitability comparison between Applied Optoelectronics, Inc. and Carvana Co. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AAOI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Applied Optoelectronics, Inc. reported a gross profit of 43.92M and revenue of 151.14M. Therefore, the gross margin over that period was 29.1%.

CVNA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Carvana Co. reported a gross profit of 1.27B and revenue of 6.43B. Therefore, the gross margin over that period was 19.8%.

AAOI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Applied Optoelectronics, Inc. reported an operating income of -12.99M and revenue of 151.14M, resulting in an operating margin of -8.6%.

CVNA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Carvana Co. reported an operating income of 581.00M and revenue of 6.43B, resulting in an operating margin of 9.0%.

AAOI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Applied Optoelectronics, Inc. reported a net income of -14.28M and revenue of 151.14M, resulting in a net margin of -9.5%.

CVNA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Carvana Co. reported a net income of 250.00M and revenue of 6.43B, resulting in a net margin of 3.9%.

Frequently Asked Questions

Can I hold both AAOI and CVNA in my portfolio?

AAOI and CVNA have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAOI or CVNA?

AAOI has higher volatility (42.89%) compared to CVNA (15.52%). In terms of maximum drawdown, AAOI dropped -98.49% vs CVNA's -98.99%.

Which has better risk-adjusted returns?

AAOI currently has the higher Sharpe Ratio (7.37 vs -0.11), 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.