ADTN vs. KEYS

Last updated Jul 18, 2026

ADTN (ADTRAN, Inc.) and KEYS (Keysight Technologies, Inc.) are both stocks. Both are in the Technology sector — ADTN in Communication Equipment, KEYS in Scientific & Technical Instruments. Over the past 10 years, ADTN returned -2.53%/yr vs 26.86%/yr for KEYS. At a 0.42 correlation, their price movements are largely independent.

Performance

ADTN vs. KEYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ADTRAN, Inc. (ADTN) and Keysight Technologies, Inc. (KEYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADTN achieves a 34.06% return, which is significantly lower than KEYS's 55.47% return. Over the past 10 years, ADTN has underperformed KEYS with an annualized return of -2.53%, while KEYS has yielded a comparatively higher 26.86% annualized return.

ADTN

• 1D: -0.51%
• 1M: -22.80%
• 6M: 25.95%
• YTD: 34.06%
• 1Y: 21.86%
• 3Y*: 4.14%
• 5Y*: -7.84%
• 10Y*: -2.53%

KEYS

• 1D: 1.00%
• 1M: -9.92%
• 6M: 47.48%
• YTD: 55.47%
• 1Y: 93.73%
• 3Y*: 22.97%
• 5Y*: 15.30%
• 10Y*: 26.86%

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

ADTN vs. KEYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADTN ADTRAN, Inc.	34.06%	4.32%	13.49%	-59.88%	-16.28%	57.43%	54.41%	-5.22%	-43.14%	-11.96%
KEYS Keysight Technologies, Inc.	55.47%	26.50%	0.97%	-7.00%	-17.16%	56.34%	28.71%	65.32%	49.23%	13.75%

Correlation

The correlation between ADTN and KEYS is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 3, 2014	0.42

The correlation between ADTN and KEYS has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

Fundamentals

Market Cap ADTN : $943.63M KEYS : $53.99B
EPS ADTN : -$0.37 KEYS : $6.07
PS Ratio ADTN : 0.83 KEYS : 12.50
PB Ratio ADTN : 6.80 KEYS : 8.63
Total Revenue (TTM) ADTN : $1.12B KEYS : $4.37B
Gross Profit (TTM) ADTN : $432.77M KEYS : $2.70B
EBITDA (TTM) ADTN : $56.05M KEYS : $997.00M

Return for Risk

ADTN vs. KEYS — Risk / Return Rank

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

ADTN

ADTN Risk / Return Rank: 58
ADTN Sharpe Ratio Rank: 57
ADTN Sortino Ratio Rank: 56
ADTN Omega Ratio Rank: 58
ADTN Calmar Ratio Rank: 59
ADTN Martin Ratio Rank: 60

KEYS

KEYS Risk / Return Rank: 94
KEYS Sharpe Ratio Rank: 93
KEYS Sortino Ratio Rank: 92
KEYS Omega Ratio Rank: 92
KEYS Calmar Ratio Rank: 95
KEYS Martin Ratio Rank: 96

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.

ADTN vs. KEYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ADTRAN, Inc. (ADTN) and Keysight Technologies, Inc. (KEYS). 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.

	ADTN	KEYS	Difference
Sharpe ratio: Return per unit of total volatility	0.33	2.23	-1.91
Sortino ratio: Return per unit of downside risk	0.85	3.06	-2.21
Omega ratio: Gain probability vs. loss probability	1.13	1.41	-0.28
Calmar ratio: Return relative to maximum drawdown	0.55	5.48	-4.93
Martin ratio: Return relative to average drawdown	1.38	16.80	-15.43

ADTN vs. KEYS - Sharpe Ratio Comparison

The current ADTN Sharpe Ratio is 0.33, which is lower than the KEYS Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of ADTN and KEYS, 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

ADTN vs. KEYS - Drawdown Comparison

The maximum ADTN drawdown since its inception was -87.92%, which is greater than KEYS's maximum drawdown of -45.54%. Use the drawdown chart below to compare losses from any high point for ADTN and KEYS.

Drawdown Indicators

	ADTN	KEYS	Difference
Max Drawdown Largest peak-to-trough decline	-87.92%	-45.54%	-42.38%
Max Drawdown (1Y) Largest decline over 1 year	-39.95%	-17.20%	-22.75%
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	-31.38%	-25.45%
Max Drawdown (5Y) Largest decline over 5 years	-81.99%	-42.62%	-39.37%
Max Drawdown (10Y) Largest decline over 10 years	-81.99%	-42.62%	-39.37%
Current Drawdown Current decline from peak	-67.87%	-15.39%	-52.48%
Average Drawdown Average peak-to-trough decline	-47.95%	-13.93%	-34.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.92%	5.60%	+10.32%

Volatility

ADTN vs. KEYS - Volatility Comparison

ADTRAN, Inc. (ADTN) and Keysight Technologies, Inc. (KEYS) have volatilities of 16.71% and 16.46%, 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.

Volatility by Period

	ADTN	KEYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.71%	16.46%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	50.00%	35.29%	+14.71%
Volatility (1Y) Calculated over the trailing 1-year period	67.03%	42.20%	+24.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.73%	33.62%	+22.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.64%	32.50%	+18.14%

Dividends

ADTN vs. KEYS - Dividend Comparison

Neither ADTN nor KEYS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADTN ADTRAN, Inc.	0.00%	0.00%	0.00%	3.68%	1.92%	1.58%	2.44%	3.64%	3.35%	1.86%	1.61%	2.09%
KEYS Keysight Technologies, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both ADTN and KEYS in my portfolio?

ADTN and KEYS have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADTN or KEYS?

ADTN has higher volatility (16.71%) compared to KEYS (16.46%). In terms of maximum drawdown, ADTN dropped -87.92% vs KEYS's -45.54%.

Which has better risk-adjusted returns?

KEYS currently has the higher Sharpe Ratio (2.23 vs 0.33), 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.