ALMS vs. AAOI

Last updated Jun 5, 2026

ALMS (Alumis Inc) and AAOI (Applied Optoelectronics, Inc.) are both stocks. ALMS operates in Biotechnology (Healthcare), while AAOI operates in Semiconductors (Technology). Over the past year, ALMS returned 497.95% vs 1085.80% for AAOI. At a 0.09 correlation, their price movements are largely independent.

Performance

ALMS vs. AAOI - Performance Comparison

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

Returns By Period

In the year-to-date period, ALMS achieves a 108.91% return, which is significantly lower than AAOI's 482.01% return.

ALMS

• 1D: 1.54%
• 1M: -21.97%
• YTD: 108.91%
• 6M: 145.66%
• 1Y: 497.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAOI

• 1D: 10.22%
• 1M: 12.36%
• YTD: 482.01%
• 6M: 673.21%
• 1Y: 1,085.80%
• 3Y*: 343.24%
• 5Y*: 88.88%
• 10Y*: 33.35%

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

ALMS vs. AAOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ALMS Alumis Inc	108.91%	24.17%	-40.90%
AAOI Applied Optoelectronics, Inc.	482.01%	-5.43%	344.63%

Correlation

The correlation between ALMS and AAOI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.09

The correlation between ALMS and AAOI shifts across timeframes, from 0.09 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ALMS : $2.55B AAOI : $15.42B
EPS ALMS : -$2.31 AAOI : -$0.65
PS Ratio ALMS : 249.05 AAOI : 26.65
PB Ratio ALMS : 4.50 AAOI : 13.94
Total Revenue (TTM) ALMS : $8.40M AAOI : $507.00M
Gross Profit (TTM) ALMS : $5.79M AAOI : $150.29M
EBITDA (TTM) ALMS : -$411.89M AAOI : -$26.44M

Return for Risk

ALMS vs. AAOI — Risk / Return Rank

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

ALMS

ALMS Risk / Return Rank: 98
ALMS Sharpe Ratio Rank: 98
ALMS Sortino Ratio Rank: 98
ALMS Omega Ratio Rank: 97
ALMS Calmar Ratio Rank: 99
ALMS Martin Ratio Rank: 98

AAOI

AAOI Risk / Return Rank: 98
AAOI Sharpe Ratio Rank: 100
AAOI Sortino Ratio Rank: 97
AAOI Omega Ratio Rank: 94
AAOI Calmar Ratio Rank: 99
AAOI Martin Ratio Rank: 99

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.

ALMS vs. AAOI - Risk-Adjusted Trends Comparison

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

	ALMS	AAOI	Difference
Sharpe ratio: Return per unit of total volatility	4.15	8.00	-3.86
Sortino ratio: Return per unit of downside risk	5.56	4.70	+0.86
Omega ratio: Gain probability vs. loss probability	1.69	1.54	+0.14
Calmar ratio: Return relative to maximum drawdown	15.15	23.04	-7.89
Martin ratio: Return relative to average drawdown	38.02	64.89	-26.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALMS vs. AAOI - Sharpe Ratio Comparison

The current ALMS Sharpe Ratio is 4.15, which is lower than the AAOI Sharpe Ratio of 8.00. The chart below compares the historical Sharpe Ratios of ALMS and AAOI, 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

	ALMS	AAOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.15	8.00	-3.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.29	-0.08

Drawdowns

ALMS vs. AAOI - Drawdown Comparison

The maximum ALMS drawdown since its inception was -78.95%, smaller than the maximum AAOI drawdown of -98.49%. Use the drawdown chart below to compare losses from any high point for ALMS and AAOI.

Drawdown Indicators

	ALMS	AAOI	Difference
Max Drawdown Largest peak-to-trough decline	-78.95%	-98.49%	+19.54%
Max Drawdown (1Y) Largest decline over 1 year	-33.16%	-47.64%	+14.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-77.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-83.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.49%	—
Current Drawdown Current decline from peak	-31.99%	-9.06%	-22.93%
Average Drawdown Average peak-to-trough decline	-38.15%	-65.77%	+27.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.18%	16.89%	-3.71%

Volatility

ALMS vs. AAOI - Volatility Comparison

The current volatility for Alumis Inc (ALMS) is 16.20%, while Applied Optoelectronics, Inc. (AAOI) has a volatility of 43.76%. This indicates that ALMS experiences smaller price fluctuations and is considered to be less risky than AAOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALMS	AAOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.20%	43.76%	-27.56%
Volatility (6M) Calculated over the trailing 6-month period	89.27%	107.40%	-18.13%
Volatility (1Y) Calculated over the trailing 1-year period	121.18%	137.14%	-15.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.77%	118.81%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.77%	97.97%	+18.80%

Dividends

ALMS vs. AAOI - Dividend Comparison

Neither ALMS nor AAOI has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both ALMS and AAOI in my portfolio?

ALMS and AAOI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALMS or AAOI?

AAOI has higher volatility (43.76%) compared to ALMS (16.20%). In terms of maximum drawdown, ALMS dropped -78.95% vs AAOI's -98.49%.

Which has better risk-adjusted returns?

AAOI currently has the higher Sharpe Ratio (8.00 vs 4.15), 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.