APLD vs. INDI

Last updated Apr 1, 2026

Compare and contrast key facts about Applied Digital Corporation (APLD) and indie Semiconductor, Inc. (INDI).

Performance

APLD vs. INDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Digital Corporation (APLD) and indie Semiconductor, Inc. (INDI). The values are adjusted to include any dividend payments, if applicable.

APLD vs. INDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLD Applied Digital Corporation	-3.18%	220.94%	13.35%	266.30%	-92.68%	329.74%
INDI indie Semiconductor, Inc.	-8.78%	-12.84%	-50.06%	39.11%	-51.38%	10.30%

Fundamentals

Market Cap APLD : $6.33B INDI : $641.83B
EPS APLD : -$0.51 INDI : -$0.00
PS Ratio APLD : 20.33 INDI : 986.08
PB Ratio APLD : 4.37 INDI : 1.68K
Total Revenue (TTM) APLD : $281.74M INDI : $217.39M
Gross Profit (TTM) APLD : $46.19M INDI : $27.01M
EBITDA (TTM) APLD : -$49.02M INDI : -$107.79M

Returns By Period

In the year-to-date period, APLD achieves a -3.18% return, which is significantly higher than INDI's -8.78% return.

APLD

• 1D: 15.55%
• 1M: -12.94%
• YTD: -3.18%
• 6M: 3.49%
• 1Y: 322.42%
• 3Y*: 119.66%
• 5Y*: 76.65%
• 10Y*: 75.92%

INDI

• 1D: 5.57%
• 1M: -12.02%
• YTD: -8.78%
• 6M: -20.88%
• 1Y: 58.23%
• 3Y*: -32.67%
• 5Y*: —
• 10Y*: —

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

Return for Risk

APLD vs. INDI — Risk / Return Rank

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

APLD

APLD Risk / Return Rank: 94
APLD Sharpe Ratio Rank: 95
APLD Sortino Ratio Rank: 93
APLD Omega Ratio Rank: 90
APLD Calmar Ratio Rank: 96
APLD Martin Ratio Rank: 94

INDI

INDI Risk / Return Rank: 65
INDI Sharpe Ratio Rank: 67
INDI Sortino Ratio Rank: 70
INDI Omega Ratio Rank: 65
INDI Calmar Ratio Rank: 61
INDI Martin Ratio Rank: 61

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.

APLD vs. INDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Digital Corporation (APLD) and indie Semiconductor, Inc. (INDI). 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.

	APLD	INDI	Difference
Sharpe ratio Return per unit of total volatility	2.57	0.69	+1.88
Sortino ratio Return per unit of downside risk	3.14	1.59	+1.56
Omega ratio Gain probability vs. loss probability	1.39	1.18	+0.21
Calmar ratio Return relative to maximum drawdown	6.26	0.89	+5.37
Martin ratio Return relative to average drawdown	14.46	1.97	+12.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLD vs. INDI - Sharpe Ratio Comparison

The current APLD Sharpe Ratio is 2.57, which is higher than the INDI Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of APLD and INDI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APLD	INDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	0.69	+1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.28	+0.32

Correlation

The correlation between APLD and INDI is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

APLD vs. INDI - Dividend Comparison

Neither APLD nor INDI has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

APLD vs. INDI - Drawdown Comparison

The maximum APLD drawdown since its inception was -99.70%, which is greater than INDI's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for APLD and INDI.

Drawdown Indicators

	APLD	INDI	Difference
Max Drawdown Largest peak-to-trough decline	-99.70%	-89.91%	-9.79%
Max Drawdown (1Y) Largest decline over 1 year	-50.31%	-59.33%	+9.02%
Max Drawdown (5Y) Largest decline over 5 years	-97.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-97.10%	—	—
Current Drawdown Current decline from peak	-42.59%	-79.68%	+37.09%
Average Drawdown Average peak-to-trough decline	-84.03%	-56.11%	-27.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.79%	26.70%	-4.91%

Volatility

APLD vs. INDI - Volatility Comparison

Applied Digital Corporation (APLD) has a higher volatility of 32.29% compared to indie Semiconductor, Inc. (INDI) at 28.79%. This indicates that APLD's price experiences larger fluctuations and is considered to be riskier than INDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLD	INDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.29%	28.79%	+3.50%
Volatility (6M) Calculated over the trailing 6-month period	77.82%	56.82%	+21.00%
Volatility (1Y) Calculated over the trailing 1-year period	126.27%	84.94%	+41.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	187.90%	78.95%	+108.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	295.81%	78.95%	+216.86%

Financials

APLD vs. INDI - Profitability Comparison

The chart below illustrates the profitability comparison between Applied Digital Corporation and indie Semiconductor, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

APLD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported a gross profit of 26.04M and revenue of 126.59M. Therefore, the gross margin over that period was 20.6%.

INDI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, indie Semiconductor, Inc. reported a gross profit of 0.00 and revenue of 58.01M. Therefore, the gross margin over that period was 0.0%.

APLD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported an operating income of -30.96M and revenue of 126.59M, resulting in an operating margin of -24.5%.

INDI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, indie Semiconductor, Inc. reported an operating income of -33.95M and revenue of 58.01M, resulting in an operating margin of -58.5%.

APLD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported a net income of -17.51M and revenue of 126.59M, resulting in a net margin of -13.8%.

INDI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, indie Semiconductor, Inc. reported a net income of -32.10M and revenue of 58.01M, resulting in a net margin of -55.3%.