APLD vs. RCAT

Last updated Jun 13, 2026

APLD (Applied Digital Corporation) and RCAT (Red Cat Holdings, Inc.) are both stocks. Both are in the Technology sector — APLD in Information Technology Services, RCAT in Software - Application. Over the past 5 years, APLD returned 112.30%/yr vs 26.88%/yr for RCAT. At a 0.09 correlation, their price movements are largely independent.

Performance

APLD vs. RCAT - Performance Comparison

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

Returns By Period

In the year-to-date period, APLD achieves a 74.14% return, which is significantly higher than RCAT's 40.98% return.

APLD

• 1D: 2.97%
• 1M: -6.11%
• YTD: 74.14%
• 6M: 53.27%
• 1Y: 241.33%
• 3Y*: 69.23%
• 5Y*: 112.30%
• 10Y*: 125.13%

RCAT

• 1D: -6.91%
• 1M: 18.94%
• YTD: 40.98%
• 6M: 39.05%
• 1Y: 27.77%
• 3Y*: 131.59%
• 5Y*: 26.88%
• 10Y*: —

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

APLD vs. RCAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APLD Applied Digital Corporation	74.14%	220.94%	13.35%	266.30%	-56.09%	11,789.90%	389.44%	-34.55%	64.99%	-4.76%
RCAT Red Cat Holdings, Inc.	40.98%	-38.29%	1,360.23%	-6.38%	-54.81%	-30.67%	172.73%	73,233.33%	-94.74%	-28.57%

Correlation

The correlation between APLD and RCAT is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Sep 22, 2017	0.09

Over the past year, APLD and RCAT have become more correlated (0.44) than their long-term average of 0.09, meaning their price movements have been converging.

Fundamentals

Market Cap APLD : $11.60B RCAT : $1.35B
EPS APLD : -$0.72 RCAT : -$0.78
PS Ratio APLD : 28.94 RCAT : 23.24
PB Ratio APLD : 7.37 RCAT : 5.66
Total Revenue (TTM) APLD : $390.57M RCAT : $52.98M
Gross Profit (TTM) APLD : $124.93M RCAT : $2.86M
EBITDA (TTM) APLD : -$154.66M RCAT : -$79.24M

Return for Risk

APLD vs. RCAT — Risk / Return Rank

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

APLD

APLD Risk / Return Rank: 90
APLD Sharpe Ratio Rank: 92
APLD Sortino Ratio Rank: 89
APLD Omega Ratio Rank: 85
APLD Calmar Ratio Rank: 92
APLD Martin Ratio Rank: 91

RCAT

RCAT Risk / Return Rank: 56
RCAT Sharpe Ratio Rank: 51
RCAT Sortino Ratio Rank: 63
RCAT Omega Ratio Rank: 58
RCAT Calmar Ratio Rank: 54
RCAT Martin Ratio Rank: 53

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. RCAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Digital Corporation (APLD) and Red Cat Holdings, Inc. (RCAT). 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.

	APLD	RCAT	Difference
Sharpe ratio: Return per unit of total volatility	2.27	0.23	+2.04
Sortino ratio: Return per unit of downside risk	2.92	1.28	+1.64
Omega ratio: Gain probability vs. loss probability	1.33	1.14	+0.19
Calmar ratio: Return relative to maximum drawdown	4.83	0.46	+4.37
Martin ratio: Return relative to average drawdown	11.72	0.92	+10.79

APLD vs. RCAT - Sharpe Ratio Comparison

The current APLD Sharpe Ratio is 2.27, which is higher than the RCAT Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of APLD and RCAT, 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

APLD vs. RCAT - Drawdown Comparison

The maximum APLD drawdown since its inception was -99.73%, roughly equal to the maximum RCAT drawdown of -99.21%. Use the drawdown chart below to compare losses from any high point for APLD and RCAT.

Drawdown Indicators

	APLD	RCAT	Difference
Max Drawdown Largest peak-to-trough decline	-99.73%	-99.21%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-50.31%	-60.08%	+9.77%
Max Drawdown (3Y) Largest decline over 3 years	-76.66%	-67.16%	-9.50%
Max Drawdown (5Y) Largest decline over 5 years	-82.61%	-92.25%	+9.64%
Max Drawdown (10Y) Largest decline over 10 years	-89.80%	—	—
Current Drawdown Current decline from peak	-14.00%	-35.60%	+21.60%
Average Drawdown Average peak-to-trough decline	-74.86%	-65.98%	-8.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.22%	30.17%	-8.95%

Volatility

APLD vs. RCAT - Volatility Comparison

The current volatility for Applied Digital Corporation (APLD) is 33.15%, while Red Cat Holdings, Inc. (RCAT) has a volatility of 40.71%. This indicates that APLD experiences smaller price fluctuations and is considered to be less risky than RCAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLD	RCAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.15%	40.71%	-7.56%
Volatility (6M) Calculated over the trailing 6-month period	80.49%	85.22%	-4.73%
Volatility (1Y) Calculated over the trailing 1-year period	107.13%	120.36%	-13.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	165.20%	115.04%	+50.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	301.46%	29,209.75%	-28,908.29%

Dividends

APLD vs. RCAT - Dividend Comparison

Neither APLD nor RCAT has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both APLD and RCAT in my portfolio?

APLD and RCAT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLD or RCAT?

RCAT has higher volatility (40.71%) compared to APLD (33.15%). In terms of maximum drawdown, APLD dropped -99.73% vs RCAT's -99.21%.

Which has better risk-adjusted returns?

APLD currently has the higher Sharpe Ratio (2.27 vs 0.23), 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.