APLD vs. RIOT

Last updated Jun 17, 2026

APLD (Applied Digital Corporation) and RIOT (Riot Platforms, Inc.) are both stocks. Both are in the Technology sector — APLD in Information Technology Services, RIOT in Software - Application. Over the past 10 years, APLD returned 128.36%/yr vs 24.24%/yr for RIOT. At a 0.18 correlation, their price movements are largely independent.

Performance

APLD vs. RIOT - Performance Comparison

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

Returns By Period

In the year-to-date period, APLD achieves a 88.70% return, which is significantly lower than RIOT's 116.42% return. Over the past 10 years, APLD has outperformed RIOT with an annualized return of 128.36%, while RIOT has yielded a comparatively lower 24.24% annualized return.

APLD

• 1D: -0.43%
• 1M: 8.72%
• YTD: 88.70%
• 6M: 90.88%
• 1Y: 300.61%
• 3Y*: 72.91%
• 5Y*: 107.95%
• 10Y*: 128.36%

RIOT

• 1D: 0.15%
• 1M: 16.73%
• YTD: 116.42%
• 6M: 103.56%
• 1Y: 169.62%
• 3Y*: 38.15%
• 5Y*: -4.38%
• 10Y*: 24.24%

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

APLD vs. RIOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APLD Applied Digital Corporation	88.70%	220.94%	13.35%	266.30%	-56.09%	11,789.90%	389.44%	-34.55%	64.99%	-33.33%
RIOT Riot Platforms, Inc.	116.42%	24.09%	-34.00%	356.34%	-84.82%	31.43%	1,416.96%	-25.83%	-94.68%	729.34%

Correlation

The correlation between APLD and RIOT is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 22, 2008	0.18

Over the past year, APLD and RIOT have become more correlated (0.58) than their long-term average of 0.18, meaning their price movements have been converging.

Fundamentals

Market Cap APLD : $12.57B RIOT : $9.53B
EPS APLD : -$0.72 RIOT : -$2.35
PS Ratio APLD : 31.36 RIOT : 15.47
PB Ratio APLD : 7.98 RIOT : 3.98
Total Revenue (TTM) APLD : $390.57M RIOT : $653.27M
Gross Profit (TTM) APLD : $124.93M RIOT : $179.76M
EBITDA (TTM) APLD : -$154.66M RIOT : -$482.33M

Return for Risk

APLD vs. RIOT — Risk / Return Rank

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

APLD

APLD Risk / Return Rank: 92
APLD Sharpe Ratio Rank: 94
APLD Sortino Ratio Rank: 91
APLD Omega Ratio Rank: 86
APLD Calmar Ratio Rank: 94
APLD Martin Ratio Rank: 93

RIOT

RIOT Risk / Return Rank: 84
RIOT Sharpe Ratio Rank: 89
RIOT Sortino Ratio Rank: 83
RIOT Omega Ratio Rank: 81
RIOT Calmar Ratio Rank: 86
RIOT Martin Ratio Rank: 82

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. RIOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Digital Corporation (APLD) and Riot Platforms, Inc. (RIOT). 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	RIOT	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.03	+0.80
Sortino ratio: Return per unit of downside risk	3.23	2.51	+0.72
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	6.02	3.51	+2.50
Martin ratio: Return relative to average drawdown	14.73	6.95	+7.78

APLD vs. RIOT - Sharpe Ratio Comparison

The current APLD Sharpe Ratio is 2.84, which is higher than the RIOT Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of APLD and RIOT, 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. RIOT - Drawdown Comparison

The maximum APLD drawdown since its inception was -99.73%, roughly equal to the maximum RIOT drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for APLD and RIOT.

Drawdown Indicators

	APLD	RIOT	Difference
Max Drawdown Largest peak-to-trough decline	-99.73%	-99.98%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	-50.31%	-48.57%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-76.66%	-69.00%	-7.66%
Max Drawdown (5Y) Largest decline over 5 years	-82.61%	-92.55%	+9.94%
Max Drawdown (10Y) Largest decline over 10 years	-89.80%	-98.32%	+8.52%
Current Drawdown Current decline from peak	-6.81%	-99.14%	+92.33%
Average Drawdown Average peak-to-trough decline	-74.83%	-87.84%	+13.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.71%	24.50%	-3.79%

Volatility

APLD vs. RIOT - Volatility Comparison

Applied Digital Corporation (APLD) has a higher volatility of 32.78% compared to Riot Platforms, Inc. (RIOT) at 19.41%. This indicates that APLD's price experiences larger fluctuations and is considered to be riskier than RIOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLD	RIOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.78%	19.41%	+13.37%
Volatility (6M) Calculated over the trailing 6-month period	80.24%	62.12%	+18.12%
Volatility (1Y) Calculated over the trailing 1-year period	106.79%	84.02%	+22.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	165.05%	93.65%	+71.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	301.55%	112.16%	+189.39%

Dividends

APLD vs. RIOT - Dividend Comparison

Neither APLD nor RIOT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
APLD Applied Digital Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RIOT Riot Platforms, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.52%

Financials

Frequently Asked Questions

Can I hold both APLD and RIOT in my portfolio?

APLD and RIOT have a correlation of 0.58, 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 RIOT?

APLD has higher volatility (32.78%) compared to RIOT (19.41%). In terms of maximum drawdown, APLD dropped -99.73% vs RIOT's -99.98%.

Which has better risk-adjusted returns?

APLD currently has the higher Sharpe Ratio (2.84 vs 2.03), 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.