ASPN vs. ^NDX

Last updated Jun 3, 2026

ASPN (Aspen Aerogels, Inc.) is a stock, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, ASPN returned 4.21%/yr vs 21.13%/yr for ^NDX. At a 0.32 correlation, their price movements are largely independent.

Performance

ASPN vs. ^NDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aspen Aerogels, Inc. (ASPN) and NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASPN achieves a 119.79% return, which is significantly higher than ^NDX's 21.43% return. Over the past 10 years, ASPN has underperformed ^NDX with an annualized return of 4.21%, while ^NDX has yielded a comparatively higher 21.13% annualized return.

ASPN

• 1D: 0.00%
• 1M: 45.67%
• YTD: 119.79%
• 6M: 81.87%
• 1Y: 9.31%
• 3Y*: -4.94%
• 5Y*: -21.52%
• 10Y*: 4.21%

^NDX

• 1D: 0.48%
• 1M: 10.65%
• YTD: 21.43%
• 6M: 19.97%
• 1Y: 42.66%
• 3Y*: 28.22%
• 5Y*: 17.78%
• 10Y*: 21.13%

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

ASPN vs. ^NDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASPN Aspen Aerogels, Inc.	119.79%	-76.18%	-24.71%	33.84%	-76.32%	198.32%	115.08%	264.32%	-56.35%	18.16%
^NDX NASDAQ 100 Index	21.43%	20.17%	24.88%	53.81%	-32.97%	26.63%	47.58%	37.96%	-1.04%	31.52%

Correlation

The correlation between ASPN and ^NDX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 16, 2014	0.32

The correlation between ASPN and ^NDX shifts across timeframes, from 0.32 (all time) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ASPN vs. ^NDX — Risk / Return Rank

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

ASPN

ASPN Risk / Return Rank: 46
ASPN Sharpe Ratio Rank: 44
ASPN Sortino Ratio Rank: 49
ASPN Omega Ratio Rank: 52
ASPN Calmar Ratio Rank: 43
ASPN Martin Ratio Rank: 41

^NDX

^NDX Risk / Return Rank: 85
^NDX Sharpe Ratio Rank: 85
^NDX Sortino Ratio Rank: 85
^NDX Omega Ratio Rank: 84
^NDX Calmar Ratio Rank: 87
^NDX 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.

ASPN vs. ^NDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aspen Aerogels, Inc. (ASPN) and NASDAQ 100 Index (^NDX). 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.

	ASPN	^NDX	Difference
Sharpe ratio Return per unit of total volatility	0.10	2.67	-2.56
Sortino ratio Return per unit of downside risk	0.82	3.47	-2.65
Omega ratio Gain probability vs. loss probability	1.12	1.45	-0.33
Calmar ratio Return relative to maximum drawdown	0.11	3.60	-3.49
Martin ratio Return relative to average drawdown	0.18	13.80	-13.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASPN vs. ^NDX - Sharpe Ratio Comparison

The current ASPN Sharpe Ratio is 0.10, which is lower than the ^NDX Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of ASPN and ^NDX, 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

	ASPN	^NDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	2.67	-2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	0.79	-1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.94	-0.89
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.57	-0.64

Drawdowns

ASPN vs. ^NDX - Drawdown Comparison

The maximum ASPN drawdown since its inception was -95.96%, which is greater than ^NDX's maximum drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for ASPN and ^NDX.

Drawdown Indicators

	ASPN	^NDX	Difference
Max Drawdown Largest peak-to-trough decline	-95.96%	-82.90%	-13.06%
Max Drawdown (1Y) Largest decline over 1 year	-70.86%	-12.12%	-58.74%
Max Drawdown (3Y) Largest decline over 3 years	-91.90%	-22.93%	-68.97%
Max Drawdown (5Y) Largest decline over 5 years	-95.96%	-35.56%	-60.40%
Max Drawdown (10Y) Largest decline over 10 years	-95.96%	-35.56%	-60.40%
Current Drawdown Current decline from peak	-90.23%	0.00%	-90.23%
Average Drawdown Average peak-to-trough decline	-56.37%	-24.62%	-31.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.05%	3.17%	+41.88%

Volatility

ASPN vs. ^NDX - Volatility Comparison

Aspen Aerogels, Inc. (ASPN) has a higher volatility of 29.87% compared to NASDAQ 100 Index (^NDX) at 4.51%. This indicates that ASPN's price experiences larger fluctuations and is considered to be riskier than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASPN	^NDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.87%	4.51%	+25.36%
Volatility (6M) Calculated over the trailing 6-month period	65.05%	12.18%	+52.87%
Volatility (1Y) Calculated over the trailing 1-year period	91.84%	16.09%	+75.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.81%	22.60%	+65.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.22%	22.53%	+52.69%

Frequently Asked Questions

Can I hold both ASPN and ^NDX in my portfolio?

ASPN and ^NDX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASPN or ^NDX?

ASPN has higher volatility (29.87%) compared to ^NDX (4.51%). In terms of maximum drawdown, ASPN dropped -95.96% vs ^NDX's -82.90%.

Which has better risk-adjusted returns?

^NDX currently has the higher Sharpe Ratio (2.67 vs 0.10), 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.