CAN vs. WVE

Last updated Jun 9, 2026

CAN (Canaan Inc.) and WVE (Wave Life Sciences Ltd.) are both stocks. CAN operates in Computer Hardware (Technology), while WVE operates in Biotechnology (Healthcare). Over the past 5 years, CAN returned -48.54%/yr vs -4.83%/yr for WVE. At a 0.20 correlation, their price movements are largely independent.

Performance

CAN vs. WVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canaan Inc. (CAN) and Wave Life Sciences Ltd. (WVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAN achieves a -48.65% return, which is significantly higher than WVE's -66.47% return.

CAN

• 1D: -1.06%
• 1M: -30.46%
• YTD: -48.65%
• 6M: -62.18%
• 1Y: -40.84%
• 3Y*: -44.92%
• 5Y*: -48.54%
• 10Y*: —

WVE

• 1D: -0.52%
• 1M: -20.61%
• YTD: -66.47%
• 6M: -69.22%
• 1Y: -21.05%
• 3Y*: 11.70%
• 5Y*: -4.83%
• 10Y*: -9.83%

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

CAN vs. WVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CAN Canaan Inc.	-48.65%	-66.34%	-11.26%	12.14%	-60.00%	-13.15%	-2.79%	-32.22%
WVE Wave Life Sciences Ltd.	-66.47%	37.43%	144.95%	-27.86%	122.93%	-60.10%	-1.81%	-73.61%

Correlation

The correlation between CAN and WVE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 21, 2019	0.20

Fundamentals

Market Cap CAN : $244.97M WVE : $1.14B
EPS CAN : -$0.38 WVE : -$1.03
PS Ratio CAN : 0.39 WVE : 14.13
PB Ratio CAN : 0.64 WVE : 2.23
Total Revenue (TTM) CAN : $510.04M WVE : $71.80M
Gross Profit (TTM) CAN : $17.56M WVE : $29.09M
EBITDA (TTM) CAN : -$144.51M WVE : -$184.40M

Return for Risk

CAN vs. WVE — Risk / Return Rank

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

CAN

CAN Risk / Return Rank: 31
CAN Sharpe Ratio Rank: 28
CAN Sortino Ratio Rank: 37
CAN Omega Ratio Rank: 35
CAN Calmar Ratio Rank: 25
CAN Martin Ratio Rank: 28

WVE

WVE Risk / Return Rank: 44
WVE Sharpe Ratio Rank: 37
WVE Sortino Ratio Rank: 57
WVE Omega Ratio Rank: 62
WVE Calmar Ratio Rank: 33
WVE Martin Ratio Rank: 32

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.

CAN vs. WVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canaan Inc. (CAN) and Wave Life Sciences Ltd. (WVE). 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.

	CAN	WVE	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	-0.13	-0.22
Sortino ratio: Return per unit of downside risk	0.22	1.08	-0.86
Omega ratio: Gain probability vs. loss probability	1.02	1.17	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.50	-0.29	-0.21
Martin ratio: Return relative to average drawdown	-0.75	-0.55	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAN vs. WVE - Sharpe Ratio Comparison

The current CAN Sharpe Ratio is -0.34, which is lower than the WVE Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of CAN and WVE, 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

	CAN	WVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.34	-0.13	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	-0.04	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	-0.09	-0.21

Drawdowns

CAN vs. WVE - Drawdown Comparison

The maximum CAN drawdown since its inception was -99.03%, roughly equal to the maximum WVE drawdown of -97.77%. Use the drawdown chart below to compare losses from any high point for CAN and WVE.

Drawdown Indicators

	CAN	WVE	Difference
Max Drawdown Largest peak-to-trough decline	-99.03%	-97.77%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-82.72%	-73.30%	-9.42%
Max Drawdown (3Y) Largest decline over 3 years	-88.89%	-73.30%	-15.59%
Max Drawdown (5Y) Largest decline over 5 years	-96.69%	-83.53%	-13.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-97.77%	—
Current Drawdown Current decline from peak	-99.03%	-89.67%	-9.36%
Average Drawdown Average peak-to-trough decline	-83.78%	-64.78%	-19.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.77%	38.35%	+16.42%

Volatility

CAN vs. WVE - Volatility Comparison

Canaan Inc. (CAN) has a higher volatility of 21.07% compared to Wave Life Sciences Ltd. (WVE) at 16.60%. This indicates that CAN's price experiences larger fluctuations and is considered to be riskier than WVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAN	WVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.07%	16.60%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	60.03%	123.11%	-63.08%
Volatility (1Y) Calculated over the trailing 1-year period	120.30%	169.12%	-48.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.48%	114.62%	-3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	126.47%	99.03%	+27.44%

Dividends

CAN vs. WVE - Dividend Comparison

Neither CAN nor WVE has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both CAN and WVE in my portfolio?

CAN and WVE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAN or WVE?

CAN has higher volatility (21.07%) compared to WVE (16.60%). In terms of maximum drawdown, CAN dropped -99.03% vs WVE's -97.77%.

Which has better risk-adjusted returns?

WVE currently has the higher Sharpe Ratio (-0.13 vs -0.34), 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.