CDRO vs. AAOI

Last updated Jun 4, 2026

CDRO (Codere Online Luxembourg, S.A.) and AAOI (Applied Optoelectronics, Inc.) are both stocks. CDRO operates in Gambling (Consumer Cyclical), while AAOI operates in Semiconductors (Technology). Over the past 3 years, CDRO returned 46.94%/yr vs 332.83%/yr for AAOI. At a 0.12 correlation, their price movements are largely independent.

Performance

CDRO vs. AAOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Codere Online Luxembourg, S.A. (CDRO) and Applied Optoelectronics, Inc. (AAOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDRO achieves a 18.93% return, which is significantly lower than AAOI's 428.03% return.

CDRO

• 1D: 0.10%
• 1M: 5.41%
• YTD: 18.93%
• 6M: 33.01%
• 1Y: 31.72%
• 3Y*: 46.94%
• 5Y*: —
• 10Y*: —

AAOI

• 1D: -9.04%
• 1M: 6.41%
• YTD: 428.03%
• 6M: 617.62%
• 1Y: 998.27%
• 3Y*: 332.83%
• 5Y*: 85.24%
• 10Y*: 32.59%

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

CDRO vs. AAOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CDRO Codere Online Luxembourg, S.A.	18.93%	24.50%	119.39%	13.95%	-57.14%	-25.22%
AAOI Applied Optoelectronics, Inc.	428.03%	-5.43%	90.79%	922.22%	-63.23%	-9.35%

Correlation

The correlation between CDRO and AAOI is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021	0.12

Fundamentals

Total Revenue (TTM) CDRO : $200.70M AAOI : $507.00M
Gross Profit (TTM) CDRO : $181.92M AAOI : $150.29M
EBITDA (TTM) CDRO : $4.47M AAOI : -$26.44M

Return for Risk

CDRO vs. AAOI — Risk / Return Rank

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

CDRO

CDRO Risk / Return Rank: 66
CDRO Sharpe Ratio Rank: 71
CDRO Sortino Ratio Rank: 69
CDRO Omega Ratio Rank: 68
CDRO Calmar Ratio Rank: 59
CDRO Martin Ratio Rank: 63

AAOI

AAOI Risk / Return Rank: 98
AAOI Sharpe Ratio Rank: 99
AAOI Sortino Ratio Rank: 96
AAOI Omega Ratio Rank: 94
AAOI Calmar Ratio Rank: 99
AAOI Martin Ratio Rank: 99

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.

CDRO vs. AAOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Codere Online Luxembourg, S.A. (CDRO) and Applied Optoelectronics, Inc. (AAOI). 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.

	CDRO	AAOI	Difference
Sharpe ratio: Return per unit of total volatility	0.98	7.37	-6.39
Sortino ratio: Return per unit of downside risk	1.71	4.58	-2.87
Omega ratio: Gain probability vs. loss probability	1.21	1.53	-0.32
Calmar ratio: Return relative to maximum drawdown	0.85	21.18	-20.33
Martin ratio: Return relative to average drawdown	2.38	59.65	-57.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDRO vs. AAOI - Sharpe Ratio Comparison

The current CDRO Sharpe Ratio is 0.98, which is lower than the AAOI Sharpe Ratio of 7.37. The chart below compares the historical Sharpe Ratios of CDRO and AAOI, 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

	CDRO	AAOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	7.37	-6.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.28	-0.22

Drawdowns

CDRO vs. AAOI - Drawdown Comparison

The maximum CDRO drawdown since its inception was -75.50%, smaller than the maximum AAOI drawdown of -98.49%. Use the drawdown chart below to compare losses from any high point for CDRO and AAOI.

Drawdown Indicators

	CDRO	AAOI	Difference
Max Drawdown Largest peak-to-trough decline	-75.50%	-98.49%	+22.99%
Max Drawdown (1Y) Largest decline over 1 year	-37.59%	-47.64%	+10.05%
Max Drawdown (3Y) Largest decline over 3 years	-37.59%	-77.17%	+39.58%
Max Drawdown (5Y) Largest decline over 5 years	—	-83.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.49%	—
Current Drawdown Current decline from peak	0.00%	-17.49%	+17.49%
Average Drawdown Average peak-to-trough decline	-35.17%	-65.79%	+30.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.37%	16.88%	-3.51%

Volatility

CDRO vs. AAOI - Volatility Comparison

The current volatility for Codere Online Luxembourg, S.A. (CDRO) is 5.94%, while Applied Optoelectronics, Inc. (AAOI) has a volatility of 42.89%. This indicates that CDRO experiences smaller price fluctuations and is considered to be less risky than AAOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDRO	AAOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	42.89%	-36.95%
Volatility (6M) Calculated over the trailing 6-month period	17.12%	107.15%	-90.03%
Volatility (1Y) Calculated over the trailing 1-year period	32.59%	137.01%	-104.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.58%	118.73%	-56.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.58%	97.94%	-35.36%

Dividends

CDRO vs. AAOI - Dividend Comparison

Neither CDRO nor AAOI has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both CDRO and AAOI in my portfolio?

CDRO and AAOI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDRO or AAOI?

AAOI has higher volatility (42.89%) compared to CDRO (5.94%). In terms of maximum drawdown, CDRO dropped -75.50% vs AAOI's -98.49%.

Which has better risk-adjusted returns?

AAOI currently has the higher Sharpe Ratio (7.37 vs 0.98), 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.