CDZI vs. PCYO

Last updated Jun 24, 2026

CDZI (Cadiz Inc.) and PCYO (Pure Cycle Corporation) are both stocks. Both operate in the Utilities - Regulated Water industry within the Utilities sector. Over the past 10 years, CDZI returned -2.64%/yr vs 9.02%/yr for PCYO. At a 0.08 correlation, their price movements are largely independent.

Performance

CDZI vs. PCYO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cadiz Inc. (CDZI) and Pure Cycle Corporation (PCYO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDZI achieves a -27.45% return, which is significantly lower than PCYO's 0.55% return. Over the past 10 years, CDZI has underperformed PCYO with an annualized return of -2.64%, while PCYO has yielded a comparatively higher 9.02% annualized return.

CDZI

• 1D: 1.75%
• 1M: -4.12%
• YTD: -27.45%
• 6M: -29.09%
• 1Y: 30.87%
• 3Y*: 1.17%
• 5Y*: -20.57%
• 10Y*: -2.64%

PCYO

• 1D: -1.07%
• 1M: 10.06%
• YTD: 0.55%
• 6M: -1.69%
• 1Y: 7.28%
• 3Y*: 1.33%
• 5Y*: -4.95%
• 10Y*: 9.02%

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

CDZI vs. PCYO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDZI Cadiz Inc.	-27.45%	7.88%	85.71%	12.00%	-35.23%	-63.76%	-3.36%	6.99%	-27.72%	14.00%
PCYO Pure Cycle Corporation	0.55%	-13.33%	21.11%	-0.10%	-28.22%	30.01%	-10.80%	26.79%	18.92%	51.82%

Correlation

The correlation between CDZI and PCYO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.08

The correlation between CDZI and PCYO shifts across timeframes, from 0.08 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CDZI : $329.93M PCYO : $267.10M
EPS CDZI : -$0.42 PCYO : $0.61
PS Ratio CDZI : 20.39 PCYO : 8.71
PB Ratio CDZI : 14.19 PCYO : 1.80
Total Revenue (TTM) CDZI : $16.31M PCYO : $30.64M
Gross Profit (TTM) CDZI : $5.15M PCYO : $18.62M
EBITDA (TTM) CDZI : -$25.60M PCYO : $19.50M

Return for Risk

CDZI vs. PCYO — Risk / Return Rank

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

CDZI

CDZI Risk / Return Rank: 58
CDZI Sharpe Ratio Rank: 60
CDZI Sortino Ratio Rank: 59
CDZI Omega Ratio Rank: 55
CDZI Calmar Ratio Rank: 58
CDZI Martin Ratio Rank: 58

PCYO

PCYO Risk / Return Rank: 50
PCYO Sharpe Ratio Rank: 52
PCYO Sortino Ratio Rank: 46
PCYO Omega Ratio Rank: 45
PCYO Calmar Ratio Rank: 53
PCYO 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.

CDZI vs. PCYO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cadiz Inc. (CDZI) and Pure Cycle Corporation (PCYO). 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.

	CDZI	PCYO	Difference
Sharpe ratio: Return per unit of total volatility	0.52	0.25	+0.27
Sortino ratio: Return per unit of downside risk	1.12	0.58	+0.54
Omega ratio: Gain probability vs. loss probability	1.13	1.07	+0.06
Calmar ratio: Return relative to maximum drawdown	0.68	0.42	+0.27
Martin ratio: Return relative to average drawdown	1.47	0.90	+0.58

CDZI vs. PCYO - Sharpe Ratio Comparison

The current CDZI Sharpe Ratio is 0.52, which is higher than the PCYO Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of CDZI and PCYO, 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

CDZI vs. PCYO - Drawdown Comparison

The maximum CDZI drawdown since its inception was -99.57%, which is greater than PCYO's maximum drawdown of -89.13%. Use the drawdown chart below to compare losses from any high point for CDZI and PCYO.

Drawdown Indicators

	CDZI	PCYO	Difference
Max Drawdown Largest peak-to-trough decline	-99.57%	-89.13%	-10.44%
Max Drawdown (1Y) Largest decline over 1 year	-45.38%	-17.50%	-27.88%
Max Drawdown (3Y) Largest decline over 3 years	-56.47%	-33.36%	-23.11%
Max Drawdown (5Y) Largest decline over 5 years	-89.21%	-51.46%	-37.75%
Max Drawdown (10Y) Largest decline over 10 years	-90.16%	-52.49%	-37.67%
Current Drawdown Current decline from peak	-98.82%	-32.79%	-66.03%
Average Drawdown Average peak-to-trough decline	-75.77%	-52.41%	-23.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.01%	8.14%	+12.87%

Volatility

CDZI vs. PCYO - Volatility Comparison

Cadiz Inc. (CDZI) has a higher volatility of 21.32% compared to Pure Cycle Corporation (PCYO) at 9.05%. This indicates that CDZI's price experiences larger fluctuations and is considered to be riskier than PCYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDZI	PCYO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.32%	9.05%	+12.27%
Volatility (6M) Calculated over the trailing 6-month period	40.92%	23.61%	+17.31%
Volatility (1Y) Calculated over the trailing 1-year period	59.36%	29.56%	+29.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.24%	32.23%	+40.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.73%	35.52%	+22.21%

Dividends

CDZI vs. PCYO - Dividend Comparison

Neither CDZI nor PCYO has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both CDZI and PCYO in my portfolio?

CDZI and PCYO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDZI or PCYO?

CDZI has higher volatility (21.32%) compared to PCYO (9.05%). In terms of maximum drawdown, CDZI dropped -99.57% vs PCYO's -89.13%.

Which has better risk-adjusted returns?

CDZI currently has the higher Sharpe Ratio (0.52 vs 0.25), 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.