CDZI vs. SBS

Last updated Jun 3, 2026

CDZI (Cadiz Inc.) and SBS (Companhia de Saneamento Básico do Estado de São Paulo - SABESP) are both stocks. Both operate in the Utilities - Regulated Water industry within the Utilities sector. Over the past 10 years, CDZI returned -1.94%/yr vs 17.12%/yr for SBS. At a 0.14 correlation, their price movements are largely independent.

Performance

CDZI vs. SBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cadiz Inc. (CDZI) and Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDZI achieves a -13.55% return, which is significantly lower than SBS's 16.76% return. Over the past 10 years, CDZI has underperformed SBS with an annualized return of -1.94%, while SBS has yielded a comparatively higher 17.12% annualized return.

CDZI

• 1D: 3.19%
• 1M: 10.98%
• YTD: -13.55%
• 6M: -8.32%
• 1Y: 53.97%
• 3Y*: -0.68%
• 5Y*: -18.06%
• 10Y*: -1.94%

SBS

• 1D: 1.28%
• 1M: -16.94%
• YTD: 16.76%
• 6M: 8.45%
• 1Y: 44.33%
• 3Y*: 41.93%
• 5Y*: 33.33%
• 10Y*: 17.12%

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

CDZI vs. SBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDZI Cadiz Inc.	-13.55%	7.88%	85.71%	12.00%	-35.23%	-63.76%	-3.36%	6.99%	-27.72%	14.00%
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP	16.76%	80.60%	-4.21%	46.89%	48.42%	-13.79%	-40.98%	91.22%	-20.37%	23.83%

Correlation

The correlation between CDZI and SBS is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 13, 2002	0.14

Fundamentals

Market Cap CDZI : $393.16M SBS : $19.49B
EPS CDZI : -$0.42 SBS : $2.48
PS Ratio CDZI : 24.29 SBS : 0.49
PB Ratio CDZI : 16.91 SBS : 0.45
Total Revenue (TTM) CDZI : $16.31M SBS : $38.70B
Gross Profit (TTM) CDZI : $5.15M SBS : $13.96B
EBITDA (TTM) CDZI : -$25.60M SBS : $14.87B

Return for Risk

CDZI vs. SBS — Risk / Return Rank

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

CDZI

CDZI Risk / Return Rank: 67
CDZI Sharpe Ratio Rank: 69
CDZI Sortino Ratio Rank: 66
CDZI Omega Ratio Rank: 61
CDZI Calmar Ratio Rank: 69
CDZI Martin Ratio Rank: 68

SBS

SBS Risk / Return Rank: 74
SBS Sharpe Ratio Rank: 78
SBS Sortino Ratio Rank: 74
SBS Omega Ratio Rank: 70
SBS Calmar Ratio Rank: 72
SBS Martin Ratio Rank: 78

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. SBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cadiz Inc. (CDZI) and Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS). 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.

	CDZI	SBS	Difference
Sharpe ratio Return per unit of total volatility	0.93	1.32	-0.39
Sortino ratio Return per unit of downside risk	1.57	1.97	-0.40
Omega ratio Gain probability vs. loss probability	1.18	1.23	-0.05
Calmar ratio Return relative to maximum drawdown	1.60	1.85	-0.25
Martin ratio Return relative to average drawdown	3.46	5.93	-2.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDZI vs. SBS - Sharpe Ratio Comparison

The current CDZI Sharpe Ratio is 0.93, which is comparable to the SBS Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CDZI and SBS, 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

	CDZI	SBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.32	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	0.91	-1.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	0.39	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.35	-0.42

Drawdowns

CDZI vs. SBS - Drawdown Comparison

The maximum CDZI drawdown since its inception was -99.57%, which is greater than SBS's maximum drawdown of -76.49%. Use the drawdown chart below to compare losses from any high point for CDZI and SBS.

Drawdown Indicators

	CDZI	SBS	Difference
Max Drawdown Largest peak-to-trough decline	-99.57%	-76.49%	-23.08%
Max Drawdown (1Y) Largest decline over 1 year	-40.46%	-22.90%	-17.56%
Max Drawdown (3Y) Largest decline over 3 years	-57.84%	-23.79%	-34.05%
Max Drawdown (5Y) Largest decline over 5 years	-89.21%	-30.35%	-58.86%
Max Drawdown (10Y) Largest decline over 10 years	-90.16%	-61.91%	-28.25%
Current Drawdown Current decline from peak	-98.60%	-21.91%	-76.69%
Average Drawdown Average peak-to-trough decline	-75.75%	-25.71%	-50.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.71%	7.13%	+11.58%

Volatility

CDZI vs. SBS - Volatility Comparison

Cadiz Inc. (CDZI) has a higher volatility of 20.96% compared to Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) at 9.36%. This indicates that CDZI's price experiences larger fluctuations and is considered to be riskier than SBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDZI	SBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.96%	9.36%	+11.60%
Volatility (6M) Calculated over the trailing 6-month period	40.35%	25.50%	+14.85%
Volatility (1Y) Calculated over the trailing 1-year period	58.74%	33.77%	+24.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.97%	36.88%	+35.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.79%	43.57%	+14.22%

Dividends

CDZI vs. SBS - Dividend Comparison

CDZI has not paid dividends to shareholders, while SBS's dividend yield for the trailing twelve months is around 2.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDZI Cadiz Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP	2.30%	4.68%	1.96%	1.66%	1.88%	0.97%	2.93%	1.99%	3.86%	2.76%	0.65%	1.91%

Financials

Frequently Asked Questions

Can I hold both CDZI and SBS in my portfolio?

CDZI and SBS have a correlation of 0.13, 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 SBS?

CDZI has higher volatility (20.96%) compared to SBS (9.36%). In terms of maximum drawdown, CDZI dropped -99.57% vs SBS's -76.49%.

Which has better risk-adjusted returns?

SBS currently has the higher Sharpe Ratio (1.32 vs 0.93), 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.