CWAN vs. AZTA

Last updated Jun 4, 2026

CWAN (Clearwater Analytics Holdings, Inc.) and AZTA (Azenta, Inc.) are both stocks. CWAN operates in Software - Application (Technology), while AZTA operates in Medical Instruments & Supplies (Healthcare). Over the past 3 years, CWAN returned 15.40%/yr vs -18.55%/yr for AZTA. At a 0.29 correlation, their price movements are largely independent.

Performance

CWAN vs. AZTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clearwater Analytics Holdings, Inc. (CWAN) and Azenta, Inc. (AZTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWAN achieves a 1.12% return, which is significantly higher than AZTA's -28.17% return.

CWAN

• 1D: 0.04%
• 1M: 0.91%
• YTD: 1.12%
• 6M: 14.51%
• 1Y: 6.65%
• 3Y*: 15.40%
• 5Y*: —
• 10Y*: —

AZTA

• 1D: 1.96%
• 1M: -1.81%
• YTD: -28.17%
• 6M: -32.89%
• 1Y: -15.76%
• 3Y*: -18.55%
• 5Y*: -24.74%
• 10Y*: 8.29%

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

CWAN vs. AZTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CWAN Clearwater Analytics Holdings, Inc.	1.12%	-12.35%	37.39%	6.83%	-18.41%	-9.42%
AZTA Azenta, Inc.	-28.17%	-33.48%	-23.24%	11.89%	-43.54%	-5.09%

Correlation

The correlation between CWAN and AZTA is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 27, 2021	0.29

Fundamentals

Market Cap CWAN : $7.19B AZTA : $1.10B
EPS CWAN : -$0.17 AZTA : -$3.88
PS Ratio CWAN : 8.43 AZTA : 1.84
PB Ratio CWAN : 3.51 AZTA : 0.71
Total Revenue (TTM) CWAN : $825.73M AZTA : $596.57M
Gross Profit (TTM) CWAN : $544.75M AZTA : $265.78M
EBITDA (TTM) CWAN : $95.23M AZTA : -$106.54M

Return for Risk

CWAN vs. AZTA — Risk / Return Rank

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

CWAN

CWAN Risk / Return Rank: 45
CWAN Sharpe Ratio Rank: 48
CWAN Sortino Ratio Rank: 43
CWAN Omega Ratio Rank: 45
CWAN Calmar Ratio Rank: 46
CWAN Martin Ratio Rank: 46

AZTA

AZTA Risk / Return Rank: 31
AZTA Sharpe Ratio Rank: 30
AZTA Sortino Ratio Rank: 32
AZTA Omega Ratio Rank: 32
AZTA Calmar Ratio Rank: 32
AZTA Martin Ratio Rank: 30

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.

CWAN vs. AZTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clearwater Analytics Holdings, Inc. (CWAN) and Azenta, Inc. (AZTA). 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.

	CWAN	AZTA	Difference
Sharpe ratio Return per unit of total volatility	0.21	-0.25	+0.46
Sortino ratio Return per unit of downside risk	0.53	0.07	+0.45
Omega ratio Gain probability vs. loss probability	1.08	1.01	+0.07
Calmar ratio Return relative to maximum drawdown	0.19	-0.26	+0.45
Martin ratio Return relative to average drawdown	0.45	-0.60	+1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWAN vs. AZTA - Sharpe Ratio Comparison

The current CWAN Sharpe Ratio is 0.21, which is higher than the AZTA Sharpe Ratio of -0.25. The chart below compares the historical Sharpe Ratios of CWAN and AZTA, 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

	CWAN	AZTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	-0.25	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.06	-0.08

Drawdowns

CWAN vs. AZTA - Drawdown Comparison

The maximum CWAN drawdown since its inception was -54.15%, smaller than the maximum AZTA drawdown of -97.12%. Use the drawdown chart below to compare losses from any high point for CWAN and AZTA.

Drawdown Indicators

	CWAN	AZTA	Difference
Max Drawdown Largest peak-to-trough decline	-54.15%	-97.12%	+42.97%
Max Drawdown (1Y) Largest decline over 1 year	-35.80%	-60.94%	+25.14%
Max Drawdown (3Y) Largest decline over 3 years	-51.54%	-76.27%	+24.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-87.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-87.08%	—
Current Drawdown Current decline from peak	-25.62%	-80.74%	+55.12%
Average Drawdown Average peak-to-trough decline	-28.74%	-65.39%	+36.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.66%	26.23%	-11.57%

Volatility

CWAN vs. AZTA - Volatility Comparison

The current volatility for Clearwater Analytics Holdings, Inc. (CWAN) is 0.77%, while Azenta, Inc. (AZTA) has a volatility of 34.60%. This indicates that CWAN experiences smaller price fluctuations and is considered to be less risky than AZTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWAN	AZTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	34.60%	-33.83%
Volatility (6M) Calculated over the trailing 6-month period	11.40%	52.27%	-40.87%
Volatility (1Y) Calculated over the trailing 1-year period	31.62%	63.16%	-31.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.86%	51.79%	-11.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.86%	51.42%	-11.56%

Dividends

CWAN vs. AZTA - Dividend Comparison

Neither CWAN nor AZTA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZTA Azenta, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.39%	0.59%	0.95%	1.53%	1.68%	2.34%	3.75%
CWAN Clearwater Analytics Holdings, 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%

Financials

Frequently Asked Questions

Can I hold both CWAN and AZTA in my portfolio?

CWAN and AZTA have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWAN or AZTA?

AZTA has higher volatility (34.60%) compared to CWAN (0.77%). In terms of maximum drawdown, CWAN dropped -54.15% vs AZTA's -97.12%.

Which has better risk-adjusted returns?

CWAN currently has the higher Sharpe Ratio (0.21 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.