DOCS vs. HQY
DOCS (Doximity, Inc.) and HQY (HealthEquity, Inc.) are both stocks. Both operate in the Health Information Services industry within the Healthcare sector. Over the past 3 years, DOCS returned -13.78%/yr vs 10.66%/yr for HQY. At a 0.22 correlation, their price movements are largely independent.
Performance
DOCS vs. HQY - Performance Comparison
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Returns By Period
In the year-to-date period, DOCS achieves a -54.16% return, which is significantly lower than HQY's -4.12% return.
DOCS
- 1D
- -1.41%
- 1M
- -21.86%
- YTD
- -54.16%
- 6M
- -55.56%
- 1Y
- -65.51%
- 3Y*
- -13.78%
- 5Y*
- —
- 10Y*
- —
HQY
- 1D
- -0.94%
- 1M
- 3.54%
- YTD
- -4.12%
- 6M
- -4.62%
- 1Y
- -21.26%
- 3Y*
- 10.66%
- 5Y*
- 2.42%
- 10Y*
- 11.72%
DOCS vs. HQY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DOCS Doximity, Inc. | -54.16% | -17.06% | 90.41% | -16.45% | -33.05% | -5.42% |
HQY HealthEquity, Inc. | -4.12% | -4.52% | 44.72% | 7.56% | 39.33% | -46.87% |
Correlation
The correlation between DOCS and HQY 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 | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021 | 0.22 |
Fundamentals
DOCS:
$3.96B
HQY:
$7.47B
DOCS:
$0.98
HQY:
$2.66
DOCS:
20.61
HQY:
33.05
DOCS:
1.76
HQY:
0.24
DOCS:
6.27
HQY:
5.70
DOCS:
4.16
HQY:
3.65
DOCS:
$644.86M
HQY:
$1.34B
DOCS:
$574.54M
HQY:
$972.12M
DOCS:
$245.76M
HQY:
$300.86M
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Return for Risk
DOCS vs. HQY — Risk / Return Rank
DOCS
HQY
DOCS vs. HQY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Doximity, Inc. (DOCS) and HealthEquity, Inc. (HQY). 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.
| DOCS | HQY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 0.71 | 0.92 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.62 | -0.24 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.06 | -0.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DOCS | HQY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.21 | -0.60 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.06 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.26 | 0.33 | -0.58 |
Drawdowns
DOCS vs. HQY - Drawdown Comparison
The maximum DOCS drawdown since its inception was -82.35%, which is greater than HQY's maximum drawdown of -60.65%. Use the drawdown chart below to compare losses from any high point for DOCS and HQY.
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Drawdown Indicators
| DOCS | HQY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.35% | -60.65% | -21.70% |
Max Drawdown (1Y)Largest decline over 1 year | -76.03% | -34.14% | -41.89% |
Max Drawdown (3Y)Largest decline over 3 years | -78.34% | -36.07% | -42.27% |
Max Drawdown (5Y)Largest decline over 5 years | — | -52.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.65% | — |
Current DrawdownCurrent decline from peak | -80.10% | -23.29% | -56.81% |
Average DrawdownAverage peak-to-trough decline | -57.16% | -22.98% | -34.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.55% | 20.32% | +24.23% |
Volatility
DOCS vs. HQY - Volatility Comparison
Doximity, Inc. (DOCS) has a higher volatility of 31.83% compared to HealthEquity, Inc. (HQY) at 10.84%. This indicates that DOCS's price experiences larger fluctuations and is considered to be riskier than HQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOCS | HQY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.83% | 10.84% | +20.99% |
Volatility (6M)Calculated over the trailing 6-month period | 46.10% | 26.67% | +19.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.27% | 35.39% | +18.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.01% | 39.79% | +29.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.01% | 44.49% | +24.52% |
Dividends
DOCS vs. HQY - Dividend Comparison
Neither DOCS nor HQY has paid dividends to shareholders.
Financials
DOCS vs. HQY - Financials Comparison
This section allows you to compare key financial metrics between Doximity, Inc. and HealthEquity, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
DOCS vs. HQY - Profitability Comparison
DOCS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Doximity, Inc. reported a gross profit of 125.97M and revenue of 145.37M. Therefore, the gross margin over that period was 86.7%.
HQY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, HealthEquity, Inc. reported a gross profit of 256.31M and revenue of 354.64M. Therefore, the gross margin over that period was 72.3%.
DOCS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Doximity, Inc. reported an operating income of 24.83M and revenue of 145.37M, resulting in an operating margin of 17.1%.
HQY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, HealthEquity, Inc. reported an operating income of 102.95M and revenue of 354.64M, resulting in an operating margin of 29.0%.
DOCS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Doximity, Inc. reported a net income of 19.11M and revenue of 145.37M, resulting in a net margin of 13.2%.
HQY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, HealthEquity, Inc. reported a net income of 69.42M and revenue of 354.64M, resulting in a net margin of 19.6%.
Frequently Asked Questions
DOCS and HQY 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.
DOCS has higher volatility (31.83%) compared to HQY (10.84%). In terms of maximum drawdown, DOCS dropped -82.35% vs HQY's -60.65%.
HQY currently has the higher Sharpe Ratio (-0.60 vs -1.21), 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.
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