DOCS vs. LITE

Last updated Jun 13, 2026

DOCS (Doximity, Inc.) and LITE (Lumentum Holdings Inc.) are both stocks. DOCS operates in Health Information Services (Healthcare), while LITE operates in Communication Equipment (Technology). Over the past 3 years, DOCS returned -14.86%/yr vs 158.28%/yr for LITE. At a 0.26 correlation, their price movements are largely independent.

Performance

DOCS vs. LITE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Doximity, Inc. (DOCS) and Lumentum Holdings Inc. (LITE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOCS achieves a -54.74% return, which is significantly lower than LITE's 150.02% return.

DOCS

• 1D: 0.10%
• 1M: -14.32%
• YTD: -54.74%
• 6M: -54.30%
• 1Y: -64.81%
• 3Y*: -14.86%
• 5Y*: —
• 10Y*: —

LITE

• 1D: 3.59%
• 1M: -10.56%
• YTD: 150.02%
• 6M: 184.13%
• 1Y: 977.85%
• 3Y*: 158.28%
• 5Y*: 62.72%
• 10Y*: 43.74%

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

DOCS vs. LITE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DOCS Doximity, Inc.	-54.74%	-17.06%	90.41%	-16.45%	-33.05%	21.76%
LITE Lumentum Holdings Inc.	150.02%	339.06%	60.15%	0.48%	-50.68%	30.66%

Correlation

The correlation between DOCS and LITE is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021	0.26

The correlation between DOCS and LITE shifts across timeframes, from -0.02 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap DOCS : $3.91B LITE : $88.65B
EPS DOCS : $0.98 LITE : $5.26
PE Ratio DOCS : 20.35 LITE : 175.08
PS Ratio DOCS : 6.19 LITE : 30.95
PB Ratio DOCS : 4.11 LITE : 29.82
Total Revenue (TTM) DOCS : $644.86M LITE : $2.49B
Gross Profit (TTM) DOCS : $574.54M LITE : $938.50M
EBITDA (TTM) DOCS : $245.76M LITE : $470.10M

Return for Risk

DOCS vs. LITE — Risk / Return Rank

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

DOCS

DOCS Risk / Return Rank: 5
DOCS Sharpe Ratio Rank: 2
DOCS Sortino Ratio Rank: 3
DOCS Omega Ratio Rank: 2
DOCS Calmar Ratio Rank: 9
DOCS Martin Ratio Rank: 8

LITE

LITE Risk / Return Rank: 99
LITE Sharpe Ratio Rank: 100
LITE Sortino Ratio Rank: 99
LITE Omega Ratio Rank: 98
LITE Calmar Ratio Rank: 100
LITE Martin Ratio Rank: 100

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.

DOCS vs. LITE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Doximity, Inc. (DOCS) and Lumentum Holdings Inc. (LITE). 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.

	DOCS	LITE	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	11.43	-12.63
Sortino ratio: Return per unit of downside risk	-1.96	5.42	-7.39
Omega ratio: Gain probability vs. loss probability	0.72	1.71	-1.00
Calmar ratio: Return relative to maximum drawdown	-0.85	34.43	-35.28
Martin ratio: Return relative to average drawdown	-1.43	126.26	-127.69

DOCS vs. LITE - Sharpe Ratio Comparison

The current DOCS Sharpe Ratio is -1.20, which is lower than the LITE Sharpe Ratio of 11.43. The chart below compares the historical Sharpe Ratios of DOCS and LITE, 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

DOCS vs. LITE - Drawdown Comparison

The maximum DOCS drawdown since its inception was -82.35%, which is greater than LITE's maximum drawdown of -66.89%. Use the drawdown chart below to compare losses from any high point for DOCS and LITE.

Drawdown Indicators

	DOCS	LITE	Difference
Max Drawdown Largest peak-to-trough decline	-82.35%	-66.89%	-15.46%
Max Drawdown (1Y) Largest decline over 1 year	-76.03%	-28.70%	-47.33%
Max Drawdown (3Y) Largest decline over 3 years	-78.34%	-50.63%	-27.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-66.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.89%	—
Current Drawdown Current decline from peak	-80.36%	-12.49%	-67.87%
Average Drawdown Average peak-to-trough decline	-57.18%	-23.57%	-33.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.49%	7.81%	+37.68%

Volatility

DOCS vs. LITE - Volatility Comparison

Doximity, Inc. (DOCS) has a higher volatility of 29.57% compared to Lumentum Holdings Inc. (LITE) at 28.12%. This indicates that DOCS's price experiences larger fluctuations and is considered to be riskier than LITE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOCS	LITE	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.57%	28.12%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	44.93%	69.73%	-24.80%
Volatility (1Y) Calculated over the trailing 1-year period	54.14%	86.47%	-32.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.07%	59.94%	+10.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.07%	56.62%	+13.45%

Dividends

DOCS vs. LITE - Dividend Comparison

Neither DOCS nor LITE has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

DOCS vs. LITE - Profitability Comparison

The chart below illustrates the profitability comparison between Doximity, Inc. and Lumentum Holdings Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

LITE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lumentum Holdings Inc. reported a gross profit of 357.00M and revenue of 808.40M. Therefore, the gross margin over that period was 44.2%.

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%.

LITE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lumentum Holdings Inc. reported an operating income of 174.50M and revenue of 808.40M, resulting in an operating margin of 21.6%.

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%.

LITE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lumentum Holdings Inc. reported a net income of 144.20M and revenue of 808.40M, resulting in a net margin of 17.8%.

Frequently Asked Questions

Can I hold both DOCS and LITE in my portfolio?

DOCS and LITE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DOCS or LITE?

DOCS has higher volatility (29.57%) compared to LITE (28.12%). In terms of maximum drawdown, DOCS dropped -82.35% vs LITE's -66.89%.

Which has better risk-adjusted returns?

LITE currently has the higher Sharpe Ratio (11.43 vs -1.20), 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.