EH vs. AAOI

Last updated Jun 4, 2026

EH (Ehang Holdings Ltd) and AAOI (Applied Optoelectronics, Inc.) are both stocks. EH operates in Aerospace & Defense (Industrials), while AAOI operates in Semiconductors (Technology). Over the past 5 years, EH returned -21.40%/yr vs 85.24%/yr for AAOI. At a 0.30 correlation, their price movements are largely independent.

Performance

EH vs. AAOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ehang Holdings Ltd (EH) and Applied Optoelectronics, Inc. (AAOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EH achieves a -25.80% return, which is significantly lower than AAOI's 428.03% return.

EH

• 1D: -4.31%
• 1M: -3.65%
• YTD: -25.80%
• 6M: -28.67%
• 1Y: -39.29%
• 3Y*: -3.49%
• 5Y*: -21.40%
• 10Y*: —

AAOI

• 1D: -9.04%
• 1M: 6.41%
• YTD: 428.03%
• 6M: 617.62%
• 1Y: 998.27%
• 3Y*: 332.83%
• 5Y*: 85.24%
• 10Y*: 32.59%

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

EH vs. AAOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EH Ehang Holdings Ltd	-25.80%	-16.29%	-6.28%	95.80%	-42.49%	-29.32%	96.37%	-13.93%
AAOI Applied Optoelectronics, Inc.	428.03%	-5.43%	90.79%	922.22%	-63.23%	-39.60%	-28.37%	5.32%

Correlation

The correlation between EH and AAOI is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Dec 13, 2019	0.30

Fundamentals

Market Cap EH : $370.66M AAOI : $13.99B
EPS EH : -$6.20 AAOI : -$0.65
PS Ratio EH : 0.72 AAOI : 24.18
PB Ratio EH : 0.33 AAOI : 12.65
Total Revenue (TTM) EH : $504.81M AAOI : $507.00M
Gross Profit (TTM) EH : $313.01M AAOI : $150.29M
EBITDA (TTM) EH : -$240.93M AAOI : -$26.44M

Return for Risk

EH vs. AAOI — Risk / Return Rank

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

EH

EH Risk / Return Rank: 11
EH Sharpe Ratio Rank: 8
EH Sortino Ratio Rank: 10
EH Omega Ratio Rank: 12
EH Calmar Ratio Rank: 14
EH Martin Ratio Rank: 12

AAOI

AAOI Risk / Return Rank: 98
AAOI Sharpe Ratio Rank: 99
AAOI Sortino Ratio Rank: 96
AAOI Omega Ratio Rank: 94
AAOI Calmar Ratio Rank: 99
AAOI Martin Ratio Rank: 99

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.

EH vs. AAOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ehang Holdings Ltd (EH) and Applied Optoelectronics, Inc. (AAOI). 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.

	EH	AAOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	7.37	-8.19
Sortino ratio: Return per unit of downside risk	-1.11	4.58	-5.69
Omega ratio: Gain probability vs. loss probability	0.88	1.53	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.73	21.18	-21.90
Martin ratio: Return relative to average drawdown	-1.27	59.65	-60.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EH vs. AAOI - Sharpe Ratio Comparison

The current EH Sharpe Ratio is -0.82, which is lower than the AAOI Sharpe Ratio of 7.37. The chart below compares the historical Sharpe Ratios of EH and AAOI, 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

	EH	AAOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.82	7.37	-8.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.72	-0.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.28	-0.32

Drawdowns

EH vs. AAOI - Drawdown Comparison

The maximum EH drawdown since its inception was -97.07%, roughly equal to the maximum AAOI drawdown of -98.49%. Use the drawdown chart below to compare losses from any high point for EH and AAOI.

Drawdown Indicators

	EH	AAOI	Difference
Max Drawdown Largest peak-to-trough decline	-97.07%	-98.49%	+1.42%
Max Drawdown (1Y) Largest decline over 1 year	-54.33%	-47.64%	-6.69%
Max Drawdown (3Y) Largest decline over 3 years	-65.48%	-77.17%	+11.69%
Max Drawdown (5Y) Largest decline over 5 years	-91.81%	-83.07%	-8.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-98.49%	—
Current Drawdown Current decline from peak	-92.12%	-17.49%	-74.63%
Average Drawdown Average peak-to-trough decline	-74.62%	-65.79%	-8.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.06%	16.88%	+14.18%

Volatility

EH vs. AAOI - Volatility Comparison

The current volatility for Ehang Holdings Ltd (EH) is 14.18%, while Applied Optoelectronics, Inc. (AAOI) has a volatility of 42.89%. This indicates that EH experiences smaller price fluctuations and is considered to be less risky than AAOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EH	AAOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.18%	42.89%	-28.71%
Volatility (6M) Calculated over the trailing 6-month period	36.84%	107.15%	-70.31%
Volatility (1Y) Calculated over the trailing 1-year period	48.22%	137.01%	-88.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.56%	118.73%	-34.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.03%	97.94%	+2.09%

Dividends

EH vs. AAOI - Dividend Comparison

Neither EH nor AAOI has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

EH vs. AAOI - Profitability Comparison

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

EH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Ehang Holdings Ltd reported a gross profit of 149.26M and revenue of 240.41M. Therefore, the gross margin over that period was 62.1%.

AAOI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Applied Optoelectronics, Inc. reported a gross profit of 43.92M and revenue of 151.14M. Therefore, the gross margin over that period was 29.1%.

EH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Ehang Holdings Ltd reported an operating income of -8.60M and revenue of 240.41M, resulting in an operating margin of -3.6%.

AAOI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Applied Optoelectronics, Inc. reported an operating income of -12.99M and revenue of 151.14M, resulting in an operating margin of -8.6%.

EH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Ehang Holdings Ltd reported a net income of 10.44M and revenue of 240.41M, resulting in a net margin of 4.3%.

AAOI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Applied Optoelectronics, Inc. reported a net income of -14.28M and revenue of 151.14M, resulting in a net margin of -9.5%.

Frequently Asked Questions

Can I hold both EH and AAOI in my portfolio?

EH and AAOI have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EH or AAOI?

AAOI has higher volatility (42.89%) compared to EH (14.18%). In terms of maximum drawdown, EH dropped -97.07% vs AAOI's -98.49%.

Which has better risk-adjusted returns?

AAOI currently has the higher Sharpe Ratio (7.37 vs -0.82), 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.