EH vs. AAOI

Last updated Jun 25, 2026

EH (Ehang Holdings Ltd) and AAOI (Applied Optoelectronics, Inc.) are both stocks. EH operates in Aerospace & Defense (Industrials), while AAOI operates in Communication Equipment (Technology). Over the past 5 years, EH returned -30.12%/yr vs 75.53%/yr for AAOI. At a 0.31 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 -49.70% return, which is significantly lower than AAOI's 321.60% return.

EH

• 1D: 2.00%
• 1M: -32.21%
• YTD: -49.70%
• 6M: -50.56%
• 1Y: -59.65%
• 3Y*: -19.65%
• 5Y*: -30.12%
• 10Y*: —

AAOI

• 1D: -0.32%
• 1M: -19.02%
• YTD: 321.60%
• 6M: 258.46%
• 1Y: 531.04%
• 3Y*: 223.53%
• 5Y*: 75.53%
• 10Y*: 31.07%

*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	-49.70%	-16.29%	-6.28%	95.80%	-42.49%	-29.32%	96.37%	-14.34%
AAOI Applied Optoelectronics, Inc.	321.60%	-5.43%	90.79%	922.22%	-63.23%	-39.60%	-28.37%	8.39%

Correlation

The correlation between EH and AAOI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 12, 2019	0.31

Fundamentals

Market Cap EH : $250.27M AAOI : $11.17B
EPS EH : -CN¥8.78 AAOI : -$0.65
PS Ratio EH : 3.98 AAOI : 19.31
PB Ratio EH : 1.73 AAOI : 10.10
Total Revenue (TTM) EH : CN¥417.55M AAOI : $507.00M
Gross Profit (TTM) EH : CN¥256.90M AAOI : $150.29M
EBITDA (TTM) EH : -CN¥286.70M 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: 5
EH Sharpe Ratio Rank: 5
EH Sortino Ratio Rank: 5
EH Omega Ratio Rank: 6
EH Calmar Ratio Rank: 8
EH Martin Ratio Rank: 3

AAOI

AAOI Risk / Return Rank: 96
AAOI Sharpe Ratio Rank: 98
AAOI Sortino Ratio Rank: 94
AAOI Omega Ratio Rank: 90
AAOI Calmar Ratio Rank: 98
AAOI Martin Ratio Rank: 98

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.

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.

	EH	AAOI	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	3.87	-4.89
Sortino ratio: Return per unit of downside risk	-1.63	3.61	-5.24
Omega ratio: Gain probability vs. loss probability	0.80	1.42	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.89	11.25	-12.13
Martin ratio: Return relative to average drawdown	-1.73	30.10	-31.83

EH vs. AAOI - Sharpe Ratio Comparison

The current EH Sharpe Ratio is -1.02, which is lower than the AAOI Sharpe Ratio of 3.87. 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.

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	-67.48%	-47.64%	-19.84%
Max Drawdown (3Y) Largest decline over 3 years	-75.43%	-77.17%	+1.74%
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	-94.66%	-34.12%	-60.54%
Average Drawdown Average peak-to-trough decline	-74.74%	-65.58%	-9.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.50%	17.76%	+16.74%

Volatility

EH vs. AAOI - Volatility Comparison

The current volatility for Ehang Holdings Ltd (EH) is 38.38%, while Applied Optoelectronics, Inc. (AAOI) has a volatility of 44.02%. 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	38.38%	44.02%	-5.64%
Volatility (6M) Calculated over the trailing 6-month period	51.12%	110.80%	-59.68%
Volatility (1Y) Calculated over the trailing 1-year period	58.72%	138.60%	-79.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.91%	119.83%	-34.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.50%	98.54%	+1.96%

Dividends

EH vs. AAOI - Dividend Comparison

Neither EH nor AAOI has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both EH and AAOI in my portfolio?

EH and AAOI have a correlation of 0.36, 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 (44.02%) compared to EH (38.38%). 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 (3.87 vs -1.02), 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.