ENPH vs. CDNS
ENPH (Enphase Energy, Inc.) and CDNS (Cadence Design Systems, Inc.) are both stocks. Both are in the Technology sector — ENPH in Solar, CDNS in Software - Application. Over the past 10 years, ENPH returned 39.19%/yr vs 31.77%/yr for CDNS. At a 0.29 correlation, their price movements are largely independent.
Performance
ENPH vs. CDNS - Performance Comparison
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Returns By Period
In the year-to-date period, ENPH achieves a 70.33% return, which is significantly higher than CDNS's 23.16% return. Over the past 10 years, ENPH has outperformed CDNS with an annualized return of 39.19%, while CDNS has yielded a comparatively lower 31.77% annualized return.
ENPH
- 1D
- -0.62%
- 1M
- 29.98%
- YTD
- 70.33%
- 6M
- 69.64%
- 1Y
- 22.14%
- 3Y*
- -32.77%
- 5Y*
- -17.99%
- 10Y*
- 39.19%
CDNS
- 1D
- 0.32%
- 1M
- 8.58%
- YTD
- 23.16%
- 6M
- 19.10%
- 1Y
- 25.05%
- 3Y*
- 17.22%
- 5Y*
- 24.39%
- 10Y*
- 31.77%
ENPH vs. CDNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ENPH Enphase Energy, Inc. | 70.33% | -53.33% | -48.02% | -50.13% | 44.83% | 4.26% | 571.53% | 452.43% | 96.27% | 138.61% |
CDNS Cadence Design Systems, Inc. | 23.16% | 4.03% | 10.31% | 69.55% | -13.80% | 36.59% | 96.70% | 59.52% | 3.97% | 65.82% |
Correlation
The correlation between ENPH and CDNS is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2012 | 0.29 |
The correlation between ENPH and CDNS shifts across timeframes, from 0.22 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
ENPH:
$7.17B
CDNS:
$105.37B
ENPH:
$0.92
CDNS:
$4.28
ENPH:
59.58
CDNS:
89.86
ENPH:
1.36
CDNS:
6.85
ENPH:
5.20
CDNS:
19.03
ENPH:
6.50
CDNS:
12.08
ENPH:
$1.40B
CDNS:
$5.53B
ENPH:
$619.16M
CDNS:
$4.91B
ENPH:
$189.48M
CDNS:
$1.87B
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Return for Risk
ENPH vs. CDNS — Risk / Return Rank
ENPH
CDNS
ENPH vs. CDNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Enphase Energy, Inc. (ENPH) and Cadence Design Systems, Inc. (CDNS). 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.
| ENPH | CDNS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.15 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 0.87 | -0.36 |
| Martin ratioReturn relative to average drawdown | 0.92 | 1.84 | -0.92 |
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Drawdowns
ENPH vs. CDNS - Drawdown Comparison
The maximum ENPH drawdown since its inception was -95.97%, roughly equal to the maximum CDNS drawdown of -93.13%. Use the drawdown chart below to compare losses from any high point for ENPH and CDNS.
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Drawdown Indicators
| ENPH | CDNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.97% | -93.13% | -2.84% |
Max Drawdown (1Y)Largest decline over 1 year | -43.13% | -28.85% | -14.28% |
Max Drawdown (3Y)Largest decline over 3 years | -86.23% | -29.05% | -57.18% |
Max Drawdown (5Y)Largest decline over 5 years | -92.23% | -29.59% | -62.64% |
Max Drawdown (10Y)Largest decline over 10 years | -92.23% | -32.12% | -60.11% |
Current DrawdownCurrent decline from peak | -83.75% | -7.55% | -76.20% |
Average DrawdownAverage peak-to-trough decline | -50.57% | -39.62% | -10.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.10% | 13.63% | +10.47% |
Volatility
ENPH vs. CDNS - Volatility Comparison
Enphase Energy, Inc. (ENPH) has a higher volatility of 40.41% compared to Cadence Design Systems, Inc. (CDNS) at 16.52%. This indicates that ENPH's price experiences larger fluctuations and is considered to be riskier than CDNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENPH | CDNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.41% | 16.52% | +23.89% |
Volatility (6M)Calculated over the trailing 6-month period | 66.31% | 31.73% | +34.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.85% | 38.94% | +47.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.23% | 36.17% | +34.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 78.26% | 34.12% | +44.14% |
Dividends
ENPH vs. CDNS - Dividend Comparison
Neither ENPH nor CDNS has paid dividends to shareholders.
Financials
ENPH vs. CDNS - Financials Comparison
This section allows you to compare key financial metrics between Enphase Energy, Inc. and Cadence Design Systems, 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
ENPH vs. CDNS - Profitability Comparison
ENPH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Enphase Energy, Inc. reported a gross profit of 100.39M and revenue of 282.90M. Therefore, the gross margin over that period was 35.5%.
CDNS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported a gross profit of 1.41B and revenue of 1.47B. Therefore, the gross margin over that period was 95.9%.
ENPH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Enphase Energy, Inc. reported an operating income of -29.64M and revenue of 282.90M, resulting in an operating margin of -10.5%.
CDNS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported an operating income of 431.33M and revenue of 1.47B, resulting in an operating margin of 29.3%.
ENPH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Enphase Energy, Inc. reported a net income of -20.31M and revenue of 282.90M, resulting in a net margin of -7.2%.
CDNS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported a net income of 335.66M and revenue of 1.47B, resulting in a net margin of 22.8%.
Frequently Asked Questions
ENPH and CDNS have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENPH has higher volatility (40.41%) compared to CDNS (16.52%). In terms of maximum drawdown, ENPH dropped -95.97% vs CDNS's -93.13%.
CDNS currently has the higher Sharpe Ratio (0.65 vs 0.26), 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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