FCEL vs. APD

Last updated Jun 23, 2026

FCEL (FuelCell Energy, Inc.) and APD (Air Products and Chemicals, Inc.) are both stocks. FCEL operates in Electrical Equipment & Parts (Industrials), while APD operates in Specialty Chemicals (Basic Materials). Over the past 10 years, FCEL returned -35.21%/yr vs 9.95%/yr for APD. At a 0.25 correlation, their price movements are largely independent.

Performance

FCEL vs. APD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FuelCell Energy, Inc. (FCEL) and Air Products and Chemicals, Inc. (APD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCEL achieves a 233.65% return, which is significantly higher than APD's 16.17% return. Over the past 10 years, FCEL has underperformed APD with an annualized return of -35.21%, while APD has yielded a comparatively higher 9.95% annualized return.

FCEL

• 1D: 1.46%
• 1M: -2.48%
• YTD: 233.65%
• 6M: 178.58%
• 1Y: 309.23%
• 3Y*: -28.02%
• 5Y*: -38.79%
• 10Y*: -35.21%

APD

• 1D: 1.03%
• 1M: -2.20%
• YTD: 16.17%
• 6M: 17.23%
• 1Y: 7.47%
• 3Y*: 2.23%
• 5Y*: 1.98%
• 10Y*: 9.95%

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

FCEL vs. APD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCEL FuelCell Energy, Inc.	233.65%	-19.14%	-81.17%	-42.45%	-46.54%	-53.45%	345.02%	-62.00%	-67.62%	-2.86%
APD Air Products and Chemicals, Inc.	16.17%	-12.66%	8.09%	-8.95%	3.91%	13.75%	18.82%	50.02%	0.26%	17.04%

Correlation

The correlation between FCEL and APD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Feb 27, 1997	0.25

Fundamentals

Market Cap FCEL : $1.32B APD : $63.11B
EPS FCEL : -$5.47 APD : $9.45
PS Ratio FCEL : 5.92 APD : 5.06
PB Ratio FCEL : 1.84 APD : 4.03
Total Revenue (TTM) FCEL : $167.88M APD : $12.46B
Gross Profit (TTM) FCEL : -$30.55M APD : $3.99B
EBITDA (TTM) FCEL : -$186.85M APD : $4.36B

Return for Risk

FCEL vs. APD — Risk / Return Rank

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

FCEL

FCEL Risk / Return Rank: 91
FCEL Sharpe Ratio Rank: 93
FCEL Sortino Ratio Rank: 91
FCEL Omega Ratio Rank: 87
FCEL Calmar Ratio Rank: 95
FCEL Martin Ratio Rank: 90

APD

APD Risk / Return Rank: 49
APD Sharpe Ratio Rank: 53
APD Sortino Ratio Rank: 45
APD Omega Ratio Rank: 46
APD Calmar Ratio Rank: 50
APD Martin Ratio Rank: 51

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.

FCEL vs. APD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FuelCell Energy, Inc. (FCEL) and Air Products and Chemicals, Inc. (APD). 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.

	FCEL	APD	Difference
Sharpe ratio: Return per unit of total volatility	2.59	0.30	+2.28
Sortino ratio: Return per unit of downside risk	3.24	0.62	+2.62
Omega ratio: Gain probability vs. loss probability	1.36	1.08	+0.28
Calmar ratio: Return relative to maximum drawdown	6.56	0.34	+6.22
Martin ratio: Return relative to average drawdown	11.43	0.83	+10.60

FCEL vs. APD - Sharpe Ratio Comparison

The current FCEL Sharpe Ratio is 2.59, which is higher than the APD Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of FCEL and APD, 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

FCEL vs. APD - Drawdown Comparison

The maximum FCEL drawdown since its inception was -100.00%, which is greater than APD's maximum drawdown of -60.30%. Use the drawdown chart below to compare losses from any high point for FCEL and APD.

Drawdown Indicators

	FCEL	APD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-60.30%	-39.70%
Max Drawdown (1Y) Largest decline over 1 year	-47.51%	-22.39%	-25.12%
Max Drawdown (3Y) Largest decline over 3 years	-95.01%	-30.43%	-64.58%
Max Drawdown (5Y) Largest decline over 5 years	-98.89%	-31.77%	-67.12%
Max Drawdown (10Y) Largest decline over 10 years	-99.84%	-31.77%	-68.07%
Current Drawdown Current decline from peak	-99.99%	-13.49%	-86.50%
Average Drawdown Average peak-to-trough decline	-83.86%	-11.05%	-72.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.20%	9.02%	+18.18%

Volatility

FCEL vs. APD - Volatility Comparison

FuelCell Energy, Inc. (FCEL) has a higher volatility of 52.35% compared to Air Products and Chemicals, Inc. (APD) at 5.17%. This indicates that FCEL's price experiences larger fluctuations and is considered to be riskier than APD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCEL	APD	Difference
Volatility (1M) Calculated over the trailing 1-month period	52.35%	5.17%	+47.18%
Volatility (6M) Calculated over the trailing 6-month period	94.02%	15.71%	+78.31%
Volatility (1Y) Calculated over the trailing 1-year period	120.67%	24.79%	+95.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.10%	26.04%	+72.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.05%	25.92%	+97.13%

Dividends

FCEL vs. APD - Dividend Comparison

FCEL has not paid dividends to shareholders, while APD's dividend yield for the trailing twelve months is around 2.54%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APD Air Products and Chemicals, Inc.	2.54%	2.89%	1.83%	2.56%	2.10%	1.97%	1.96%	1.97%	2.75%	2.32%	2.39%	2.49%
FCEL FuelCell Energy, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both FCEL and APD in my portfolio?

FCEL and APD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCEL or APD?

FCEL has higher volatility (52.35%) compared to APD (5.17%). In terms of maximum drawdown, FCEL dropped -100.00% vs APD's -60.30%.

Which has better risk-adjusted returns?

FCEL currently has the higher Sharpe Ratio (2.59 vs 0.30), 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.