FTEK vs. AFRM

Last updated Jun 3, 2026

FTEK (Fuel Tech, Inc.) and AFRM (Affirm Holdings, Inc.) are both stocks. FTEK operates in Pollution & Treatment Controls (Industrials), while AFRM operates in Information Technology Services (Technology). Over the past 5 years, FTEK returned -7.32%/yr vs 2.34%/yr for AFRM. At a 0.27 correlation, their price movements are largely independent.

Performance

FTEK vs. AFRM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fuel Tech, Inc. (FTEK) and Affirm Holdings, Inc. (AFRM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTEK achieves a -5.77% return, which is significantly lower than AFRM's -4.59% return.

FTEK

• 1D: -0.68%
• 1M: -8.70%
• YTD: -5.77%
• 6M: -16.95%
• 1Y: -8.12%
• 3Y*: 2.63%
• 5Y*: -7.32%
• 10Y*: -0.66%

AFRM

• 1D: -2.61%
• 1M: 5.14%
• YTD: -4.59%
• 6M: 5.95%
• 1Y: 34.23%
• 3Y*: 65.38%
• 5Y*: 2.34%
• 10Y*: —

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

FTEK vs. AFRM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FTEK Fuel Tech, Inc.	-5.77%	48.57%	0.00%	-17.65%	-8.93%	-76.59%
AFRM Affirm Holdings, Inc.	-4.59%	22.22%	23.93%	408.17%	-90.38%	3.41%

Correlation

The correlation between FTEK and AFRM 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	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.27

The correlation between FTEK and AFRM shifts across timeframes, from 0.17 (3 years) to 0.27 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap FTEK : $45.70M AFRM : $24.72B
EPS FTEK : -$0.09 AFRM : $1.10
PS Ratio FTEK : 1.73 AFRM : 7.70
PB Ratio FTEK : 1.19 AFRM : 6.53
Total Revenue (TTM) FTEK : $26.38M AFRM : $3.20B
Gross Profit (TTM) FTEK : $12.07M AFRM : $2.00B
EBITDA (TTM) FTEK : -$3.49M AFRM : $908.84M

Return for Risk

FTEK vs. AFRM — Risk / Return Rank

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

FTEK

FTEK Risk / Return Rank: 36
FTEK Sharpe Ratio Rank: 36
FTEK Sortino Ratio Rank: 38
FTEK Omega Ratio Rank: 37
FTEK Calmar Ratio Rank: 35
FTEK Martin Ratio Rank: 36

AFRM

AFRM Risk / Return Rank: 56
AFRM Sharpe Ratio Rank: 59
AFRM Sortino Ratio Rank: 57
AFRM Omega Ratio Rank: 55
AFRM Calmar Ratio Rank: 56
AFRM Martin Ratio Rank: 55

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.

FTEK vs. AFRM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fuel Tech, Inc. (FTEK) and Affirm Holdings, Inc. (AFRM). 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.

	FTEK	AFRM	Difference
Sharpe ratio Return per unit of total volatility	-0.11	0.57	-0.68
Sortino ratio Return per unit of downside risk	0.38	1.18	-0.80
Omega ratio Gain probability vs. loss probability	1.04	1.14	-0.10
Calmar ratio Return relative to maximum drawdown	-0.17	0.68	-0.85
Martin ratio Return relative to average drawdown	-0.25	1.39	-1.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTEK vs. AFRM - Sharpe Ratio Comparison

The current FTEK Sharpe Ratio is -0.11, which is lower than the AFRM Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of FTEK and AFRM, 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

	FTEK	AFRM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	0.57	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.02	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	-0.06	0.00

Drawdowns

FTEK vs. AFRM - Drawdown Comparison

The maximum FTEK drawdown since its inception was -98.97%, roughly equal to the maximum AFRM drawdown of -94.71%. Use the drawdown chart below to compare losses from any high point for FTEK and AFRM.

Drawdown Indicators

	FTEK	AFRM	Difference
Max Drawdown Largest peak-to-trough decline	-98.97%	-94.71%	-4.26%
Max Drawdown (1Y) Largest decline over 1 year	-67.22%	-53.86%	-13.36%
Max Drawdown (3Y) Largest decline over 3 years	-67.22%	-55.85%	-11.37%
Max Drawdown (5Y) Largest decline over 5 years	-68.77%	-94.71%	+25.94%
Max Drawdown (10Y) Largest decline over 10 years	-86.07%	—	—
Current Drawdown Current decline from peak	-96.12%	-57.86%	-38.26%
Average Drawdown Average peak-to-trough decline	-78.47%	-68.74%	-9.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.13%	26.56%	+18.57%

Volatility

FTEK vs. AFRM - Volatility Comparison

Fuel Tech, Inc. (FTEK) has a higher volatility of 19.08% compared to Affirm Holdings, Inc. (AFRM) at 14.11%. This indicates that FTEK's price experiences larger fluctuations and is considered to be riskier than AFRM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTEK	AFRM	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.08%	14.11%	+4.97%
Volatility (6M) Calculated over the trailing 6-month period	45.02%	42.34%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	73.54%	60.17%	+13.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.78%	96.25%	-35.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.73%	95.57%	-0.84%

Dividends

FTEK vs. AFRM - Dividend Comparison

Neither FTEK nor AFRM has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

FTEK vs. AFRM - Profitability Comparison

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

FTEK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Fuel Tech, Inc. reported a gross profit of 2.64M and revenue of 6.08M. Therefore, the gross margin over that period was 43.5%.

AFRM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Affirm Holdings, Inc. reported a gross profit of 0.00 and revenue of 268.03M. Therefore, the gross margin over that period was 0.0%.

FTEK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Fuel Tech, Inc. reported an operating income of -1.60M and revenue of 6.08M, resulting in an operating margin of -26.3%.

AFRM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Affirm Holdings, Inc. reported an operating income of 88.43M and revenue of 268.03M, resulting in an operating margin of 33.0%.

FTEK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Fuel Tech, Inc. reported a net income of -1.36M and revenue of 6.08M, resulting in a net margin of -22.3%.

AFRM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Affirm Holdings, Inc. reported a net income of 102.90M and revenue of 268.03M, resulting in a net margin of 38.4%.

Frequently Asked Questions

Can I hold both FTEK and AFRM in my portfolio?

FTEK and AFRM 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, FTEK or AFRM?

FTEK has higher volatility (19.08%) compared to AFRM (14.11%). In terms of maximum drawdown, FTEK dropped -98.97% vs AFRM's -94.71%.

Which has better risk-adjusted returns?

AFRM currently has the higher Sharpe Ratio (0.57 vs -0.11), 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.