INDI vs. APLD

Last updated Apr 1, 2026

Compare and contrast key facts about indie Semiconductor, Inc. (INDI) and Applied Digital Corporation (APLD).

Performance

INDI vs. APLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in indie Semiconductor, Inc. (INDI) and Applied Digital Corporation (APLD). The values are adjusted to include any dividend payments, if applicable.

INDI vs. APLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INDI indie Semiconductor, Inc.	-8.78%	-12.84%	-50.06%	39.11%	-51.38%	10.30%
APLD Applied Digital Corporation	-3.18%	220.94%	13.35%	266.30%	-92.68%	329.74%

Fundamentals

Market Cap INDI : $641.83B APLD : $6.33B
EPS INDI : -$0.00 APLD : -$0.51
PS Ratio INDI : 986.08 APLD : 20.33
PB Ratio INDI : 1.68K APLD : 4.37
Total Revenue (TTM) INDI : $217.39M APLD : $281.74M
Gross Profit (TTM) INDI : $27.01M APLD : $46.19M
EBITDA (TTM) INDI : -$107.79M APLD : -$49.02M

Returns By Period

In the year-to-date period, INDI achieves a -8.78% return, which is significantly lower than APLD's -3.18% return.

INDI

• 1D: 5.57%
• 1M: -12.02%
• YTD: -8.78%
• 6M: -20.88%
• 1Y: 58.23%
• 3Y*: -32.67%
• 5Y*: —
• 10Y*: —

APLD

• 1D: 15.55%
• 1M: -12.94%
• YTD: -3.18%
• 6M: 3.49%
• 1Y: 322.42%
• 3Y*: 119.66%
• 5Y*: 76.65%
• 10Y*: 75.92%

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

Return for Risk

INDI vs. APLD — Risk / Return Rank

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

INDI

INDI Risk / Return Rank: 65
INDI Sharpe Ratio Rank: 67
INDI Sortino Ratio Rank: 70
INDI Omega Ratio Rank: 65
INDI Calmar Ratio Rank: 61
INDI Martin Ratio Rank: 61

APLD

APLD Risk / Return Rank: 94
APLD Sharpe Ratio Rank: 95
APLD Sortino Ratio Rank: 93
APLD Omega Ratio Rank: 90
APLD Calmar Ratio Rank: 96
APLD Martin Ratio Rank: 94

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.

INDI vs. APLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for indie Semiconductor, Inc. (INDI) and Applied Digital Corporation (APLD). 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.

	INDI	APLD	Difference
Sharpe ratio Return per unit of total volatility	0.69	2.57	-1.88
Sortino ratio Return per unit of downside risk	1.59	3.14	-1.56
Omega ratio Gain probability vs. loss probability	1.18	1.39	-0.21
Calmar ratio Return relative to maximum drawdown	0.89	6.26	-5.37
Martin ratio Return relative to average drawdown	1.97	14.46	-12.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDI vs. APLD - Sharpe Ratio Comparison

The current INDI Sharpe Ratio is 0.69, which is lower than the APLD Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of INDI and APLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	INDI	APLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	2.57	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.41	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.04	-0.32

Correlation

The correlation between INDI and APLD is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

INDI vs. APLD - Dividend Comparison

Neither INDI nor APLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

INDI vs. APLD - Drawdown Comparison

The maximum INDI drawdown since its inception was -89.91%, smaller than the maximum APLD drawdown of -99.70%. Use the drawdown chart below to compare losses from any high point for INDI and APLD.

Drawdown Indicators

	INDI	APLD	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-99.70%	+9.79%
Max Drawdown (1Y) Largest decline over 1 year	-59.33%	-50.31%	-9.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-97.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-97.10%	—
Current Drawdown Current decline from peak	-79.68%	-42.59%	-37.09%
Average Drawdown Average peak-to-trough decline	-56.11%	-84.03%	+27.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.70%	21.79%	+4.91%

Volatility

INDI vs. APLD - Volatility Comparison

The current volatility for indie Semiconductor, Inc. (INDI) is 28.79%, while Applied Digital Corporation (APLD) has a volatility of 32.29%. This indicates that INDI experiences smaller price fluctuations and is considered to be less risky than APLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDI	APLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.79%	32.29%	-3.50%
Volatility (6M) Calculated over the trailing 6-month period	56.82%	77.82%	-21.00%
Volatility (1Y) Calculated over the trailing 1-year period	84.94%	126.27%	-41.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.95%	187.90%	-108.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.95%	295.81%	-216.86%

Financials

INDI vs. APLD - Profitability Comparison

The chart below illustrates the profitability comparison between indie Semiconductor, Inc. and Applied Digital Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

INDI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, indie Semiconductor, Inc. reported a gross profit of 0.00 and revenue of 58.01M. Therefore, the gross margin over that period was 0.0%.

APLD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported a gross profit of 26.04M and revenue of 126.59M. Therefore, the gross margin over that period was 20.6%.

INDI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, indie Semiconductor, Inc. reported an operating income of -33.95M and revenue of 58.01M, resulting in an operating margin of -58.5%.

APLD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported an operating income of -30.96M and revenue of 126.59M, resulting in an operating margin of -24.5%.

INDI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, indie Semiconductor, Inc. reported a net income of -32.10M and revenue of 58.01M, resulting in a net margin of -55.3%.

APLD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported a net income of -17.51M and revenue of 126.59M, resulting in a net margin of -13.8%.