INDI vs. NNOX

Last updated Jul 14, 2026

INDI (indie Semiconductor, Inc.) and NNOX (Nano-X Imaging Ltd.) are both stocks. INDI operates in Semiconductor Equipment & Materials (Technology), while NNOX operates in Medical Devices (Healthcare). Over the past 5 years, INDI returned -12.88%/yr vs -48.87%/yr for NNOX. At a 0.38 correlation, their price movements are largely independent.

Performance

INDI vs. NNOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in indie Semiconductor, Inc. (INDI) and Nano-X Imaging Ltd. (NNOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDI achieves a 16.71% return, which is significantly higher than NNOX's -62.50% return.

INDI

• 1D: -7.21%
• 1M: 0.49%
• 6M: 5.64%
• YTD: 16.71%
• 1Y: 7.01%
• 3Y*: -24.17%
• 5Y*: -12.88%
• 10Y*: —

NNOX

• 1D: 0.00%
• 1M: -40.34%
• 6M: -65.00%
• YTD: -62.50%
• 1Y: -79.25%
• 3Y*: -58.88%
• 5Y*: -48.87%
• 10Y*: —

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

INDI vs. NNOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INDI indie Semiconductor, Inc.	16.71%	-12.84%	-50.06%	39.11%	-51.38%	10.00%
NNOX Nano-X Imaging Ltd.	-62.50%	-61.11%	13.03%	-13.69%	-49.24%	-51.08%

Correlation

The correlation between INDI and NNOX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jun 10, 2021	0.38

The correlation between INDI and NNOX shifts across timeframes, from 0.23 (1 year) to 0.38 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap INDI : $870.51M NNOX : $73.08M
EPS INDI : -$0.00 NNOX : -$1.13
PS Ratio INDI : 1.25K NNOX : 4.85
PB Ratio INDI : 2.35K NNOX : 0.58
Total Revenue (TTM) INDI : $218.77M NNOX : $14.52M
Gross Profit (TTM) INDI : $26.51M NNOX : -$12.44M
EBITDA (TTM) INDI : -$112.16M NNOX : -$52.65M

Return for Risk

INDI vs. NNOX — Risk / Return Rank

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

INDI

INDI Risk / Return Rank: 50
INDI Sharpe Ratio Rank: 49
INDI Sortino Ratio Rank: 54
INDI Omega Ratio Rank: 51
INDI Calmar Ratio Rank: 49
INDI Martin Ratio Rank: 48

NNOX

NNOX Risk / Return Rank: 6
NNOX Sharpe Ratio Rank: 9
NNOX Sortino Ratio Rank: 6
NNOX Omega Ratio Rank: 5
NNOX Calmar Ratio Rank: 5
NNOX Martin Ratio Rank: 4

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. NNOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for indie Semiconductor, Inc. (INDI) and Nano-X Imaging Ltd. (NNOX). 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.

	INDI	NNOX	Difference
Sharpe ratio: Return per unit of total volatility	0.08	-0.86	+0.95
Sortino ratio: Return per unit of downside risk	0.79	-1.60	+2.39
Omega ratio: Gain probability vs. loss probability	1.09	0.79	+0.30
Calmar ratio: Return relative to maximum drawdown	0.12	-0.95	+1.06
Martin ratio: Return relative to average drawdown	0.22	-1.63	+1.85

INDI vs. NNOX - Sharpe Ratio Comparison

The current INDI Sharpe Ratio is 0.08, which is higher than the NNOX Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of INDI and NNOX, 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

INDI vs. NNOX - Drawdown Comparison

The maximum INDI drawdown since its inception was -89.91%, smaller than the maximum NNOX drawdown of -99.02%. Use the drawdown chart below to compare losses from any high point for INDI and NNOX.

Drawdown Indicators

	INDI	NNOX	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-99.02%	+9.11%
Max Drawdown (1Y) Largest decline over 1 year	-59.33%	-83.92%	+24.59%
Max Drawdown (3Y) Largest decline over 3 years	-83.57%	-94.36%	+10.79%
Max Drawdown (5Y) Largest decline over 5 years	-89.91%	-97.08%	+7.17%
Current Drawdown Current decline from peak	-74.01%	-98.83%	+24.82%
Average Drawdown Average peak-to-trough decline	-57.08%	-82.84%	+25.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.01%	48.55%	-16.54%

Volatility

INDI vs. NNOX - Volatility Comparison

The current volatility for indie Semiconductor, Inc. (INDI) is 31.91%, while Nano-X Imaging Ltd. (NNOX) has a volatility of 68.47%. This indicates that INDI experiences smaller price fluctuations and is considered to be less risky than NNOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDI	NNOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.91%	68.47%	-36.56%
Volatility (6M) Calculated over the trailing 6-month period	62.53%	85.04%	-22.51%
Volatility (1Y) Calculated over the trailing 1-year period	84.02%	92.37%	-8.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.16%	92.62%	-12.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.04%	102.70%	-22.66%

Dividends

INDI vs. NNOX - Dividend Comparison

Neither INDI nor NNOX has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both INDI and NNOX in my portfolio?

INDI and NNOX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDI or NNOX?

NNOX has higher volatility (68.47%) compared to INDI (31.91%). In terms of maximum drawdown, INDI dropped -89.91% vs NNOX's -99.02%.

Which has better risk-adjusted returns?

INDI currently has the higher Sharpe Ratio (0.08 vs -0.86), 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.