INDI vs. PLUG

Last updated Aug 1, 2026

INDI (indie Semiconductor, Inc.) and PLUG (Plug Power Inc.) are both stocks. INDI operates in Semiconductor Equipment & Materials (Technology), while PLUG operates in Electrical Equipment & Parts (Industrials). Over the past 5 years, INDI returned -17.94%/yr vs -40.35%/yr for PLUG. Their 0.46 correlation means their historical movements had little consistent relationship.

Performance

INDI vs. PLUG - Performance Comparison

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

Returns By Period

In the year-to-date period, INDI achieves a -8.50% return, which is significantly lower than PLUG's 4.57% return.

INDI

• 1D: 2.22%
• 1M: -25.40%
• 6M: -21.22%
• YTD: -8.50%
• 1Y: -13.64%
• 3Y*: -29.68%
• 5Y*: -17.94%
• 10Y*: —
• ALL TIME*: -21.08%

PLUG

• 1D: -1.44%
• 1M: -21.97%
• 6M: -2.60%
• YTD: 4.57%
• 1Y: 47.14%
• 3Y*: -45.55%
• 5Y*: -40.35%
• 10Y*: 1.82%
• ALL TIME*: -14.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INDI indie Semiconductor, Inc.	$14.18M	$19.14M	$24.40M
PLUG Plug Power Inc.	$96.68M	$108.41M	$203.80M

INDI vs. PLUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INDI indie Semiconductor, Inc.	-8.50%	-12.84%	-50.06%	39.11%	-51.38%	10.00%
PLUG Plug Power Inc.	4.57%	-7.51%	-52.67%	-63.62%	-56.18%	-12.95%

Correlation

The correlation between INDI and PLUG is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (All Time) Calculated using the full available price history since Jun 10, 2021	0.46

Fundamentals

Market Cap INDI : $682.46M PLUG : $2.87B
EPS INDI : -$0.00 PLUG : -$1.36
PS Ratio INDI : 982.92 PLUG : 3.44
PB Ratio INDI : 1.85K PLUG : 3.82
Total Revenue (TTM) INDI : $218.77M PLUG : $739.76M
Gross Profit (TTM) INDI : $26.51M PLUG : -$189.79M
EBITDA (TTM) INDI : -$112.16M PLUG : -$745.89M

Return for Risk

INDI vs. PLUG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INDI

INDI Risk / Return Rank: 37
INDI Sharpe Ratio Rank: 35
INDI Sortino Ratio Rank: 40
INDI Omega Ratio Rank: 39
INDI Calmar Ratio Rank: 34
INDI Martin Ratio Rank: 34

PLUG

PLUG Risk / Return Rank: 62
PLUG Sharpe Ratio Rank: 59
PLUG Sortino Ratio Rank: 70
PLUG Omega Ratio Rank: 63
PLUG Calmar Ratio Rank: 60
PLUG Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INDI vs. PLUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for indie Semiconductor, Inc. (INDI) and Plug Power Inc. (PLUG). 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	PLUG	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	0.38	-0.59
Sortino ratio: Return per unit of downside risk	0.27	1.45	-1.18
Omega ratio: Gain probability vs. loss probability	1.03	1.15	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.29	0.66	-0.96
Martin ratio: Return relative to average drawdown	-0.53	1.03	-1.56

INDI vs. PLUG - Sharpe Ratio Comparison

The current INDI Sharpe Ratio is -0.21, which is lower than the PLUG Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of INDI and PLUG, 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. PLUG - Drawdown Comparison

The maximum INDI drawdown since its inception was -89.91%, smaller than the maximum PLUG drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for INDI and PLUG.

Drawdown Indicators

	INDI	PLUG	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-99.99%	+10.08%
Max Drawdown (1Y) Largest decline over 1 year	-59.33%	-56.66%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-81.80%	-93.95%	+12.15%
Max Drawdown (5Y) Largest decline over 5 years	-89.91%	-98.43%	+8.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.04%	—
Current Drawdown Current decline from peak	-79.62%	-99.86%	+20.24%
Average Drawdown Average peak-to-trough decline	-57.30%	-96.23%	+38.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.87%	36.27%	-3.40%

Volatility

INDI vs. PLUG - Volatility Comparison

indie Semiconductor, Inc. (INDI) has a higher volatility of 23.88% compared to Plug Power Inc. (PLUG) at 18.01%. This indicates that INDI's price experiences larger fluctuations and is considered to be riskier than PLUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDI	PLUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.88%	18.01%	+5.87%
Volatility (6M) Calculated over the trailing 6-month period	62.96%	60.89%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	82.51%	98.33%	-15.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.06%	94.53%	-14.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.86%	89.64%	-9.78%

Dividends

INDI vs. PLUG - Dividend Comparison

Neither INDI nor PLUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both INDI and PLUG in my portfolio?

INDI and PLUG have a correlation of 0.39, 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 PLUG?

INDI has higher volatility (23.88%) compared to PLUG (18.01%). In terms of maximum drawdown, INDI dropped -89.91% vs PLUG's -99.99%.

Which has better risk-adjusted returns?

PLUG currently has the higher Sharpe Ratio (0.38 vs -0.21), 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.