INO vs. CLF

Last updated Jun 4, 2026

INO (Inovio Pharmaceuticals, Inc.) and CLF (Cleveland-Cliffs Inc.) are both stocks. INO operates in Biotechnology (Healthcare), while CLF operates in Steel (Basic Materials). Over the past 10 years, INO returned -37.87%/yr vs 12.38%/yr for CLF. At a 0.14 correlation, their price movements are largely independent.

Performance

INO vs. CLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Inovio Pharmaceuticals, Inc. (INO) and Cleveland-Cliffs Inc. (CLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INO achieves a -34.48% return, which is significantly lower than CLF's 6.55% return. Over the past 10 years, INO has underperformed CLF with an annualized return of -37.87%, while CLF has yielded a comparatively higher 12.38% annualized return.

INO

• 1D: -5.79%
• 1M: -0.00%
• YTD: -34.48%
• 6M: -43.56%
• 1Y: -46.23%
• 3Y*: -45.25%
• 5Y*: -58.74%
• 10Y*: -37.87%

CLF

• 1D: -4.07%
• 1M: 38.05%
• YTD: 6.55%
• 6M: 8.60%
• 1Y: 87.17%
• 3Y*: -2.03%
• 5Y*: -6.56%
• 10Y*: 12.38%

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

INO vs. CLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INO Inovio Pharmaceuticals, Inc.	-34.48%	-4.92%	-70.10%	-67.31%	-68.74%	-43.62%	168.18%	-17.50%	-3.15%	-40.49%
CLF Cleveland-Cliffs Inc.	6.55%	41.28%	-53.97%	26.75%	-26.00%	49.52%	77.38%	12.72%	6.66%	-14.27%

Correlation

The correlation between INO and CLF is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Dec 9, 1998	0.14

Fundamentals

Market Cap INO : $787.76M CLF : $7.98B
EPS INO : -$63.15 CLF : -$2.37
PB Ratio INO : 0.13 CLF : 1.37
Total Revenue (TTM) INO : $0.00 CLF : $18.90B
Gross Profit (TTM) INO : -$1.50M CLF : -$528.00M
EBITDA (TTM) INO : -$22.01B CLF : $134.00M

Return for Risk

INO vs. CLF — Risk / Return Rank

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

INO

INO Risk / Return Rank: 19
INO Sharpe Ratio Rank: 18
INO Sortino Ratio Rank: 24
INO Omega Ratio Rank: 23
INO Calmar Ratio Rank: 14
INO Martin Ratio Rank: 13

CLF

CLF Risk / Return Rank: 72
CLF Sharpe Ratio Rank: 77
CLF Sortino Ratio Rank: 72
CLF Omega Ratio Rank: 72
CLF Calmar Ratio Rank: 71
CLF Martin Ratio Rank: 69

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.

INO vs. CLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Inovio Pharmaceuticals, Inc. (INO) and Cleveland-Cliffs Inc. (CLF). 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.

	INO	CLF	Difference
Sharpe ratio Return per unit of total volatility	-0.53	1.28	-1.81
Sortino ratio Return per unit of downside risk	-0.27	1.84	-2.11
Omega ratio Gain probability vs. loss probability	0.96	1.24	-0.28
Calmar ratio Return relative to maximum drawdown	-0.73	1.70	-2.43
Martin ratio Return relative to average drawdown	-1.25	3.51	-4.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INO vs. CLF - Sharpe Ratio Comparison

The current INO Sharpe Ratio is -0.53, which is lower than the CLF Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of INO and CLF, 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

	INO	CLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	1.28	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	-0.11	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.41	0.20	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.14	-0.32

Drawdowns

INO vs. CLF - Drawdown Comparison

The maximum INO drawdown since its inception was -99.95%, roughly equal to the maximum CLF drawdown of -98.78%. Use the drawdown chart below to compare losses from any high point for INO and CLF.

Drawdown Indicators

	INO	CLF	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-98.78%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-63.41%	-51.67%	-11.74%
Max Drawdown (3Y) Largest decline over 3 years	-92.44%	-74.46%	-17.98%
Max Drawdown (5Y) Largest decline over 5 years	-99.13%	-82.37%	-16.76%
Max Drawdown (10Y) Largest decline over 10 years	-99.72%	-82.37%	-17.35%
Current Drawdown Current decline from peak	-99.95%	-85.57%	-14.38%
Average Drawdown Average peak-to-trough decline	-92.35%	-47.60%	-44.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.06%	24.95%	+12.11%

Volatility

INO vs. CLF - Volatility Comparison

Inovio Pharmaceuticals, Inc. (INO) has a higher volatility of 23.06% compared to Cleveland-Cliffs Inc. (CLF) at 18.98%. This indicates that INO's price experiences larger fluctuations and is considered to be riskier than CLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INO	CLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.06%	18.98%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	66.11%	45.50%	+20.61%
Volatility (1Y) Calculated over the trailing 1-year period	88.27%	68.41%	+19.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	86.08%	59.44%	+26.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.38%	62.14%	+31.24%

Dividends

INO vs. CLF - Dividend Comparison

Neither INO nor CLF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CLF Cleveland-Cliffs Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.82%	3.10%
INO Inovio Pharmaceuticals, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both INO and CLF in my portfolio?

INO and CLF have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INO or CLF?

INO has higher volatility (23.06%) compared to CLF (18.98%). In terms of maximum drawdown, INO dropped -99.95% vs CLF's -98.78%.

Which has better risk-adjusted returns?

CLF currently has the higher Sharpe Ratio (1.28 vs -0.53), 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.