INVA vs. ANIP

Last updated Jun 4, 2026

INVA (Innoviva, Inc.) and ANIP (ANI Pharmaceuticals, Inc.) are both stocks. Both are in the Healthcare sector — INVA in Biotechnology, ANIP in Drug Manufacturers - Specialty & Generic. Over the past 10 years, INVA returned 6.80%/yr vs 3.26%/yr for ANIP. At a 0.24 correlation, their price movements are largely independent.

Performance

INVA vs. ANIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innoviva, Inc. (INVA) and ANI Pharmaceuticals, Inc. (ANIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INVA achieves a 8.55% return, which is significantly higher than ANIP's -4.70% return. Over the past 10 years, INVA has outperformed ANIP with an annualized return of 6.80%, while ANIP has yielded a comparatively lower 3.26% annualized return.

INVA

• 1D: 1.64%
• 1M: -5.61%
• YTD: 8.55%
• 6M: 4.03%
• 1Y: 5.34%
• 3Y*: 18.11%
• 5Y*: 10.82%
• 10Y*: 6.80%

ANIP

• 1D: 0.78%
• 1M: -8.61%
• YTD: -4.70%
• 6M: -9.00%
• 1Y: 22.01%
• 3Y*: 16.16%
• 5Y*: 16.95%
• 10Y*: 3.26%

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

INVA vs. ANIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INVA Innoviva, Inc.	8.55%	15.22%	8.17%	21.06%	-23.19%	39.23%	-12.50%	-18.85%	22.97%	32.62%
ANIP ANI Pharmaceuticals, Inc.	-4.70%	42.80%	0.25%	37.06%	-12.70%	58.68%	-52.91%	36.98%	-30.15%	6.32%

Correlation

The correlation between INVA and ANIP is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 6, 2004	0.24

Fundamentals

Market Cap INVA : $1.84B ANIP : $1.62B
EPS INVA : $5.94 ANIP : $4.26
PE Ratio INVA : 3.65 ANIP : 17.66
PEG Ratio INVA : 0.02 ANIP : 0.12
PS Ratio INVA : 4.34 ANIP : 1.71
PB Ratio INVA : 1.28 ANIP : 2.88
Total Revenue (TTM) INVA : $424.12M ANIP : $923.71M
Gross Profit (TTM) INVA : $323.16M ANIP : $486.11M
EBITDA (TTM) INVA : $438.91M ANIP : $234.71M

Return for Risk

INVA vs. ANIP — Risk / Return Rank

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

INVA

INVA Risk / Return Rank: 45
INVA Sharpe Ratio Rank: 47
INVA Sortino Ratio Rank: 43
INVA Omega Ratio Rank: 41
INVA Calmar Ratio Rank: 46
INVA Martin Ratio Rank: 47

ANIP

ANIP Risk / Return Rank: 58
ANIP Sharpe Ratio Rank: 61
ANIP Sortino Ratio Rank: 60
ANIP Omega Ratio Rank: 56
ANIP Calmar Ratio Rank: 57
ANIP 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.

INVA vs. ANIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innoviva, Inc. (INVA) and ANI Pharmaceuticals, Inc. (ANIP). 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.

	INVA	ANIP	Difference
Sharpe ratio Return per unit of total volatility	0.19	0.63	-0.44
Sortino ratio Return per unit of downside risk	0.55	1.29	-0.74
Omega ratio Gain probability vs. loss probability	1.06	1.15	-0.08
Calmar ratio Return relative to maximum drawdown	0.23	0.77	-0.54
Martin ratio Return relative to average drawdown	0.53	1.47	-0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INVA vs. ANIP - Sharpe Ratio Comparison

The current INVA Sharpe Ratio is 0.19, which is lower than the ANIP Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of INVA and ANIP, 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

	INVA	ANIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	0.63	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.37	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.07	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	-0.05	+0.10

Drawdowns

INVA vs. ANIP - Drawdown Comparison

The maximum INVA drawdown since its inception was -84.32%, smaller than the maximum ANIP drawdown of -98.81%. Use the drawdown chart below to compare losses from any high point for INVA and ANIP.

Drawdown Indicators

	INVA	ANIP	Difference
Max Drawdown Largest peak-to-trough decline	-84.32%	-98.81%	+14.49%
Max Drawdown (1Y) Largest decline over 1 year	-23.53%	-28.66%	+5.13%
Max Drawdown (3Y) Largest decline over 3 years	-23.53%	-28.66%	+5.13%
Max Drawdown (5Y) Largest decline over 5 years	-47.01%	-59.38%	+12.37%
Max Drawdown (10Y) Largest decline over 10 years	-59.57%	-72.96%	+13.39%
Current Drawdown Current decline from peak	-32.14%	-83.28%	+51.14%
Average Drawdown Average peak-to-trough decline	-44.66%	-79.40%	+34.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.17%	15.04%	-4.87%

Volatility

INVA vs. ANIP - Volatility Comparison

The current volatility for Innoviva, Inc. (INVA) is 7.27%, while ANI Pharmaceuticals, Inc. (ANIP) has a volatility of 8.77%. This indicates that INVA experiences smaller price fluctuations and is considered to be less risky than ANIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INVA	ANIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	8.77%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	23.82%	-7.09%
Volatility (1Y) Calculated over the trailing 1-year period	28.84%	35.34%	-6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.29%	46.24%	-18.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.88%	48.27%	-14.39%

Dividends

INVA vs. ANIP - Dividend Comparison

Neither INVA nor ANIP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANIP ANI Pharmaceuticals, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INVA Innoviva, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.12%

Financials

Frequently Asked Questions

Can I hold both INVA and ANIP in my portfolio?

INVA and ANIP have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVA or ANIP?

ANIP has higher volatility (8.77%) compared to INVA (7.27%). In terms of maximum drawdown, INVA dropped -84.32% vs ANIP's -98.81%.

Which has better risk-adjusted returns?

ANIP currently has the higher Sharpe Ratio (0.63 vs 0.19), 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.