IONS vs. WVE
IONS (Ionis Pharmaceuticals, Inc.) and WVE (Wave Life Sciences Ltd.) are both stocks. Both operate in the Biotechnology industry within the Healthcare sector. Over the past 10 years, IONS returned 7.60%/yr vs -12.60%/yr for WVE. At a 0.26 correlation, their price movements are largely independent.
Performance
IONS vs. WVE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IONS achieves a -28.26% return, which is significantly higher than WVE's -65.00% return. Over the past 10 years, IONS has outperformed WVE with an annualized return of 7.60%, while WVE has yielded a comparatively lower -12.60% annualized return.
IONS
- 1D
- -2.58%
- 1M
- -22.55%
- 6M
- -30.50%
- YTD
- -28.26%
- 1Y
- 35.99%
- 3Y*
- 10.14%
- 5Y*
- 9.99%
- 10Y*
- 7.60%
WVE
- 1D
- -4.80%
- 1M
- 1.36%
- 6M
- -57.23%
- YTD
- -65.00%
- 1Y
- -22.73%
- 3Y*
- 13.77%
- 5Y*
- -2.17%
- 10Y*
- -12.60%
IONS vs. WVE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IONS Ionis Pharmaceuticals, Inc. | -28.26% | 126.29% | -30.90% | 33.94% | 24.12% | -46.18% | -6.41% | 11.75% | 7.48% | 5.16% |
WVE Wave Life Sciences Ltd. | -65.00% | 37.43% | 144.95% | -27.86% | 122.93% | -60.10% | -1.81% | -80.93% | 19.77% | 34.23% |
Correlation
The correlation between IONS and WVE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2015 | 0.26 |
Fundamentals
IONS:
$9.38B
WVE:
$1.14B
IONS:
-$2.01
WVE:
-$1.00
IONS:
8.72
WVE:
15.14
IONS:
19.04
WVE:
2.33
IONS:
$1.06B
WVE:
$71.80M
IONS:
$1.04B
WVE:
$29.09M
IONS:
$4.54B
WVE:
-$184.40M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IONS vs. WVE — Risk / Return Rank
IONS
WVE
IONS vs. WVE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionis Pharmaceuticals, Inc. (IONS) and Wave Life Sciences Ltd. (WVE). 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.
| IONS | WVE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | -0.31 | +1.36 |
| Martin ratioReturn relative to average drawdown | 4.02 | -0.52 | +4.54 |
Loading charts...
Drawdowns
IONS vs. WVE - Drawdown Comparison
The maximum IONS drawdown since its inception was -91.42%, smaller than the maximum WVE drawdown of -97.77%. Use the drawdown chart below to compare losses from any high point for IONS and WVE.
Loading charts...
Drawdown Indicators
| IONS | WVE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.42% | -97.77% | +6.35% |
Max Drawdown (1Y)Largest decline over 1 year | -34.39% | -73.44% | +39.05% |
Max Drawdown (3Y)Largest decline over 3 years | -52.36% | -73.44% | +21.08% |
Max Drawdown (5Y)Largest decline over 5 years | -52.36% | -82.72% | +30.36% |
Max Drawdown (10Y)Largest decline over 10 years | -70.39% | -97.77% | +27.38% |
Current DrawdownCurrent decline from peak | -34.39% | -89.22% | +54.83% |
Average DrawdownAverage peak-to-trough decline | -52.29% | -65.00% | +12.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.97% | 44.05% | -35.08% |
Volatility
IONS vs. WVE - Volatility Comparison
Ionis Pharmaceuticals, Inc. (IONS) has a higher volatility of 30.47% compared to Wave Life Sciences Ltd. (WVE) at 13.36%. This indicates that IONS's price experiences larger fluctuations and is considered to be riskier than WVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IONS | WVE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.47% | 13.36% | +17.11% |
Volatility (6M)Calculated over the trailing 6-month period | 35.54% | 78.04% | -42.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.78% | 168.68% | -115.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.82% | 114.73% | -70.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.77% | 98.96% | -52.19% |
Dividends
IONS vs. WVE - Dividend Comparison
Neither IONS nor WVE has paid dividends to shareholders.
Financials
IONS vs. WVE - Financials Comparison
This section allows you to compare key financial metrics between Ionis Pharmaceuticals, Inc. and Wave Life Sciences Ltd.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
IONS vs. WVE - Profitability Comparison
IONS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Ionis Pharmaceuticals, Inc. reported a gross profit of 243.11M and revenue of 246.09M. Therefore, the gross margin over that period was 98.8%.
WVE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Wave Life Sciences Ltd. reported a gross profit of 0.00 and revenue of 38.25M. Therefore, the gross margin over that period was 0.0%.
IONS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Ionis Pharmaceuticals, Inc. reported an operating income of -117.42M and revenue of 246.09M, resulting in an operating margin of -47.7%.
WVE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Wave Life Sciences Ltd. reported an operating income of -31.30M and revenue of 38.25M, resulting in an operating margin of -81.8%.
IONS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Ionis Pharmaceuticals, Inc. reported a net income of -92.53M and revenue of 246.09M, resulting in a net margin of -37.6%.
WVE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Wave Life Sciences Ltd. reported a net income of -26.09M and revenue of 38.25M, resulting in a net margin of -68.2%.
Frequently Asked Questions
IONS and WVE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IONS has higher volatility (30.47%) compared to WVE (13.36%). In terms of maximum drawdown, IONS dropped -91.42% vs WVE's -97.77%.
IONS currently has the higher Sharpe Ratio (0.69 vs -0.14), 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.
Find the right allocation for IONS and WVE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer