NCNO vs. QTWO
NCNO (nCino, Inc.) and QTWO (Q2 Holdings, Inc.) are both stocks. Both operate in the Software - Application industry within the Technology sector. Over the past 5 years, NCNO returned -24.86%/yr vs -15.41%/yr for QTWO. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
NCNO vs. QTWO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with NCNO having a -40.25% return and QTWO slightly higher at -39.18%.
NCNO
- 1D
- 3.93%
- 1M
- -0.07%
- YTD
- -40.25%
- 6M
- -39.85%
- 1Y
- -44.23%
- 3Y*
- -14.24%
- 5Y*
- -24.86%
- 10Y*
- —
QTWO
- 1D
- 1.32%
- 1M
- -1.81%
- YTD
- -39.18%
- 6M
- -41.72%
- 1Y
- -50.39%
- 3Y*
- 15.77%
- 5Y*
- -15.41%
- 10Y*
- 4.96%
NCNO vs. QTWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
NCNO nCino, Inc. | -40.25% | -23.65% | -0.15% | 27.19% | -51.80% | -24.24% | 1.99% |
QTWO Q2 Holdings, Inc. | -39.18% | -28.31% | 131.86% | 61.56% | -66.18% | -37.22% | 46.11% |
Correlation
The correlation between NCNO and QTWO is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2020 | 0.61 |
The correlation between NCNO and QTWO has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.
Fundamentals
NCNO:
$1.68B
QTWO:
$2.97B
NCNO:
$0.12
QTWO:
$1.07
NCNO:
131.61
QTWO:
40.92
NCNO:
2.86
QTWO:
3.68
NCNO:
1.73
QTWO:
4.85
NCNO:
$610.06M
QTWO:
$821.58M
NCNO:
$374.67M
QTWO:
$456.61M
NCNO:
$49.42M
QTWO:
$105.55M
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Return for Risk
NCNO vs. QTWO — Risk / Return Rank
NCNO
QTWO
NCNO vs. QTWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for nCino, Inc. (NCNO) and Q2 Holdings, Inc. (QTWO). 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.
| NCNO | QTWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.78 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | -0.93 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.46 | +0.13 |
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Drawdowns
NCNO vs. QTWO - Drawdown Comparison
The maximum NCNO drawdown since its inception was -85.71%, roughly equal to the maximum QTWO drawdown of -85.77%. Use the drawdown chart below to compare losses from any high point for NCNO and QTWO.
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Drawdown Indicators
| NCNO | QTWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.71% | -85.77% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -57.14% | -54.53% | -2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -67.14% | -60.92% | -6.22% |
Max Drawdown (5Y)Largest decline over 5 years | -82.07% | -80.69% | -1.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -85.77% | — |
Current DrawdownCurrent decline from peak | -84.37% | -70.08% | -14.29% |
Average DrawdownAverage peak-to-trough decline | -59.13% | -30.24% | -28.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.27% | 34.50% | -1.23% |
Volatility
NCNO vs. QTWO - Volatility Comparison
The current volatility for nCino, Inc. (NCNO) is 15.76%, while Q2 Holdings, Inc. (QTWO) has a volatility of 17.04%. This indicates that NCNO experiences smaller price fluctuations and is considered to be less risky than QTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCNO | QTWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.76% | 17.04% | -1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 37.33% | 32.97% | +4.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.53% | 44.18% | +2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.43% | 50.07% | +3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.52% | 44.28% | +11.24% |
Dividends
NCNO vs. QTWO - Dividend Comparison
Neither NCNO nor QTWO has paid dividends to shareholders.
Financials
NCNO vs. QTWO - Financials Comparison
This section allows you to compare key financial metrics between nCino, Inc. and Q2 Holdings, Inc.. 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
NCNO vs. QTWO - Profitability Comparison
NCNO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, nCino, Inc. reported a gross profit of 100.94M and revenue of 159.41M. Therefore, the gross margin over that period was 63.3%.
QTWO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Q2 Holdings, Inc. reported a gross profit of 127.91M and revenue of 216.51M. Therefore, the gross margin over that period was 59.1%.
NCNO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, nCino, Inc. reported an operating income of 21.12M and revenue of 159.41M, resulting in an operating margin of 13.3%.
QTWO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Q2 Holdings, Inc. reported an operating income of 27.69M and revenue of 216.51M, resulting in an operating margin of 12.8%.
NCNO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, nCino, Inc. reported a net income of 13.64M and revenue of 159.41M, resulting in a net margin of 8.6%.
QTWO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Q2 Holdings, Inc. reported a net income of 26.64M and revenue of 216.51M, resulting in a net margin of 12.3%.
Frequently Asked Questions
NCNO and QTWO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QTWO has higher volatility (17.04%) compared to NCNO (15.76%). In terms of maximum drawdown, NCNO dropped -85.71% vs QTWO's -85.77%.
NCNO currently has the higher Sharpe Ratio (-0.95 vs -1.14), 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.
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