NKTR vs. APLD

Last updated Aug 1, 2026

NKTR (Nektar Therapeutics) and APLD (Applied Digital Corporation) are both stocks. NKTR operates in Biotechnology (Healthcare), while APLD operates in Information Technology Services (Technology). Over the past 10 years, NKTR returned -12.14%/yr vs 111.35%/yr for APLD. Their 0.08 correlation means their historical movements had little consistent relationship.

Performance

NKTR vs. APLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nektar Therapeutics (NKTR) and Applied Digital Corporation (APLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NKTR achieves a 67.15% return, which is significantly higher than APLD's 11.70% return. Over the past 10 years, NKTR has underperformed APLD with an annualized return of -12.14%, while APLD has yielded a comparatively higher 111.35% annualized return.

NKTR

• 1D: -1.09%
• 1M: -0.52%
• 6M: 89.31%
• YTD: 67.15%
• 1Y: 207.80%
• 3Y*: 108.39%
• 5Y*: -21.49%
• 10Y*: -12.14%
• ALL TIME*: 0.66%

APLD

• 1D: -2.07%
• 1M: -17.15%
• 6M: -19.16%
• YTD: 11.70%
• 1Y: 118.77%
• 3Y*: 43.55%
• 5Y*: 84.53%
• 10Y*: 111.35%
• ALL TIME*: 26.17%

*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)
APLD Applied Digital Corporation	$653.03M	$590.08M	$826.73M
NKTR Nektar Therapeutics	$53.73M	$57.41M	$67.60M

NKTR vs. APLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NKTR Nektar Therapeutics	67.15%	203.08%	64.60%	-75.00%	-83.27%	-20.53%	-21.26%	-34.32%	-44.96%	386.72%
APLD Applied Digital Corporation	11.70%	220.94%	13.35%	266.30%	-56.09%	11,789.90%	389.44%	-34.55%	64.99%	-33.33%

Correlation

The correlation between NKTR and APLD is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.13
Correlation (All Time) Calculated using the full available price history since Oct 22, 2008	0.08

The correlation between NKTR and APLD shifts across timeframes, from 0.08 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NKTR : $1.38B APLD : $7.83B
EPS NKTR : -$8.02 APLD : -$0.91
PS Ratio NKTR : 25.03 APLD : 12.10
PB Ratio NKTR : 3.03 APLD : 4.57
Total Revenue (TTM) NKTR : $55.63M APLD : $611.31M
Gross Profit (TTM) NKTR : $44.58M APLD : $214.45M
EBITDA (TTM) NKTR : -$121.05M APLD : -$158.14M

Return for Risk

NKTR vs. APLD — Risk / Return Rank

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

NKTR

NKTR Risk / Return Rank: 94
NKTR Sharpe Ratio Rank: 96
NKTR Sortino Ratio Rank: 96
NKTR Omega Ratio Rank: 93
NKTR Calmar Ratio Rank: 95
NKTR Martin Ratio Rank: 91

APLD

APLD Risk / Return Rank: 78
APLD Sharpe Ratio Rank: 76
APLD Sortino Ratio Rank: 80
APLD Omega Ratio Rank: 75
APLD Calmar Ratio Rank: 79
APLD Martin Ratio Rank: 78

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.

NKTR vs. APLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nektar Therapeutics (NKTR) and Applied Digital Corporation (APLD). 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.

	NKTR	APLD	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.03	+1.50
Sortino ratio: Return per unit of downside risk	3.63	2.02	+1.61
Omega ratio: Gain probability vs. loss probability	1.41	1.23	+0.18
Calmar ratio: Return relative to maximum drawdown	4.89	2.05	+2.84
Martin ratio: Return relative to average drawdown	9.90	4.56	+5.34

NKTR vs. APLD - Sharpe Ratio Comparison

The current NKTR Sharpe Ratio is 2.53, which is higher than the APLD Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of NKTR and APLD, 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

NKTR vs. APLD - Drawdown Comparison

The maximum NKTR drawdown since its inception was -99.61%, roughly equal to the maximum APLD drawdown of -99.73%. Use the drawdown chart below to compare losses from any high point for NKTR and APLD.

Drawdown Indicators

	NKTR	APLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.61%	-99.73%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-46.54%	-53.23%	+6.69%
Max Drawdown (3Y) Largest decline over 3 years	-73.20%	-71.95%	-1.25%
Max Drawdown (5Y) Largest decline over 5 years	-97.76%	-82.61%	-15.15%
Max Drawdown (10Y) Largest decline over 10 years	-99.61%	-89.80%	-9.81%
Current Drawdown Current decline from peak	-95.66%	-44.83%	-50.83%
Average Drawdown Average peak-to-trough decline	-68.44%	-74.51%	+6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.94%	23.87%	-0.93%

Volatility

NKTR vs. APLD - Volatility Comparison

The current volatility for Nektar Therapeutics (NKTR) is 15.44%, while Applied Digital Corporation (APLD) has a volatility of 32.97%. This indicates that NKTR experiences smaller price fluctuations and is considered to be less risky than APLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NKTR	APLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.44%	32.97%	-17.53%
Volatility (6M) Calculated over the trailing 6-month period	60.68%	76.00%	-15.32%
Volatility (1Y) Calculated over the trailing 1-year period	89.80%	109.72%	-19.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	122.06%	164.94%	-42.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.22%	301.14%	-203.92%

Dividends

NKTR vs. APLD - Dividend Comparison

Neither NKTR nor APLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NKTR and APLD in my portfolio?

NKTR and APLD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NKTR or APLD?

APLD has higher volatility (32.97%) compared to NKTR (15.44%). In terms of maximum drawdown, NKTR dropped -99.61% vs APLD's -99.73%.

Which has better risk-adjusted returns?

NKTR currently has the higher Sharpe Ratio (2.53 vs 1.03), 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.