NKTR vs. PGY

Last updated Jun 3, 2026

NKTR (Nektar Therapeutics) and PGY (Pagaya Technologies Ltd.) are both stocks. NKTR operates in Biotechnology (Healthcare), while PGY operates in Software - Infrastructure (Technology). Over the past 3 years, NKTR returned 84.73%/yr vs 2.59%/yr for PGY. At a 0.25 correlation, their price movements are largely independent.

Performance

NKTR vs. PGY - Performance Comparison

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

Returns By Period

In the year-to-date period, NKTR achieves a 38.51% return, which is significantly higher than PGY's -26.84% return.

NKTR

• 1D: -8.30%
• 1M: -32.27%
• YTD: 38.51%
• 6M: 6.76%
• 1Y: 390.21%
• 3Y*: 84.73%
• 5Y*: -26.23%
• 10Y*: -13.07%

PGY

• 1D: -2.24%
• 1M: 7.37%
• YTD: -26.84%
• 6M: -34.15%
• 1Y: -8.55%
• 3Y*: 2.59%
• 5Y*: —
• 10Y*: —

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

NKTR vs. PGY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NKTR Nektar Therapeutics	38.51%	203.08%	64.60%	-75.00%	-45.67%
PGY Pagaya Technologies Ltd.	-26.84%	124.97%	-43.90%	11.29%	-79.61%

Correlation

The correlation between NKTR and PGY is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.25

Fundamentals

Market Cap NKTR : $1.45B PGY : $1.48B
EPS NKTR : -$8.64 PGY : $1.06
PS Ratio NKTR : 19.26 PGY : 1.09
PB Ratio NKTR : 2.51 PGY : 2.79
Total Revenue (TTM) NKTR : $55.63M PGY : $1.30B
Gross Profit (TTM) NKTR : $44.58M PGY : $396.55M
EBITDA (TTM) NKTR : -$121.05M PGY : $180.28M

Return for Risk

NKTR vs. PGY — Risk / Return Rank

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

NKTR

NKTR Risk / Return Rank: 95
NKTR Sharpe Ratio Rank: 88
NKTR Sortino Ratio Rank: 98
NKTR Omega Ratio Rank: 95
NKTR Calmar Ratio Rank: 97
NKTR Martin Ratio Rank: 96

PGY

PGY Risk / Return Rank: 37
PGY Sharpe Ratio Rank: 36
PGY Sortino Ratio Rank: 39
PGY Omega Ratio Rank: 38
PGY Calmar Ratio Rank: 37
PGY Martin Ratio Rank: 38

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.

NKTR vs. PGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nektar Therapeutics (NKTR) and Pagaya Technologies Ltd. (PGY). 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.

	NKTR	PGY	Difference
Sharpe ratio Return per unit of total volatility	2.12	-0.11	+2.23
Sortino ratio Return per unit of downside risk	5.22	0.41	+4.81
Omega ratio Gain probability vs. loss probability	1.59	1.05	+0.54
Calmar ratio Return relative to maximum drawdown	9.43	-0.09	+9.52
Martin ratio Return relative to average drawdown	21.73	-0.15	+21.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NKTR vs. PGY - Sharpe Ratio Comparison

The current NKTR Sharpe Ratio is 2.12, which is higher than the PGY Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of NKTR and PGY, 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

	NKTR	PGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	-0.11	+2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	-0.23	+0.23

Drawdowns

NKTR vs. PGY - Drawdown Comparison

The maximum NKTR drawdown since its inception was -99.61%, roughly equal to the maximum PGY drawdown of -98.09%. Use the drawdown chart below to compare losses from any high point for NKTR and PGY.

Drawdown Indicators

	NKTR	PGY	Difference
Max Drawdown Largest peak-to-trough decline	-99.61%	-98.09%	-1.52%
Max Drawdown (1Y) Largest decline over 1 year	-46.54%	-75.71%	+29.17%
Max Drawdown (3Y) Largest decline over 3 years	-73.20%	-75.71%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	-97.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.61%	—	—
Current Drawdown Current decline from peak	-96.40%	-95.75%	-0.65%
Average Drawdown Average peak-to-trough decline	-68.31%	-91.98%	+23.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.20%	48.07%	-27.87%

Volatility

NKTR vs. PGY - Volatility Comparison

The current volatility for Nektar Therapeutics (NKTR) is 10.93%, while Pagaya Technologies Ltd. (PGY) has a volatility of 18.02%. This indicates that NKTR experiences smaller price fluctuations and is considered to be less risky than PGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NKTR	PGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.93%	18.02%	-7.09%
Volatility (6M) Calculated over the trailing 6-month period	64.10%	54.35%	+9.75%
Volatility (1Y) Calculated over the trailing 1-year period	185.99%	78.62%	+107.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	121.81%	144.85%	-23.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.16%	144.85%	-47.69%

Dividends

NKTR vs. PGY - Dividend Comparison

Neither NKTR nor PGY has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NKTR and PGY in my portfolio?

NKTR and PGY 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 PGY?

PGY has higher volatility (18.02%) compared to NKTR (10.93%). In terms of maximum drawdown, NKTR dropped -99.61% vs PGY's -98.09%.

Which has better risk-adjusted returns?

NKTR currently has the higher Sharpe Ratio (2.12 vs -0.11), 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.