NOTE vs. SOUN

Last updated Apr 1, 2026

Compare and contrast key facts about FiscalNote Holdings Inc. (NOTE) and SoundHound AI Inc (SOUN).

Performance

NOTE vs. SOUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FiscalNote Holdings Inc. (NOTE) and SoundHound AI Inc (SOUN). The values are adjusted to include any dividend payments, if applicable.

NOTE vs. SOUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NOTE FiscalNote Holdings Inc.	-82.65%	-88.55%	-6.14%	-81.99%	-36.51%
SOUN SoundHound AI Inc	-31.09%	-49.75%	835.85%	19.77%	-76.40%

Fundamentals

Market Cap NOTE : $4.02M SOUN : $2.33T
EPS NOTE : -$4.63K SOUN : -$0.00
PS Ratio NOTE : 0.00 SOUN : 4.60K
PB Ratio NOTE : 0.00 SOUN : 5.01K
Total Revenue (TTM) NOTE : $95.41B SOUN : $168.92M
Gross Profit (TTM) NOTE : $74.21B SOUN : $71.55M
EBITDA (TTM) NOTE : -$18.59B SOUN : $25.20M

Returns By Period

In the year-to-date period, NOTE achieves a -82.65% return, which is significantly lower than SOUN's -31.09% return.

NOTE

• 1D: 2.00%
• 1M: -76.17%
• YTD: -82.65%
• 6M: -94.49%
• 1Y: -97.37%
• 3Y*: -78.80%
• 5Y*: -70.75%
• 10Y*: —

SOUN

• 1D: 13.93%
• 1M: -20.12%
• YTD: -31.09%
• 6M: -57.28%
• 1Y: -15.39%
• 3Y*: 35.52%
• 5Y*: —
• 10Y*: —

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

Return for Risk

NOTE vs. SOUN — Risk / Return Rank

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

NOTE

NOTE Risk / Return Rank: 3
NOTE Sharpe Ratio Rank: 7
NOTE Sortino Ratio Rank: 0
NOTE Omega Ratio Rank: 1
NOTE Calmar Ratio Rank: 1
NOTE Martin Ratio Rank: 7

SOUN

SOUN Risk / Return Rank: 36
SOUN Sharpe Ratio Rank: 34
SOUN Sortino Ratio Rank: 40
SOUN Omega Ratio Rank: 38
SOUN Calmar Ratio Rank: 34
SOUN Martin Ratio Rank: 34

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.

NOTE vs. SOUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FiscalNote Holdings Inc. (NOTE) and SoundHound AI Inc (SOUN). 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.

	NOTE	SOUN	Difference
Sharpe ratio Return per unit of total volatility	-0.87	-0.18	-0.70
Sortino ratio Return per unit of downside risk	-3.04	0.37	-3.41
Omega ratio Gain probability vs. loss probability	0.61	1.04	-0.43
Calmar ratio Return relative to maximum drawdown	-1.00	-0.26	-0.74
Martin ratio Return relative to average drawdown	-1.61	-0.53	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOTE vs. SOUN - Sharpe Ratio Comparison

The current NOTE Sharpe Ratio is -0.87, which is lower than the SOUN Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of NOTE and SOUN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NOTE	SOUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-0.18	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.70	-0.02	-0.68

Correlation

The correlation between NOTE and SOUN is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NOTE vs. SOUN - Dividend Comparison

Neither NOTE nor SOUN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

NOTE vs. SOUN - Drawdown Comparison

The maximum NOTE drawdown since its inception was -99.82%, which is greater than SOUN's maximum drawdown of -93.55%. Use the drawdown chart below to compare losses from any high point for NOTE and SOUN.

Drawdown Indicators

	NOTE	SOUN	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-93.55%	-6.27%
Max Drawdown (1Y) Largest decline over 1 year	-97.60%	-72.43%	-25.17%
Max Drawdown (5Y) Largest decline over 5 years	-99.81%	—	—
Current Drawdown Current decline from peak	-99.81%	-71.65%	-28.16%
Average Drawdown Average peak-to-trough decline	-59.58%	-66.96%	+7.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.81%	35.91%	+24.90%

Volatility

NOTE vs. SOUN - Volatility Comparison

FiscalNote Holdings Inc. (NOTE) has a higher volatility of 83.51% compared to SoundHound AI Inc (SOUN) at 22.87%. This indicates that NOTE's price experiences larger fluctuations and is considered to be riskier than SOUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOTE	SOUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	83.51%	22.87%	+60.64%
Volatility (6M) Calculated over the trailing 6-month period	105.75%	51.77%	+53.98%
Volatility (1Y) Calculated over the trailing 1-year period	111.72%	86.79%	+24.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	101.03%	138.47%	-37.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.13%	138.47%	-40.34%

Financials

NOTE vs. SOUN - Profitability Comparison

The chart below illustrates the profitability comparison between FiscalNote Holdings Inc. and SoundHound AI Inc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NOTE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, FiscalNote Holdings Inc. reported a gross profit of 74.15B and revenue of 95.33B. Therefore, the gross margin over that period was 77.8%.

SOUN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, SoundHound AI Inc reported a gross profit of 26.35M and revenue of 55.06M. Therefore, the gross margin over that period was 47.9%.

NOTE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, FiscalNote Holdings Inc. reported an operating income of -49.47B and revenue of 95.33B, resulting in an operating margin of -51.9%.

SOUN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, SoundHound AI Inc reported an operating income of 42.57M and revenue of 55.06M, resulting in an operating margin of 77.3%.

NOTE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, FiscalNote Holdings Inc. reported a net income of -65.20B and revenue of 95.33B, resulting in a net margin of -68.4%.

SOUN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, SoundHound AI Inc reported a net income of 40.06M and revenue of 55.06M, resulting in a net margin of 72.8%.