NOTE vs. SOUN

Last updated Jun 4, 2026

NOTE (FiscalNote Holdings Inc.) and SOUN (SoundHound AI Inc) are both stocks. Both are in the Technology sector — NOTE in Information Technology Services, SOUN in Software - Application. Over the past 3 years, NOTE returned -81.53%/yr vs 40.71%/yr for SOUN. At a 0.30 correlation, their price movements are largely independent.

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.

Returns By Period

In the year-to-date period, NOTE achieves a -87.65% return, which is significantly lower than SOUN's -18.96% return.

NOTE

• 1D: 0.26%
• 1M: -9.89%
• YTD: -87.65%
• 6M: -90.97%
• 1Y: -97.65%
• 3Y*: -81.53%
• 5Y*: -72.54%
• 10Y*: —

SOUN

• 1D: -8.39%
• 1M: -14.68%
• YTD: -18.96%
• 6M: -31.41%
• 1Y: -18.63%
• 3Y*: 40.71%
• 5Y*: —
• 10Y*: —

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

NOTE vs. SOUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NOTE FiscalNote Holdings Inc.	-87.65%	-88.55%	-6.14%	-81.99%	-36.51%
SOUN SoundHound AI Inc	-18.96%	-49.75%	835.85%	19.77%	-76.40%

Correlation

The correlation between NOTE and SOUN is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022	0.30

Fundamentals

Market Cap NOTE : $3.31M SOUN : $2.73B
EPS NOTE : -$6.78 SOUN : -$0.43
PS Ratio NOTE : 0.03 SOUN : 17.23
PB Ratio NOTE : 0.13 SOUN : 5.94
Total Revenue (TTM) NOTE : $87.92M SOUN : $183.99M
Gross Profit (TTM) NOTE : $61.48M SOUN : $69.84M
EBITDA (TTM) NOTE : -$68.61M SOUN : -$124.47M

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: 4
NOTE Sharpe Ratio Rank: 8
NOTE Sortino Ratio Rank: 0
NOTE Omega Ratio Rank: 1
NOTE Calmar Ratio Rank: 1
NOTE Martin Ratio Rank: 10

SOUN

SOUN Risk / Return Rank: 33
SOUN Sharpe Ratio Rank: 31
SOUN Sortino Ratio Rank: 34
SOUN Omega Ratio Rank: 33
SOUN Calmar Ratio Rank: 32
SOUN Martin Ratio Rank: 33

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	-0.83	-0.23	-0.60
Sortino ratio Return per unit of downside risk	-2.96	0.22	-3.17
Omega ratio Gain probability vs. loss probability	0.63	1.02	-0.39
Calmar ratio Return relative to maximum drawdown	-0.99	-0.26	-0.74
Martin ratio Return relative to average drawdown	-1.35	-0.42	-0.92
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 -0.83, which is lower than the SOUN Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of NOTE and SOUN, 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

	NOTE	SOUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	-0.23	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	0.01	-0.72

Drawdowns

NOTE vs. SOUN - Drawdown Comparison

The maximum NOTE drawdown since its inception was -99.86%, 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	-99.86%	-93.55%	-6.31%
Max Drawdown (1Y) Largest decline over 1 year	-98.20%	-72.43%	-25.77%
Max Drawdown (3Y) Largest decline over 3 years	-99.65%	-75.65%	-24.00%
Max Drawdown (5Y) Largest decline over 5 years	-99.86%	—	—
Current Drawdown Current decline from peak	-99.86%	-66.65%	-33.21%
Average Drawdown Average peak-to-trough decline	-60.87%	-66.95%	+6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.41%	43.94%	+28.47%

Volatility

NOTE vs. SOUN - Volatility Comparison

FiscalNote Holdings Inc. (NOTE) has a higher volatility of 24.26% compared to SoundHound AI Inc (SOUN) at 18.41%. 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	24.26%	18.41%	+5.85%
Volatility (6M) Calculated over the trailing 6-month period	111.76%	52.01%	+59.75%
Volatility (1Y) Calculated over the trailing 1-year period	117.07%	80.52%	+36.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.01%	136.48%	-33.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.45%	136.48%	-38.03%

Dividends

NOTE vs. SOUN - Dividend Comparison

Neither NOTE nor SOUN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NOTE and SOUN in my portfolio?

NOTE and SOUN have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOTE or SOUN?

NOTE has higher volatility (24.26%) compared to SOUN (18.41%). In terms of maximum drawdown, NOTE dropped -99.86% vs SOUN's -93.55%.

Which has better risk-adjusted returns?

SOUN currently has the higher Sharpe Ratio (-0.23 vs -0.83), 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.