NWBO vs. ARDX

Last updated Aug 1, 2026

NWBO (Northwest Biotherapeutics, Inc.) and ARDX (Ardelyx, Inc.) are both stocks. Both operate in the Biotechnology industry within the Healthcare sector. Over the past 10 years, NWBO returned -9.39%/yr vs -7.19%/yr for ARDX. Their 0.11 correlation means their historical movements had little consistent relationship.

Performance

NWBO vs. ARDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northwest Biotherapeutics, Inc. (NWBO) and Ardelyx, Inc. (ARDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWBO achieves a -28.31% return, which is significantly lower than ARDX's -15.09% return. Over the past 10 years, NWBO has underperformed ARDX with an annualized return of -9.39%, while ARDX has yielded a comparatively higher -7.19% annualized return.

NWBO

• 1D: -0.61%
• 1M: -11.45%
• 6M: -43.62%
• YTD: -28.31%
• 1Y: -35.62%
• 3Y*: -32.04%
• 5Y*: -32.84%
• 10Y*: -9.39%
• ALL TIME*: -30.38%

ARDX

• 1D: -1.79%
• 1M: -6.07%
• 6M: -35.63%
• YTD: -15.09%
• 1Y: 14.32%
• 3Y*: 8.83%
• 5Y*: 23.26%
• 10Y*: -7.19%
• ALL TIME*: -8.49%

*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)
ARDX Ardelyx, Inc.	$11.70M	$13.98M	$21.62M
NWBO Northwest Biotherapeutics, Inc.	$362.88K	$599.45K	$662.34K

NWBO vs. ARDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWBO Northwest Biotherapeutics, Inc.	-28.31%	-16.74%	-60.81%	-10.64%	12.07%	-54.10%	626.19%	2.19%	-14.38%	-31.05%
ARDX Ardelyx, Inc.	-15.09%	14.99%	-18.23%	117.54%	159.09%	-83.00%	-13.79%	319.27%	-72.88%	-53.52%

Correlation

The correlation between NWBO and ARDX is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (3Y) Balances recent behavior with more history.	-0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.04
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 19, 2014	0.11

The correlation between NWBO and ARDX shifts across timeframes, from -0.03 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NWBO : $266.22M ARDX : $1.22B
EPS NWBO : -$0.06 ARDX : -$0.24
PS Ratio NWBO : 261.15 ARDX : 2.82
Total Revenue (TTM) NWBO : $937.00K ARDX : $427.68M
Gross Profit (TTM) NWBO : $416.00K ARDX : $395.63M
EBITDA (TTM) NWBO : -$79.62M ARDX : -$28.55M

Return for Risk

NWBO vs. ARDX — Risk / Return Rank

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

NWBO

NWBO Risk / Return Rank: 21
NWBO Sharpe Ratio Rank: 22
NWBO Sortino Ratio Rank: 23
NWBO Omega Ratio Rank: 23
NWBO Calmar Ratio Rank: 20
NWBO Martin Ratio Rank: 16

ARDX

ARDX Risk / Return Rank: 56
ARDX Sharpe Ratio Rank: 55
ARDX Sortino Ratio Rank: 58
ARDX Omega Ratio Rank: 57
ARDX Calmar Ratio Rank: 56
ARDX Martin Ratio Rank: 56

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.

NWBO vs. ARDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northwest Biotherapeutics, Inc. (NWBO) and Ardelyx, Inc. (ARDX). 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.

	NWBO	ARDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	0.27	-0.77
Sortino ratio: Return per unit of downside risk	-0.44	0.96	-1.40
Omega ratio: Gain probability vs. loss probability	0.95	1.11	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.63	0.44	-1.08
Martin ratio: Return relative to average drawdown	-1.19	0.82	-2.01

NWBO vs. ARDX - Sharpe Ratio Comparison

The current NWBO Sharpe Ratio is -0.50, which is lower than the ARDX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of NWBO and ARDX, 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

NWBO vs. ARDX - Drawdown Comparison

The maximum NWBO drawdown since its inception was -99.99%, roughly equal to the maximum ARDX drawdown of -98.45%. Use the drawdown chart below to compare losses from any high point for NWBO and ARDX.

Drawdown Indicators

	NWBO	ARDX	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-98.45%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-52.03%	-38.05%	-13.98%
Max Drawdown (3Y) Largest decline over 3 years	-85.24%	-66.32%	-18.92%
Max Drawdown (5Y) Largest decline over 5 years	-91.96%	-69.99%	-21.97%
Max Drawdown (10Y) Largest decline over 10 years	-93.33%	-96.82%	+3.49%
Current Drawdown Current decline from peak	-99.99%	-84.95%	-15.04%
Average Drawdown Average peak-to-trough decline	-97.16%	-77.43%	-19.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.64%	20.58%	+7.06%

Volatility

NWBO vs. ARDX - Volatility Comparison

Northwest Biotherapeutics, Inc. (NWBO) has a higher volatility of 17.38% compared to Ardelyx, Inc. (ARDX) at 7.66%. This indicates that NWBO's price experiences larger fluctuations and is considered to be riskier than ARDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWBO	ARDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.38%	7.66%	+9.72%
Volatility (6M) Calculated over the trailing 6-month period	38.84%	37.71%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	66.37%	61.39%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.08%	82.75%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.64%	83.82%	+8.82%

Dividends

NWBO vs. ARDX - Dividend Comparison

Neither NWBO nor ARDX has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NWBO and ARDX in my portfolio?

NWBO and ARDX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWBO or ARDX?

NWBO has higher volatility (17.38%) compared to ARDX (7.66%). In terms of maximum drawdown, NWBO dropped -99.99% vs ARDX's -98.45%.

Which has better risk-adjusted returns?

ARDX currently has the higher Sharpe Ratio (0.27 vs -0.50), 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.