PAY vs. BKKT

Last updated Jun 9, 2026

PAY (Paymentus Holdings, Inc.) and BKKT (Bakkt Holdings, Inc.) are both stocks. Both are in the Technology sector — PAY in Information Technology Services, BKKT in Software - Infrastructure. Over the past 5 years, PAY returned -6.18%/yr vs -50.00%/yr for BKKT. At a 0.34 correlation, their price movements are largely independent.

Performance

PAY vs. BKKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Paymentus Holdings, Inc. (PAY) and Bakkt Holdings, Inc. (BKKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAY achieves a -35.01% return, which is significantly lower than BKKT's -19.22% return.

PAY

• 1D: -1.77%
• 1M: -22.94%
• YTD: -35.01%
• 6M: -41.44%
• 1Y: -43.69%
• 3Y*: 27.05%
• 5Y*: -6.18%
• 10Y*: —

BKKT

• 1D: 3.58%
• 1M: -17.66%
• YTD: -19.22%
• 6M: -36.44%
• 1Y: -41.70%
• 3Y*: -38.43%
• 5Y*: -50.00%
• 10Y*: —

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

PAY vs. BKKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAY Paymentus Holdings, Inc.	-35.01%	-3.31%	82.82%	123.10%	-77.10%	22.26%
BKKT Bakkt Holdings, Inc.	-19.22%	-59.47%	-55.57%	87.39%	-86.02%	-17.46%

Correlation

The correlation between PAY and BKKT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.34

Over the past year, the correlation between PAY and BKKT has dropped to 0.13 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Fundamentals

EPS PAY : $0.57 BKKT : -$18.68
PS Ratio PAY : 2.07 BKKT : 0.04
Total Revenue (TTM) PAY : $1.28B BKKT : $1.28B
Gross Profit (TTM) PAY : $316.55M BKKT : $470.36M
EBITDA (TTM) PAY : $121.90M BKKT : -$124.76M

Return for Risk

PAY vs. BKKT — Risk / Return Rank

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

PAY

PAY Risk / Return Rank: 6
PAY Sharpe Ratio Rank: 8
PAY Sortino Ratio Rank: 8
PAY Omega Ratio Rank: 9
PAY Calmar Ratio Rank: 5
PAY Martin Ratio Rank: 2

BKKT

BKKT Risk / Return Rank: 35
BKKT Sharpe Ratio Rank: 30
BKKT Sortino Ratio Rank: 45
BKKT Omega Ratio Rank: 44
BKKT Calmar Ratio Rank: 25
BKKT Martin Ratio Rank: 30

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.

PAY vs. BKKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Paymentus Holdings, Inc. (PAY) and Bakkt Holdings, Inc. (BKKT). 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.

	PAY	BKKT	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.28	-0.57
Sortino ratio: Return per unit of downside risk	-1.29	0.59	-1.89
Omega ratio: Gain probability vs. loss probability	0.84	1.07	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.49	-0.43
Martin ratio: Return relative to average drawdown	-1.75	-0.67	-1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAY vs. BKKT - Sharpe Ratio Comparison

The current PAY Sharpe Ratio is -0.85, which is lower than the BKKT Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of PAY and BKKT, 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

	PAY	BKKT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	-0.28	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.26	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-0.26	+0.16

Drawdowns

PAY vs. BKKT - Drawdown Comparison

The maximum PAY drawdown since its inception was -80.78%, smaller than the maximum BKKT drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for PAY and BKKT.

Drawdown Indicators

	PAY	BKKT	Difference
Max Drawdown Largest peak-to-trough decline	-80.78%	-99.41%	+18.63%
Max Drawdown (1Y) Largest decline over 1 year	-47.26%	-84.57%	+37.31%
Max Drawdown (3Y) Largest decline over 3 years	-48.47%	-89.36%	+40.89%
Max Drawdown (5Y) Largest decline over 5 years	-80.78%	-99.41%	+18.63%
Current Drawdown Current decline from peak	-48.47%	-99.24%	+50.77%
Average Drawdown Average peak-to-trough decline	-41.67%	-84.80%	+43.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.08%	62.74%	-37.66%

Volatility

PAY vs. BKKT - Volatility Comparison

The current volatility for Paymentus Holdings, Inc. (PAY) is 13.40%, while Bakkt Holdings, Inc. (BKKT) has a volatility of 39.68%. This indicates that PAY experiences smaller price fluctuations and is considered to be less risky than BKKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAY	BKKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.40%	39.68%	-26.28%
Volatility (6M) Calculated over the trailing 6-month period	32.87%	81.06%	-48.19%
Volatility (1Y) Calculated over the trailing 1-year period	51.44%	149.68%	-98.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.36%	189.62%	-127.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.58%	183.12%	-120.54%

Dividends

PAY vs. BKKT - Dividend Comparison

Neither PAY nor BKKT has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both PAY and BKKT in my portfolio?

PAY and BKKT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAY or BKKT?

BKKT has higher volatility (39.68%) compared to PAY (13.40%). In terms of maximum drawdown, PAY dropped -80.78% vs BKKT's -99.41%.

Which has better risk-adjusted returns?

BKKT currently has the higher Sharpe Ratio (-0.28 vs -0.85), 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.