RCAT vs. ONDS

Last updated Aug 1, 2026

RCAT (Red Cat Holdings, Inc.) and ONDS (Ondas Holdings Inc.) are both stocks. RCAT operates in Aerospace & Defense (Industrials), while ONDS operates in Communication Equipment (Technology). Over the past 5 years, RCAT returned 19.04%/yr vs -1.14%/yr for ONDS. Their 0.27 correlation means their historical movements had little consistent relationship.

Performance

RCAT vs. ONDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Red Cat Holdings, Inc. (RCAT) and Ondas Holdings Inc. (ONDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RCAT achieves a -5.04% return, which is significantly higher than ONDS's -23.26% return.

RCAT

• 1D: 2.03%
• 1M: -27.87%
• 6M: -44.22%
• YTD: -5.04%
• 1Y: -8.17%
• 3Y*: 94.71%
• 5Y*: 19.04%
• 10Y*: —
• ALL TIME*: 8.70%

ONDS

• 1D: -1.19%
• 1M: 1.08%
• 6M: -27.70%
• YTD: -23.26%
• 1Y: 240.45%
• 3Y*: 63.94%
• 5Y*: -1.14%
• 10Y*: —
• ALL TIME*: -7.31%

*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)
ONDS Ondas Holdings Inc.	$862.96M	$784.85M	$773.68M
RCAT Red Cat Holdings, Inc.	$57.87M	$66.86M	$140.79M

RCAT vs. ONDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RCAT Red Cat Holdings, Inc.	-5.04%	-38.29%	1,360.23%	-6.38%	-54.81%	-30.67%	172.73%	-73.81%
ONDS Ondas Holdings Inc.	-23.26%	281.25%	67.32%	-3.77%	-76.30%	-28.08%	-48.17%	-7.69%

Correlation

The correlation between RCAT and ONDS is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.42
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.27

Over the past year, RCAT and ONDS have become more correlated (0.66) than their long-term average of 0.27, meaning their price movements have been converging.

Fundamentals

Market Cap RCAT : $812.08M ONDS : $4.27B
EPS RCAT : -$0.74 ONDS : $1.52
PS Ratio RCAT : 16.32 ONDS : 12.45
Total Revenue (TTM) RCAT : $52.98M ONDS : $96.60M
Gross Profit (TTM) RCAT : $2.86M ONDS : $43.33M
EBITDA (TTM) RCAT : -$79.24M ONDS : -$75.39M

Return for Risk

RCAT vs. ONDS — Risk / Return Rank

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

RCAT

RCAT Risk / Return Rank: 44
RCAT Sharpe Ratio Rank: 41
RCAT Sortino Ratio Rank: 53
RCAT Omega Ratio Rank: 49
RCAT Calmar Ratio Rank: 39
RCAT Martin Ratio Rank: 39

ONDS

ONDS Risk / Return Rank: 90
ONDS Sharpe Ratio Rank: 92
ONDS Sortino Ratio Rank: 91
ONDS Omega Ratio Rank: 86
ONDS Calmar Ratio Rank: 94
ONDS Martin Ratio Rank: 89

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.

RCAT vs. ONDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Red Cat Holdings, Inc. (RCAT) and Ondas Holdings Inc. (ONDS). 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.

	RCAT	ONDS	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	2.03	-2.11
Sortino ratio: Return per unit of downside risk	0.75	2.79	-2.04
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.15	4.77	-4.92
Martin ratio: Return relative to average drawdown	-0.28	8.87	-9.15

RCAT vs. ONDS - Sharpe Ratio Comparison

The current RCAT Sharpe Ratio is -0.08, which is lower than the ONDS Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of RCAT and ONDS, 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

RCAT vs. ONDS - Drawdown Comparison

The maximum RCAT drawdown since its inception was -92.25%, smaller than the maximum ONDS drawdown of -98.28%. Use the drawdown chart below to compare losses from any high point for RCAT and ONDS.

Drawdown Indicators

	RCAT	ONDS	Difference
Max Drawdown Largest peak-to-trough decline	-92.25%	-98.28%	+6.03%
Max Drawdown (1Y) Largest decline over 1 year	-61.00%	-53.43%	-7.57%
Max Drawdown (3Y) Largest decline over 3 years	-67.16%	-77.14%	+9.98%
Max Drawdown (5Y) Largest decline over 5 years	-84.72%	-96.99%	+12.27%
Current Drawdown Current decline from peak	-56.62%	-61.59%	+4.97%
Average Drawdown Average peak-to-trough decline	-62.06%	-71.18%	+9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.97%	28.69%	+4.28%

Volatility

RCAT vs. ONDS - Volatility Comparison

The current volatility for Red Cat Holdings, Inc. (RCAT) is 25.44%, while Ondas Holdings Inc. (ONDS) has a volatility of 28.24%. This indicates that RCAT experiences smaller price fluctuations and is considered to be less risky than ONDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RCAT	ONDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.44%	28.24%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	79.33%	72.41%	+6.92%
Volatility (1Y) Calculated over the trailing 1-year period	114.36%	125.85%	-11.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.92%	114.37%	-7.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	164.31%	120.11%	+44.20%

Dividends

RCAT vs. ONDS - Dividend Comparison

Neither RCAT nor ONDS has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both RCAT and ONDS in my portfolio?

RCAT and ONDS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RCAT or ONDS?

ONDS has higher volatility (28.24%) compared to RCAT (25.44%). In terms of maximum drawdown, RCAT dropped -92.25% vs ONDS's -98.28%.

Which has better risk-adjusted returns?

ONDS currently has the higher Sharpe Ratio (2.03 vs -0.08), 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.