SMCI vs. AEHR

Last updated Jun 9, 2026

SMCI (Super Micro Computer, Inc.) and AEHR (Aehr Test Systems) are both stocks. Both are in the Technology sector — SMCI in Computer Hardware, AEHR in Semiconductor Equipment & Materials. Over the past 10 years, SMCI returned 32.81%/yr vs 49.80%/yr for AEHR. At a 0.21 correlation, their price movements are largely independent.

Performance

SMCI vs. AEHR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Super Micro Computer, Inc. (SMCI) and Aehr Test Systems (AEHR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCI achieves a 50.29% return, which is significantly lower than AEHR's 373.40% return. Over the past 10 years, SMCI has underperformed AEHR with an annualized return of 32.81%, while AEHR has yielded a comparatively higher 49.80% annualized return.

SMCI

• 1D: 5.64%
• 1M: 24.37%
• YTD: 50.29%
• 6M: 24.37%
• 1Y: 5.87%
• 3Y*: 18.91%
• 5Y*: 64.69%
• 10Y*: 32.81%

AEHR

• 1D: -2.92%
• 1M: -1.70%
• YTD: 373.40%
• 6M: 300.42%
• 1Y: 742.86%
• 3Y*: 30.98%
• 5Y*: 104.84%
• 10Y*: 49.80%

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

SMCI vs. AEHR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMCI Super Micro Computer, Inc.	50.29%	-3.97%	7.23%	246.24%	86.80%	38.82%	31.81%	74.06%	-34.07%	-25.38%
AEHR Aehr Test Systems	373.40%	21.41%	-37.32%	31.99%	-16.87%	855.73%	26.50%	41.84%	-47.97%	12.45%

Correlation

The correlation between SMCI and AEHR is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	0.21

The correlation between SMCI and AEHR shifts across timeframes, from 0.21 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap SMCI : $29.63B AEHR : $2.93B
EPS SMCI : $2.70 AEHR : -$0.38
PS Ratio SMCI : 0.86 AEHR : 63.83
PB Ratio SMCI : 3.91 AEHR : 21.14
Total Revenue (TTM) SMCI : $33.70B AEHR : $45.26M
Gross Profit (TTM) SMCI : $2.83B AEHR : $13.90M
EBITDA (TTM) SMCI : $1.47B AEHR : -$13.56M

Return for Risk

SMCI vs. AEHR — Risk / Return Rank

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

SMCI

SMCI Risk / Return Rank: 46
SMCI Sharpe Ratio Rank: 45
SMCI Sortino Ratio Rank: 48
SMCI Omega Ratio Rank: 49
SMCI Calmar Ratio Rank: 44
SMCI Martin Ratio Rank: 44

AEHR

AEHR Risk / Return Rank: 97
AEHR Sharpe Ratio Rank: 99
AEHR Sortino Ratio Rank: 96
AEHR Omega Ratio Rank: 94
AEHR Calmar Ratio Rank: 99
AEHR Martin Ratio Rank: 99

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.

SMCI vs. AEHR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Super Micro Computer, Inc. (SMCI) and Aehr Test Systems (AEHR). 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.

	SMCI	AEHR	Difference
Sharpe ratio: Return per unit of total volatility	0.07	6.34	-6.26
Sortino ratio: Return per unit of downside risk	0.68	4.30	-3.62
Omega ratio: Gain probability vs. loss probability	1.09	1.50	-0.41
Calmar ratio: Return relative to maximum drawdown	0.09	17.73	-17.64
Martin ratio: Return relative to average drawdown	0.15	40.02	-39.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMCI vs. AEHR - Sharpe Ratio Comparison

The current SMCI Sharpe Ratio is 0.07, which is lower than the AEHR Sharpe Ratio of 6.34. The chart below compares the historical Sharpe Ratios of SMCI and AEHR, 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

	SMCI	AEHR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	6.34	-6.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.96	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.53	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.08	+0.29

Drawdowns

SMCI vs. AEHR - Drawdown Comparison

The maximum SMCI drawdown since its inception was -84.84%, smaller than the maximum AEHR drawdown of -97.98%. Use the drawdown chart below to compare losses from any high point for SMCI and AEHR.

Drawdown Indicators

	SMCI	AEHR	Difference
Max Drawdown Largest peak-to-trough decline	-84.84%	-97.98%	+13.14%
Max Drawdown (1Y) Largest decline over 1 year	-66.18%	-42.31%	-23.87%
Max Drawdown (3Y) Largest decline over 3 years	-84.84%	-87.37%	+2.53%
Max Drawdown (5Y) Largest decline over 5 years	-84.84%	-87.37%	+2.53%
Max Drawdown (10Y) Largest decline over 10 years	-84.84%	-87.37%	+2.53%
Current Drawdown Current decline from peak	-62.97%	-18.01%	-44.96%
Average Drawdown Average peak-to-trough decline	-31.96%	-79.64%	+47.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.91%	18.70%	+20.21%

Volatility

SMCI vs. AEHR - Volatility Comparison

The current volatility for Super Micro Computer, Inc. (SMCI) is 26.36%, while Aehr Test Systems (AEHR) has a volatility of 41.80%. This indicates that SMCI experiences smaller price fluctuations and is considered to be less risky than AEHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCI	AEHR	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.36%	41.80%	-15.44%
Volatility (6M) Calculated over the trailing 6-month period	67.65%	87.81%	-20.16%
Volatility (1Y) Calculated over the trailing 1-year period	79.63%	118.61%	-38.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.44%	109.78%	-24.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.55%	93.87%	-23.32%

Dividends

SMCI vs. AEHR - Dividend Comparison

Neither SMCI nor AEHR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

SMCI vs. AEHR - Profitability Comparison

The chart below illustrates the profitability comparison between Super Micro Computer, Inc. and Aehr Test Systems over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SMCI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Super Micro Computer, Inc. reported a gross profit of 1.02B and revenue of 10.24B. Therefore, the gross margin over that period was 10.0%.

AEHR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Aehr Test Systems reported a gross profit of 3.37M and revenue of 10.31M. Therefore, the gross margin over that period was 32.7%.

SMCI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Super Micro Computer, Inc. reported an operating income of 625.87M and revenue of 10.24B, resulting in an operating margin of 6.1%.

AEHR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Aehr Test Systems reported an operating income of -4.23M and revenue of 10.31M, resulting in an operating margin of -41.0%.

SMCI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Super Micro Computer, Inc. reported a net income of 1.02B and revenue of 10.24B, resulting in a net margin of 9.9%.

AEHR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Aehr Test Systems reported a net income of -3.20M and revenue of 10.31M, resulting in a net margin of -31.1%.

Frequently Asked Questions

Can I hold both SMCI and AEHR in my portfolio?

SMCI and AEHR have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCI or AEHR?

AEHR has higher volatility (41.80%) compared to SMCI (26.36%). In terms of maximum drawdown, SMCI dropped -84.84% vs AEHR's -97.98%.

Which has better risk-adjusted returns?

AEHR currently has the higher Sharpe Ratio (6.34 vs 0.07), 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.