TDUP vs. QBTS

Last updated Jun 4, 2026

TDUP (ThredUp Inc.) and QBTS (D-Wave Quantum Inc) are both stocks. TDUP operates in Internet Retail (Consumer Cyclical), while QBTS operates in Computer Hardware (Technology). Over the past 3 years, TDUP returned 23.95%/yr vs 162.11%/yr for QBTS. At a 0.22 correlation, their price movements are largely independent.

Performance

TDUP vs. QBTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ThredUp Inc. (TDUP) and D-Wave Quantum Inc (QBTS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TDUP achieves a -28.48% return, which is significantly lower than QBTS's 5.35% return.

TDUP

• 1D: 1.56%
• 1M: 4.58%
• YTD: -28.48%
• 6M: -42.44%
• 1Y: -38.74%
• 3Y*: 23.95%
• 5Y*: -27.72%
• 10Y*: —

QBTS

• 1D: -7.89%
• 1M: 31.69%
• YTD: 5.35%
• 6M: 9.85%
• 1Y: 55.83%
• 3Y*: 162.11%
• 5Y*: —
• 10Y*: —

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

TDUP vs. QBTS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TDUP ThredUp Inc.	-28.48%	359.71%	-38.22%	71.76%	-56.33%
QBTS D-Wave Quantum Inc	5.35%	211.31%	854.44%	-38.88%	-85.60%

Correlation

The correlation between TDUP and QBTS is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.22

Fundamentals

Market Cap TDUP : $583.55M QBTS : $10.12B
EPS TDUP : -$0.17 QBTS : -$1.08
PS Ratio TDUP : 1.77 QBTS : 751.08
PB Ratio TDUP : 9.83 QBTS : 9.00
Total Revenue (TTM) TDUP : $321.19M QBTS : $12.44M
Gross Profit (TTM) TDUP : $255.04M QBTS : $8.25M
EBITDA (TTM) TDUP : $7.79M QBTS : -$399.03M

Return for Risk

TDUP vs. QBTS — Risk / Return Rank

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

TDUP

TDUP Risk / Return Rank: 20
TDUP Sharpe Ratio Rank: 16
TDUP Sortino Ratio Rank: 18
TDUP Omega Ratio Rank: 19
TDUP Calmar Ratio Rank: 22
TDUP Martin Ratio Rank: 24

QBTS

QBTS Risk / Return Rank: 59
QBTS Sharpe Ratio Rank: 58
QBTS Sortino Ratio Rank: 67
QBTS Omega Ratio Rank: 60
QBTS Calmar Ratio Rank: 57
QBTS Martin Ratio Rank: 54

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.

TDUP vs. QBTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ThredUp Inc. (TDUP) and D-Wave Quantum Inc (QBTS). 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.

	TDUP	QBTS	Difference
Sharpe ratio Return per unit of total volatility	-0.58	0.52	-1.10
Sortino ratio Return per unit of downside risk	-0.56	1.59	-2.15
Omega ratio Gain probability vs. loss probability	0.93	1.17	-0.23
Calmar ratio Return relative to maximum drawdown	-0.52	0.79	-1.31
Martin ratio Return relative to average drawdown	-0.87	1.39	-2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TDUP vs. QBTS - Sharpe Ratio Comparison

The current TDUP Sharpe Ratio is -0.58, which is lower than the QBTS Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of TDUP and QBTS, 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

	TDUP	QBTS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	0.52	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.20	-0.43

Drawdowns

TDUP vs. QBTS - Drawdown Comparison

The maximum TDUP drawdown since its inception was -98.32%, roughly equal to the maximum QBTS drawdown of -96.67%. Use the drawdown chart below to compare losses from any high point for TDUP and QBTS.

Drawdown Indicators

	TDUP	QBTS	Difference
Max Drawdown Largest peak-to-trough decline	-98.32%	-96.67%	-1.65%
Max Drawdown (1Y) Largest decline over 1 year	-74.25%	-71.01%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-87.42%	-79.17%	-8.25%
Max Drawdown (5Y) Largest decline over 5 years	-98.21%	—	—
Current Drawdown Current decline from peak	-85.45%	-38.48%	-46.97%
Average Drawdown Average peak-to-trough decline	-79.69%	-65.87%	-13.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.69%	40.23%	+4.46%

Volatility

TDUP vs. QBTS - Volatility Comparison

The current volatility for ThredUp Inc. (TDUP) is 20.61%, while D-Wave Quantum Inc (QBTS) has a volatility of 41.14%. This indicates that TDUP experiences smaller price fluctuations and is considered to be less risky than QBTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDUP	QBTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.61%	41.14%	-20.53%
Volatility (6M) Calculated over the trailing 6-month period	52.83%	77.15%	-24.32%
Volatility (1Y) Calculated over the trailing 1-year period	67.08%	108.14%	-41.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	104.55%	151.20%	-46.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.73%	151.20%	-43.47%

Dividends

TDUP vs. QBTS - Dividend Comparison

Neither TDUP nor QBTS has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both TDUP and QBTS in my portfolio?

TDUP and QBTS have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDUP or QBTS?

QBTS has higher volatility (41.14%) compared to TDUP (20.61%). In terms of maximum drawdown, TDUP dropped -98.32% vs QBTS's -96.67%.

Which has better risk-adjusted returns?

QBTS currently has the higher Sharpe Ratio (0.52 vs -0.58), 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.