TNXP vs. QBTS

Last updated Jun 24, 2026

TNXP (Tonix Pharmaceuticals Holding Corp.) and QBTS (D-Wave Quantum Inc) are both stocks. TNXP operates in Biotechnology (Healthcare), while QBTS operates in Computer Hardware (Technology). Over the past 3 years, TNXP returned -86.73%/yr vs 148.56%/yr for QBTS. At a 0.14 correlation, their price movements are largely independent.

Performance

TNXP vs. QBTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tonix Pharmaceuticals Holding Corp. (TNXP) 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, TNXP achieves a -23.43% return, which is significantly lower than QBTS's -4.28% return.

TNXP

• 1D: -1.97%
• 1M: -6.34%
• YTD: -23.43%
• 6M: -28.72%
• 1Y: -63.53%
• 3Y*: -86.73%
• 5Y*: -88.88%
• 10Y*: -84.30%

QBTS

• 1D: 2.29%
• 1M: -14.86%
• YTD: -4.28%
• 6M: -14.05%
• 1Y: 67.54%
• 3Y*: 148.56%
• 5Y*: —
• 10Y*: —

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

TNXP vs. QBTS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TNXP Tonix Pharmaceuticals Holding Corp.	-23.43%	-52.64%	-97.44%	-83.46%	-75.33%
QBTS D-Wave Quantum Inc	-4.28%	211.31%	854.44%	-38.88%	-83.96%

Correlation

The correlation between TNXP and QBTS is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 8, 2022	0.14

Over the past year, TNXP and QBTS have become more correlated (0.35) than their long-term average of 0.14, meaning their price movements have been converging.

Fundamentals

Market Cap TNXP : $163.94M QBTS : $9.20B
EPS TNXP : -$11.15 QBTS : -$1.08
PS Ratio TNXP : 6.55 QBTS : 682.38
PB Ratio TNXP : 0.72 QBTS : 8.18
Total Revenue (TTM) TNXP : $17.56M QBTS : $12.44M
Gross Profit (TTM) TNXP : $10.28M QBTS : $8.25M
EBITDA (TTM) TNXP : -$149.18M QBTS : -$399.03M

Return for Risk

TNXP vs. QBTS — Risk / Return Rank

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

TNXP

TNXP Risk / Return Rank: 14
TNXP Sharpe Ratio Rank: 11
TNXP Sortino Ratio Rank: 11
TNXP Omega Ratio Rank: 13
TNXP Calmar Ratio Rank: 13
TNXP Martin Ratio Rank: 22

QBTS

QBTS Risk / Return Rank: 64
QBTS Sharpe Ratio Rank: 63
QBTS Sortino Ratio Rank: 71
QBTS Omega Ratio Rank: 64
QBTS Calmar Ratio Rank: 63
QBTS Martin Ratio Rank: 59

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.

TNXP vs. QBTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tonix Pharmaceuticals Holding Corp. (TNXP) 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.

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.

	TNXP	QBTS	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	0.62	-1.35
Sortino ratio: Return per unit of downside risk	-1.11	1.69	-2.80
Omega ratio: Gain probability vs. loss probability	0.88	1.18	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.77	0.96	-1.73
Martin ratio: Return relative to average drawdown	-0.96	1.64	-2.60

TNXP vs. QBTS - Sharpe Ratio Comparison

The current TNXP Sharpe Ratio is -0.73, which is lower than the QBTS Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of TNXP 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.

Drawdowns

TNXP vs. QBTS - Drawdown Comparison

The maximum TNXP drawdown since its inception was -100.00%, roughly equal to the maximum QBTS drawdown of -96.67%. Use the drawdown chart below to compare losses from any high point for TNXP and QBTS.

Drawdown Indicators

	TNXP	QBTS	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-96.67%	-3.33%
Max Drawdown (1Y) Largest decline over 1 year	-82.70%	-71.01%	-11.69%
Max Drawdown (3Y) Largest decline over 3 years	-99.87%	-79.17%	-20.70%
Max Drawdown (5Y) Largest decline over 5 years	-100.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-44.10%	-55.90%
Average Drawdown Average peak-to-trough decline	-91.17%	-65.53%	-25.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.20%	41.21%	+24.99%

Volatility

TNXP vs. QBTS - Volatility Comparison

The current volatility for Tonix Pharmaceuticals Holding Corp. (TNXP) is 19.34%, while D-Wave Quantum Inc (QBTS) has a volatility of 32.86%. This indicates that TNXP 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

	TNXP	QBTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.34%	32.86%	-13.52%
Volatility (6M) Calculated over the trailing 6-month period	51.35%	77.06%	-25.71%
Volatility (1Y) Calculated over the trailing 1-year period	86.85%	109.51%	-22.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.06%	150.79%	-14.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	140.79%	150.79%	-10.00%

Dividends

TNXP vs. QBTS - Dividend Comparison

Neither TNXP nor QBTS has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both TNXP and QBTS in my portfolio?

TNXP and QBTS have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNXP or QBTS?

QBTS has higher volatility (32.86%) compared to TNXP (19.34%). In terms of maximum drawdown, TNXP dropped -100.00% vs QBTS's -96.67%.

Which has better risk-adjusted returns?

QBTS currently has the higher Sharpe Ratio (0.62 vs -0.73), 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.