VIAV vs. AEHR

Last updated Jun 4, 2026

VIAV (Viavi Solutions Inc.) and AEHR (Aehr Test Systems) are both stocks. Both are in the Technology sector — VIAV in Communication Equipment, AEHR in Semiconductor Equipment & Materials. Over the past 10 years, VIAV returned 22.52%/yr vs 60.03%/yr for AEHR. At a 0.32 correlation, their price movements are largely independent.

Performance

VIAV vs. AEHR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Viavi Solutions Inc. (VIAV) 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, VIAV achieves a 194.16% return, which is significantly lower than AEHR's 467.56% return. Over the past 10 years, VIAV has underperformed AEHR with an annualized return of 22.52%, while AEHR has yielded a comparatively higher 60.03% annualized return.

VIAV

• 1D: -0.87%
• 1M: -0.13%
• YTD: 194.16%
• 6M: 199.37%
• 1Y: 463.66%
• 3Y*: 73.77%
• 5Y*: 24.82%
• 10Y*: 22.52%

AEHR

• 1D: 1.41%
• 1M: 33.85%
• YTD: 467.56%
• 6M: 362.80%
• 1Y: 1,019.04%
• 3Y*: 40.45%
• 5Y*: 111.15%
• 10Y*: 60.03%

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

VIAV vs. AEHR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIAV Viavi Solutions Inc.	194.16%	76.44%	0.30%	-4.19%	-40.35%	17.66%	-0.17%	49.25%	14.99%	6.85%
AEHR Aehr Test Systems	467.56%	21.41%	-37.32%	31.99%	-16.87%	855.73%	26.50%	41.84%	-47.97%	12.45%

Correlation

The correlation between VIAV and AEHR is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 5, 2015	0.32

Over the past year, VIAV and AEHR have become more correlated (0.53) than their long-term average of 0.32, meaning their price movements have been converging.

Fundamentals

Market Cap VIAV : $13.08B AEHR : $3.52B
EPS VIAV : -$0.24 AEHR : -$0.38
PS Ratio VIAV : 8.86 AEHR : 76.53
PB Ratio VIAV : 15.45 AEHR : 25.34
Total Revenue (TTM) VIAV : $1.37B AEHR : $45.26M
Gross Profit (TTM) VIAV : $767.90M AEHR : $13.90M
EBITDA (TTM) VIAV : $88.40M AEHR : -$13.56M

Return for Risk

VIAV vs. AEHR — Risk / Return Rank

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

VIAV

VIAV Risk / Return Rank: 99
VIAV Sharpe Ratio Rank: 99
VIAV Sortino Ratio Rank: 99
VIAV Omega Ratio Rank: 98
VIAV Calmar Ratio Rank: 99
VIAV Martin Ratio Rank: 100

AEHR

AEHR Risk / Return Rank: 98
AEHR Sharpe Ratio Rank: 100
AEHR Sortino Ratio Rank: 97
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.

VIAV vs. AEHR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Viavi Solutions Inc. (VIAV) 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.

	VIAV	AEHR	Difference
Sharpe ratio: Return per unit of total volatility	7.72	8.73	-1.01
Sortino ratio: Return per unit of downside risk	6.29	4.86	+1.43
Omega ratio: Gain probability vs. loss probability	1.90	1.57	+0.33
Calmar ratio: Return relative to maximum drawdown	22.13	24.34	-2.21
Martin ratio: Return relative to average drawdown	84.46	55.12	+29.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIAV vs. AEHR - Sharpe Ratio Comparison

The current VIAV Sharpe Ratio is 7.72, which is comparable to the AEHR Sharpe Ratio of 8.73. The chart below compares the historical Sharpe Ratios of VIAV 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

	VIAV	AEHR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.72	8.73	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	1.02	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.63	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.08	+0.49

Drawdowns

VIAV vs. AEHR - Drawdown Comparison

The maximum VIAV drawdown since its inception was -62.88%, smaller than the maximum AEHR drawdown of -97.98%. Use the drawdown chart below to compare losses from any high point for VIAV and AEHR.

Drawdown Indicators

	VIAV	AEHR	Difference
Max Drawdown Largest peak-to-trough decline	-62.88%	-97.98%	+35.10%
Max Drawdown (1Y) Largest decline over 1 year	-21.13%	-42.31%	+21.18%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	-87.37%	+45.18%
Max Drawdown (5Y) Largest decline over 5 years	-62.88%	-87.37%	+24.49%
Max Drawdown (10Y) Largest decline over 10 years	-62.88%	-87.37%	+24.49%
Current Drawdown Current decline from peak	-5.26%	0.00%	-5.26%
Average Drawdown Average peak-to-trough decline	-19.93%	-79.66%	+59.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	18.65%	-13.12%

Volatility

VIAV vs. AEHR - Volatility Comparison

The current volatility for Viavi Solutions Inc. (VIAV) is 20.21%, while Aehr Test Systems (AEHR) has a volatility of 38.83%. This indicates that VIAV 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

	VIAV	AEHR	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.21%	38.83%	-18.62%
Volatility (6M) Calculated over the trailing 6-month period	51.87%	86.27%	-34.40%
Volatility (1Y) Calculated over the trailing 1-year period	60.58%	118.12%	-57.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.45%	109.54%	-67.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.18%	94.96%	-56.78%

Dividends

VIAV vs. AEHR - Dividend Comparison

Neither VIAV nor AEHR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEHR Aehr Test Systems	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIAV Viavi Solutions Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	77.01%

Financials

VIAV vs. AEHR - Profitability Comparison

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

VIAV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Viavi Solutions Inc. reported a gross profit of 234.10M and revenue of 406.80M. Therefore, the gross margin over that period was 57.6%.

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%.

VIAV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Viavi Solutions Inc. reported an operating income of 24.80M and revenue of 406.80M, 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%.

VIAV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Viavi Solutions Inc. reported a net income of 6.40M and revenue of 406.80M, resulting in a net margin of 1.6%.

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 VIAV and AEHR in my portfolio?

VIAV and AEHR have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIAV or AEHR?

AEHR has higher volatility (38.83%) compared to VIAV (20.21%). In terms of maximum drawdown, VIAV dropped -62.88% vs AEHR's -97.98%.

Which has better risk-adjusted returns?

AEHR currently has the higher Sharpe Ratio (8.73 vs 7.72), 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.