WDH vs. DOCS

Last updated Jun 3, 2026

WDH (Waterdrop Inc.) and DOCS (Doximity, Inc.) are both stocks. WDH operates in Insurance - Diversified (Financial Services), while DOCS operates in Health Information Services (Healthcare). Over the past 3 years, WDH returned -10.69%/yr vs -13.32%/yr for DOCS. At a 0.09 correlation, their price movements are largely independent.

Performance

WDH vs. DOCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Waterdrop Inc. (WDH) and Doximity, Inc. (DOCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WDH achieves a -19.09% return, which is significantly higher than DOCS's -51.42% return.

WDH

• 1D: 2.03%
• 1M: -6.79%
• YTD: -19.09%
• 6M: -17.79%
• 1Y: 4.15%
• 3Y*: -10.69%
• 5Y*: -27.58%
• 10Y*: —

DOCS

• 1D: -4.61%
• 1M: -13.89%
• YTD: -51.42%
• 6M: -57.46%
• 1Y: -58.23%
• 3Y*: -13.32%
• 5Y*: —
• 10Y*: —

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

WDH vs. DOCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WDH Waterdrop Inc.	-19.09%	66.25%	19.17%	-68.77%	141.30%	-79.22%
DOCS Doximity, Inc.	-51.42%	-17.06%	90.41%	-16.45%	-33.05%	-5.42%

Correlation

The correlation between WDH and DOCS is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021	0.09

The correlation between WDH and DOCS shifts across timeframes, from -0.02 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap WDH : $55.97M DOCS : $4.20B
EPS WDH : $2.18 DOCS : $0.98
PE Ratio WDH : 0.69 DOCS : 21.84
PEG Ratio WDH : 0.00 DOCS : 1.86
PS Ratio WDH : 0.10 DOCS : 6.64
PB Ratio WDH : 0.01 DOCS : 4.41
Total Revenue (TTM) WDH : $3.96B DOCS : $644.86M
Gross Profit (TTM) WDH : $2.02B DOCS : $574.54M
EBITDA (TTM) WDH : $369.70M DOCS : $245.76M

Return for Risk

WDH vs. DOCS — Risk / Return Rank

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

WDH

WDH Risk / Return Rank: 44
WDH Sharpe Ratio Rank: 43
WDH Sortino Ratio Rank: 41
WDH Omega Ratio Rank: 40
WDH Calmar Ratio Rank: 47
WDH Martin Ratio Rank: 47

DOCS

DOCS Risk / Return Rank: 6
DOCS Sharpe Ratio Rank: 3
DOCS Sortino Ratio Rank: 5
DOCS Omega Ratio Rank: 4
DOCS Calmar Ratio Rank: 11
DOCS Martin Ratio Rank: 9

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.

WDH vs. DOCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Waterdrop Inc. (WDH) and Doximity, Inc. (DOCS). 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.

	WDH	DOCS	Difference
Sharpe ratio Return per unit of total volatility	0.09	-1.07	+1.16
Sortino ratio Return per unit of downside risk	0.50	-1.58	+2.08
Omega ratio Gain probability vs. loss probability	1.06	0.77	+0.29
Calmar ratio Return relative to maximum drawdown	0.29	-0.77	+1.06
Martin ratio Return relative to average drawdown	0.59	-1.35	+1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WDH vs. DOCS - Sharpe Ratio Comparison

The current WDH Sharpe Ratio is 0.09, which is higher than the DOCS Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of WDH and DOCS, 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

	WDH	DOCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-1.07	+1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	-0.24	-0.23

Drawdowns

WDH vs. DOCS - Drawdown Comparison

The maximum WDH drawdown since its inception was -90.62%, which is greater than DOCS's maximum drawdown of -82.35%. Use the drawdown chart below to compare losses from any high point for WDH and DOCS.

Drawdown Indicators

	WDH	DOCS	Difference
Max Drawdown Largest peak-to-trough decline	-90.62%	-82.35%	-8.27%
Max Drawdown (1Y) Largest decline over 1 year	-26.97%	-76.03%	+49.06%
Max Drawdown (3Y) Largest decline over 3 years	-62.60%	-78.34%	+15.74%
Max Drawdown (5Y) Largest decline over 5 years	-89.26%	—	—
Current Drawdown Current decline from peak	-82.81%	-78.92%	-3.89%
Average Drawdown Average peak-to-trough decline	-80.12%	-57.08%	-23.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.05%	43.61%	-30.56%

Volatility

WDH vs. DOCS - Volatility Comparison

The current volatility for Waterdrop Inc. (WDH) is 13.58%, while Doximity, Inc. (DOCS) has a volatility of 32.21%. This indicates that WDH experiences smaller price fluctuations and is considered to be less risky than DOCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WDH	DOCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.58%	32.21%	-18.63%
Volatility (6M) Calculated over the trailing 6-month period	25.20%	46.14%	-20.94%
Volatility (1Y) Calculated over the trailing 1-year period	44.82%	54.67%	-9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.94%	69.10%	-7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.88%	69.10%	-6.22%

Dividends

WDH vs. DOCS - Dividend Comparison

WDH's dividend yield for the trailing twelve months is around 3.97%, while DOCS has not paid dividends to shareholders.

Position	TTM	2025	2024
DOCS Doximity, Inc.	0.00%	0.00%	0.00%
WDH Waterdrop Inc.	3.97%	2.63%	5.08%

Financials

WDH vs. DOCS - Profitability Comparison

The chart below illustrates the profitability comparison between Waterdrop Inc. and Doximity, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

WDH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Waterdrop Inc. reported a gross profit of 723.78M and revenue of 1.39B. Therefore, the gross margin over that period was 52.0%.

DOCS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Doximity, Inc. reported a gross profit of 125.97M and revenue of 145.37M. Therefore, the gross margin over that period was 86.7%.

WDH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Waterdrop Inc. reported an operating income of 82.71M and revenue of 1.39B, resulting in an operating margin of 5.9%.

DOCS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Doximity, Inc. reported an operating income of 24.83M and revenue of 145.37M, resulting in an operating margin of 17.1%.

WDH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Waterdrop Inc. reported a net income of 159.88M and revenue of 1.39B, resulting in a net margin of 11.5%.

DOCS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Doximity, Inc. reported a net income of 19.11M and revenue of 145.37M, resulting in a net margin of 13.2%.

Frequently Asked Questions

Can I hold both WDH and DOCS in my portfolio?

WDH and DOCS have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WDH or DOCS?

DOCS has higher volatility (32.21%) compared to WDH (13.58%). In terms of maximum drawdown, WDH dropped -90.62% vs DOCS's -82.35%.

Which has better risk-adjusted returns?

WDH currently has the higher Sharpe Ratio (0.09 vs -1.07), 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.