WINA vs. MATH

Last updated Jun 4, 2026

WINA (Winmark Corporation) and MATH (Metalpha Technology Holding Limited) are both stocks. WINA operates in Specialty Retail (Consumer Cyclical), while MATH operates in Capital Markets (Financial Services). Over the past 5 years, WINA returned 17.35%/yr vs -4.86%/yr for MATH. At a 0.02 correlation, their price movements are largely independent.

Performance

WINA vs. MATH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Winmark Corporation (WINA) and Metalpha Technology Holding Limited (MATH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WINA achieves a -6.75% return, which is significantly higher than MATH's -49.52% return.

WINA

• 1D: 0.34%
• 1M: 2.19%
• YTD: -6.75%
• 6M: -12.22%
• 1Y: -7.65%
• 3Y*: 5.59%
• 5Y*: 17.35%
• 10Y*: 16.39%

MATH

• 1D: -0.93%
• 1M: -0.00%
• YTD: -49.52%
• 6M: -60.59%
• 1Y: -66.35%
• 3Y*: 1.62%
• 5Y*: -4.86%
• 10Y*: —

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

WINA vs. MATH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WINA Winmark Corporation	-6.75%	6.43%	-3.26%	82.56%	-2.78%	38.67%	-5.88%	25.38%	23.36%	-1.25%
MATH Metalpha Technology Holding Limited	-49.52%	82.61%	-47.25%	323.71%	-57.48%	-48.29%	80.00%	-0.01%	-70.18%	-68.11%

Correlation

The correlation between WINA and MATH is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 23, 2017	0.02

Fundamentals

Market Cap WINA : $1.39B MATH : $43.48M
EPS WINA : $11.09 MATH : $0.32
PE Ratio WINA : 33.89 MATH : 3.30
PEG Ratio WINA : 17.42 MATH : 0.00
Total Revenue (TTM) WINA : $84.99M MATH : $0.00
Gross Profit (TTM) WINA : $82.15M MATH : -$41.12M
EBITDA (TTM) WINA : $55.02M MATH : $1.29M

Return for Risk

WINA vs. MATH — Risk / Return Rank

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

WINA

WINA Risk / Return Rank: 31
WINA Sharpe Ratio Rank: 33
WINA Sortino Ratio Rank: 29
WINA Omega Ratio Rank: 29
WINA Calmar Ratio Rank: 32
WINA Martin Ratio Rank: 32

MATH

MATH Risk / Return Rank: 9
MATH Sharpe Ratio Rank: 10
MATH Sortino Ratio Rank: 9
MATH Omega Ratio Rank: 11
MATH Calmar Ratio Rank: 8
MATH Martin Ratio Rank: 7

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.

WINA vs. MATH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Winmark Corporation (WINA) and Metalpha Technology Holding Limited (MATH). 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.

	WINA	MATH	Difference
Sharpe ratio Return per unit of total volatility	-0.20	-0.75	+0.55
Sortino ratio Return per unit of downside risk	-0.03	-1.12	+1.09
Omega ratio Gain probability vs. loss probability	1.00	0.87	+0.12
Calmar ratio Return relative to maximum drawdown	-0.26	-0.85	+0.60
Martin ratio Return relative to average drawdown	-0.48	-1.41	+0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WINA vs. MATH - Sharpe Ratio Comparison

The current WINA Sharpe Ratio is -0.20, which is higher than the MATH Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of WINA and MATH, 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

	WINA	MATH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	-0.75	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	-0.05	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	-0.24	+0.51

Drawdowns

WINA vs. MATH - Drawdown Comparison

The maximum WINA drawdown since its inception was -85.47%, smaller than the maximum MATH drawdown of -96.71%. Use the drawdown chart below to compare losses from any high point for WINA and MATH.

Drawdown Indicators

	WINA	MATH	Difference
Max Drawdown Largest peak-to-trough decline	-85.47%	-96.71%	+11.24%
Max Drawdown (1Y) Largest decline over 1 year	-30.10%	-78.88%	+48.78%
Max Drawdown (3Y) Largest decline over 3 years	-30.10%	-78.88%	+48.78%
Max Drawdown (5Y) Largest decline over 5 years	-30.29%	-78.88%	+48.59%
Max Drawdown (10Y) Largest decline over 10 years	-45.45%	—	—
Current Drawdown Current decline from peak	-25.20%	-92.25%	+67.05%
Average Drawdown Average peak-to-trough decline	-24.69%	-87.04%	+62.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.82%	47.64%	-31.82%

Volatility

WINA vs. MATH - Volatility Comparison

The current volatility for Winmark Corporation (WINA) is 8.75%, while Metalpha Technology Holding Limited (MATH) has a volatility of 23.81%. This indicates that WINA experiences smaller price fluctuations and is considered to be less risky than MATH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WINA	MATH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.75%	23.81%	-15.06%
Volatility (6M) Calculated over the trailing 6-month period	27.58%	59.90%	-32.32%
Volatility (1Y) Calculated over the trailing 1-year period	37.61%	88.32%	-50.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.54%	89.92%	-58.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.96%	108.88%	-78.92%

Dividends

WINA vs. MATH - Dividend Comparison

WINA's dividend yield for the trailing twelve months is around 3.70%, while MATH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MATH Metalpha Technology Holding Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WINA Winmark Corporation	3.70%	3.40%	2.80%	2.99%	2.35%	3.67%	0.43%	0.45%	0.35%	0.33%	0.29%	0.29%

Financials

Frequently Asked Questions

Can I hold both WINA and MATH in my portfolio?

WINA and MATH have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WINA or MATH?

MATH has higher volatility (23.81%) compared to WINA (8.75%). In terms of maximum drawdown, WINA dropped -85.47% vs MATH's -96.71%.

Which has better risk-adjusted returns?

WINA currently has the higher Sharpe Ratio (-0.20 vs -0.75), 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.