WVE vs. CAN

Last updated Jun 9, 2026

WVE (Wave Life Sciences Ltd.) and CAN (Canaan Inc.) are both stocks. WVE operates in Biotechnology (Healthcare), while CAN operates in Computer Hardware (Technology). Over the past 5 years, WVE returned -4.83%/yr vs -48.54%/yr for CAN. At a 0.20 correlation, their price movements are largely independent.

Performance

WVE vs. CAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wave Life Sciences Ltd. (WVE) and Canaan Inc. (CAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WVE achieves a -66.47% return, which is significantly lower than CAN's -48.65% return.

WVE

• 1D: -0.52%
• 1M: -20.61%
• YTD: -66.47%
• 6M: -69.22%
• 1Y: -21.05%
• 3Y*: 11.70%
• 5Y*: -4.83%
• 10Y*: -9.83%

CAN

• 1D: -1.06%
• 1M: -30.46%
• YTD: -48.65%
• 6M: -62.18%
• 1Y: -40.84%
• 3Y*: -44.92%
• 5Y*: -48.54%
• 10Y*: —

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

WVE vs. CAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WVE Wave Life Sciences Ltd.	-66.47%	37.43%	144.95%	-27.86%	122.93%	-60.10%	-1.81%	-73.61%
CAN Canaan Inc.	-48.65%	-66.34%	-11.26%	12.14%	-60.00%	-13.15%	-2.79%	-32.22%

Correlation

The correlation between WVE and CAN is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 21, 2019	0.20

Fundamentals

Market Cap WVE : $1.14B CAN : $244.97M
EPS WVE : -$1.03 CAN : -$0.38
PS Ratio WVE : 14.13 CAN : 0.39
PB Ratio WVE : 2.23 CAN : 0.64
Total Revenue (TTM) WVE : $71.80M CAN : $510.04M
Gross Profit (TTM) WVE : $29.09M CAN : $17.56M
EBITDA (TTM) WVE : -$184.40M CAN : -$144.51M

Return for Risk

WVE vs. CAN — Risk / Return Rank

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

WVE

WVE Risk / Return Rank: 44
WVE Sharpe Ratio Rank: 37
WVE Sortino Ratio Rank: 57
WVE Omega Ratio Rank: 62
WVE Calmar Ratio Rank: 33
WVE Martin Ratio Rank: 32

CAN

CAN Risk / Return Rank: 31
CAN Sharpe Ratio Rank: 28
CAN Sortino Ratio Rank: 37
CAN Omega Ratio Rank: 35
CAN Calmar Ratio Rank: 25
CAN Martin Ratio Rank: 28

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.

WVE vs. CAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wave Life Sciences Ltd. (WVE) and Canaan Inc. (CAN). 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.

	WVE	CAN	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	-0.34	+0.22
Sortino ratio: Return per unit of downside risk	1.08	0.22	+0.86
Omega ratio: Gain probability vs. loss probability	1.17	1.02	+0.15
Calmar ratio: Return relative to maximum drawdown	-0.29	-0.50	+0.21
Martin ratio: Return relative to average drawdown	-0.55	-0.75	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WVE vs. CAN - Sharpe Ratio Comparison

The current WVE Sharpe Ratio is -0.13, which is higher than the CAN Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of WVE and CAN, 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

	WVE	CAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	-0.34	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	-0.44	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	-0.31	+0.21

Drawdowns

WVE vs. CAN - Drawdown Comparison

The maximum WVE drawdown since its inception was -97.77%, roughly equal to the maximum CAN drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for WVE and CAN.

Drawdown Indicators

	WVE	CAN	Difference
Max Drawdown Largest peak-to-trough decline	-97.77%	-99.03%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	-73.30%	-82.72%	+9.42%
Max Drawdown (3Y) Largest decline over 3 years	-73.30%	-88.89%	+15.59%
Max Drawdown (5Y) Largest decline over 5 years	-83.53%	-96.69%	+13.16%
Max Drawdown (10Y) Largest decline over 10 years	-97.77%	—	—
Current Drawdown Current decline from peak	-89.67%	-99.03%	+9.36%
Average Drawdown Average peak-to-trough decline	-64.78%	-83.78%	+19.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.35%	54.77%	-16.42%

Volatility

WVE vs. CAN - Volatility Comparison

The current volatility for Wave Life Sciences Ltd. (WVE) is 16.60%, while Canaan Inc. (CAN) has a volatility of 21.07%. This indicates that WVE experiences smaller price fluctuations and is considered to be less risky than CAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WVE	CAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.60%	21.07%	-4.47%
Volatility (6M) Calculated over the trailing 6-month period	123.11%	60.03%	+63.08%
Volatility (1Y) Calculated over the trailing 1-year period	169.12%	120.30%	+48.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.62%	111.48%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.03%	126.47%	-27.44%

Dividends

WVE vs. CAN - Dividend Comparison

Neither WVE nor CAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both WVE and CAN in my portfolio?

WVE and CAN have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WVE or CAN?

CAN has higher volatility (21.07%) compared to WVE (16.60%). In terms of maximum drawdown, WVE dropped -97.77% vs CAN's -99.03%.

Which has better risk-adjusted returns?

WVE currently has the higher Sharpe Ratio (-0.13 vs -0.34), 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.