Applied Digital vs Nebius Group (APLD vs NBIS) 2026: Stock Returns, Risk & Volatility

Q: Which is a better investment: APLD or NBIS?

Over the past year, it depends: APLD led on total return (APLD +673.4% vs NBIS +541.7%), but NBIS had the higher Sharpe ratio (NBIS 2.29 vs APLD 2.25). On risk, NBIS was less volatile (NBIS 101.7% vs APLD 119.6%), NBIS had a smaller max drawdown (NBIS -45.5% vs APLD -50.3%), and NBIS had less severe losses on the worst 5% of days (Expected Shortfall of NBIS -9.93% vs APLD -12.14%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: APLD or NBIS?

Over the past year, APLD outperformed NBIS. APLD returned +673.4% compared with NBIS’s +541.7%. NBIS had the better risk-adjusted return, with a Sharpe ratio of 2.29 versus APLD’s 2.25. NBIS was less volatile than APLD, and NBIS had a smaller max drawdown than APLD.

Total Return

APLD +673.4%

NBIS +541.7%

Sharpe Ratio

APLD 2.25

NBIS 2.29

Annualized Volatility

APLD 119.6%

NBIS 101.7%

Max Drawdown

APLD -50.3%

NBIS -45.5%

Metric winners: Total Return: APLD; Sharpe Ratio: NBIS; Annualized Volatility: NBIS (less volatile); Max Drawdown: NBIS (smaller drawdown).

APLD Total Return

↑ +673.4%

NBIS Total Return

↑ +541.7%

Relative Performance of APLD vs NBIS (Normalized to 100)

APLD NBIS

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: APLD delivered a +673.4% total return, while NBIS returned +541.7% over the same period. APLD outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): NBIS had a higher Sharpe (2.29 vs 2.25), indicating better risk-adjusted performance.
Volatility (Annualized): APLD was more volatile, with 119.6% annualized volatility, versus 101.7% for NBIS.
Maximum Drawdown: NBIS's maximum drawdown was -45.5%, while APLD experienced a deeper drawdown of -50.3%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), APLD's VaR was -9.57% and its Expected Shortfall (CVaR) was -12.14%; NBIS's were -8.24% and -9.93%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: APLD 1.19 vs NBIS 1.31. Excess kurtosis: APLD 4.29 vs NBIS 6.60. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): APLD 4/8, NBIS 2/9. Worst day: APLD -17.52% (2025-12-15) vs NBIS -13.05% (2026-02-27). Best day: APLD +48.46% (2025-06-02) vs NBIS +49.42% (2025-09-09).
Risk ratios: Sortino - APLD: 4.58 vs. NBIS: 4.48 , Calmar - APLD: 13.58 vs. NBIS: 12.08 , Sterling - APLD: 24.39 vs. NBIS: 24.02 , Treynor - APLD: 0.81 vs. NBIS: 0.73 , Ulcer Index - APLD: 21.85% vs. NBIS: 19.66%

Investment Comparison

If you invested $10,000 in each asset on April 25, 2025:

APLD $77,340.43 +673.4%

NBIS $64,166.67 +541.7%

Difference: $13,173.76 (APLD ahead)

Applied Digital vs Nebius Group Performance Over Time

Metric	APLD	NBIS
30 Days	35.7%	36.7%
90 Days	-3.6%	66.2%
180 Days	8.7%	34%
1 Year	673.4%	541.7%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

Applied Digital vs Nebius Group Correlation

Average Correlation

moderately correlated

0.50

Current (30-day) 0.46

30-day rolling range -0.05 to +0.85

Applied Digital and Nebius Group are moderately correlated over the past year. With a correlation of 0.50, these assets show moderate co-movement, offering some diversification when held together.

For portfolio construction, this moderate correlation offers some diversification benefit, though the assets still tend to move together during major market moves.

Metric	Value
Current (30-day)	0.46
Average (full period)	0.50
Minimum (30-day rolling)	-0.05
Maximum (30-day rolling)	0.85

Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement. Current, minimum, and maximum figures are 30-day rolling correlations on shared daily returns.

Drawdown

Maximum Drawdown

APLD

-50.3%

NBIS

-45.5%

Applied Digital experienced its maximum drawdown of -50.3% from 2026-01-27 to 2026-03-30. It has not yet recovered to its previous peak.

Nebius Group experienced its maximum drawdown of -45.5% from 2025-10-13 to 2026-02-05. It took 63 days to recover.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

Applied Digital vs Nebius Group Volatility (APLD vs NBIS)

APLD Volatility

119.6%

±7.53% 1-day vol

NBIS Volatility

101.7%

±6.4% 1-day vol

1-day volatility (1σ)

APLD

±7.53%

NBIS

±6.4%

Applied Digital's 119.6% annualized volatility translates to about ±7.53% one-standard-deviation daily volatility.

Nebius Group's 101.7% annualized volatility translates to about ±6.4% one-standard-deviation daily volatility.

APLD had the wider volatility profile over this window. That means its day-to-day return distribution was broader; NBIS was calmer, but lower volatility does not by itself mean better returns.

Treat the ± daily figure as a one-standard-deviation estimate from historical returns, not a forecast or expected absolute daily move. For context, 15-18% annualized volatility is roughly ±1% one-standard-deviation daily volatility.

Risk-adjusted ratios

Sharpe Ratio of APLD and NBIS

Sharpe Ratio: APLD vs. NBIS

Return per total volatility

Sharpe gives us excess return per unit of risk. Upside and downside volatility both count as risk.

Higher is better

excess return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. NBIS had a higher Sharpe (2.29 vs 2.25), indicating better risk-adjusted performance.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of APLD and NBIS

Sortino Ratio: APLD vs. NBIS

Return per downside volatility

Sortino keeps the return-over-risk idea, but only returns below the target rate count as volatility.

Higher is better

excess return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). APLD had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: APLD 58.8% vs NBIS 51.9%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of APLD and NBIS

Calmar Ratio: APLD vs. NBIS

CAGR per worst drawdown

Calmar compares CAGR against the single deepest peak-to-trough loss over the period.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. APLD posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of APLD and NBIS

Sterling Ratio: APLD vs. NBIS

Return per average drawdown

Sterling smooths the drawdown penalty by using average drawdown events instead of only the worst one.

Higher is better

excess annual return / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). APLD posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of APLD and NBIS

Treynor Ratio: APLD vs. NBIS

Excess return per market beta

Treynor divides excess annualized return by beta — the sensitivity of the asset to broad-market moves. The slope shown is each asset’s beta vs SPY.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. APLD posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of APLD and NBIS

Ulcer Index: APLD vs. NBIS

Drawdown pain

Ulcer Index is a risk index, not a return-over-risk ratio. Lower means smaller and shorter drawdowns.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. NBIS had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): Applied Digital vs. Nebius Group

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Tail Risk & Distribution Shape: APLD vs. NBIS (1-Year)

Actual daily return tails

The bars are real daily log-return observations from the article window. Darker bars are observations at or beyond each asset’s 5% VaR cutoff.

Observed returns

VaR marks the 5th percentile loss cutoff; Expected Shortfall averages the observations beyond that cutoff.

Formula

\displaystyle \mathrm{VaR}_{5\%}=Q_{0.05}(r_t),\quad \mathrm{ES}_{5\%}=\mathbb{E}[r_t\mid r_t\le \mathrm{VaR}_{5\%}]

Metric (1-Year)	APLD	NBIS
5% VaR (daily log return)	-9.57%	-8.24%
5% Expected Shortfall (CVaR)	-12.14% (worst 13 days)	-9.93% (worst 13 days)
Skew	1.19	1.31
Excess kurtosis	4.29	6.60
2σ tail days (down / up)	4 / 8	2 / 9
Worst day	-17.52% (2025-12-15)	-13.05% (2026-02-27)
Best day	+48.46% (2025-06-02)	+49.42% (2025-09-09)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=249). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

Downside co-move map: APLD vs. NBIS (2σ)

Shared-close daily returns

Dots mark actual downside days: asset-colored dots are one-sided downside moves, and red dots are joint downside days. Grey dots add sampled shared-return context when available. The shaded lower-left zone shows where both APLD and NBIS crossed their own 2σ downside threshold.

2σ

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both APLD and NBIS had a big down day (2σ)

None in this window.

Days when APLD had a big down day

Date (interval)	APLD	NBIS
2025-11-13	-12.68%	-6.07%
2025-12-12 → 2025-12-15	-17.52%	-7.47%
2026-02-04	-14.06%	-8.40%
2026-03-27 → 2026-03-30	-13.53%	-8.49%

Days when NBIS had a big down day

Date (interval)	APLD	NBIS
2025-11-20	-7.45%	-10.97%
2026-02-27	-4.82%	-13.05%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Full Comparison of Applied Digital vs. Nebius Group (1-Year)

Metric	APLD	NBIS
Total Return	+673.4%	+541.7%
Annualized Volatility	119.6%	101.7%
Sharpe Ratio	2.25	2.29
Sortino Ratio	4.58	4.48
Calmar Ratio	13.58	12.08
Sterling Ratio	24.39	24.02
Treynor Ratio	0.81	0.73
Ulcer Index	21.85%	19.66%
Max Drawdown	-50.3%	-45.5%
Avg Correlation to S&P 500	0.31	0.35
5% VaR (daily log return)	-9.57%	-8.24%
5% Expected Shortfall (CVaR)	-12.14%	-9.93%
Skew	1.19	1.31
Excess kurtosis	4.29	6.60
2σ tail days (down / up)	4 / 8	2 / 9

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-04-25 → 2026-04-23 (last shared close).
Rolling correlation sample (shared closes): 220 rolling 30-day values (from 249 shared daily returns).
Annualization (days/year): APLD: 252 days/year; NBIS: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

APLD: 4.17% over 2025-04-25 → 2026-04-23.

NBIS: 4.17% over 2025-04-25 → 2026-04-23.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

APLD: ≈ -71.5%/yr

NBIS: ≈ -51.7%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

Applied Digital vs Nebius Group: Frequently Asked Questions

Which has higher volatility: APLD or NBIS?

APLD showed higher volatility at 119.6% annualized, compared to 101.7% for NBIS Over the past year. Higher volatility means larger price swings in both directions.

Does APLD provide diversification when held with NBIS?

APLD and NBIS are moderately correlated over the past year, with an average correlation of 0.50. This offers some diversification benefit, though they still tend to move together during major market moves.

How bad are the worst 5% days for APLD vs NBIS?

Over the past year, APLD's 5% VaR was -9.57% and its 5% Expected Shortfall was -12.14% (worst 13 days). NBIS's were -8.24% and -9.93% (worst 13 days).

Do APLD and NBIS crash together on bad days?

On shared dates (n=249), when NBIS has a 2σ down day, APLD also does 0.0% (0/2 days). In the other direction, when APLD has one, NBIS also does 0.0% (0/4 days).

Which has better risk-adjusted returns: APLD or NBIS?

NBIS showed better risk-adjusted performance with a Sharpe ratio of 2.29 versus APLD's 2.25 Over the past year.

Can APLD and NBIS be combined in a portfolio?

Yes, though allocation sizing matters. Their moderate correlation offers some diversification benefits. APLD's higher volatility (119.6%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: APLD or NBIS?

Share This Comparison of APLD vs NBIS

Relative Performance of APLD vs NBIS (Normalized to 100)

Trade APLD or NBIS

Key Takeaways

Investment Comparison

Applied Digital vs Nebius Group Performance Over Time

Applied Digital vs Nebius Group Correlation

Drawdown

Applied Digital vs Nebius Group Volatility (APLD vs NBIS)

Risk-adjusted ratios

Sharpe Ratio of APLD and NBIS

Sharpe Ratio: APLD vs. NBIS

Sortino Ratio of APLD and NBIS

Sortino Ratio: APLD vs. NBIS

Calmar Ratio of APLD and NBIS

Calmar Ratio: APLD vs. NBIS

Sterling Ratio of APLD and NBIS

Sterling Ratio: APLD vs. NBIS

Treynor Ratio of APLD and NBIS

Treynor Ratio: APLD vs. NBIS

Ulcer Index of APLD and NBIS

Ulcer Index: APLD vs. NBIS

Tail Risk & Distribution Shape (1-Year): Applied Digital vs. Nebius Group

Tail Risk & Distribution Shape: APLD vs. NBIS (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: APLD vs. NBIS (2σ)

Days when both APLD and NBIS had a big down day (2σ)

Days when APLD had a big down day

Days when NBIS had a big down day

Full Comparison of Applied Digital vs. Nebius Group (1-Year)

Inputs & conventions

Formulas

Applied Digital vs Nebius Group: Frequently Asked Questions

Which has higher volatility: APLD or NBIS?

Does APLD provide diversification when held with NBIS?

How bad are the worst 5% days for APLD vs NBIS?

Do APLD and NBIS crash together on bad days?

Which has better risk-adjusted returns: APLD or NBIS?

Can APLD and NBIS be combined in a portfolio?