Aptos vs Sui (APT vs SUI) 2026: Crypto Returns, Risk & Volatility

Q: Which is a better investment: APT or SUI?

Over the past year, SUI looks like the better investment: it had higher total return (SUI -71.7% vs APT -82.8%) and a higher Sharpe ratio (SUI -0.96 vs APT -1.55). On risk, APT was less volatile (APT 90.1% vs SUI 92.0%), SUI had a smaller max drawdown (SUI -80.6% vs APT -86.9%), and SUI had less severe losses on the worst 5% of days (Expected Shortfall of SUI -10.45% vs APT -10.88%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: APT or SUI?

Over the past year, SUI outperformed APT. SUI returned -71.7% compared with APT’s -82.8%. SUI had the better risk-adjusted return, with a Sharpe ratio of -0.96 versus APT’s -1.55. APT was less volatile than SUI, but SUI had a smaller max drawdown than APT.

Total Return

APT -82.8%

SUI -71.7%

Sharpe Ratio

APT -1.55

SUI -0.96

Annualized Volatility

APT 90.1%

SUI 92.0%

Max Drawdown

APT -86.9%

SUI -80.6%

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

APT Total Return

↓ -82.8%

SUI Total Return

↓ -71.7%

Relative Performance of APT vs SUI (Normalized to 100)

APT SUI

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: APT delivered a -82.8% total return, while SUI returned -71.7% over the same period. SUI outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): Both Sharpe ratios were negative (SUI -0.96 vs APT -1.55), meaning both underperformed the risk-free rate; SUI was less negative.
Volatility (Annualized): SUI was more volatile, with 92.0% annualized volatility, versus 90.1% for APT.
Maximum Drawdown: SUI's maximum drawdown was -80.6%, while APT experienced a deeper drawdown of -86.9%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), APT's VaR was -7.07% and its Expected Shortfall (CVaR) was -10.88%; SUI's were -7.17% and -10.45%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: APT -0.29 vs SUI 0.02. Excess kurtosis: APT 4.65 vs SUI 3.54. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): APT 6/13, SUI 7/12. Worst day: APT -24.39% (2025-10-10) vs SUI -22.79% (2025-10-10). Best day: APT +20.90% (2026-02-25) vs SUI +20.83% (2025-12-02).
Risk ratios: Sortino - APT: -2.12 vs. SUI: -1.38 , Calmar - APT: -0.95 vs. SUI: -0.89 , Sterling - APT: -1.71 vs. SUI: -1.25 , Treynor - APT: -0.55 vs. SUI: -0.37 , Ulcer Index - APT: 55.81% vs. SUI: 51.29%

Investment Comparison

If you invested $10,000 in each asset on April 24, 2025:

APT $1,719.31 -82.8%

SUI $2,833.09 -71.7%

Difference: $1,113.78 (SUI ahead)

Aptos vs Sui Performance Over Time

Metric	APT	SUI
30 Days	-15.3%	-2.8%
90 Days	-39%	-36.5%
180 Days	-71.5%	-62.7%
1 Year	-82.8%	-71.7%

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

Aptos vs Sui Correlation

Average Correlation

moderately correlated

0.58

Current (30-day) 0.78

30-day rolling range -0.31 to +0.97

Aptos and Sui are moderately correlated over the past year. With a correlation of 0.58, 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)	0.78
Average (full period)	0.58
Minimum (30-day rolling)	-0.31
Maximum (30-day rolling)	0.97

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

APT

-86.9%

SUI

-80.6%

Aptos experienced its maximum drawdown of -86.9% from 2025-05-13 to 2026-02-23. It has not yet recovered to its previous peak.

Sui experienced its maximum drawdown of -80.6% from 2025-07-27 to 2026-03-28. It has not yet recovered to its previous peak.

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

Aptos vs Sui Volatility (APT vs SUI)

APT Volatility

90.1%

±4.72% 1-day vol

SUI Volatility

92.0%

±4.82% 1-day vol

1-day volatility (1σ)

APT

±4.72%

SUI

±4.82%

Aptos's 90.1% annualized volatility translates to about ±4.72% one-standard-deviation daily volatility.

Sui's 92.0% annualized volatility translates to about ±4.82% one-standard-deviation daily volatility.

SUI had the wider volatility profile over this window. That means its day-to-day return distribution was broader; APT 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 APT and SUI

Sharpe Ratio: APT vs. SUI

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. Both Sharpe ratios were negative (SUI -0.96 vs APT -1.55), meaning both underperformed the risk-free rate; SUI was less negative.

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 APT and SUI

Sortino Ratio: APT vs. SUI

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). SUI 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: APT 65.7% vs SUI 64.1%. 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 APT and SUI

Calmar Ratio: APT vs. SUI

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. SUI 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 APT and SUI

Sterling Ratio: APT vs. SUI

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%). SUI 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 APT and SUI

Treynor Ratio: APT vs. SUI

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. SUI 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 APT and SUI

Ulcer Index: APT vs. SUI

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. SUI 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): Aptos vs. Sui

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: APT vs. SUI (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)	APT	SUI
5% VaR (daily log return)	-7.07%	-7.17%
5% Expected Shortfall (CVaR)	-10.88% (worst 19 days)	-10.45% (worst 19 days)
Skew	-0.29	0.02
Excess kurtosis	4.65	3.54
2σ tail days (down / up)	6 / 13	7 / 12
Worst day	-24.39% (2025-10-10)	-22.79% (2025-10-10)
Best day	+20.90% (2026-02-25)	+20.83% (2025-12-02)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=364). 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: APT vs. SUI (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 APT and SUI 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 APT and SUI had a big down day (2σ)

Date (interval)	APT	SUI
2025-10-10	-24.39%	-22.79%
2025-11-03	-17.84%	-12.19%

Days when APT had a big down day

Date (interval)	APT	SUI
2025-07-23	-12.10%	-6.92%
2025-10-10	-24.39%	-22.79%
2025-11-03	-17.84%	-12.19%
2025-11-21	-12.91%	-7.13%
2026-01-31	-12.27%	-1.27%
2026-02-05	-15.25%	+13.69%

Days when SUI had a big down day

Date (interval)	APT	SUI
2025-07-28	-5.18%	-9.97%
2025-10-10	-24.39%	-22.79%
2025-11-03	-17.84%	-12.19%
2025-12-01	-5.77%	-10.56%
2026-01-18	-6.15%	-12.24%
2026-01-30	-2.84%	-11.86%
2026-02-04	-1.79%	-16.35%

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 Aptos vs. Sui (1-Year)

Metric	APT	SUI
Total Return	-82.8%	-71.7%
Annualized Volatility	90.1%	92.0%
Sharpe Ratio	-1.55	-0.96
Sortino Ratio	-2.12	-1.38
Calmar Ratio	-0.95	-0.89
Sterling Ratio	-1.71	-1.25
Treynor Ratio	-0.55	-0.37
Ulcer Index	55.81%	51.29%
Max Drawdown	-86.9%	-80.6%
Avg Correlation to S&P 500	0.41	0.42
5% VaR (daily log return)	-7.07%	-7.17%
5% Expected Shortfall (CVaR)	-10.88%	-10.45%
Skew	-0.29	0.02
Excess kurtosis	4.65	3.54
2σ tail days (down / up)	6 / 13	7 / 12

Audit this calculation

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

Inputs & conventions

Shared window for pair metrics: 2025-04-24 → 2026-04-23 (last shared close).
Rolling correlation sample (shared closes): 335 rolling 30-day values (from 364 shared daily returns).
Annualization (days/year): APT: 365 days/year; SUI: 365 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

APT: 4.17% over 2025-04-24 → 2026-04-23.

SUI: 4.17% over 2025-04-24 → 2026-04-23.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

APT: ≈ -40.6%/yr

SUI: ≈ -42.3%/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.

Aptos vs Sui: Frequently Asked Questions

Which has higher volatility: APT or SUI?

SUI showed higher volatility at 92.0% annualized, compared to 90.1% for APT Over the past year. Higher volatility means larger price swings in both directions.

Does APT provide diversification when held with SUI?

APT and SUI are moderately correlated over the past year, with an average correlation of 0.58. This offers some diversification benefit, though they still tend to move together during major market moves.

How bad are the worst 5% days for APT vs SUI?

Over the past year, APT's 5% VaR was -7.07% and its 5% Expected Shortfall was -10.88% (worst 19 days). SUI's were -7.17% and -10.45% (worst 19 days).

Do APT and SUI crash together on bad days?

On shared dates (n=364), when SUI has a 2σ down day, APT also does 28.6% (2/7 days). In the other direction, when APT has one, SUI also does 33.3% (2/6 days).

Which has better risk-adjusted returns: APT or SUI?

Both assets posted negative Sharpe ratios Over the past year (SUI -0.96 vs APT -1.55), meaning both underperformed the risk-free rate; SUI was less negative.

Can APT and SUI be combined in a portfolio?

Yes, though allocation sizing matters. Their moderate correlation offers some diversification benefits. SUI's higher volatility (92.0%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: APT or SUI?

Share This Comparison of APT vs SUI

Relative Performance of APT vs SUI (Normalized to 100)

Trade APT or SUI

Key Takeaways

Investment Comparison

Aptos vs Sui Performance Over Time

Aptos vs Sui Correlation

Drawdown

Aptos vs Sui Volatility (APT vs SUI)

Risk-adjusted ratios

Sharpe Ratio of APT and SUI

Sharpe Ratio: APT vs. SUI

Sortino Ratio of APT and SUI

Sortino Ratio: APT vs. SUI

Calmar Ratio of APT and SUI

Calmar Ratio: APT vs. SUI

Sterling Ratio of APT and SUI

Sterling Ratio: APT vs. SUI

Treynor Ratio of APT and SUI

Treynor Ratio: APT vs. SUI

Ulcer Index of APT and SUI

Ulcer Index: APT vs. SUI

Tail Risk & Distribution Shape (1-Year): Aptos vs. Sui

Tail Risk & Distribution Shape: APT vs. SUI (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: APT vs. SUI (2σ)

Days when both APT and SUI had a big down day (2σ)

Days when APT had a big down day

Days when SUI had a big down day

Full Comparison of Aptos vs. Sui (1-Year)

Inputs & conventions

Formulas

Aptos vs Sui: Frequently Asked Questions

Which has higher volatility: APT or SUI?

Does APT provide diversification when held with SUI?

How bad are the worst 5% days for APT vs SUI?

Do APT and SUI crash together on bad days?

Which has better risk-adjusted returns: APT or SUI?

Can APT and SUI be combined in a portfolio?