Micron Technology vs AMD (MU vs AMD) 2026: Stock Returns, Risk & Volatility

Q: Which is a better investment: MU or AMD?

Over the past year, MU looks like the better investment: it had higher total return (MU +505.0% vs AMD +215.9%) and a higher Sharpe ratio (MU 3.32 vs AMD 2.21). On risk, AMD was less volatile (AMD 58.3% vs MU 59.0%), AMD had a smaller max drawdown (AMD -27.8% vs MU -30.3%), and AMD had less severe losses on the worst 5% of days (Expected Shortfall of AMD -7.30% vs MU -7.31%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: MU or AMD?

Over the past year, MU outperformed AMD. MU returned +505.0% compared with AMD’s +215.9%. MU had the better risk-adjusted return, with a Sharpe ratio of 3.32 versus AMD’s 2.21. AMD was less volatile than MU, and AMD had a smaller max drawdown than MU.

Total Return

MU +505.0%

AMD +215.9%

Sharpe Ratio

MU 3.32

AMD 2.21

Annualized Volatility

MU 59.0%

AMD 58.3%

Max Drawdown

MU -30.3%

AMD -27.8%

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

MU Total Return

↑ +505.0%

AMD Total Return

↑ +215.9%

Relative Performance of MU vs AMD (Normalized to 100)

MU AMD

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: MU delivered a +505.0% total return, while AMD returned +215.9% over the same period. MU outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): MU had a higher Sharpe (3.32 vs 2.21), indicating better risk-adjusted performance.
Volatility (Annualized): MU was more volatile, with 59.0% annualized volatility, versus 58.3% for AMD.
Maximum Drawdown: AMD's maximum drawdown was -27.8%, while MU experienced a deeper drawdown of -30.3%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), MU's VaR was -4.93% and its Expected Shortfall (CVaR) was -7.31%; AMD's were -4.31% and -7.30%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: MU -0.06 vs AMD 0.29. Excess kurtosis: MU 0.50 vs AMD 6.92. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): MU 8/9, AMD 6/7. Worst day: MU -10.87% (2025-11-20) vs AMD -17.31% (2026-02-04). Best day: MU +10.51% (2026-01-02) vs AMD +23.71% (2025-10-06).
Risk ratios: Sortino - MU: 5.74 vs. AMD: 3.78 , Calmar - MU: 16.89 vs. AMD: 7.86 , Sterling - MU: 25.73 vs. AMD: 9.34 , Treynor - MU: 0.80 vs. AMD: 0.58 , Ulcer Index - MU: 7.52% vs. AMD: 13.39%

Investment Comparison

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

MU $60,499.58 +505.0%

AMD $31,592.94 +215.9%

Difference: $28,906.64 (MU ahead)

Micron Technology vs AMD Performance Over Time

Metric	MU	AMD
30 Days	21.8%	48.7%
90 Days	20.5%	17.6%
180 Days	120%	20.7%
1 Year	505%	215.9%

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

Micron Technology vs AMD Correlation

Average Correlation

moderately correlated

0.45

Current (30-day) 0.48

30-day rolling range -0.06 to +0.79

Micron Technology and AMD are moderately correlated over the past year. With a correlation of 0.45, 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)	0.48
Average (full period)	0.45
Minimum (30-day rolling)	-0.06
Maximum (30-day rolling)	0.79

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

-30.3%

AMD

-27.8%

Micron Technology experienced its maximum drawdown of -30.3% from 2026-03-18 to 2026-03-30. It took 15 days to recover.

AMD experienced its maximum drawdown of -27.8% from 2025-10-29 to 2026-03-03. It took 44 days to recover.

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

Micron Technology vs AMD Volatility (MU vs AMD)

MU Volatility

59.0%

±3.72% 1-day vol

AMD Volatility

58.3%

±3.67% 1-day vol

1-day volatility (1σ)

±3.72%

AMD

±3.67%

Micron Technology's 59.0% annualized volatility translates to about ±3.72% one-standard-deviation daily volatility.

AMD's 58.3% annualized volatility translates to about ±3.67% one-standard-deviation daily volatility.

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

Sharpe Ratio: MU vs. AMD

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. MU had a higher Sharpe (3.32 vs 2.21), 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 MU and AMD

Sortino Ratio: MU vs. AMD

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). MU 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: MU 34.1% vs AMD 34.2%. 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 MU and AMD

Calmar Ratio: MU vs. AMD

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. MU 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 MU and AMD

Sterling Ratio: MU vs. AMD

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%). MU 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 MU and AMD

Treynor Ratio: MU vs. AMD

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. MU 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 MU and AMD

Ulcer Index: MU vs. AMD

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. MU 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): Micron Technology vs. AMD

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: MU vs. AMD (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)	MU	AMD
5% VaR (daily log return)	-4.93%	-4.31%
5% Expected Shortfall (CVaR)	-7.31% (worst 13 days)	-7.30% (worst 13 days)
Skew	-0.06	0.29
Excess kurtosis	0.50	6.92
2σ tail days (down / up)	8 / 9	6 / 7
Worst day	-10.87% (2025-11-20)	-17.31% (2026-02-04)
Best day	+10.51% (2026-01-02)	+23.71% (2025-10-06)

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: MU vs. AMD (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 MU and AMD 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 MU and AMD had a big down day (2σ)

Date (interval)	MU	AMD
2025-11-20	-10.87%	-7.84%
2026-02-04	-9.55%	-17.31%
2026-03-26	-6.97%	-7.49%

Days when MU had a big down day

Date (interval)	MU	AMD
2025-11-04	-7.10%	-3.70%
2025-11-20	-10.87%	-7.84%
2025-12-12	-6.70%	-4.81%
2026-02-04	-9.55%	-17.31%
2026-03-03	-7.99%	-3.86%
2026-03-06	-6.74%	-3.52%
2026-03-26	-6.97%	-7.49%
2026-03-27 → 2026-03-30	-9.87%	-2.95%

Days when AMD had a big down day

Date (interval)	MU	AMD
2025-09-05	+5.76%	-6.58%
2025-10-10	-5.58%	-7.72%
2025-11-06	+0.35%	-7.27%
2025-11-20	-10.87%	-7.84%
2026-02-04	-9.55%	-17.31%
2026-03-26	-6.97%	-7.49%

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 Micron Technology vs. AMD (1-Year)

Metric	MU	AMD
Total Return	+505.0%	+215.9%
Annualized Volatility	59.0%	58.3%
Sharpe Ratio	3.32	2.21
Sortino Ratio	5.74	3.78
Calmar Ratio	16.89	7.86
Sterling Ratio	25.73	9.34
Treynor Ratio	0.80	0.58
Ulcer Index	7.52%	13.39%
Max Drawdown	-30.3%	-27.8%
Avg Correlation to S&P 500	0.52	0.46
5% VaR (daily log return)	-4.93%	-4.31%
5% Expected Shortfall (CVaR)	-7.31%	-7.30%
Skew	-0.06	0.29
Excess kurtosis	0.50	6.92
2σ tail days (down / up)	8 / 9	6 / 7

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): MU: 252 days/year; AMD: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

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

AMD: 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.

MU: ≈ -17.4%/yr

AMD: ≈ -17.0%/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.

Micron Technology vs AMD: Frequently Asked Questions

Which has higher volatility: MU or AMD?

MU showed higher volatility at 59.0% annualized, compared to 58.3% for AMD Over the past year. Higher volatility means larger price swings in both directions.

Does MU provide diversification when held with AMD?

MU and AMD are moderately correlated over the past year, with an average correlation of 0.45. This offers some diversification benefit, though they still tend to move together during major market moves.

How bad are the worst 5% days for MU vs AMD?

Over the past year, MU's 5% VaR was -4.93% and its 5% Expected Shortfall was -7.31% (worst 13 days). AMD's were -4.31% and -7.30% (worst 13 days).

Do MU and AMD crash together on bad days?

On shared dates (n=249), when AMD has a 2σ down day, MU also does 50.0% (3/6 days). In the other direction, when MU has one, AMD also does 37.5% (3/8 days).

Which has better risk-adjusted returns: MU or AMD?

MU showed better risk-adjusted performance with a Sharpe ratio of 3.32 versus AMD's 2.21 Over the past year.

Can MU and AMD be combined in a portfolio?

Yes, though allocation sizing matters. Their moderate correlation offers some diversification benefits. MU's higher volatility (59.0%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: MU or AMD?

Share This Comparison of MU vs AMD

Relative Performance of MU vs AMD (Normalized to 100)

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Key Takeaways

Investment Comparison

Micron Technology vs AMD Performance Over Time

Micron Technology vs AMD Correlation

Drawdown

Micron Technology vs AMD Volatility (MU vs AMD)

Risk-adjusted ratios

Sharpe Ratio of MU and AMD

Sharpe Ratio: MU vs. AMD

Sortino Ratio of MU and AMD

Sortino Ratio: MU vs. AMD

Calmar Ratio of MU and AMD

Calmar Ratio: MU vs. AMD

Sterling Ratio of MU and AMD

Sterling Ratio: MU vs. AMD

Treynor Ratio of MU and AMD

Treynor Ratio: MU vs. AMD

Ulcer Index of MU and AMD

Ulcer Index: MU vs. AMD

Tail Risk & Distribution Shape (1-Year): Micron Technology vs. AMD

Tail Risk & Distribution Shape: MU vs. AMD (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: MU vs. AMD (2σ)

Days when both MU and AMD had a big down day (2σ)

Days when MU had a big down day

Days when AMD had a big down day

Full Comparison of Micron Technology vs. AMD (1-Year)

Inputs & conventions

Formulas

Micron Technology vs AMD: Frequently Asked Questions

Which has higher volatility: MU or AMD?

Does MU provide diversification when held with AMD?

How bad are the worst 5% days for MU vs AMD?

Do MU and AMD crash together on bad days?

Which has better risk-adjusted returns: MU or AMD?

Can MU and AMD be combined in a portfolio?