Credo vs Coherent Corp. (CRDO vs COHR) 2026: Stock Returns, Risk & Volatility

Q: Which is a better investment: CRDO or COHR?

Over the past year, COHR looks like the better investment: it had higher total return (COHR +423.6% vs CRDO +324.8%) and a higher Sharpe ratio (COHR 2.76 vs CRDO 2.15). On risk, COHR was less volatile (COHR 67.7% vs CRDO 81.8%), COHR had a smaller max drawdown (COHR -26.5% vs CRDO -53.6%), and COHR had less severe losses on the worst 5% of days (Expected Shortfall of COHR -10.01% vs CRDO -10.58%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: CRDO or COHR?

Over the past year, COHR outperformed CRDO. COHR returned +423.6% compared with CRDO’s +324.8%. COHR had the better risk-adjusted return, with a Sharpe ratio of 2.76 versus CRDO’s 2.15. COHR was less volatile than CRDO, and COHR had a smaller max drawdown than CRDO.

Total Return

CRDO +324.8%

COHR +423.6%

Sharpe Ratio

CRDO 2.15

COHR 2.76

Annualized Volatility

CRDO 81.8%

COHR 67.7%

Max Drawdown

CRDO -53.6%

COHR -26.5%

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

CRDO Total Return

↑ +324.8%

COHR Total Return

↑ +423.6%

Relative Performance of CRDO vs COHR (Normalized to 100)

CRDO COHR

Normalized to 100 at start date for comparison

Trade CRDO or COHR

Access these assets on trusted platforms.

Hyperliquid

Trade perpetual futures exposure where supportedCRDOCOHRTrade on Hyperliquid

Binance

Trade futures exposure on a global exchange where supportedCRDOCOHRTrade on Binance

Affiliate disclosure

Key Takeaways

Total Return: CRDO delivered a +324.8% total return, while COHR returned +423.6% over the same period. COHR outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): COHR had a higher Sharpe (2.76 vs 2.15), indicating better risk-adjusted performance.
Volatility (Annualized): CRDO was more volatile, with 81.8% annualized volatility, versus 67.7% for COHR.
Maximum Drawdown: COHR's maximum drawdown was -26.5%, while CRDO experienced a deeper drawdown of -53.6%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), CRDO's VaR was -7.50% and its Expected Shortfall (CVaR) was -10.58%; COHR's were -6.25% and -10.01%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: CRDO -0.06 vs COHR -0.57. Excess kurtosis: CRDO 0.64 vs COHR 3.75. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): CRDO 6/7, COHR 10/4. Worst day: CRDO -14.81% (2026-03-03) vs COHR -19.61% (2025-08-14). Best day: CRDO +18.73% (2026-04-14) vs COHR +18.32% (2025-11-06).
Risk ratios: Sortino - CRDO: 3.47 vs. COHR: 4.32 , Calmar - CRDO: 6.13 vs. COHR: 16.18 , Sterling - CRDO: 12.20 vs. COHR: 23.93 , Treynor - CRDO: 0.58 vs. COHR: 0.68 , Ulcer Index - CRDO: 22.02% vs. COHR: 9.18%

Investment Comparison

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

CRDO $42,477.11 +324.8%

COHR $52,361.61 +423.6%

Difference: $9,884.5 (COHR ahead)

Credo vs Coherent Corp. Performance Over Time

Metric	CRDO	COHR
30 Days	85%	24%
90 Days	39.3%	71.5%
180 Days	19.3%	161.1%
1 Year	324.8%	423.6%

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

Credo vs Coherent Corp. Correlation

Average Correlation

moderately correlated

0.45

Current (30-day) 0.39

30-day rolling range -0.02 to +0.74

Credo and Coherent Corp. 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)	0.39
Average (full period)	0.45
Minimum (30-day rolling)	-0.02
Maximum (30-day rolling)	0.74

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

CRDO

-53.6%

COHR

-26.5%

Credo experienced its maximum drawdown of -53.6% from 2025-12-03 to 2026-03-30. It took 23 days to recover.

Coherent Corp. experienced its maximum drawdown of -26.5% from 2026-03-02 to 2026-03-30. It took 11 days to recover.

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

Credo vs Coherent Corp. Volatility (CRDO vs COHR)

CRDO Volatility

81.8%

±5.15% 1-day vol

COHR Volatility

67.7%

±4.27% 1-day vol

1-day volatility (1σ)

CRDO

±5.15%

COHR

±4.27%

Credo's 81.8% annualized volatility translates to about ±5.15% one-standard-deviation daily volatility.

Coherent Corp.'s 67.7% annualized volatility translates to about ±4.27% one-standard-deviation daily volatility.

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

Sharpe Ratio: CRDO vs. COHR

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. COHR had a higher Sharpe (2.76 vs 2.15), 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 CRDO and COHR

Sortino Ratio: CRDO vs. COHR

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). COHR 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: CRDO 50.6% vs COHR 43.3%. 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 CRDO and COHR

Calmar Ratio: CRDO vs. COHR

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. COHR 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 CRDO and COHR

Sterling Ratio: CRDO vs. COHR

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%). COHR 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 CRDO and COHR

Treynor Ratio: CRDO vs. COHR

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. COHR 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 CRDO and COHR

Ulcer Index: CRDO vs. COHR

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. COHR 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): Credo vs. Coherent Corp.

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: CRDO vs. COHR (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)	CRDO	COHR
5% VaR (daily log return)	-7.50%	-6.25%
5% Expected Shortfall (CVaR)	-10.58% (worst 13 days)	-10.01% (worst 13 days)
Skew	-0.06	-0.57
Excess kurtosis	0.64	3.75
2σ tail days (down / up)	6 / 7	10 / 4
Worst day	-14.81% (2026-03-03)	-19.61% (2025-08-14)
Best day	+18.73% (2026-04-14)	+18.32% (2025-11-06)

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: CRDO vs. COHR (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 CRDO and COHR 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 CRDO and COHR had a big down day (2σ)

Date (interval)	CRDO	COHR
2025-11-13	-10.85%	-10.66%
2026-02-04	-12.90%	-7.93%

Days when CRDO had a big down day

Date (interval)	CRDO	COHR
2025-08-19	-10.48%	-3.02%
2025-10-14	-13.44%	-5.00%
2025-11-13	-10.85%	-10.66%
2026-02-04	-12.90%	-7.93%
2026-03-03	-14.81%	-6.06%
2026-03-17	-10.97%	-0.63%

Days when COHR had a big down day

Date (interval)	CRDO	COHR
2025-08-14	-3.14%	-19.61%
2025-10-10	-8.15%	-9.19%
2025-11-13	-10.85%	-10.66%
2025-12-12	-6.84%	-10.16%
2026-01-08	+0.42%	-9.64%
2026-02-04	-12.90%	-7.93%
2026-03-05	+11.90%	-7.64%
2026-03-20	-3.45%	-7.96%
2026-03-26	-7.19%	-10.57%
2026-03-27 → 2026-03-30	-7.80%	-9.79%

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 Credo vs. Coherent Corp. (1-Year)

Metric	CRDO	COHR
Total Return	+324.8%	+423.6%
Annualized Volatility	81.8%	67.7%
Sharpe Ratio	2.15	2.76
Sortino Ratio	3.47	4.32
Calmar Ratio	6.13	16.18
Sterling Ratio	12.20	23.93
Treynor Ratio	0.58	0.68
Ulcer Index	22.02%	9.18%
Max Drawdown	-53.6%	-26.5%
Avg Correlation to S&P 500	0.47	0.49
5% VaR (daily log return)	-7.50%	-6.25%
5% Expected Shortfall (CVaR)	-10.58%	-10.01%
Skew	-0.06	-0.57
Excess kurtosis	0.64	3.75
2σ tail days (down / up)	6 / 7	10 / 4

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

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

COHR: 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.

CRDO: ≈ -33.5%/yr

COHR: ≈ -22.9%/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.

Credo vs Coherent Corp.: Frequently Asked Questions

Which has higher volatility: CRDO or COHR?

CRDO showed higher volatility at 81.8% annualized, compared to 67.7% for COHR Over the past year. Higher volatility means larger price swings in both directions.

Does CRDO provide diversification when held with COHR?

CRDO and COHR 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 CRDO vs COHR?

Over the past year, CRDO's 5% VaR was -7.50% and its 5% Expected Shortfall was -10.58% (worst 13 days). COHR's were -6.25% and -10.01% (worst 13 days).

Do CRDO and COHR crash together on bad days?

On shared dates (n=249), when COHR has a 2σ down day, CRDO also does 20.0% (2/10 days). In the other direction, when CRDO has one, COHR also does 33.3% (2/6 days).

Which has better risk-adjusted returns: CRDO or COHR?

COHR showed better risk-adjusted performance with a Sharpe ratio of 2.76 versus CRDO's 2.15 Over the past year.

Can CRDO and COHR be combined in a portfolio?

Yes, though allocation sizing matters. Their moderate correlation offers some diversification benefits. CRDO's higher volatility (81.8%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: CRDO or COHR?

Share This Comparison of CRDO vs COHR

Relative Performance of CRDO vs COHR (Normalized to 100)

Trade CRDO or COHR

Key Takeaways

Investment Comparison

Credo vs Coherent Corp. Performance Over Time

Credo vs Coherent Corp. Correlation

Drawdown

Credo vs Coherent Corp. Volatility (CRDO vs COHR)

Risk-adjusted ratios

Sharpe Ratio of CRDO and COHR

Sharpe Ratio: CRDO vs. COHR

Sortino Ratio of CRDO and COHR

Sortino Ratio: CRDO vs. COHR

Calmar Ratio of CRDO and COHR

Calmar Ratio: CRDO vs. COHR

Sterling Ratio of CRDO and COHR

Sterling Ratio: CRDO vs. COHR

Treynor Ratio of CRDO and COHR

Treynor Ratio: CRDO vs. COHR

Ulcer Index of CRDO and COHR

Ulcer Index: CRDO vs. COHR

Tail Risk & Distribution Shape (1-Year): Credo vs. Coherent Corp.

Tail Risk & Distribution Shape: CRDO vs. COHR (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: CRDO vs. COHR (2σ)

Days when both CRDO and COHR had a big down day (2σ)

Days when CRDO had a big down day

Days when COHR had a big down day

Full Comparison of Credo vs. Coherent Corp. (1-Year)

Inputs & conventions

Formulas

Credo vs Coherent Corp.: Frequently Asked Questions

Which has higher volatility: CRDO or COHR?

Does CRDO provide diversification when held with COHR?

How bad are the worst 5% days for CRDO vs COHR?

Do CRDO and COHR crash together on bad days?

Which has better risk-adjusted returns: CRDO or COHR?

Can CRDO and COHR be combined in a portfolio?