Infosys vs Ethereum (INFY vs ETH) 2026: Returns, Risk & Volatility

Q: Which is a better investment: INFY or ETH?

Over the past year, it depends: INFY led on total return (INFY -26.9% vs ETH -43.4%), but ETH had the higher Sharpe ratio (ETH -0.65 vs INFY -0.97). On risk, INFY was less volatile (INFY 31.8% vs ETH 64.4%), INFY had a smaller max drawdown (INFY -43.8% vs ETH -66.7%), and INFY had less severe losses on the worst 5% of days (Expected Shortfall of INFY -4.85% vs ETH -9.37%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Returns shown in USD.

Quick answer

Which is a better investment: INFY or ETH?

Over the past year, INFY outperformed ETH. INFY returned -26.9% compared with ETH’s -43.4%. ETH had the better risk-adjusted return, with a Sharpe ratio of -0.65 versus INFY’s -0.97. INFY was less volatile than ETH, and INFY had a smaller max drawdown than ETH.

Total Return

INFY -26.9%

ETH -43.4%

Sharpe Ratio

INFY -0.97

ETH -0.65

Annualized Volatility

INFY 31.8%

ETH 64.4%

Max Drawdown

INFY -43.8%

ETH -66.7%

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

INFY Total Return

↓ -26.9%

ETH Total Return

↓ -43.4%

Relative Performance of INFY vs ETH (Normalized to 100)

INFY ETH

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: INFY delivered a -26.9% total return, while ETH returned -43.4% over the same period. INFY outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): Both Sharpe ratios were negative (ETH -0.65 vs INFY -0.97), meaning both underperformed the risk-free rate; ETH was less negative.
Volatility (Annualized): ETH was more volatile, with 64.4% annualized volatility, versus 31.8% for INFY.
Maximum Drawdown: INFY's maximum drawdown was -43.8%, while ETH experienced a deeper drawdown of -66.7%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), INFY's VaR was -3.19% and its Expected Shortfall (CVaR) was -4.85%; ETH's were -6.38% and -9.37%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: INFY -0.17 vs ETH 0.07. Excess kurtosis: INFY 1.91 vs ETH 2.60. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): INFY 7/10, ETH 6/7. Worst day: INFY -7.44% (2026-02-04) vs ETH -14.91% (2026-02-05). Best day: INFY +5.52% (2026-01-16) vs ETH +17.34% (2026-08-19).
Risk ratios: Sortino - INFY: -1.34 vs. ETH: -0.93 , Calmar - INFY: -0.62 vs. ETH: -0.66 , Sterling - INFY: -0.71 vs. ETH: -0.71 , Treynor - INFY: -3.59 vs. ETH: -0.18 , Ulcer Index - INFY: 24.65% vs. ETH: 46.92%

Investment Comparison

If you invested $10,000 in each asset on September 1, 2025:

INFY $7,309.33 -26.9%

ETH $5,659.31 -43.4%

Difference: $1,650.02 (INFY ahead)

Infosys vs Ethereum Performance Over Time

Metric	INFY	ETH
30 Days	-0.9%	28%
90 Days	1.3%	21.3%
180 Days	-14.3%	26.4%
1 Year	-26.9%	-43.4%

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

Infosys vs Ethereum Correlation

Average Correlation

weakly correlated

0.04

Current (30-day) -0.06

30-day rolling range -0.32 to +0.26

Infosys and Ethereum are weakly correlated over the past year. With a correlation of 0.04, these assets show meaningful independence, offering diversification benefits when held together.

For portfolio construction, this weak correlation suggests that combining INFY and ETH could reduce overall portfolio variance. However, correlations can increase during market stress.

Metric	Value
Current (30-day)	-0.06
Average (full period)	0.04
Minimum (30-day rolling)	-0.32
Maximum (30-day rolling)	0.26

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

INFY

-43.8%

ETH

-66.7%

Infosys experienced its maximum drawdown of -43.8% from 2025-12-22 to 2026-07-01. It has not yet recovered to its previous peak.

Ethereum experienced its maximum drawdown of -66.7% from 2025-09-12 to 2026-06-25. It has not yet recovered to its previous peak.

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

Infosys vs Ethereum Volatility (INFY vs ETH)

INFY Volatility

31.8%

±2% 1-day vol

ETH Volatility

64.4%

±4.06% 1-day vol

1-day volatility (1σ)

INFY

±2%

ETH

±4.06%

Infosys's 31.8% annualized volatility translates to about ±2% one-standard-deviation daily volatility.

Ethereum's 64.4% annualized volatility translates to about ±4.06% one-standard-deviation daily volatility.

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

Sharpe Ratio: INFY vs. ETH

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 (ETH -0.65 vs INFY -0.97), meaning both underperformed the risk-free rate; ETH 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 INFY and ETH

Sortino Ratio: INFY vs. ETH

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). ETH 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: INFY 23.2% vs ETH 44.9%. 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 INFY and ETH

Calmar Ratio: INFY vs. ETH

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. INFY 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 INFY and ETH

Sterling Ratio: INFY vs. ETH

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%). Both assets showed similar Sterling ratios.

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

Treynor Ratio of INFY and ETH

Treynor Ratio: INFY vs. ETH

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. ETH 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 INFY and ETH

Ulcer Index: INFY vs. ETH

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. INFY 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): Infosys vs. Ethereum

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: INFY vs. ETH (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)	INFY	ETH
5% VaR (daily log return)	-3.19%	-6.38%
5% Expected Shortfall (CVaR)	-4.85% (worst 13 days)	-9.37% (worst 13 days)
Skew	-0.17	0.07
Excess kurtosis	1.91	2.60
2σ tail days (down / up)	7 / 10	6 / 7
Worst day	-7.44% (2026-02-04)	-14.91% (2026-02-05)
Best day	+5.52% (2026-01-16)	+17.34% (2026-08-19)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=245). 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: INFY vs. ETH (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 INFY and ETH 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 INFY and ETH had a big down day (2σ)

None in this window.

Days when INFY had a big down day

Date (interval)	INFY	ETH
2026-02-04	-7.44%	-3.73%
2026-02-12	-5.99%	+0.16%
2026-02-24	-4.23%	-0.38%
2026-03-19	-4.54%	-2.89%
2026-04-24	-7.24%	-0.66%
2026-05-12	-4.10%	-2.69%
2026-06-19	-6.24%	-0.07%

Days when ETH had a big down day

Date (interval)	INFY	ETH
2025-10-10	+0.27%	-12.06%
2025-11-04	-1.13%	-8.75%
2026-01-30 → 2026-02-02	-0.60%	-13.30%
2026-02-05	-0.69%	-14.91%
2026-03-25 → 2026-03-27	-0.75%	-8.33%
2026-06-05	+0.07%	-10.55%

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 Infosys vs. Ethereum (1-Year)

Metric	INFY	ETH
Total Return	-26.9%	-43.4%
Annualized Volatility	31.8%	64.4%
Sharpe Ratio	-0.97	-0.65
Sortino Ratio	-1.34	-0.93
Calmar Ratio	-0.62	-0.66
Sterling Ratio	-0.71	-0.71
Treynor Ratio	-3.59	-0.18
Ulcer Index	24.65%	46.92%
Max Drawdown	-43.8%	-66.7%
Avg Correlation to S&P 500	0.10	0.53
5% VaR (daily log return)	-3.19%	-6.38%
5% Expected Shortfall (CVaR)	-4.85%	-9.37%
Skew	-0.17	0.07
Excess kurtosis	1.91	2.60
2σ tail days (down / up)	7 / 10	6 / 7

Audit this calculation

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

Inputs & conventions

Shared window for pair metrics: 2025-09-01 → 2026-08-28 (last shared close).
Rolling correlation sample (shared closes): 216 rolling 30-day values (from 245 shared daily returns).
Annualization (days/year): INFY: 252 days/year; ETH: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

INFY: 3.81% over 2025-09-01 → 2026-08-28.

ETH: 3.81% over 2025-09-01 → 2026-08-28.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

INFY: ≈ -5.1%/yr

ETH: ≈ -20.7%/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.

Infosys vs Ethereum: Frequently Asked Questions

Which has higher volatility: INFY or ETH?

ETH showed higher volatility at 64.4% annualized, compared to 31.8% for INFY Over the past year. Higher volatility means larger price swings in both directions.

Does INFY provide diversification when held with ETH?

INFY and ETH are weakly correlated over the past year, with an average correlation of 0.04. This weak correlation suggests meaningful diversification benefits when held together.

How bad are the worst 5% days for INFY vs ETH?

Over the past year, INFY's 5% VaR was -3.19% and its 5% Expected Shortfall was -4.85% (worst 13 days). ETH's were -6.38% and -9.37% (worst 13 days).

Do INFY and ETH crash together on bad days?

On shared dates (n=245), when ETH has a 2σ down day, INFY also does 0.0% (0/6 days). In the other direction, when INFY has one, ETH also does 0.0% (0/7 days).

Which has better risk-adjusted returns: INFY or ETH?

Both assets posted negative Sharpe ratios Over the past year (ETH -0.65 vs INFY -0.97), meaning both underperformed the risk-free rate; ETH was less negative.

Can INFY and ETH be combined in a portfolio?

Yes, though allocation sizing matters. Their weak correlation could meaningfully reduce overall portfolio variance. ETH's higher volatility (64.4%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: INFY or ETH?

Share This Comparison of INFY vs ETH

Relative Performance of INFY vs ETH (Normalized to 100)

Trade INFY or ETH

Key Takeaways

Investment Comparison

Infosys vs Ethereum Performance Over Time

Infosys vs Ethereum Correlation

Drawdown

Infosys vs Ethereum Volatility (INFY vs ETH)

Risk-adjusted ratios

Sharpe Ratio of INFY and ETH

Sharpe Ratio: INFY vs. ETH

Sortino Ratio of INFY and ETH

Sortino Ratio: INFY vs. ETH

Calmar Ratio of INFY and ETH

Calmar Ratio: INFY vs. ETH

Sterling Ratio of INFY and ETH

Sterling Ratio: INFY vs. ETH

Treynor Ratio of INFY and ETH

Treynor Ratio: INFY vs. ETH

Ulcer Index of INFY and ETH

Ulcer Index: INFY vs. ETH

Tail Risk & Distribution Shape (1-Year): Infosys vs. Ethereum

Tail Risk & Distribution Shape: INFY vs. ETH (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: INFY vs. ETH (2σ)

Days when both INFY and ETH had a big down day (2σ)

Days when INFY had a big down day

Days when ETH had a big down day

Full Comparison of Infosys vs. Ethereum (1-Year)

Inputs & conventions

Formulas

Infosys vs Ethereum: Frequently Asked Questions

Which has higher volatility: INFY or ETH?

Does INFY provide diversification when held with ETH?

How bad are the worst 5% days for INFY vs ETH?

Do INFY and ETH crash together on bad days?

Which has better risk-adjusted returns: INFY or ETH?

Can INFY and ETH be combined in a portfolio?