IONQ vs RGTI: Stock Returns, Risk & Volatility (2026)

Q: Which is a better investment: IONQ or RGTI?

Over the past year, RGTI looks like the better investment: it had higher total return (RGTI +119.6% vs IONQ +34.8%) and a higher Sharpe ratio (RGTI 1.20 vs IONQ 0.74). On risk, IONQ was less volatile (IONQ 100.3% vs RGTI 116.1%), IONQ had a smaller max drawdown (IONQ -62.9% vs RGTI -73.4%), and IONQ had less severe losses on the worst 5% of days (Expected Shortfall of IONQ -10.90% vs RGTI -12.17%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: IONQ or RGTI?

Over the past year, RGTI outperformed (+34.8% vs +119.6%) with a Sharpe ratio of 1.20.

Total Return

IONQ +34.8%

RGTI WIN +119.6%

Sharpe Ratio

IONQ 0.74

RGTI WIN 1.20

Annualized Volatility

IONQ WIN 100.3%

RGTI 116.1%

Max Drawdown

IONQ WIN -62.9%

RGTI -73.4%

Analysis period: 2025-02-27 to 2026-02-25

IONQ Total Return

↑ +34.8%

RGTI Total Return

↑ +119.6%

Relative Performance of IONQ vs RGTI (Normalized to 100)

IONQ RGTI

Normalized to 100 at start date for comparison

Key Takeaways

Total Return: IONQ delivered a +34.8% total return, while RGTI returned +119.6% over the same period. RGTI outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): RGTI had a higher Sharpe (1.20 vs 0.74), indicating better risk-adjusted performance.
Volatility (Annualized): RGTI was more volatile, with 116.1% annualized volatility, versus 100.3% for IONQ.
Maximum Drawdown: IONQ's maximum drawdown was -62.9%, while RGTI experienced a deeper drawdown of -73.4%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), IONQ's VaR was -9.25% and its Expected Shortfall (CVaR) was -10.90%; RGTI's were -9.41% and -12.17%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: IONQ 0.82 vs RGTI 0.73. Excess kurtosis: IONQ 2.67 vs RGTI 1.35. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): IONQ 2/8, RGTI 4/9. Worst day: IONQ -14.37% (2025-11-20) vs RGTI -15.40% (2025-03-10). Best day: IONQ +36.52% (2025-05-22) vs RGTI +30.19% (2025-07-16).
Risk ratios: Sortino - IONQ: 1.25 vs. RGTI: 2.12 , Calmar - IONQ: 0.56 vs. RGTI: 1.64 , Sterling - IONQ: 1.21 vs. RGTI: 4.10 , Treynor - IONQ: 0.30 vs. RGTI: 0.57 , Ulcer Index - IONQ: 27.50% vs. RGTI: 35.08%

IonQ vs Rigetti Computing Correlation

0.79 Average Correlation

IonQ and Rigetti Computing are strongly correlated over the past year. With a correlation of 0.79, these assets tend to move together, limiting diversification benefits.

For portfolio construction, this strong correlation means holding both IONQ and RGTI provides limited risk reduction — they're likely to decline together in downturns.

Metric	Value
Current (30-day)	0.93
Average (full period)	0.79
Minimum	0.56
Maximum	0.95

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.

Investment Comparison

If you invested $10,000 in each asset on February 27, 2025:

IONQ $13,484.54 +34.8%

RGTI $21,955.17 +119.6%

Difference: $8,470.63 (RGTI ahead)

IonQ and Rigetti Computing: Risk Analysis

IonQ experienced its maximum drawdown of -62.9% from 2025-10-13 to 2026-02-05. It has not yet recovered to its previous peak.

Rigetti Computing experienced its maximum drawdown of -73.4% from 2025-10-15 to 2026-02-05. It has not yet recovered to its previous peak.

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

Sharpe Ratio of IONQ and RGTI

IONQ Sharpe Ratio

↑ 0.74

RGTI Sharpe Ratio

↑ 1.20

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. RGTI had a higher Sharpe (1.20 vs 0.74), 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 IONQ and RGTI

IONQ Sortino Ratio

↑ 1.25

RGTI Sortino Ratio

↑ 2.12

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). RGTI 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: IONQ 59.5% vs RGTI 65.7%. 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 IONQ and RGTI

IONQ Calmar Ratio

↑ 0.56

RGTI Calmar Ratio

↑ 1.64

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. RGTI 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 IONQ and RGTI

IONQ Sterling Ratio

↑ 1.21

RGTI Sterling Ratio

↑ 4.10

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). RGTI 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 IONQ and RGTI

IONQ Treynor Ratio

↑ 0.30

RGTI Treynor Ratio

↑ 0.57

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. RGTI 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 IONQ and RGTI

IONQ Ulcer Index

27.50%

RGTI Ulcer Index

35.08%

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. IONQ 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): IonQ vs. Rigetti Computing

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.

Metric (1-Year)	IONQ	RGTI
5% VaR (daily log return)	-9.25%	-9.41%
5% Expected Shortfall (CVaR)	-10.90% (worst 13 days)	-12.17% (worst 13 days)
Skew	0.82	0.73
Excess kurtosis	2.67	1.35
2σ tail days (down / up)	2 / 8	4 / 9
Worst day	-14.37% (2025-11-20)	-15.40% (2025-03-10)
Best day	+36.52% (2025-05-22)	+30.19% (2025-07-16)

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.

When RGTI has a big down day, IONQ also does

25.0%

1 / 4 days

When IONQ has a big down day, RGTI also does

50.0%

1 / 2 days

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 IONQ and RGTI had a big down day (2σ)

Date (interval)	IONQ	RGTI
2026-02-05	-13.89%	-12.89%

Days when IONQ had a big down day

Date (interval)	IONQ	RGTI
2025-11-20	-14.37%	-10.45%
2026-02-05	-13.89%	-12.89%

Days when RGTI had a big down day

Date (interval)	IONQ	RGTI
2025-03-07 → 2025-03-10	-11.09%	-15.40%
2025-05-13	+1.00%	-14.59%
2025-10-16	-9.42%	-14.86%
2026-02-05	-13.89%	-12.89%

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.

IonQ vs Rigetti Computing Volatility (IONQ vs RGTI)

IONQ Volatility

100.3%

±6.32% daily

RGTI Volatility

116.1%

±7.31% daily

Typical daily swing

IONQ

±6.32%

RGTI

±7.31%

IonQ's annualized volatility of 100.3% means it typically moves ±6.32% on any given day.

Rigetti Computing's annualized volatility of 116.1% means it typically moves ±7.31% on any given day.

RGTI's higher volatility means a wider path to returns — this can be attractive for tactical, shorter-term exposure, while IONQ's smoother profile may better suit long-term allocators seeking steadier growth.

For comparison, the S&P 500 typically has 15-18% annualized volatility, translating to roughly ±1% daily moves. Higher volatility means larger potential gains but also larger potential losses.

IonQ vs Rigetti Computing Performance Over Time

Metric	IONQ	RGTI
30 Days	-22.6%	-19%
90 Days	-28.4%	-31.1%
180 Days	-21.4%	8.6%
1 Year	34.8%	119.6%

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

Full Comparison of IonQ vs. Rigetti Computing (1-Year)

Metric	IONQ	RGTI
Total Return	+34.8%	+119.6%
Annualized Volatility	100.3%	116.1%
Sharpe Ratio	0.74	1.20
Sortino Ratio	1.25	2.12
Calmar Ratio	0.56	1.64
Sterling Ratio	1.21	4.10
Treynor Ratio	0.30	0.57
Ulcer Index	27.50%	35.08%
Max Drawdown	-62.9%	-73.4%
Avg Correlation to S&P 500	0.39	0.35
5% VaR (daily log return)	-9.25%	-9.41%
5% Expected Shortfall (CVaR)	-10.90%	-12.17%
Skew	0.82	0.73
Excess kurtosis	2.67	1.35
2σ tail days (down / up)	2 / 8	4 / 9

Audit this calculation

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

Inputs & conventions

Shared window for pair metrics: 2025-02-27 → 2026-02-25 (last shared close).
Rolling correlation sample (shared closes): 220 rolling 30-day values (from 249 shared daily returns).
Annualization (days/year): IONQ: 252 days/year; RGTI: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

IONQ: 4.20% over 2025-02-27 → 2026-02-25.

RGTI: 4.20% over 2025-02-27 → 2026-02-25.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

IONQ: ≈ -50.3%/yr

RGTI: ≈ -67.4%/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.

IonQ vs Rigetti Computing: Frequently Asked Questions

Which has higher volatility: IONQ or RGTI?

RGTI showed higher volatility at 116.1% annualized, compared to 100.3% for IONQ Over the past year. Higher volatility means larger price swings in both directions.

Does IONQ provide diversification when held with RGTI?

IONQ and RGTI are strongly correlated over the past year, with an average correlation of 0.79. This strong correlation limits diversification benefits.

How bad are the worst 5% days for IONQ vs RGTI?

Over the past year, IONQ's 5% VaR was -9.25% and its 5% Expected Shortfall was -10.90% (worst 13 days). RGTI's were -9.41% and -12.17% (worst 13 days).

Do IONQ and RGTI crash together on bad days?

On shared dates (n=249), when RGTI has a 2σ down day, IONQ also does 25.0% (1/4 days). In the other direction, when IONQ has one, RGTI also does 50.0% (1/2 days).

Which has better risk-adjusted returns: IONQ or RGTI?

RGTI showed better risk-adjusted performance with a Sharpe ratio of 1.20 versus IONQ's 0.74 Over the past year.

Can IONQ and RGTI be combined in a portfolio?

Yes, though allocation sizing matters. Their strong correlation provides limited risk reduction since they tend to move together. RGTI's higher volatility (116.1%) means even small allocations can materially impact overall portfolio risk.