LEU vs OKLO: Stock Returns, Risk & Volatility (2026)

Q: Which is a better investment: LEU or OKLO?

Over the past year, LEU looks like the better investment: it had higher total return (LEU +182.4% vs OKLO +113.4%) and a higher Sharpe ratio (LEU 1.58 vs OKLO 1.21). On risk, LEU was less volatile (LEU 92.5% vs OKLO 105.8%), LEU had a smaller max drawdown (LEU -61.3% vs OKLO -73.8%), and OKLO had less severe losses on the worst 5% of days (Expected Shortfall of OKLO -11.97% vs LEU -12.81%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: LEU or OKLO?

Over the past year, LEU outperformed (+182.4% vs +113.4%) with a Sharpe ratio of 1.58.

Total Return

LEU WIN +182.4%

OKLO +113.4%

Sharpe Ratio

LEU WIN 1.58

OKLO 1.21

Annualized Volatility

LEU WIN 92.5%

OKLO 105.8%

Max Drawdown

LEU WIN -61.3%

OKLO -73.8%

Analysis period: 2025-04-14 to 2026-04-10

LEU Total Return

↑ +182.4%

OKLO Total Return

↑ +113.4%

Relative Performance of LEU vs OKLO (Normalized to 100)

LEU OKLO

Normalized to 100 at start date for comparison

Key Takeaways

Total Return: LEU delivered a +182.4% total return, while OKLO returned +113.4% over the same period. LEU outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): LEU had a higher Sharpe (1.58 vs 1.21), indicating better risk-adjusted performance.
Volatility (Annualized): OKLO was more volatile, with 105.8% annualized volatility, versus 92.5% for LEU.
Maximum Drawdown: LEU's maximum drawdown was -61.3%, while OKLO experienced a deeper drawdown of -73.8%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), LEU's VaR was -9.09% and its Expected Shortfall (CVaR) was -12.81%; OKLO's were -9.28% and -11.97%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: LEU -0.19 vs OKLO 0.56. Excess kurtosis: LEU 1.64 vs OKLO 1.41. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): LEU 7/6, OKLO 6/9. Worst day: LEU -20.69% (2026-02-11) vs OKLO -15.13% (2025-12-12). Best day: LEU +22.01% (2025-05-08) vs OKLO +29.48% (2025-06-11).
Risk ratios: Sortino - LEU: 2.47 vs. OKLO: 2.06 , Calmar - LEU: 3.13 vs. OKLO: 1.61 , Sterling - LEU: 5.28 vs. OKLO: 4.47 , Treynor - LEU: 0.63 vs. OKLO: 0.43 , Ulcer Index - LEU: 30.78% vs. OKLO: 36.99%

Centrus Energy vs Oklo Correlation

0.66 Average Correlation

Centrus Energy and Oklo are strongly correlated over the past year. With a correlation of 0.66, these assets tend to move together, limiting diversification benefits.

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

Metric	Value
Current (30-day)	0.53
Average (full period)	0.66
Minimum	0.42
Maximum	0.87

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 April 14, 2025:

LEU $28,242.64 +182.4%

OKLO $21,343.68 +113.4%

Difference: $6,898.96 (LEU ahead)

Centrus Energy and Oklo: Risk Analysis

Centrus Energy experienced its maximum drawdown of -61.3% from 2025-10-15 to 2026-03-30. It has not yet recovered to its previous peak.

Oklo experienced its maximum drawdown of -73.8% from 2025-10-14 to 2026-03-30. 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 LEU and OKLO

LEU Sharpe Ratio

↑ 1.58

OKLO Sharpe Ratio

↑ 1.21

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. LEU had a higher Sharpe (1.58 vs 1.21), 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 LEU and OKLO

LEU Sortino Ratio

↑ 2.47

OKLO Sortino Ratio

↑ 2.06

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). LEU 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: LEU 59.2% vs OKLO 62.4%. 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 LEU and OKLO

LEU Calmar Ratio

↑ 3.13

OKLO Calmar Ratio

↑ 1.61

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

LEU Sterling Ratio

↑ 5.28

OKLO Sterling Ratio

↑ 4.47

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

LEU Treynor Ratio

↑ 0.63

OKLO Treynor Ratio

↑ 0.43

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

LEU Ulcer Index

30.78%

OKLO Ulcer Index

36.99%

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. LEU 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): Centrus Energy vs. Oklo

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)	LEU	OKLO
5% VaR (daily log return)	-9.09%	-9.28%
5% Expected Shortfall (CVaR)	-12.81% (worst 13 days)	-11.97% (worst 13 days)
Skew	-0.19	0.56
Excess kurtosis	1.64	1.41
2σ tail days (down / up)	7 / 6	6 / 9
Worst day	-20.69% (2026-02-11)	-15.13% (2025-12-12)
Best day	+22.01% (2025-05-08)	+29.48% (2025-06-11)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=243). 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 OKLO has a big down day, LEU also does

33.3%

2 / 6 days

When LEU has a big down day, OKLO also does

28.6%

2 / 7 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 LEU and OKLO had a big down day (2σ)

Date (interval)	LEU	OKLO
2025-10-22	-16.49%	-13.86%
2025-11-06	-14.72%	-11.94%

Days when LEU had a big down day

Date (interval)	LEU	OKLO
2025-08-13	-13.77%	-1.34%
2025-10-22	-16.49%	-13.86%
2025-11-06	-14.72%	-11.94%
2026-01-08	-11.37%	+0.00%
2026-01-29	-10.74%	-8.85%
2026-02-11	-20.69%	-4.66%
2026-02-12	-11.88%	-3.49%

Days when OKLO had a big down day

Date (interval)	LEU	OKLO
2025-10-21	-5.72%	-12.33%
2025-10-22	-16.49%	-13.86%
2025-11-06	-14.72%	-11.94%
2025-11-20	-8.69%	-14.45%
2025-12-12	-8.82%	-15.13%
2026-02-04	-10.35%	-12.53%

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.

Centrus Energy vs Oklo Volatility (LEU vs OKLO)

LEU Volatility

92.5%

±5.82% daily

OKLO Volatility

105.8%

±6.66% daily

Typical daily swing

LEU

±5.82%

OKLO

±6.66%

Centrus Energy's annualized volatility of 92.5% means it typically moves ±5.82% on any given day.

Oklo's annualized volatility of 105.8% means it typically moves ±6.66% on any given day.

OKLO's higher volatility means a wider path to returns — this can be attractive for tactical, shorter-term exposure, while LEU'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.

Centrus Energy vs Oklo Performance Over Time

Metric	LEU	OKLO
30 Days	-7.2%	-24%
90 Days	-32.8%	-38.1%
180 Days	-46.7%	-62.2%
1 Year	N/A	N/A

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

Full Comparison of Centrus Energy vs. Oklo (1-Year)

Metric	LEU	OKLO
Total Return	+182.4%	+113.4%
Annualized Volatility	92.5%	105.8%
Sharpe Ratio	1.58	1.21
Sortino Ratio	2.47	2.06
Calmar Ratio	3.13	1.61
Sterling Ratio	5.28	4.47
Treynor Ratio	0.63	0.43
Ulcer Index	30.78%	36.99%
Max Drawdown	-61.3%	-73.8%
Avg Correlation to S&P 500	0.33	0.36
5% VaR (daily log return)	-9.09%	-9.28%
5% Expected Shortfall (CVaR)	-12.81%	-11.97%
Skew	-0.19	0.56
Excess kurtosis	1.64	1.41
2σ tail days (down / up)	7 / 6	6 / 9

Audit this calculation

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

Inputs & conventions

Shared window for pair metrics: 2025-04-14 → 2026-04-02 (last shared close).
Rolling correlation sample (shared closes): 214 rolling 30-day values (from 243 shared daily returns).
Annualization (days/year): LEU: 252 days/year; OKLO: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

LEU: 4.17% over 2025-04-14 → 2026-04-10.

OKLO: 4.17% over 2025-04-14 → 2026-04-02.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

LEU: ≈ -42.8%/yr

OKLO: ≈ -56.0%/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.

Centrus Energy vs Oklo: Frequently Asked Questions

Which has higher volatility: LEU or OKLO?

OKLO showed higher volatility at 105.8% annualized, compared to 92.5% for LEU Over the past year. Higher volatility means larger price swings in both directions.

Does LEU provide diversification when held with OKLO?

LEU and OKLO are strongly correlated over the past year, with an average correlation of 0.66. This strong correlation limits diversification benefits.

How bad are the worst 5% days for LEU vs OKLO?

Over the past year, LEU's 5% VaR was -9.09% and its 5% Expected Shortfall was -12.81% (worst 13 days). OKLO's were -9.28% and -11.97% (worst 13 days).

Do LEU and OKLO crash together on bad days?

On shared dates (n=243), when OKLO has a 2σ down day, LEU also does 33.3% (2/6 days). In the other direction, when LEU has one, OKLO also does 28.6% (2/7 days).

Which has better risk-adjusted returns: LEU or OKLO?

LEU showed better risk-adjusted performance with a Sharpe ratio of 1.58 versus OKLO's 1.21 Over the past year.

Can LEU and OKLO be combined in a portfolio?

Yes, though allocation sizing matters. Their strong correlation provides limited risk reduction since they tend to move together. OKLO's higher volatility (105.8%) means even small allocations can materially impact overall portfolio risk.

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