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

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 +395.8% vs AMD +124.1%) and a higher Sharpe ratio (MU 2.80 vs AMD 1.52). On risk, MU was less volatile (MU 63.6% vs AMD 64.5%), 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 -8.31% vs MU -8.44%).

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 (+395.8% vs +124.1%) with a Sharpe ratio of 2.80.

Total Return

MU WIN +395.8%

AMD +124.1%

Sharpe Ratio

MU WIN 2.80

AMD 1.52

Annualized Volatility

MU WIN 63.6%

AMD 64.5%

Max Drawdown

MU -30.3%

AMD WIN -27.8%

Analysis period: 2025-04-03 to 2026-04-01

MU Total Return

↑ +395.8%

AMD Total Return

↑ +124.1%

Relative Performance of MU vs AMD (Normalized to 100)

MU AMD

Normalized to 100 at start date for comparison

Key Takeaways

Total Return: MU delivered a +395.8% total return, while AMD returned +124.1% over the same period. MU outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): MU had a higher Sharpe (2.80 vs 1.52), indicating better risk-adjusted performance.
Volatility (Annualized): AMD was more volatile, with 64.5% annualized volatility, versus 63.6% for MU.
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 -5.00% and its Expected Shortfall (CVaR) was -8.44%; AMD's were -5.60% and -8.31%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: MU -0.06 vs AMD 0.72. Excess kurtosis: MU 1.67 vs AMD 7.37. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): MU 7/5, AMD 7/7. Worst day: MU -12.94% (2025-04-04) vs AMD -17.31% (2026-02-04). Best day: MU +18.81% (2025-04-09) vs AMD +23.82% (2025-04-09).
Risk ratios: Sortino - MU: 4.66 vs. AMD: 2.59 , Calmar - MU: 13.22 vs. AMD: 4.51 , Sterling - MU: 22.05 vs. AMD: 6.54 , Treynor - MU: 0.81 vs. AMD: 0.44 , Ulcer Index - MU: 7.49% vs. AMD: 13.36%

Micron Technology vs AMD Correlation

0.46 Average Correlation

Micron Technology and AMD are moderately correlated over the past year. With a correlation of 0.46, 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)	0.47
Average (full period)	0.46
Minimum	-0.06
Maximum	0.88

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 3, 2025:

MU $49,579.25 +395.8%

AMD $22,410.45 +124.1%

Difference: $27,168.8 (MU ahead)

Micron Technology and AMD: Risk Analysis

Micron Technology experienced its maximum drawdown of -30.3% from 2026-03-18 to 2026-03-30. It has not yet recovered to its previous peak.

AMD experienced its maximum drawdown of -27.8% from 2025-10-29 to 2026-03-03. 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 MU and AMD

MU Sharpe Ratio

↑ 2.80

AMD Sharpe Ratio

↑ 1.52

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. MU had a higher Sharpe (2.80 vs 1.52), 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

MU Sortino Ratio

↑ 4.66

AMD Sortino Ratio

↑ 2.59

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 38.3% vs AMD 37.7%. 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 MU and AMD

MU Calmar Ratio

↑ 13.22

AMD Calmar Ratio

↑ 4.51

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

MU Sterling Ratio

↑ 22.05

AMD Sterling Ratio

↑ 6.54

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

MU Treynor Ratio

↑ 0.81

AMD Treynor Ratio

↑ 0.44

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

MU Ulcer Index

7.49%

AMD Ulcer Index

13.36%

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.

Metric (1-Year)	MU	AMD
5% VaR (daily log return)	-5.00%	-5.60%
5% Expected Shortfall (CVaR)	-8.44% (worst 13 days)	-8.31% (worst 13 days)
Skew	-0.06	0.72
Excess kurtosis	1.67	7.37
2σ tail days (down / up)	7 / 5	7 / 7
Worst day	-12.94% (2025-04-04)	-17.31% (2026-02-04)
Best day	+18.81% (2025-04-09)	+23.82% (2025-04-09)

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 AMD has a big down day, MU also does

57.1%

4 / 7 days

When MU has a big down day, AMD also does

57.1%

4 / 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 MU and AMD had a big down day (2σ)

Date (interval)	MU	AMD
2025-04-04	-12.94%	-8.57%
2025-04-10	-10.04%	-8.41%
2025-11-20	-10.87%	-7.84%
2026-02-04	-9.55%	-17.31%

Days when MU had a big down day

Date (interval)	MU	AMD
2025-04-04	-12.94%	-8.57%
2025-04-10	-10.04%	-8.41%
2025-11-04	-7.10%	-3.70%
2025-11-20	-10.87%	-7.84%
2026-02-04	-9.55%	-17.31%
2026-03-03	-7.99%	-3.86%
2026-03-27 → 2026-03-30	-9.87%	-2.95%

Days when AMD had a big down day

Date (interval)	MU	AMD
2025-04-04	-12.94%	-8.57%
2025-04-10	-10.04%	-8.41%
2025-04-16	-2.41%	-7.35%
2025-10-10	-5.58%	-7.72%
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.

Micron Technology vs AMD Volatility (MU vs AMD)

MU Volatility

63.6%

±4.01% daily

AMD Volatility

64.5%

±4.06% daily

Typical daily swing

±4.01%

AMD

±4.06%

Micron Technology's annualized volatility of 63.6% means it typically moves ±4.01% on any given day.

AMD's annualized volatility of 64.5% means it typically moves ±4.06% on any given day.

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

Micron Technology vs AMD Performance Over Time

Metric	MU	AMD
30 Days	-10.9%	5.8%
90 Days	28.9%	-1.8%
180 Days	95.9%	27.7%
1 Year	395.8%	124.1%

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

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

Metric	MU	AMD
Total Return	+395.8%	+124.1%
Annualized Volatility	63.6%	64.5%
Sharpe Ratio	2.80	1.52
Sortino Ratio	4.66	2.59
Calmar Ratio	13.22	4.51
Sterling Ratio	22.05	6.54
Treynor Ratio	0.81	0.44
Ulcer Index	7.49%	13.36%
Max Drawdown	-30.3%	-27.8%
Avg Correlation to S&P 500	0.53	0.47
5% VaR (daily log return)	-5.00%	-5.60%
5% Expected Shortfall (CVaR)	-8.44%	-8.31%
Skew	-0.06	0.72
Excess kurtosis	1.67	7.37
2σ tail days (down / up)	7 / 5	7 / 7

Audit this calculation

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

Inputs & conventions

Shared window for pair metrics: 2025-04-03 → 2026-04-01 (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: 4.18% over 2025-04-03 → 2026-04-01.

AMD: 4.18% over 2025-04-03 → 2026-04-01.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

MU: ≈ -20.2%/yr

AMD: ≈ -20.8%/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?

AMD showed higher volatility at 64.5% annualized, compared to 63.6% for MU 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 0.46. 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 -5.00% and its 5% Expected Shortfall was -8.44% (worst 13 days). AMD's were -5.60% and -8.31% (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 57.1% (4/7 days). In the other direction, when MU has one, AMD also does 57.1% (4/7 days).

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

MU showed better risk-adjusted performance with a Sharpe ratio of 2.80 versus AMD's 1.52 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. AMD's higher volatility (64.5%) means even small allocations can materially impact overall portfolio risk.

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