PLTR vs SNOW: Stock Returns, Risk & Volatility (2026)

Q: Which is a better investment: PLTR or SNOW?

Over the past year, PLTR looks like the better investment: it had higher total return (PLTR +38.3% vs SNOW -16.2%) and a higher Sharpe ratio (PLTR 0.81 vs SNOW -0.18). On risk, SNOW was less volatile (SNOW 51.1% vs PLTR 53.8%), PLTR had a smaller max drawdown (PLTR -38.2% vs SNOW -56.3%), and SNOW had less severe losses on the worst 5% of days (Expected Shortfall of SNOW -8.09% vs PLTR -8.45%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: PLTR or SNOW?

Over the past year, PLTR outperformed (+38.3% vs -16.2%) with a Sharpe ratio of 0.81.

Total Return

PLTR WIN +38.3%

SNOW -16.2%

Sharpe Ratio

PLTR WIN 0.81

SNOW -0.18

Annualized Volatility

PLTR 53.8%

SNOW WIN 51.1%

Max Drawdown

PLTR WIN -38.2%

SNOW -56.3%

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

PLTR Total Return

↑ +38.3%

SNOW Total Return

↓ -16.2%

Relative Performance of PLTR vs SNOW (Normalized to 100)

PLTR SNOW

Normalized to 100 at start date for comparison

Key Takeaways

Total Return: PLTR delivered a +38.3% total return, while SNOW returned -16.2% over the same period. PLTR outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): SNOW had a negative Sharpe (-0.18) while PLTR was positive (0.81), indicating PLTR had meaningfully better risk-adjusted performance in this period.
Volatility (Annualized): PLTR was more volatile, with 53.8% annualized volatility, versus 51.1% for SNOW.
Maximum Drawdown: PLTR's maximum drawdown was -38.2%, while SNOW experienced a deeper drawdown of -56.3%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), PLTR's VaR was -6.03% and its Expected Shortfall (CVaR) was -8.45%; SNOW's were -4.90% and -8.09%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: PLTR -0.58 vs SNOW 0.19. Excess kurtosis: PLTR 1.49 vs SNOW 6.62. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): PLTR 11/6, SNOW 9/5. Worst day: PLTR -12.05% (2025-05-06) vs SNOW -11.83% (2026-04-09). Best day: PLTR +8.81% (2025-11-10) vs SNOW +20.27% (2025-08-28).
Risk ratios: Sortino - PLTR: 1.13 vs. SNOW: -0.26 , Calmar - PLTR: 1.02 vs. SNOW: -0.29 , Sterling - PLTR: 1.51 vs. SNOW: -0.75 , Treynor - PLTR: 0.23 vs. SNOW: -0.07 , Ulcer Index - PLTR: 16.39% vs. SNOW: 20.13%

Palantir Technologies vs Snowflake Correlation

0.33 Average Correlation

Palantir Technologies and Snowflake are moderately correlated over the past year. With a correlation of 0.33, 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)	0.49
Average (full period)	0.33
Minimum	0.01
Maximum	0.73

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:

PLTR $13,826.39 +38.3%

SNOW $8,378.42 -16.2%

Difference: $5,447.97 (PLTR ahead)

Palantir Technologies and Snowflake: Risk Analysis

Palantir Technologies experienced its maximum drawdown of -38.2% from 2025-11-03 to 2026-04-10. It has not yet recovered to its previous peak.

Snowflake experienced its maximum drawdown of -56.3% from 2025-11-03 to 2026-04-10. 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 PLTR and SNOW

PLTR Sharpe Ratio

↑ 0.81

SNOW Sharpe Ratio

↓ -0.18

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. SNOW had a negative Sharpe (-0.18) while PLTR was positive (0.81), indicating PLTR had meaningfully better risk-adjusted performance in this period.

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 PLTR and SNOW

PLTR Sortino Ratio

↑ 1.13

SNOW Sortino Ratio

↓ -0.26

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). PLTR 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: PLTR 38.4% vs SNOW 35.9%. 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 PLTR and SNOW

PLTR Calmar Ratio

↑ 1.02

SNOW Calmar Ratio

↓ -0.29

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

PLTR Sterling Ratio

↑ 1.51

SNOW Sterling Ratio

↓ -0.75

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

PLTR Treynor Ratio

↑ 0.23

SNOW Treynor Ratio

↓ -0.07

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

PLTR Ulcer Index

16.39%

SNOW Ulcer Index

20.13%

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. PLTR 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): Palantir Technologies vs. Snowflake

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)	PLTR	SNOW
5% VaR (daily log return)	-6.03%	-4.90%
5% Expected Shortfall (CVaR)	-8.45% (worst 13 days)	-8.09% (worst 13 days)
Skew	-0.58	0.19
Excess kurtosis	1.49	6.62
2σ tail days (down / up)	11 / 6	9 / 5
Worst day	-12.05% (2025-05-06)	-11.83% (2026-04-09)
Best day	+8.81% (2025-11-10)	+20.27% (2025-08-28)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=248). 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 SNOW has a big down day, PLTR also does

11.1%

1 / 9 days

When PLTR has a big down day, SNOW also does

9.1%

1 / 11 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 PLTR and SNOW had a big down day (2σ)

Date (interval)	PLTR	SNOW
2026-04-09	-7.30%	-11.83%

Days when PLTR had a big down day

Date (interval)	PLTR	SNOW
2025-05-06	-12.05%	+0.35%
2025-06-05	-7.77%	+0.24%
2025-06-27	-9.37%	+0.31%
2025-08-19	-9.35%	-2.83%
2025-10-03	-7.47%	-2.27%
2025-11-04	-7.94%	-4.23%
2025-11-06	-6.84%	-0.03%
2025-11-13	-6.53%	-4.78%
2026-02-04	-11.62%	-4.59%
2026-02-05	-6.83%	-5.19%
2026-04-09	-7.30%	-11.83%

Days when SNOW had a big down day

Date (interval)	PLTR	SNOW
2025-08-01	-2.58%	-8.27%
2025-08-08	+2.61%	-7.11%
2025-12-04	+1.04%	-11.41%
2026-01-29	-3.49%	-7.70%
2026-02-03	+6.85%	-9.15%
2026-02-20 → 2026-02-23	-3.43%	-8.64%
2026-03-24	-3.77%	-7.38%
2026-04-09	-7.30%	-11.83%
2026-04-10	-1.86%	-8.42%

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.

Palantir Technologies vs Snowflake Volatility (PLTR vs SNOW)

PLTR Volatility

53.8%

±3.39% daily

SNOW Volatility

51.1%

±3.22% daily

Typical daily swing

PLTR

±3.39%

SNOW

±3.22%

Palantir Technologies's annualized volatility of 53.8% means it typically moves ±3.39% on any given day.

Snowflake's annualized volatility of 51.1% means it typically moves ±3.22% on any given day.

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

Palantir Technologies vs Snowflake Performance Over Time

Metric	PLTR	SNOW
30 Days	-15.5%	-32.5%
90 Days	-27.8%	-44.7%
180 Days	-27%	-50%
1 Year	38.3%	-16.2%

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

Full Comparison of Palantir Technologies vs. Snowflake (1-Year)

Metric	PLTR	SNOW
Total Return	+38.3%	-16.2%
Annualized Volatility	53.8%	51.1%
Sharpe Ratio	0.81	-0.18
Sortino Ratio	1.13	-0.26
Calmar Ratio	1.02	-0.29
Sterling Ratio	1.51	-0.75
Treynor Ratio	0.23	-0.07
Ulcer Index	16.39%	20.13%
Max Drawdown	-38.2%	-56.3%
Avg Correlation to S&P 500	0.51	0.38
5% VaR (daily log return)	-6.03%	-4.90%
5% Expected Shortfall (CVaR)	-8.45%	-8.09%
Skew	-0.58	0.19
Excess kurtosis	1.49	6.62
2σ tail days (down / up)	11 / 6	9 / 5

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 → 2026-04-10 (last shared close).
Rolling correlation sample (shared closes): 219 rolling 30-day values (from 248 shared daily returns).
Annualization (days/year): PLTR: 252 days/year; SNOW: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

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

SNOW: 4.17% over 2025-04-14 → 2026-04-10.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

PLTR: ≈ -14.5%/yr

SNOW: ≈ -13.1%/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.

Palantir Technologies vs Snowflake: Frequently Asked Questions

Which has higher volatility: PLTR or SNOW?

PLTR showed higher volatility at 53.8% annualized, compared to 51.1% for SNOW Over the past year. Higher volatility means larger price swings in both directions.

Does PLTR provide diversification when held with SNOW?

PLTR and SNOW are moderately correlated over the past year, with an average correlation of 0.33. This offers some diversification benefit, though they still tend to move together during major market moves.

How bad are the worst 5% days for PLTR vs SNOW?

Over the past year, PLTR's 5% VaR was -6.03% and its 5% Expected Shortfall was -8.45% (worst 13 days). SNOW's were -4.90% and -8.09% (worst 13 days).

Do PLTR and SNOW crash together on bad days?

On shared dates (n=248), when SNOW has a 2σ down day, PLTR also does 11.1% (1/9 days). In the other direction, when PLTR has one, SNOW also does 9.1% (1/11 days).

Which has better risk-adjusted returns: PLTR or SNOW?

SNOW had a negative Sharpe (-0.18) while PLTR was positive (0.81) Over the past year, indicating PLTR had meaningfully better risk-adjusted performance.

Can PLTR and SNOW be combined in a portfolio?

Yes, though allocation sizing matters. Their moderate correlation offers some diversification benefits. PLTR's higher volatility (53.8%) means even small allocations can materially impact overall portfolio risk.

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