as nothing compared to

  1. The risk is as nothing compared to the profit.
  2. The risk is nothing compared to the profit.
    Which of the two is correct?
    I believe #2 without preposition?

Both are fine; #1 is formal.

Mister Micawber,
I suppose that the sentence #1 is written in comparative degree.
Can I write as below:
“The risk is as nothing more than a loss of few dollars.”

No, it is not comparative degree; it merely uses the word ‘compared’. The semi-fixed phrase is ‘as nothing’, where ‘as’ means ‘like’.

Mister Micawber,
Thanks for explanation.
“The risk is as nothing more than a loss of few dollars.”
Is this sentence correct?
If it is correct, is it written in comparative degree?

It is simply not a good construction, and the meaning seems odd. Your choices:

The risk is as nothing compared to the loss of a million dollars. = The risk is big, but not so big as a VERY big risk.
The risk is nothing more than the loss of a few dollars. = The risk is small.

Using ‘X is as nothing’ means that X is a lot indeed. X seems like nothing only when compared to something else that is a lot more.

None of these are what I would call ‘comparative degree’, which I would limit to the two comparative forms: ‘X is (not) more risky than Y’ and ’ X is (not) riskier than Y’.