AAON vs. AWI

Last updated Jun 9, 2026

AAON (AAON, Inc.) and AWI (Armstrong World Industries, Inc.) are both stocks. Both operate in the Building Products & Equipment industry within the Industrials sector. Over the past 10 years, AAON returned 22.73%/yr vs 15.14%/yr for AWI. At a 0.44 correlation, their price movements are largely independent.

Performance

AAON vs. AWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAON, Inc. (AAON) and Armstrong World Industries, Inc. (AWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAON achieves a 73.52% return, which is significantly higher than AWI's -20.09% return. Over the past 10 years, AAON has outperformed AWI with an annualized return of 22.73%, while AWI has yielded a comparatively lower 15.14% annualized return.

AAON

• 1D: -0.43%
• 1M: -5.38%
• YTD: 73.52%
• 6M: 59.35%
• 1Y: 37.17%
• 3Y*: 28.06%
• 5Y*: 25.74%
• 10Y*: 22.73%

AWI

• 1D: -1.98%
• 1M: -5.79%
• YTD: -20.09%
• 6M: -17.11%
• 1Y: -1.02%
• 3Y*: 32.94%
• 5Y*: 8.21%
• 10Y*: 15.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAON vs. AWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAON AAON, Inc.	73.52%	-34.91%	59.88%	47.86%	-4.55%	19.84%	35.71%	41.88%	-3.59%	11.84%
AWI Armstrong World Industries, Inc.	-20.09%	36.23%	45.05%	45.37%	-40.26%	57.44%	-19.97%	62.79%	-3.61%	44.86%

Correlation

The correlation between AAON and AWI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 19, 2006	0.44

The correlation between AAON and AWI has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

Fundamentals

Market Cap AAON : $10.98B AWI : $6.57B
EPS AAON : $1.42 AWI : $7.04
PE Ratio AAON : 92.85 AWI : 21.60
PEG Ratio AAON : 3.71 AWI : 1.30
PS Ratio AAON : 6.78 AWI : 4.02
PB Ratio AAON : 11.76 AWI : 7.36
Total Revenue (TTM) AAON : $1.62B AWI : $1.65B
Gross Profit (TTM) AAON : $424.33M AWI : $664.10M
EBITDA (TTM) AAON : $228.54M AWI : $578.40M

Return for Risk

AAON vs. AWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAON

AAON Risk / Return Rank: 63
AAON Sharpe Ratio Rank: 62
AAON Sortino Ratio Rank: 63
AAON Omega Ratio Rank: 61
AAON Calmar Ratio Rank: 66
AAON Martin Ratio Rank: 65

AWI

AWI Risk / Return Rank: 38
AWI Sharpe Ratio Rank: 41
AWI Sortino Ratio Rank: 34
AWI Omega Ratio Rank: 34
AWI Calmar Ratio Rank: 41
AWI Martin Ratio Rank: 40

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAON vs. AWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAON, Inc. (AAON) and Armstrong World Industries, Inc. (AWI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AAON	AWI	Difference
Sharpe ratio: Return per unit of total volatility	0.59	-0.04	+0.63
Sortino ratio: Return per unit of downside risk	1.34	0.12	+1.22
Omega ratio: Gain probability vs. loss probability	1.16	1.02	+0.15
Calmar ratio: Return relative to maximum drawdown	1.21	-0.04	+1.26
Martin ratio: Return relative to average drawdown	2.48	-0.10	+2.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAON vs. AWI - Sharpe Ratio Comparison

The current AAON Sharpe Ratio is 0.59, which is higher than the AWI Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of AAON and AWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAON	AWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	-0.04	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.32	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.51	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.30	+0.22

Drawdowns

AAON vs. AWI - Drawdown Comparison

The maximum AAON drawdown since its inception was -76.03%, smaller than the maximum AWI drawdown of -80.98%. Use the drawdown chart below to compare losses from any high point for AAON and AWI.

Drawdown Indicators

	AAON	AWI	Difference
Max Drawdown Largest peak-to-trough decline	-76.03%	-80.98%	+4.95%
Max Drawdown (1Y) Largest decline over 1 year	-30.75%	-24.91%	-5.84%
Max Drawdown (3Y) Largest decline over 3 years	-48.86%	-24.91%	-23.95%
Max Drawdown (5Y) Largest decline over 5 years	-48.86%	-46.06%	-2.80%
Max Drawdown (10Y) Largest decline over 10 years	-48.86%	-46.44%	-2.42%
Current Drawdown Current decline from peak	-10.87%	-24.91%	+14.04%
Average Drawdown Average peak-to-trough decline	-19.26%	-18.25%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.78%	10.70%	+5.08%

Volatility

AAON vs. AWI - Volatility Comparison

AAON, Inc. (AAON) has a higher volatility of 16.69% compared to Armstrong World Industries, Inc. (AWI) at 7.57%. This indicates that AAON's price experiences larger fluctuations and is considered to be riskier than AWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAON	AWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.69%	7.57%	+9.12%
Volatility (6M) Calculated over the trailing 6-month period	45.22%	20.21%	+25.01%
Volatility (1Y) Calculated over the trailing 1-year period	63.60%	25.43%	+38.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.60%	26.16%	+19.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.37%	29.96%	+10.41%

Dividends

AAON vs. AWI - Dividend Comparison

AAON's dividend yield for the trailing twelve months is around 0.30%, less than AWI's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAON AAON, Inc.	0.30%	0.52%	0.27%	0.43%	0.57%	0.48%	0.57%	0.65%	0.91%	0.71%	0.73%	0.95%
AWI Armstrong World Industries, Inc.	0.87%	0.66%	0.81%	1.06%	1.38%	0.74%	1.09%	0.77%	0.30%	0.00%	0.00%	0.00%

Financials

AAON vs. AWI - Profitability Comparison

The chart below illustrates the profitability comparison between AAON, Inc. and Armstrong World Industries, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AAON - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported a gross profit of 124.97M and revenue of 496.94M. Therefore, the gross margin over that period was 25.2%.

AWI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Armstrong World Industries, Inc. reported a gross profit of 155.30M and revenue of 409.90M. Therefore, the gross margin over that period was 37.9%.

AAON - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported an operating income of 57.06M and revenue of 496.94M, resulting in an operating margin of 11.5%.

AWI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Armstrong World Industries, Inc. reported an operating income of 94.20M and revenue of 409.90M, resulting in an operating margin of 23.0%.

AAON - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported a net income of 39.82M and revenue of 496.94M, resulting in a net margin of 8.0%.

AWI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Armstrong World Industries, Inc. reported a net income of 66.80M and revenue of 409.90M, resulting in a net margin of 16.3%.

Frequently Asked Questions

Can I hold both AAON and AWI in my portfolio?

AAON and AWI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAON or AWI?

AAON has higher volatility (16.69%) compared to AWI (7.57%). In terms of maximum drawdown, AAON dropped -76.03% vs AWI's -80.98%.

Which has better risk-adjusted returns?

AAON currently has the higher Sharpe Ratio (0.59 vs -0.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.