AAON vs. HEI
AAON (AAON, Inc.) and HEI (HEICO Corporation) are both stocks. Both are in the Industrials sector — AAON in Building Products & Equipment, HEI in Aerospace & Defense. Over the past 10 years, AAON returned 22.66%/yr vs 25.98%/yr for HEI. At a 0.29 correlation, their price movements are largely independent.
Performance
AAON vs. HEI - Performance Comparison
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Returns By Period
In the year-to-date period, AAON achieves a 67.13% return, which is significantly higher than HEI's 2.52% return. Over the past 10 years, AAON has underperformed HEI with an annualized return of 22.66%, while HEI has yielded a comparatively higher 25.98% annualized return.
AAON
- 1D
- -1.13%
- 1M
- -6.06%
- YTD
- 67.13%
- 6M
- 63.53%
- 1Y
- 75.00%
- 3Y*
- 25.97%
- 5Y*
- 24.79%
- 10Y*
- 22.66%
HEI
- 1D
- -2.24%
- 1M
- 14.81%
- YTD
- 2.52%
- 6M
- 6.84%
- 1Y
- 8.63%
- 3Y*
- 26.36%
- 5Y*
- 18.39%
- 10Y*
- 25.98%
AAON vs. HEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AAON AAON, Inc. | 67.13% | -34.91% | 59.88% | 47.86% | -4.55% | 19.84% | 35.71% | 41.88% | -3.59% | 11.84% |
HEI HEICO Corporation | 2.52% | 36.22% | 33.05% | 16.56% | 6.67% | 9.06% | 16.16% | 47.54% | 28.51% | 53.04% |
Correlation
The correlation between AAON and HEI is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 1992 | 0.29 |
Fundamentals
AAON:
$10.58B
HEI:
$46.77B
AAON:
$1.42
HEI:
$5.60
AAON:
89.43
HEI:
59.22
AAON:
3.57
HEI:
2.67
AAON:
6.53
HEI:
9.52
AAON:
11.32
HEI:
8.68
AAON:
$1.62B
HEI:
$4.91B
AAON:
$424.33M
HEI:
$943.00M
AAON:
$228.54M
HEI:
$1.12B
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Return for Risk
AAON vs. HEI — Risk / Return Rank
AAON
HEI
AAON vs. HEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAON, Inc. (AAON) and HEICO Corporation (HEI). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AAON | HEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.08 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 0.34 | +2.02 |
| Martin ratioReturn relative to average drawdown | 5.71 | 0.82 | +4.89 |
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Drawdowns
AAON vs. HEI - Drawdown Comparison
The maximum AAON drawdown since its inception was -76.03%, roughly equal to the maximum HEI drawdown of -75.50%. Use the drawdown chart below to compare losses from any high point for AAON and HEI.
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Drawdown Indicators
| AAON | HEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.03% | -75.50% | -0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -30.75% | -27.11% | -3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -48.86% | -27.11% | -21.75% |
Max Drawdown (5Y)Largest decline over 5 years | -48.86% | -27.11% | -21.75% |
Max Drawdown (10Y)Largest decline over 10 years | -48.86% | -57.73% | +8.87% |
Current DrawdownCurrent decline from peak | -14.15% | -7.38% | -6.77% |
Average DrawdownAverage peak-to-trough decline | -19.26% | -19.95% | +0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.70% | 11.18% | +1.52% |
Volatility
AAON vs. HEI - Volatility Comparison
AAON, Inc. (AAON) has a higher volatility of 16.31% compared to HEICO Corporation (HEI) at 14.84%. This indicates that AAON's price experiences larger fluctuations and is considered to be riskier than HEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAON | HEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.31% | 14.84% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 45.82% | 27.73% | +18.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.78% | 33.32% | +28.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.77% | 27.71% | +18.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.45% | 30.65% | +9.80% |
Dividends
AAON vs. HEI - Dividend Comparison
AAON's dividend yield for the trailing twelve months is around 0.31%, more than HEI's 0.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAON AAON, Inc. | 0.31% | 0.52% | 0.27% | 0.43% | 0.57% | 0.48% | 0.57% | 0.65% | 0.91% | 0.71% | 0.73% | 0.95% |
HEI HEICO Corporation | 0.07% | 0.07% | 0.09% | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% | 0.14% | 0.08% | 0.22% | 0.28% |
Financials
AAON vs. HEI - Financials Comparison
This section allows you to compare key financial metrics between AAON, Inc. and HEICO Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
AAON vs. HEI - Profitability Comparison
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%.
HEI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, HEICO Corporation reported a gross profit of -454.96M and revenue of 1.38B. Therefore, the gross margin over that period was -33.1%.
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%.
HEI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, HEICO Corporation reported an operating income of 350.44M and revenue of 1.38B, resulting in an operating margin of 25.5%.
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%.
HEI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, HEICO Corporation reported a net income of 233.80M and revenue of 1.38B, resulting in a net margin of 17.0%.
Frequently Asked Questions
AAON and HEI have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAON has higher volatility (16.31%) compared to HEI (14.84%). In terms of maximum drawdown, AAON dropped -76.03% vs HEI's -75.50%.
AAON currently has the higher Sharpe Ratio (1.18 vs 0.27), 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.
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