AFL vs. ATO

Last updated Jun 9, 2026

AFL (Aflac Incorporated) and ATO (Atmos Energy Corporation) are both stocks. AFL operates in Insurance - Life (Financial Services), while ATO operates in Utilities - Regulated Gas (Utilities). Over the past 10 years, AFL returned 15.48%/yr vs 10.85%/yr for ATO. At a 0.25 correlation, their price movements are largely independent.

Performance

AFL vs. ATO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aflac Incorporated (AFL) and Atmos Energy Corporation (ATO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFL achieves a 5.61% return, which is significantly higher than ATO's 1.28% return. Over the past 10 years, AFL has outperformed ATO with an annualized return of 15.48%, while ATO has yielded a comparatively lower 10.85% annualized return.

AFL

• 1D: -2.54%
• 1M: 2.42%
• YTD: 5.61%
• 6M: 7.77%
• 1Y: 13.52%
• 3Y*: 21.24%
• 5Y*: 17.94%
• 10Y*: 15.48%

ATO

• 1D: -1.38%
• 1M: -6.65%
• YTD: 1.28%
• 6M: 1.62%
• 1Y: 12.79%
• 3Y*: 15.47%
• 5Y*: 13.44%
• 10Y*: 10.85%

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

AFL vs. ATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFL Aflac Incorporated	5.61%	8.94%	28.08%	17.36%	26.41%	34.55%	-13.60%	18.55%	6.20%	29.02%
ATO Atmos Energy Corporation	1.28%	23.07%	23.35%	6.17%	9.63%	12.75%	-12.73%	23.14%	10.39%	18.41%

Correlation

The correlation between AFL and ATO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 5, 1987	0.25

The correlation between AFL and ATO shifts across timeframes, from 0.25 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap AFL : $59.32B ATO : $28.17B
EPS AFL : $8.76 ATO : $8.23
PE Ratio AFL : 13.16 ATO : 20.40
PEG Ratio AFL : 3.41 ATO : 2.01
PS Ratio AFL : 3.35 ATO : 5.63
PB Ratio AFL : 2.64 ATO : 0.98
Total Revenue (TTM) AFL : $18.22B ATO : $4.88B
Gross Profit (TTM) AFL : $8.70B ATO : $1.61B
EBITDA (TTM) AFL : $6.67B ATO : $2.57B

Return for Risk

AFL vs. ATO — Risk / Return Rank

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

AFL

AFL Risk / Return Rank: 65
AFL Sharpe Ratio Rank: 68
AFL Sortino Ratio Rank: 61
AFL Omega Ratio Rank: 58
AFL Calmar Ratio Rank: 70
AFL Martin Ratio Rank: 71

ATO

ATO Risk / Return Rank: 64
ATO Sharpe Ratio Rank: 69
ATO Sortino Ratio Rank: 61
ATO Omega Ratio Rank: 59
ATO Calmar Ratio Rank: 63
ATO Martin Ratio Rank: 69

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.

AFL vs. ATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aflac Incorporated (AFL) and Atmos Energy Corporation (ATO). 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.

	AFL	ATO	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.83	-0.03
Sortino ratio: Return per unit of downside risk	1.23	1.23	0.00
Omega ratio: Gain probability vs. loss probability	1.14	1.15	-0.01
Calmar ratio: Return relative to maximum drawdown	1.49	1.02	+0.47
Martin ratio: Return relative to average drawdown	3.70	3.28	+0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFL vs. ATO - Sharpe Ratio Comparison

The current AFL Sharpe Ratio is 0.80, which is comparable to the ATO Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of AFL and ATO, 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

	AFL	ATO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.83	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.73	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.51	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.52	-0.04

Drawdowns

AFL vs. ATO - Drawdown Comparison

The maximum AFL drawdown since its inception was -82.71%, which is greater than ATO's maximum drawdown of -51.94%. Use the drawdown chart below to compare losses from any high point for AFL and ATO.

Drawdown Indicators

	AFL	ATO	Difference
Max Drawdown Largest peak-to-trough decline	-82.71%	-51.94%	-30.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-12.58%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.56%	-16.87%	+3.31%
Max Drawdown (5Y) Largest decline over 5 years	-19.86%	-19.08%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-54.89%	-32.91%	-21.98%
Current Drawdown Current decline from peak	-2.54%	-12.20%	+9.66%
Average Drawdown Average peak-to-trough decline	-11.66%	-8.56%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	3.91%	-0.24%

Volatility

AFL vs. ATO - Volatility Comparison

Aflac Incorporated (AFL) has a higher volatility of 5.82% compared to Atmos Energy Corporation (ATO) at 5.08%. This indicates that AFL's price experiences larger fluctuations and is considered to be riskier than ATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFL	ATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	5.08%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	11.44%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	15.51%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	18.59%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.77%	21.25%	+4.52%

Dividends

AFL vs. ATO - Dividend Comparison

AFL's dividend yield for the trailing twelve months is around 2.07%, less than ATO's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFL Aflac Incorporated	2.07%	2.10%	1.93%	2.04%	2.22%	2.26%	2.52%	2.04%	2.28%	1.98%	2.39%	2.64%
ATO Atmos Energy Corporation	2.31%	2.15%	2.36%	2.61%	2.48%	2.44%	2.46%	1.92%	2.14%	2.14%	2.31%	2.52%

Financials

AFL vs. ATO - Profitability Comparison

The chart below illustrates the profitability comparison between Aflac Incorporated and Atmos Energy Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AFL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Aflac Incorporated reported a gross profit of 2.48B and revenue of 4.32B. Therefore, the gross margin over that period was 57.5%.

ATO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Atmos Energy Corporation reported a gross profit of 0.00 and revenue of 1.96B. Therefore, the gross margin over that period was 0.0%.

AFL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Aflac Incorporated reported an operating income of 1.23B and revenue of 4.32B, resulting in an operating margin of 28.4%.

ATO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Atmos Energy Corporation reported an operating income of 764.80M and revenue of 1.96B, resulting in an operating margin of 39.0%.

AFL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Aflac Incorporated reported a net income of 1.02B and revenue of 4.32B, resulting in a net margin of 23.6%.

ATO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Atmos Energy Corporation reported a net income of 581.90M and revenue of 1.96B, resulting in a net margin of 29.7%.

Frequently Asked Questions

Can I hold both AFL and ATO in my portfolio?

AFL and ATO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFL or ATO?

AFL has higher volatility (5.82%) compared to ATO (5.08%). In terms of maximum drawdown, AFL dropped -82.71% vs ATO's -51.94%.

Which has better risk-adjusted returns?

ATO currently has the higher Sharpe Ratio (0.83 vs 0.80), 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.