AFL vs. PKG

Last updated Jun 9, 2026

AFL (Aflac Incorporated) and PKG (Packaging Corporation of America) are both stocks. AFL operates in Insurance - Life (Financial Services), while PKG operates in Packaging & Containers (Consumer Cyclical). Over the past 10 years, AFL returned 15.48%/yr vs 15.57%/yr for PKG. At a 0.41 correlation, their price movements are largely independent.

Performance

AFL vs. PKG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aflac Incorporated (AFL) and Packaging Corporation of America (PKG). 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 lower than PKG's 7.03% return. Both investments have delivered pretty close results over the past 10 years, with AFL having a 15.48% annualized return and PKG not far ahead at 15.57%.

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%

PKG

• 1D: -1.52%
• 1M: -2.30%
• YTD: 7.03%
• 6M: 12.85%
• 1Y: 14.47%
• 3Y*: 22.08%
• 5Y*: 12.21%
• 10Y*: 15.57%

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

AFL vs. PKG - 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%
PKG Packaging Corporation of America	7.03%	-6.08%	41.70%	31.90%	-2.62%	1.55%	27.20%	38.35%	-28.85%	45.51%

Correlation

The correlation between AFL and PKG is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 28, 2000	0.41

Over the past year, the correlation between AFL and PKG has dropped to 0.21 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Fundamentals

Market Cap AFL : $59.32B PKG : $19.55B
EPS AFL : $8.76 PKG : $8.25
PE Ratio AFL : 13.16 PKG : 26.58
PEG Ratio AFL : 3.41 PKG : 35.03
PS Ratio AFL : 3.35 PKG : 2.14
PB Ratio AFL : 2.64 PKG : 4.26
Total Revenue (TTM) AFL : $18.22B PKG : $9.22B
Gross Profit (TTM) AFL : $8.70B PKG : $1.89B
EBITDA (TTM) AFL : $6.67B PKG : $1.84B

Return for Risk

AFL vs. PKG — 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

PKG

PKG Risk / Return Rank: 58
PKG Sharpe Ratio Rank: 60
PKG Sortino Ratio Rank: 54
PKG Omega Ratio Rank: 53
PKG Calmar Ratio Rank: 61
PKG Martin Ratio Rank: 60

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. PKG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aflac Incorporated (AFL) and Packaging Corporation of America (PKG). 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	PKG	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.54	+0.26
Sortino ratio: Return per unit of downside risk	1.23	0.97	+0.26
Omega ratio: Gain probability vs. loss probability	1.14	1.12	+0.02
Calmar ratio: Return relative to maximum drawdown	1.49	0.84	+0.65
Martin ratio: Return relative to average drawdown	3.70	1.86	+1.85
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. PKG - Sharpe Ratio Comparison

The current AFL Sharpe Ratio is 0.80, which is higher than the PKG Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of AFL and PKG, 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	PKG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.54	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.48	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.57	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.47	+0.01

Drawdowns

AFL vs. PKG - Drawdown Comparison

The maximum AFL drawdown since its inception was -82.71%, which is greater than PKG's maximum drawdown of -66.88%. Use the drawdown chart below to compare losses from any high point for AFL and PKG.

Drawdown Indicators

	AFL	PKG	Difference
Max Drawdown Largest peak-to-trough decline	-82.71%	-66.88%	-15.83%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-17.21%	+8.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.56%	-28.43%	+14.87%
Max Drawdown (5Y) Largest decline over 5 years	-19.86%	-31.78%	+11.92%
Max Drawdown (10Y) Largest decline over 10 years	-54.89%	-38.18%	-16.71%
Current Drawdown Current decline from peak	-2.54%	-10.39%	+7.85%
Average Drawdown Average peak-to-trough decline	-11.66%	-11.72%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	7.81%	-4.14%

Volatility

AFL vs. PKG - Volatility Comparison

The current volatility for Aflac Incorporated (AFL) is 5.82%, while Packaging Corporation of America (PKG) has a volatility of 8.19%. This indicates that AFL experiences smaller price fluctuations and is considered to be less risky than PKG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFL	PKG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	8.19%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	20.03%	-7.79%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	26.97%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	25.34%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.77%	27.33%	-1.56%

Dividends

AFL vs. PKG - Dividend Comparison

AFL's dividend yield for the trailing twelve months is around 2.07%, less than PKG's 2.28% 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%
PKG Packaging Corporation of America	2.28%	2.42%	2.22%	3.07%	3.71%	2.94%	2.44%	2.82%	3.59%	2.09%	2.78%	3.49%

Financials

AFL vs. PKG - Profitability Comparison

The chart below illustrates the profitability comparison between Aflac Incorporated and Packaging Corporation of America 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%.

PKG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Packaging Corporation of America reported a gross profit of 452.90M and revenue of 2.37B. Therefore, the gross margin over that period was 19.1%.

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%.

PKG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Packaging Corporation of America reported an operating income of 272.60M and revenue of 2.37B, resulting in an operating margin of 11.5%.

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%.

PKG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Packaging Corporation of America reported a net income of 170.90M and revenue of 2.37B, resulting in a net margin of 7.2%.

Frequently Asked Questions

Can I hold both AFL and PKG in my portfolio?

AFL and PKG have a correlation of 0.21, 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 PKG?

PKG has higher volatility (8.19%) compared to AFL (5.82%). In terms of maximum drawdown, AFL dropped -82.71% vs PKG's -66.88%.

Which has better risk-adjusted returns?

AFL currently has the higher Sharpe Ratio (0.80 vs 0.54), 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.