AFX.DE vs. AAON

Last updated Jun 5, 2026

AFX.DE (Carl Zeiss Meditec AG) and AAON (AAON, Inc.) are both stocks. AFX.DE operates in Medical Instruments & Supplies (Healthcare), while AAON operates in Building Products & Equipment (Industrials). Over the past 10 years, AFX.DE returned -1.52%/yr vs 22.50%/yr for AAON. At a 0.13 correlation, their price movements are largely independent.

Performance

AFX.DE vs. AAON - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Carl Zeiss Meditec AG (AFX.DE) and AAON, Inc. (AAON). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AFX.DE is traded in EUR, while AAON is traded in USD. To make them comparable, the AAON values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, AFX.DE achieves a -31.90% return, which is significantly lower than AAON's 77.69% return. Over the past 10 years, AFX.DE has underperformed AAON with an annualized return of -1.52%, while AAON has yielded a comparatively higher 22.50% annualized return.

AFX.DE

• 1D: 1.52%
• 1M: 1.45%
• YTD: -31.90%
• 6M: -37.29%
• 1Y: -54.03%
• 3Y*: -36.88%
• 5Y*: -28.35%
• 10Y*: -1.52%

AAON

• 1D: -6.87%
• 1M: 37.67%
• YTD: 77.69%
• 6M: 53.40%
• 1Y: 39.63%
• 3Y*: 26.25%
• 5Y*: 27.32%
• 10Y*: 22.50%

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

AFX.DE vs. AAON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFX.DE Carl Zeiss Meditec AG	-31.90%	-11.32%	-53.50%	-15.46%	-35.83%	70.32%	-2.74%	67.64%	33.36%	49.25%
AAON AAON, Inc.	77.69%	-42.63%	70.43%	43.42%	1.36%	28.81%	24.52%	45.08%	0.94%	-1.90%

Correlation

The correlation between AFX.DE and AAON is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007	0.13

Return for Risk

AFX.DE vs. AAON — Risk / Return Rank

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

AFX.DE

AFX.DE Risk / Return Rank: 6
AFX.DE Sharpe Ratio Rank: 2
AFX.DE Sortino Ratio Rank: 3
AFX.DE Omega Ratio Rank: 3
AFX.DE Calmar Ratio Rank: 9
AFX.DE Martin Ratio Rank: 13

AAON

AAON Risk / Return Rank: 64
AAON Sharpe Ratio Rank: 63
AAON Sortino Ratio Rank: 63
AAON Omega Ratio Rank: 61
AAON Calmar Ratio Rank: 67
AAON Martin Ratio Rank: 65

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.

AFX.DE vs. AAON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carl Zeiss Meditec AG (AFX.DE) and AAON, Inc. (AAON). 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.

	AFX.DE	AAON	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	0.63	-1.88
Sortino ratio: Return per unit of downside risk	-1.96	1.40	-3.36
Omega ratio: Gain probability vs. loss probability	0.74	1.17	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.84	1.26	-2.10
Martin ratio: Return relative to average drawdown	-1.26	2.39	-3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFX.DE vs. AAON - Sharpe Ratio Comparison

The current AFX.DE Sharpe Ratio is -1.25, which is lower than the AAON Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of AFX.DE and AAON, 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

	AFX.DE	AAON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.25	0.63	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.69	0.61	-1.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.04	0.56	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.55	-0.52

Drawdowns

AFX.DE vs. AAON - Drawdown Comparison

The maximum AFX.DE drawdown since its inception was -91.83%, which is greater than AAON's maximum drawdown of -53.61%. Use the drawdown chart below to compare losses from any high point for AFX.DE and AAON.

Drawdown Indicators

	AFX.DE	AAON	Difference
Max Drawdown Largest peak-to-trough decline	-91.83%	-53.61%	-38.22%
Max Drawdown (1Y) Largest decline over 1 year	-62.80%	-31.54%	-31.26%
Max Drawdown (3Y) Largest decline over 3 years	-80.43%	-53.61%	-26.82%
Max Drawdown (5Y) Largest decline over 5 years	-87.84%	-53.61%	-34.23%
Max Drawdown (10Y) Largest decline over 10 years	-87.84%	-53.61%	-34.23%
Current Drawdown Current decline from peak	-85.85%	-13.42%	-72.43%
Average Drawdown Average peak-to-trough decline	-45.49%	-12.69%	-32.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.89%	16.61%	+25.28%

Volatility

AFX.DE vs. AAON - Volatility Comparison

The current volatility for Carl Zeiss Meditec AG (AFX.DE) is 18.31%, while AAON, Inc. (AAON) has a volatility of 31.59%. This indicates that AFX.DE experiences smaller price fluctuations and is considered to be less risky than AAON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFX.DE	AAON	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.31%	31.59%	-13.28%
Volatility (6M) Calculated over the trailing 6-month period	34.46%	44.63%	-10.17%
Volatility (1Y) Calculated over the trailing 1-year period	42.46%	62.97%	-20.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.46%	45.22%	-4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.74%	40.58%	-4.84%

Dividends

AFX.DE vs. AAON - Dividend Comparison

AFX.DE's dividend yield for the trailing twelve months is around 2.06%, more than AAON's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAON AAON, Inc.	0.38%	0.52%	0.27%	0.43%	0.57%	0.48%	0.57%	0.65%	0.91%	0.71%	0.73%	0.95%
AFX.DE Carl Zeiss Meditec AG	2.06%	1.50%	2.42%	1.11%	0.76%	0.27%	1.19%	0.48%	0.81%	0.81%	1.09%	1.40%

Financials

Frequently Asked Questions

Can I hold both AFX.DE and AAON in my portfolio?

AFX.DE and AAON have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.