AGRO vs. ABEV

Last updated Apr 1, 2026

Compare and contrast key facts about Adecoagro S.A. (AGRO) and Ambev S.A. (ABEV).

Performance

AGRO vs. ABEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adecoagro S.A. (AGRO) and Ambev S.A. (ABEV). The values are adjusted to include any dividend payments, if applicable.

AGRO vs. ABEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGRO Adecoagro S.A.	89.41%	-12.37%	-12.39%	38.60%	11.50%	12.94%	-18.76%	20.26%	-32.69%	-0.39%
ABEV Ambev S.A.	18.22%	45.11%	-30.10%	8.41%	2.38%	-4.39%	-32.61%	21.92%	-37.29%	35.34%

Fundamentals

Market Cap AGRO : $10.70B ABEV : $45.72B
EPS AGRO : -$0.01 ABEV : $0.99
PS Ratio AGRO : 6.00 ABEV : 0.52
PB Ratio AGRO : 6.47 ABEV : 0.52
Total Revenue (TTM) AGRO : $1.43B ABEV : $88.24B
Gross Profit (TTM) AGRO : $334.30M ABEV : $44.56B
EBITDA (TTM) AGRO : $368.40M ABEV : $28.42B

Returns By Period

In the year-to-date period, AGRO achieves a 89.41% return, which is significantly higher than ABEV's 18.22% return. Over the past 10 years, AGRO has outperformed ABEV with an annualized return of 4.19%, while ABEV has yielded a comparatively lower -1.57% annualized return.

AGRO

• 1D: -1.51%
• 1M: 69.14%
• YTD: 89.41%
• 6M: 95.83%
• 1Y: 40.12%
• 3Y*: 27.35%
• 5Y*: 17.06%
• 10Y*: 4.19%

ABEV

• 1D: 3.55%
• 1M: -7.59%
• YTD: 18.22%
• 6M: 38.34%
• 1Y: 34.92%
• 3Y*: 7.83%
• 5Y*: 7.73%
• 10Y*: -1.57%

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

Return for Risk

AGRO vs. ABEV — Risk / Return Rank

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

AGRO

AGRO Risk / Return Rank: 66
AGRO Sharpe Ratio Rank: 72
AGRO Sortino Ratio Rank: 67
AGRO Omega Ratio Rank: 67
AGRO Calmar Ratio Rank: 64
AGRO Martin Ratio Rank: 58

ABEV

ABEV Risk / Return Rank: 78
ABEV Sharpe Ratio Rank: 81
ABEV Sortino Ratio Rank: 76
ABEV Omega Ratio Rank: 74
ABEV Calmar Ratio Rank: 81
ABEV Martin Ratio Rank: 78

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.

AGRO vs. ABEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adecoagro S.A. (AGRO) and Ambev S.A. (ABEV). 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.

	AGRO	ABEV	Difference
Sharpe ratio Return per unit of total volatility	0.90	1.30	-0.39
Sortino ratio Return per unit of downside risk	1.46	1.87	-0.40
Omega ratio Gain probability vs. loss probability	1.20	1.23	-0.04
Calmar ratio Return relative to maximum drawdown	1.04	2.31	-1.27
Martin ratio Return relative to average drawdown	1.61	4.93	-3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGRO vs. ABEV - Sharpe Ratio Comparison

The current AGRO Sharpe Ratio is 0.90, which is lower than the ABEV Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of AGRO and ABEV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGRO	ABEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	1.30	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.26	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	-0.05	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.26	-0.20

Correlation

The correlation between AGRO and ABEV is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AGRO vs. ABEV - Dividend Comparison

AGRO's dividend yield for the trailing twelve months is around 2.33%, less than ABEV's 6.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGRO Adecoagro S.A.	2.33%	4.41%	3.63%	2.95%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ABEV Ambev S.A.	6.10%	8.10%	6.10%	5.26%	5.36%	4.38%	2.67%	2.51%	3.79%	2.57%	3.41%	4.32%

Drawdowns

AGRO vs. ABEV - Drawdown Comparison

The maximum AGRO drawdown since its inception was -73.70%, roughly equal to the maximum ABEV drawdown of -74.04%. Use the drawdown chart below to compare losses from any high point for AGRO and ABEV.

Drawdown Indicators

	AGRO	ABEV	Difference
Max Drawdown Largest peak-to-trough decline	-73.70%	-74.04%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-36.44%	-16.41%	-20.03%
Max Drawdown (5Y) Largest decline over 5 years	-45.34%	-44.58%	-0.76%
Max Drawdown (10Y) Largest decline over 10 years	-72.07%	-72.26%	+0.19%
Current Drawdown Current decline from peak	-1.51%	-46.53%	+45.02%
Average Drawdown Average peak-to-trough decline	-31.71%	-31.77%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.41%	7.68%	+15.73%

Volatility

AGRO vs. ABEV - Volatility Comparison

Adecoagro S.A. (AGRO) has a higher volatility of 22.76% compared to Ambev S.A. (ABEV) at 10.37%. This indicates that AGRO's price experiences larger fluctuations and is considered to be riskier than ABEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGRO	ABEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.76%	10.37%	+12.39%
Volatility (6M) Calculated over the trailing 6-month period	34.91%	19.68%	+15.23%
Volatility (1Y) Calculated over the trailing 1-year period	44.68%	27.12%	+17.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.16%	29.98%	+11.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.21%	33.87%	+5.34%

Financials

AGRO vs. ABEV - Profitability Comparison

The chart below illustrates the profitability comparison between Adecoagro S.A. and Ambev S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AGRO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Adecoagro S.A. reported a gross profit of 78.85M and revenue of 415.94M. Therefore, the gross margin over that period was 19.0%.

ABEV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Ambev S.A. reported a gross profit of 12.24B and revenue of 24.81B. Therefore, the gross margin over that period was 49.3%.

AGRO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Adecoagro S.A. reported an operating income of -3.08M and revenue of 415.94M, resulting in an operating margin of -0.7%.

ABEV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Ambev S.A. reported an operating income of 6.23B and revenue of 24.81B, resulting in an operating margin of 25.1%.

AGRO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Adecoagro S.A. reported a net income of -14.85M and revenue of 415.94M, resulting in a net margin of -3.6%.

ABEV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Ambev S.A. reported a net income of 4.35B and revenue of 24.81B, resulting in a net margin of 17.5%.