ASO vs. BOOT

Last updated Jun 3, 2026

ASO (Academy Sports and Outdoors, Inc.) and BOOT (Boot Barn Holdings, Inc.) are both stocks. Both are in the Consumer Cyclical sector — ASO in Specialty Retail, BOOT in Apparel Retail. Over the past 5 years, ASO returned 7.67%/yr vs 17.85%/yr for BOOT. At a 0.46 correlation, their price movements are largely independent.

Performance

ASO vs. BOOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Academy Sports and Outdoors, Inc. (ASO) and Boot Barn Holdings, Inc. (BOOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASO achieves a 3.13% return, which is significantly higher than BOOT's -2.60% return.

ASO

• 1D: -2.30%
• 1M: -4.55%
• YTD: 3.13%
• 6M: 7.02%
• 1Y: 28.40%
• 3Y*: 0.88%
• 5Y*: 7.67%
• 10Y*: —

BOOT

• 1D: 1.21%
• 1M: 0.24%
• YTD: -2.60%
• 6M: -11.42%
• 1Y: 9.13%
• 3Y*: 36.12%
• 5Y*: 17.85%
• 10Y*: 35.85%

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

ASO vs. BOOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ASO Academy Sports and Outdoors, Inc.	3.13%	-12.23%	-12.18%	26.44%	20.55%	111.77%	59.58%
BOOT Boot Barn Holdings, Inc.	-2.60%	16.24%	97.79%	22.78%	-49.19%	183.79%	40.19%

Correlation

The correlation between ASO and BOOT is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Oct 5, 2020	0.46

The correlation between ASO and BOOT shifts across timeframes, from 0.36 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ASO : $3.47B BOOT : $5.28B
EPS ASO : $5.56 BOOT : $7.35
PE Ratio ASO : 9.24 BOOT : 23.39
PS Ratio ASO : 0.58 BOOT : 2.34
PB Ratio ASO : 1.60 BOOT : 4.00
Total Revenue (TTM) ASO : $6.05B BOOT : $2.25B
Gross Profit (TTM) ASO : $2.11B BOOT : $858.36M
EBITDA (TTM) ASO : $512.18M BOOT : $358.43M

Return for Risk

ASO vs. BOOT — Risk / Return Rank

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

ASO

ASO Risk / Return Rank: 60
ASO Sharpe Ratio Rank: 62
ASO Sortino Ratio Rank: 58
ASO Omega Ratio Rank: 55
ASO Calmar Ratio Rank: 61
ASO Martin Ratio Rank: 63

BOOT

BOOT Risk / Return Rank: 45
BOOT Sharpe Ratio Rank: 47
BOOT Sortino Ratio Rank: 44
BOOT Omega Ratio Rank: 42
BOOT Calmar Ratio Rank: 45
BOOT Martin Ratio Rank: 46

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.

ASO vs. BOOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Academy Sports and Outdoors, Inc. (ASO) and Boot Barn Holdings, Inc. (BOOT). 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.

	ASO	BOOT	Difference
Sharpe ratio Return per unit of total volatility	0.66	0.21	+0.44
Sortino ratio Return per unit of downside risk	1.19	0.64	+0.55
Omega ratio Gain probability vs. loss probability	1.14	1.07	+0.07
Calmar ratio Return relative to maximum drawdown	1.02	0.21	+0.81
Martin ratio Return relative to average drawdown	2.57	0.54	+2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASO vs. BOOT - Sharpe Ratio Comparison

The current ASO Sharpe Ratio is 0.66, which is higher than the BOOT Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of ASO and BOOT, 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

	ASO	BOOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.21	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.36	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.35	+0.26

Drawdowns

ASO vs. BOOT - Drawdown Comparison

The maximum ASO drawdown since its inception was -54.17%, smaller than the maximum BOOT drawdown of -83.73%. Use the drawdown chart below to compare losses from any high point for ASO and BOOT.

Drawdown Indicators

	ASO	BOOT	Difference
Max Drawdown Largest peak-to-trough decline	-54.17%	-83.73%	+29.56%
Max Drawdown (1Y) Largest decline over 1 year	-26.42%	-35.01%	+8.59%
Max Drawdown (3Y) Largest decline over 3 years	-54.17%	-48.93%	-5.24%
Max Drawdown (5Y) Largest decline over 5 years	-54.17%	-60.62%	+6.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.88%	—
Current Drawdown Current decline from peak	-30.20%	-17.35%	-12.85%
Average Drawdown Average peak-to-trough decline	-19.21%	-32.35%	+13.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.50%	13.50%	-3.00%

Volatility

ASO vs. BOOT - Volatility Comparison

The current volatility for Academy Sports and Outdoors, Inc. (ASO) is 12.96%, while Boot Barn Holdings, Inc. (BOOT) has a volatility of 15.90%. This indicates that ASO experiences smaller price fluctuations and is considered to be less risky than BOOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASO	BOOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	15.90%	-2.94%
Volatility (6M) Calculated over the trailing 6-month period	30.90%	32.56%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	43.44%	42.85%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.23%	49.78%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.92%	57.04%	-10.12%

Dividends

ASO vs. BOOT - Dividend Comparison

ASO's dividend yield for the trailing twelve months is around 1.05%, while BOOT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
ASO Academy Sports and Outdoors, Inc.	1.05%	1.04%	0.76%	0.55%	0.57%
BOOT Boot Barn Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

ASO vs. BOOT - Profitability Comparison

The chart below illustrates the profitability comparison between Academy Sports and Outdoors, Inc. and Boot Barn Holdings, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ASO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Academy Sports and Outdoors, Inc. reported a gross profit of 576.60M and revenue of 1.72B. Therefore, the gross margin over that period was 33.6%.

BOOT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Boot Barn Holdings, Inc. reported a gross profit of 195.75M and revenue of 538.75M. Therefore, the gross margin over that period was 36.3%.

ASO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Academy Sports and Outdoors, Inc. reported an operating income of 170.15M and revenue of 1.72B, resulting in an operating margin of 9.9%.

BOOT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Boot Barn Holdings, Inc. reported an operating income of 57.22M and revenue of 538.75M, resulting in an operating margin of 10.6%.

ASO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Academy Sports and Outdoors, Inc. reported a net income of 133.69M and revenue of 1.72B, resulting in a net margin of 7.8%.

BOOT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Boot Barn Holdings, Inc. reported a net income of 44.44M and revenue of 538.75M, resulting in a net margin of 8.3%.

Frequently Asked Questions

Can I hold both ASO and BOOT in my portfolio?

ASO and BOOT have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASO or BOOT?

BOOT has higher volatility (15.90%) compared to ASO (12.96%). In terms of maximum drawdown, ASO dropped -54.17% vs BOOT's -83.73%.

Which has better risk-adjusted returns?

ASO currently has the higher Sharpe Ratio (0.66 vs 0.21), 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.