ATO vs. CAT

Last updated Jun 12, 2026

ATO (Atmos Energy Corporation) and CAT (Caterpillar Inc.) are both stocks. ATO operates in Utilities - Regulated Gas (Utilities), while CAT operates in Farm & Heavy Construction Machinery (Industrials). Over the past 10 years, ATO returned 10.90%/yr vs 31.08%/yr for CAT. At a 0.22 correlation, their price movements are largely independent.

Performance

ATO vs. CAT - Performance Comparison

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

Returns By Period

In the year-to-date period, ATO achieves a 1.49% return, which is significantly lower than CAT's 57.36% return. Over the past 10 years, ATO has underperformed CAT with an annualized return of 10.90%, while CAT has yielded a comparatively higher 31.08% annualized return.

ATO

• 1D: -0.61%
• 1M: -7.01%
• YTD: 1.49%
• 6M: 1.81%
• 1Y: 12.80%
• 3Y*: 15.49%
• 5Y*: 13.35%
• 10Y*: 10.90%

CAT

• 1D: 4.84%
• 1M: -1.59%
• YTD: 57.36%
• 6M: 44.09%
• 1Y: 149.86%
• 3Y*: 58.05%
• 5Y*: 34.78%
• 10Y*: 31.08%

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

ATO vs. CAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ATO Atmos Energy Corporation	1.49%	23.07%	23.35%	6.17%	9.63%	12.75%	-12.73%	23.14%	10.39%	18.41%
CAT Caterpillar Inc.	57.36%	60.30%	24.66%	25.95%	18.60%	15.95%	26.97%	19.51%	-17.56%	75.03%

Correlation

The correlation between ATO and CAT is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 2, 1987	0.22

The correlation between ATO and CAT shifts across timeframes, from 0.03 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ATO : $28.23B CAT : $418.12B
EPS ATO : $8.23 CAT : $20.07
PE Ratio ATO : 20.45 CAT : 44.72
PEG Ratio ATO : 2.01 CAT : 2.96
PS Ratio ATO : 5.64 CAT : 5.95
PB Ratio ATO : 0.98 CAT : 22.41
Total Revenue (TTM) ATO : $4.88B CAT : $70.76B
Gross Profit (TTM) ATO : $1.61B CAT : $23.01B
EBITDA (TTM) ATO : $2.57B CAT : $15.31B

Return for Risk

ATO vs. CAT — Risk / Return Rank

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

ATO

ATO Risk / Return Rank: 66
ATO Sharpe Ratio Rank: 70
ATO Sortino Ratio Rank: 62
ATO Omega Ratio Rank: 61
ATO Calmar Ratio Rank: 65
ATO Martin Ratio Rank: 70

CAT

CAT Risk / Return Rank: 98
CAT Sharpe Ratio Rank: 99
CAT Sortino Ratio Rank: 98
CAT Omega Ratio Rank: 97
CAT Calmar Ratio Rank: 98
CAT Martin Ratio Rank: 99

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.

ATO vs. CAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Atmos Energy Corporation (ATO) and Caterpillar Inc. (CAT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ATO	CAT	Difference
Sharpe ratio: Return per unit of total volatility	0.83	4.29	-3.46
Sortino ratio: Return per unit of downside risk	1.23	4.93	-3.70
Omega ratio: Gain probability vs. loss probability	1.15	1.63	-0.48
Calmar ratio: Return relative to maximum drawdown	1.02	10.86	-9.84
Martin ratio: Return relative to average drawdown	3.11	35.61	-32.50

ATO vs. CAT - Sharpe Ratio Comparison

The current ATO Sharpe Ratio is 0.83, which is lower than the CAT Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of ATO and CAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ATO vs. CAT - Drawdown Comparison

The maximum ATO drawdown since its inception was -51.94%, smaller than the maximum CAT drawdown of -73.43%. Use the drawdown chart below to compare losses from any high point for ATO and CAT.

Drawdown Indicators

	ATO	CAT	Difference
Max Drawdown Largest peak-to-trough decline	-51.94%	-73.43%	+21.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-13.88%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-34.05%	+17.18%
Max Drawdown (5Y) Largest decline over 5 years	-19.08%	-34.05%	+14.97%
Max Drawdown (10Y) Largest decline over 10 years	-32.91%	-43.36%	+10.45%
Current Drawdown Current decline from peak	-12.02%	-4.56%	-7.46%
Average Drawdown Average peak-to-trough decline	-8.56%	-19.73%	+11.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	4.23%	-0.11%

Volatility

ATO vs. CAT - Volatility Comparison

The current volatility for Atmos Energy Corporation (ATO) is 5.15%, while Caterpillar Inc. (CAT) has a volatility of 13.12%. This indicates that ATO experiences smaller price fluctuations and is considered to be less risky than CAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ATO	CAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	13.12%	-7.97%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	28.52%	-17.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	35.18%	-19.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	30.79%	-12.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.24%	30.98%	-9.74%

Dividends

ATO vs. CAT - Dividend Comparison

ATO's dividend yield for the trailing twelve months is around 2.30%, more than CAT's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATO Atmos Energy Corporation	2.30%	2.15%	2.36%	2.61%	2.48%	2.44%	2.46%	1.92%	2.14%	2.14%	2.31%	2.52%
CAT Caterpillar Inc.	0.67%	1.02%	1.49%	1.69%	1.93%	2.07%	2.26%	2.56%	2.58%	1.97%	3.32%	4.33%

Financials

ATO vs. CAT - Profitability Comparison

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

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%.

CAT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Caterpillar Inc. reported a gross profit of 6.11B and revenue of 17.42B. Therefore, the gross margin over that period was 35.1%.

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%.

CAT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Caterpillar Inc. reported an operating income of 3.09B and revenue of 17.42B, resulting in an operating margin of 17.7%.

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%.

CAT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Caterpillar Inc. reported a net income of 2.55B and revenue of 17.42B, resulting in a net margin of 14.6%.

Frequently Asked Questions

Can I hold both ATO and CAT in my portfolio?

ATO and CAT have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ATO or CAT?

CAT has higher volatility (13.12%) compared to ATO (5.15%). In terms of maximum drawdown, ATO dropped -51.94% vs CAT's -73.43%.

Which has better risk-adjusted returns?

CAT currently has the higher Sharpe Ratio (4.29 vs 0.83), 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.