AWI vs. OC

Last updated Jun 9, 2026

AWI (Armstrong World Industries, Inc.) and OC (Owens Corning) are both stocks. Both operate in the Building Products & Equipment industry within the Industrials sector. Over the past 10 years, AWI returned 15.14%/yr vs 10.96%/yr for OC. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

AWI vs. OC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Armstrong World Industries, Inc. (AWI) and Owens Corning (OC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AWI achieves a -20.09% return, which is significantly lower than OC's 7.98% return. Over the past 10 years, AWI has outperformed OC with an annualized return of 15.14%, while OC has yielded a comparatively lower 10.96% annualized return.

AWI

• 1D: -1.98%
• 1M: -5.79%
• YTD: -20.09%
• 6M: -17.11%
• 1Y: -1.02%
• 3Y*: 32.94%
• 5Y*: 8.21%
• 10Y*: 15.14%

OC

• 1D: -0.05%
• 1M: -2.08%
• YTD: 7.98%
• 6M: 8.31%
• 1Y: -9.78%
• 3Y*: 2.17%
• 5Y*: 4.96%
• 10Y*: 10.96%

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

AWI vs. OC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AWI Armstrong World Industries, Inc.	-20.09%	36.23%	45.05%	45.37%	-40.26%	57.44%	-19.97%	62.79%	-3.61%	44.86%
OC Owens Corning	7.98%	-33.02%	16.61%	77.17%	-4.23%	20.93%	18.12%	50.63%	-51.68%	80.33%

Correlation

The correlation between AWI and OC is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Nov 2, 2006	0.58

The correlation between AWI and OC shifts across timeframes, from 0.58 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS AWI : $7.04 OC : -$8.56
PS Ratio AWI : 4.02 OC : 0.75
Total Revenue (TTM) AWI : $1.65B OC : $9.84B
Gross Profit (TTM) AWI : $664.10M OC : $2.65B
EBITDA (TTM) AWI : $578.40M OC : $528.00M

Return for Risk

AWI vs. OC — Risk / Return Rank

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

AWI

AWI Risk / Return Rank: 38
AWI Sharpe Ratio Rank: 41
AWI Sortino Ratio Rank: 34
AWI Omega Ratio Rank: 34
AWI Calmar Ratio Rank: 41
AWI Martin Ratio Rank: 40

OC

OC Risk / Return Rank: 31
OC Sharpe Ratio Rank: 31
OC Sortino Ratio Rank: 28
OC Omega Ratio Rank: 28
OC Calmar Ratio Rank: 34
OC Martin Ratio Rank: 33

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.

AWI vs. OC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Armstrong World Industries, Inc. (AWI) and Owens Corning (OC). 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.

	AWI	OC	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	-0.27	+0.23
Sortino ratio: Return per unit of downside risk	0.12	-0.16	+0.28
Omega ratio: Gain probability vs. loss probability	1.02	0.98	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.04	-0.26	+0.22
Martin ratio: Return relative to average drawdown	-0.10	-0.47	+0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AWI vs. OC - Sharpe Ratio Comparison

The current AWI Sharpe Ratio is -0.04, which is higher than the OC Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of AWI and OC, 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

	AWI	OC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	-0.27	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.14	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.31	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.22	+0.08

Drawdowns

AWI vs. OC - Drawdown Comparison

The maximum AWI drawdown since its inception was -80.98%, roughly equal to the maximum OC drawdown of -85.22%. Use the drawdown chart below to compare losses from any high point for AWI and OC.

Drawdown Indicators

	AWI	OC	Difference
Max Drawdown Largest peak-to-trough decline	-80.98%	-85.22%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	-24.91%	-37.33%	+12.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.91%	-52.48%	+27.57%
Max Drawdown (5Y) Largest decline over 5 years	-46.06%	-52.48%	+6.42%
Max Drawdown (10Y) Largest decline over 10 years	-46.44%	-66.57%	+20.13%
Current Drawdown Current decline from peak	-24.91%	-41.57%	+16.66%
Average Drawdown Average peak-to-trough decline	-18.25%	-20.65%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.70%	20.65%	-9.95%

Volatility

AWI vs. OC - Volatility Comparison

The current volatility for Armstrong World Industries, Inc. (AWI) is 7.57%, while Owens Corning (OC) has a volatility of 10.99%. This indicates that AWI experiences smaller price fluctuations and is considered to be less risky than OC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AWI	OC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	10.99%	-3.42%
Volatility (6M) Calculated over the trailing 6-month period	20.21%	25.97%	-5.76%
Volatility (1Y) Calculated over the trailing 1-year period	25.43%	36.03%	-10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.16%	34.51%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.96%	35.25%	-5.29%

Dividends

AWI vs. OC - Dividend Comparison

AWI's dividend yield for the trailing twelve months is around 0.87%, less than OC's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWI Armstrong World Industries, Inc.	0.87%	0.66%	0.81%	1.06%	1.38%	0.74%	1.09%	0.77%	0.30%	0.00%	0.00%	0.00%
OC Owens Corning	2.48%	2.47%	1.41%	1.40%	1.64%	1.15%	1.27%	1.35%	1.43%	0.88%	1.44%	1.45%

Financials

AWI vs. OC - Profitability Comparison

The chart below illustrates the profitability comparison between Armstrong World Industries, Inc. and Owens Corning over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AWI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Armstrong World Industries, Inc. reported a gross profit of 155.30M and revenue of 409.90M. Therefore, the gross margin over that period was 37.9%.

OC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Owens Corning reported a gross profit of 510.00M and revenue of 2.27B. Therefore, the gross margin over that period was 22.5%.

AWI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Armstrong World Industries, Inc. reported an operating income of 94.20M and revenue of 409.90M, resulting in an operating margin of 23.0%.

OC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Owens Corning reported an operating income of 120.00M and revenue of 2.27B, resulting in an operating margin of 5.3%.

AWI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Armstrong World Industries, Inc. reported a net income of 66.80M and revenue of 409.90M, resulting in a net margin of 16.3%.

OC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Owens Corning reported a net income of -105.00M and revenue of 2.27B, resulting in a net margin of -4.6%.

Frequently Asked Questions

Can I hold both AWI and OC in my portfolio?

AWI and OC have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AWI or OC?

OC has higher volatility (10.99%) compared to AWI (7.57%). In terms of maximum drawdown, AWI dropped -80.98% vs OC's -85.22%.

Which has better risk-adjusted returns?

AWI currently has the higher Sharpe Ratio (-0.04 vs -0.27), 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.