BTI vs. PM
BTI (British American Tobacco p.l.c.) and PM (Philip Morris International Inc.) are both stocks. Both operate in the Tobacco industry within the Consumer Defensive sector. Over the past 10 years, BTI returned 6.44%/yr vs 11.17%/yr for PM. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
BTI vs. PM - Performance Comparison
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Returns By Period
In the year-to-date period, BTI achieves a 5.56% return, which is significantly lower than PM's 12.21% return. Over the past 10 years, BTI has underperformed PM with an annualized return of 6.44%, while PM has yielded a comparatively higher 11.17% annualized return.
BTI
- 1D
- -0.97%
- 1M
- -9.87%
- YTD
- 5.56%
- 6M
- 7.28%
- 1Y
- 27.37%
- 3Y*
- 31.35%
- 5Y*
- 17.35%
- 10Y*
- 6.44%
PM
- 1D
- -0.58%
- 1M
- -5.60%
- YTD
- 12.21%
- 6M
- 15.81%
- 1Y
- 0.78%
- 3Y*
- 29.04%
- 5Y*
- 17.85%
- 10Y*
- 11.17%
BTI vs. PM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTI British American Tobacco p.l.c. | 5.56% | 65.81% | 35.44% | -19.97% | 14.91% | 7.95% | -4.73% | 42.97% | -49.35% | 24.40% |
PM Philip Morris International Inc. | 12.21% | 37.99% | 34.34% | -1.85% | 12.31% | 20.78% | 3.69% | 35.02% | -33.30% | 19.85% |
Correlation
The correlation between BTI and PM is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2008 | 0.51 |
The correlation between BTI and PM has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.
Fundamentals
BTI:
$129.19B
PM:
$278.81B
BTI:
£4.93
PM:
$7.12
BTI:
9.06
PM:
25.07
BTI:
0.34
PM:
2.72
BTI:
1.91
PM:
6.70
BTI:
£51.48B
PM:
$41.49B
BTI:
£42.82B
PM:
$27.93B
BTI:
£20.34B
PM:
$17.74B
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Return for Risk
BTI vs. PM — Risk / Return Rank
BTI
PM
BTI vs. PM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for British American Tobacco p.l.c. (BTI) and Philip Morris International Inc. (PM). 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.
| BTI | PM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.03 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 0.06 | +1.88 |
| Martin ratioReturn relative to average drawdown | 4.27 | 0.11 | +4.16 |
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Drawdowns
BTI vs. PM - Drawdown Comparison
The maximum BTI drawdown since its inception was -64.11%, which is greater than PM's maximum drawdown of -42.87%. Use the drawdown chart below to compare losses from any high point for BTI and PM.
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Drawdown Indicators
| BTI | PM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.11% | -42.87% | -21.24% |
Max Drawdown (1Y)Largest decline over 1 year | -13.75% | -20.64% | +6.89% |
Max Drawdown (3Y)Largest decline over 3 years | -13.75% | -20.64% | +6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -29.94% | -22.78% | -7.16% |
Max Drawdown (10Y)Largest decline over 10 years | -56.00% | -42.87% | -13.13% |
Current DrawdownCurrent decline from peak | -11.68% | -7.02% | -4.66% |
Average DrawdownAverage peak-to-trough decline | -12.93% | -10.02% | -2.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.23% | 10.83% | -4.60% |
Volatility
BTI vs. PM - Volatility Comparison
The current volatility for British American Tobacco p.l.c. (BTI) is 7.25%, while Philip Morris International Inc. (PM) has a volatility of 7.84%. This indicates that BTI experiences smaller price fluctuations and is considered to be less risky than PM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTI | PM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.25% | 7.84% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 18.62% | 21.06% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.11% | 27.90% | -4.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.22% | 22.77% | -1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.21% | 24.48% | -0.27% |
Dividends
BTI vs. PM - Dividend Comparison
BTI's dividend yield for the trailing twelve months is around 5.23%, more than PM's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTI British American Tobacco p.l.c. | 5.23% | 5.29% | 8.18% | 9.72% | 7.23% | 7.98% | 7.22% | 6.35% | 8.53% | 4.27% | 3.85% | 4.11% |
PM Philip Morris International Inc. | 3.23% | 3.52% | 4.40% | 5.46% | 4.98% | 5.16% | 5.73% | 5.43% | 6.73% | 3.99% | 4.50% | 4.60% |
Financials
BTI vs. PM - Financials Comparison
This section allows you to compare key financial metrics between British American Tobacco p.l.c. and Philip Morris International Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BTI vs. PM - Profitability Comparison
BTI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, British American Tobacco p.l.c. reported a gross profit of 11.30B and revenue of 13.54B. Therefore, the gross margin over that period was 83.4%.
PM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Philip Morris International Inc. reported a gross profit of 6.91B and revenue of 10.15B. Therefore, the gross margin over that period was 68.1%.
BTI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, British American Tobacco p.l.c. reported an operating income of 4.93B and revenue of 13.54B, resulting in an operating margin of 36.4%.
PM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Philip Morris International Inc. reported an operating income of 3.89B and revenue of 10.15B, resulting in an operating margin of 38.4%.
BTI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, British American Tobacco p.l.c. reported a net income of 3.25B and revenue of 13.54B, resulting in a net margin of 24.0%.
PM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Philip Morris International Inc. reported a net income of 2.44B and revenue of 10.15B, resulting in a net margin of 24.0%.
Frequently Asked Questions
BTI and PM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PM has higher volatility (7.84%) compared to BTI (7.25%). In terms of maximum drawdown, BTI dropped -64.11% vs PM's -42.87%.
BTI currently has the higher Sharpe Ratio (1.15 vs 0.04), 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.
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