CAAP vs. CPA

Last updated Jun 23, 2026

CAAP (Corporación América Airports S.A.) and CPA (Copa Holdings, S.A.) are both stocks. Both are in the Industrials sector — CAAP in Airports & Air Services, CPA in Airlines. Over the past 5 years, CAAP returned 36.12%/yr vs 18.54%/yr for CPA. At a 0.30 correlation, their price movements are largely independent.

Performance

CAAP vs. CPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Corporación América Airports S.A. (CAAP) and Copa Holdings, S.A. (CPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAP achieves a 2.27% return, which is significantly lower than CPA's 29.89% return.

CAAP

• 1D: -3.45%
• 1M: 6.53%
• YTD: 2.27%
• 6M: 3.42%
• 1Y: 34.63%
• 3Y*: 31.18%
• 5Y*: 36.12%
• 10Y*: —

CPA

• 1D: 1.29%
• 1M: 13.03%
• YTD: 29.89%
• 6M: 26.63%
• 1Y: 56.99%
• 3Y*: 17.93%
• 5Y*: 18.54%
• 10Y*: 14.43%

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

CAAP vs. CPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CAAP Corporación América Airports S.A.	2.27%	39.34%	16.19%	83.96%	51.30%	44.61%	-33.50%	-9.50%	-61.00%
CPA Copa Holdings, S.A.	29.89%	45.60%	-11.54%	32.38%	0.62%	7.03%	-27.90%	41.09%	-41.05%

Correlation

The correlation between CAAP and CPA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Feb 1, 2018	0.30

The correlation between CAAP and CPA shifts across timeframes, from 0.30 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CAAP : $4.36B CPA : $6.30B
EPS CAAP : $1.77 CPA : $17.16
PE Ratio CAAP : 15.05 CPA : 8.91
PEG Ratio CAAP : 0.03 CPA : 0.04
PS Ratio CAAP : 2.07 CPA : 1.67
PB Ratio CAAP : 2.42 CPA : 2.19
Total Revenue (TTM) CAAP : $2.10B CPA : $3.77B
Gross Profit (TTM) CAAP : $749.06M CPA : $1.23B
EBITDA (TTM) CAAP : $729.23M CPA : $1.20B

Return for Risk

CAAP vs. CPA — Risk / Return Rank

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

CAAP

CAAP Risk / Return Rank: 68
CAAP Sharpe Ratio Rank: 69
CAAP Sortino Ratio Rank: 67
CAAP Omega Ratio Rank: 64
CAAP Calmar Ratio Rank: 71
CAAP Martin Ratio Rank: 68

CPA

CPA Risk / Return Rank: 78
CPA Sharpe Ratio Rank: 80
CPA Sortino Ratio Rank: 79
CPA Omega Ratio Rank: 79
CPA Calmar Ratio Rank: 75
CPA Martin Ratio Rank: 76

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.

CAAP vs. CPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Corporación América Airports S.A. (CAAP) and Copa Holdings, S.A. (CPA). 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.

	CAAP	CPA	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.40	-0.53
Sortino ratio: Return per unit of downside risk	1.52	2.16	-0.64
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	1.60	1.96	-0.36
Martin ratio: Return relative to average drawdown	3.07	5.08	-2.01

CAAP vs. CPA - Sharpe Ratio Comparison

The current CAAP Sharpe Ratio is 0.86, which is lower than the CPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of CAAP and CPA, 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

CAAP vs. CPA - Drawdown Comparison

The maximum CAAP drawdown since its inception was -90.12%, which is greater than CPA's maximum drawdown of -78.99%. Use the drawdown chart below to compare losses from any high point for CAAP and CPA.

Drawdown Indicators

	CAAP	CPA	Difference
Max Drawdown Largest peak-to-trough decline	-90.12%	-78.99%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-21.68%	-29.22%	+7.54%
Max Drawdown (3Y) Largest decline over 3 years	-26.63%	-33.47%	+6.84%
Max Drawdown (5Y) Largest decline over 5 years	-26.63%	-42.52%	+15.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-78.94%	—
Current Drawdown Current decline from peak	-12.39%	0.00%	-12.39%
Average Drawdown Average peak-to-trough decline	-43.12%	-27.75%	-15.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.32%	11.26%	+0.06%

Volatility

CAAP vs. CPA - Volatility Comparison

The current volatility for Corporación América Airports S.A. (CAAP) is 12.10%, while Copa Holdings, S.A. (CPA) has a volatility of 13.03%. This indicates that CAAP experiences smaller price fluctuations and is considered to be less risky than CPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAP	CPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.10%	13.03%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	27.04%	35.39%	-8.35%
Volatility (1Y) Calculated over the trailing 1-year period	40.48%	41.11%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.73%	36.38%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.55%	44.95%	+7.60%

Dividends

CAAP vs. CPA - Dividend Comparison

CAAP has not paid dividends to shareholders, while CPA's dividend yield for the trailing twelve months is around 4.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAP Corporación América Airports S.A.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CPA Copa Holdings, S.A.	4.34%	5.34%	7.33%	3.09%	0.00%	0.00%	1.04%	2.41%	4.42%	1.88%	2.25%	6.96%

Financials

CAAP vs. CPA - Profitability Comparison

The chart below illustrates the profitability comparison between Corporación América Airports S.A. and Copa Holdings, S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CAAP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Corporación América Airports S.A. reported a gross profit of 198.55M and revenue of 537.62M. Therefore, the gross margin over that period was 36.9%.

CPA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Copa Holdings, S.A. reported a gross profit of 377.63M and revenue of 1.05B. Therefore, the gross margin over that period was 35.9%.

CAAP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Corporación América Airports S.A. reported an operating income of 139.88M and revenue of 537.62M, resulting in an operating margin of 26.0%.

CPA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Copa Holdings, S.A. reported an operating income of 258.64M and revenue of 1.05B, resulting in an operating margin of 24.6%.

CAAP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Corporación América Airports S.A. reported a net income of 77.05M and revenue of 537.62M, resulting in a net margin of 14.3%.

CPA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Copa Holdings, S.A. reported a net income of 212.47M and revenue of 1.05B, resulting in a net margin of 20.2%.

Frequently Asked Questions

Can I hold both CAAP and CPA in my portfolio?

CAAP and CPA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAP or CPA?

CPA has higher volatility (13.03%) compared to CAAP (12.10%). In terms of maximum drawdown, CAAP dropped -90.12% vs CPA's -78.99%.

Which has better risk-adjusted returns?

CPA currently has the higher Sharpe Ratio (1.40 vs 0.86), 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.