CARL-B.CO vs. DEO

Last updated Jun 5, 2026

CARL-B.CO (Carlsberg A/S) and DEO (Diageo plc) are both stocks. Both are in the Consumer Defensive sector — CARL-B.CO in Beverages - Brewers, DEO in Beverages - Wineries & Distilleries. Over the past 10 years, CARL-B.CO returned 5.14%/yr vs -0.59%/yr for DEO. At a 0.33 correlation, their price movements are largely independent.

Performance

CARL-B.CO vs. DEO - Performance Comparison

The chart below illustrates the hypothetical performance of a DKK 10,000 investment in Carlsberg A/S (CARL-B.CO) and Diageo plc (DEO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CARL-B.CO is traded in DKK, while DEO is traded in USD. To make them comparable, the DEO values have been converted to DKK using the latest available exchange rates.

Returns By Period

In the year-to-date period, CARL-B.CO achieves a 1.13% return, which is significantly higher than DEO's -3.95% return. Over the past 10 years, CARL-B.CO has outperformed DEO with an annualized return of 5.14%, while DEO has yielded a comparatively lower -0.59% annualized return.

CARL-B.CO

• 1D: -1.54%
• 1M: -6.54%
• YTD: 1.13%
• 6M: 3.56%
• 1Y: -11.54%
• 3Y*: -5.04%
• 5Y*: -3.03%
• 10Y*: 5.14%

DEO

• 1D: 2.67%
• 1M: -3.06%
• YTD: -3.95%
• 6M: -7.13%
• 1Y: -21.14%
• 3Y*: -21.36%
• 5Y*: -12.65%
• 10Y*: -0.59%

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

CARL-B.CO vs. DEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CARL-B.CO Carlsberg A/S	1.13%	24.73%	-16.11%	-5.74%	-15.78%	18.41%	1.01%	46.68%	-4.93%	24.15%
DEO Diageo plc	-3.95%	-37.59%	-4.12%	-18.59%	-12.24%	52.11%	-11.58%	24.22%	4.49%	26.54%

Correlation

The correlation between CARL-B.CO and DEO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	0.33

Return for Risk

CARL-B.CO vs. DEO — Risk / Return Rank

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

CARL-B.CO

CARL-B.CO Risk / Return Rank: 21
CARL-B.CO Sharpe Ratio Rank: 19
CARL-B.CO Sortino Ratio Rank: 18
CARL-B.CO Omega Ratio Rank: 19
CARL-B.CO Calmar Ratio Rank: 22
CARL-B.CO Martin Ratio Rank: 25

DEO

DEO Risk / Return Rank: 17
DEO Sharpe Ratio Rank: 14
DEO Sortino Ratio Rank: 16
DEO Omega Ratio Rank: 15
DEO Calmar Ratio Rank: 21
DEO Martin Ratio Rank: 20

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.

CARL-B.CO vs. DEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carlsberg A/S (CARL-B.CO) and Diageo plc (DEO). 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.

	CARL-B.CO	DEO	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	-0.67	+0.15
Sortino ratio: Return per unit of downside risk	-0.60	-0.76	+0.16
Omega ratio: Gain probability vs. loss probability	0.93	0.90	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.60	+0.05
Martin ratio: Return relative to average drawdown	-0.87	-1.07	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CARL-B.CO vs. DEO - Sharpe Ratio Comparison

The current CARL-B.CO Sharpe Ratio is -0.52, which is comparable to the DEO Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of CARL-B.CO and DEO, 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

	CARL-B.CO	DEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	-0.67	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	-0.54	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	-0.03	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.17	+0.05

Drawdowns

CARL-B.CO vs. DEO - Drawdown Comparison

The maximum CARL-B.CO drawdown since its inception was -75.46%, which is greater than DEO's maximum drawdown of -64.26%. Use the drawdown chart below to compare losses from any high point for CARL-B.CO and DEO.

Drawdown Indicators

	CARL-B.CO	DEO	Difference
Max Drawdown Largest peak-to-trough decline	-75.46%	-64.26%	-11.20%
Max Drawdown (1Y) Largest decline over 1 year	-21.24%	-35.17%	+13.93%
Max Drawdown (3Y) Largest decline over 3 years	-36.63%	-57.74%	+21.11%
Max Drawdown (5Y) Largest decline over 5 years	-39.46%	-64.26%	+24.80%
Max Drawdown (10Y) Largest decline over 10 years	-39.46%	-64.26%	+24.80%
Current Drawdown Current decline from peak	-21.50%	-59.63%	+38.13%
Average Drawdown Average peak-to-trough decline	-18.77%	-14.12%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.39%	19.71%	-5.32%

Volatility

CARL-B.CO vs. DEO - Volatility Comparison

Carlsberg A/S (CARL-B.CO) and Diageo plc (DEO) have volatilities of 7.96% and 7.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARL-B.CO	DEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	7.68%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	17.71%	26.66%	-8.95%
Volatility (1Y) Calculated over the trailing 1-year period	22.70%	32.29%	-9.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.03%	23.49%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.93%	22.84%	-0.91%

Dividends

CARL-B.CO vs. DEO - Dividend Comparison

CARL-B.CO's dividend yield for the trailing twelve months is around 3.55%, less than DEO's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CARL-B.CO Carlsberg A/S	3.55%	3.23%	3.91%	3.19%	2.60%	1.95%	2.15%	1.81%	2.31%	1.34%	1.48%	1.47%
DEO Diageo plc	4.13%	4.80%	3.26%	2.77%	2.16%	1.82%	2.29%	2.07%	2.51%	2.18%	3.00%	3.13%

Financials

Frequently Asked Questions

Can I hold both CARL-B.CO and DEO in my portfolio?

CARL-B.CO and DEO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.