CAT vs. ATO

Last updated Jun 12, 2026

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

Performance

CAT vs. ATO - Performance Comparison

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

Returns By Period

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

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%

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%

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

CAT vs. ATO - Yearly Performance Comparison

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

Correlation

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

Fundamentals

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

Return for Risk

CAT vs. ATO — Risk / Return Rank

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

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

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

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.

CAT vs. ATO - Risk-Adjusted Trends Comparison

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

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

CAT vs. ATO - Sharpe Ratio Comparison

The current CAT Sharpe Ratio is 4.29, which is higher than the ATO Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of CAT and ATO, 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

CAT vs. ATO - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

CAT vs. ATO - Volatility Comparison

Caterpillar Inc. (CAT) has a higher volatility of 13.12% compared to Atmos Energy Corporation (ATO) at 5.15%. This indicates that CAT's price experiences larger fluctuations and is considered to be riskier than ATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Dividends

CAT vs. ATO - Dividend Comparison

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

CAT vs. ATO - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both CAT and ATO in my portfolio?

CAT and ATO 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, CAT or ATO?

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

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.