CPA vs. BTI

Last updated Apr 2, 2026

Compare and contrast key facts about Copa Holdings, S.A. (CPA) and British American Tobacco p.l.c. (BTI).

Performance

CPA vs. BTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copa Holdings, S.A. (CPA) and British American Tobacco p.l.c. (BTI). The values are adjusted to include any dividend payments, if applicable.

CPA vs. BTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPA Copa Holdings, S.A.	-1.09%	45.60%	-11.54%	32.38%	0.62%	7.03%	-27.90%	41.09%	-39.17%	50.74%
BTI British American Tobacco p.l.c.	3.73%	65.81%	35.44%	-19.97%	14.91%	7.95%	-4.73%	42.97%	-49.35%	24.40%

Fundamentals

Market Cap CPA : $4.87B BTI : $126.95B
EPS CPA : $16.29 BTI : $4.93
PE Ratio CPA : 7.24 BTI : 11.75
PEG Ratio CPA : 0.04 BTI : 0.44
PS Ratio CPA : 1.34 BTI : 2.47
PB Ratio CPA : 1.75 BTI : 2.65
Total Revenue (TTM) CPA : $3.62B BTI : $51.48B
Gross Profit (TTM) CPA : $1.16B BTI : $42.82B
EBITDA (TTM) CPA : $1.23B BTI : $20.34B

Returns By Period

In the year-to-date period, CPA achieves a -1.09% return, which is significantly lower than BTI's 3.73% return. Over the past 10 years, CPA has outperformed BTI with an annualized return of 8.94%, while BTI has yielded a comparatively lower 6.86% annualized return.

CPA

• 1D: 3.79%
• 1M: -10.67%
• YTD: -1.09%
• 6M: 2.81%
• 1Y: 36.30%
• 3Y*: 14.95%
• 5Y*: 11.63%
• 10Y*: 8.94%

BTI

• 1D: -0.99%
• 1M: -5.45%
• YTD: 3.73%
• 6M: 15.49%
• 1Y: 49.23%
• 3Y*: 27.67%
• 5Y*: 17.28%
• 10Y*: 6.86%

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

Return for Risk

CPA vs. BTI — Risk / Return Rank

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

CPA

CPA Risk / Return Rank: 70
CPA Sharpe Ratio Rank: 75
CPA Sortino Ratio Rank: 68
CPA Omega Ratio Rank: 69
CPA Calmar Ratio Rank: 65
CPA Martin Ratio Rank: 74

BTI

BTI Risk / Return Rank: 89
BTI Sharpe Ratio Rank: 92
BTI Sortino Ratio Rank: 90
BTI Omega Ratio Rank: 88
BTI Calmar Ratio Rank: 88
BTI Martin Ratio Rank: 86

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.

CPA vs. BTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copa Holdings, S.A. (CPA) and British American Tobacco p.l.c. (BTI). 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.

	CPA	BTI	Difference
Sharpe ratio Return per unit of total volatility	1.09	2.24	-1.15
Sortino ratio Return per unit of downside risk	1.55	2.88	-1.33
Omega ratio Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio Return relative to maximum drawdown	1.18	3.51	-2.33
Martin ratio Return relative to average drawdown	4.44	8.85	-4.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPA vs. BTI - Sharpe Ratio Comparison

The current CPA Sharpe Ratio is 1.09, which is lower than the BTI Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of CPA and BTI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CPA	BTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	2.24	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.84	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.29	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.58	-0.33

Correlation

The correlation between CPA and BTI is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CPA vs. BTI - Dividend Comparison

CPA's dividend yield for the trailing twelve months is around 5.55%, more than BTI's 5.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPA Copa Holdings, S.A.	5.55%	5.34%	7.33%	3.09%	0.00%	0.00%	1.04%	2.41%	4.42%	1.88%	2.25%	6.96%
BTI British American Tobacco p.l.c.	5.32%	5.29%	8.18%	9.72%	7.23%	7.98%	7.22%	6.35%	8.53%	4.27%	3.85%	4.11%

Drawdowns

CPA vs. BTI - Drawdown Comparison

The maximum CPA drawdown since its inception was -78.99%, which is greater than BTI's maximum drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for CPA and BTI.

Drawdown Indicators

	CPA	BTI	Difference
Max Drawdown Largest peak-to-trough decline	-78.99%	-64.11%	-14.88%
Max Drawdown (1Y) Largest decline over 1 year	-29.22%	-13.75%	-15.47%
Max Drawdown (5Y) Largest decline over 5 years	-42.52%	-29.94%	-12.58%
Max Drawdown (10Y) Largest decline over 10 years	-78.94%	-56.00%	-22.94%
Current Drawdown Current decline from peak	-22.58%	-6.82%	-15.76%
Average Drawdown Average peak-to-trough decline	-27.88%	-12.96%	-14.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.78%	5.45%	+2.33%

Volatility

CPA vs. BTI - Volatility Comparison

Copa Holdings, S.A. (CPA) has a higher volatility of 15.05% compared to British American Tobacco p.l.c. (BTI) at 7.66%. This indicates that CPA's price experiences larger fluctuations and is considered to be riskier than BTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPA	BTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.05%	7.66%	+7.39%
Volatility (6M) Calculated over the trailing 6-month period	27.15%	15.47%	+11.68%
Volatility (1Y) Calculated over the trailing 1-year period	33.60%	22.08%	+11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.77%	20.70%	+14.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.46%	23.95%	+20.51%

Financials

CPA vs. BTI - Profitability Comparison

The chart below illustrates the profitability comparison between Copa Holdings, S.A. and British American Tobacco p.l.c. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CPA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Copa Holdings, S.A. reported a gross profit of 297.41M and revenue of 962.89M. Therefore, the gross margin over that period was 30.9%.

BTI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 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%.

CPA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Copa Holdings, S.A. reported an operating income of 209.59M and revenue of 962.89M, resulting in an operating margin of 21.8%.

BTI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 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%.

CPA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Copa Holdings, S.A. reported a net income of 172.62M and revenue of 962.89M, resulting in a net margin of 17.9%.

BTI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 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%.