HEIA.AS vs. PENN

Last updated Jun 13, 2026

HEIA.AS (Heineken N.V.) and PENN (Penn National Gaming, Inc.) are both stocks. HEIA.AS operates in Beverages - Brewers (Consumer Defensive), while PENN operates in Resorts & Casinos (Consumer Cyclical). Over the past 10 years, HEIA.AS returned 0.71%/yr vs 3.67%/yr for PENN. At a 0.15 correlation, their price movements are largely independent.

Performance

HEIA.AS vs. PENN - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Heineken N.V. (HEIA.AS) and Penn National Gaming, Inc. (PENN). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEIA.AS is traded in EUR, while PENN is traded in USD. To make them comparable, the PENN values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, HEIA.AS achieves a 2.90% return, which is significantly lower than PENN's 49.25% return. Over the past 10 years, HEIA.AS has underperformed PENN with an annualized return of 0.71%, while PENN has yielded a comparatively higher 3.67% annualized return.

HEIA.AS

• 1D: -0.20%
• 1M: 8.79%
• YTD: 2.90%
• 6M: 3.05%
• 1Y: -7.15%
• 3Y*: -6.97%
• 5Y*: -4.45%
• 10Y*: 0.71%

PENN

• 1D: 2.30%
• 1M: 34.51%
• YTD: 49.25%
• 6M: 54.07%
• 1Y: 38.68%
• 3Y*: -8.79%
• 5Y*: -23.00%
• 10Y*: 3.67%

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

HEIA.AS vs. PENN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEIA.AS Heineken N.V.	2.90%	4.12%	-23.78%	6.71%	-9.72%	9.48%	-2.55%	25.08%	-9.63%	23.99%
PENN Penn National Gaming, Inc.	49.25%	-34.41%	-18.80%	-15.02%	-39.17%	-35.48%	210.06%	38.81%	-37.08%	99.27%

Correlation

The correlation between HEIA.AS and PENN is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Sep 7, 2007	0.15

Return for Risk

HEIA.AS vs. PENN — Risk / Return Rank

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

HEIA.AS

HEIA.AS Risk / Return Rank: 24
HEIA.AS Sharpe Ratio Rank: 24
HEIA.AS Sortino Ratio Rank: 22
HEIA.AS Omega Ratio Rank: 22
HEIA.AS Calmar Ratio Rank: 25
HEIA.AS Martin Ratio Rank: 27

PENN

PENN Risk / Return Rank: 61
PENN Sharpe Ratio Rank: 63
PENN Sortino Ratio Rank: 63
PENN Omega Ratio Rank: 60
PENN Calmar Ratio Rank: 60
PENN Martin Ratio Rank: 58

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.

HEIA.AS vs. PENN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heineken N.V. (HEIA.AS) and Penn National Gaming, Inc. (PENN). 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.

	HEIA.AS	PENN	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	0.61	-1.03
Sortino ratio: Return per unit of downside risk	-0.44	1.31	-1.75
Omega ratio: Gain probability vs. loss probability	0.94	1.15	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.51	0.74	-1.24
Martin ratio: Return relative to average drawdown	-0.79	1.45	-2.25

HEIA.AS vs. PENN - Sharpe Ratio Comparison

The current HEIA.AS Sharpe Ratio is -0.43, which is lower than the PENN Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of HEIA.AS and PENN, 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

HEIA.AS vs. PENN - Drawdown Comparison

The maximum HEIA.AS drawdown since its inception was -58.39%, smaller than the maximum PENN drawdown of -91.34%. Use the drawdown chart below to compare losses from any high point for HEIA.AS and PENN.

Drawdown Indicators

	HEIA.AS	PENN	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	-91.34%	+32.95%
Max Drawdown (1Y) Largest decline over 1 year	-18.67%	-43.28%	+24.61%
Max Drawdown (3Y) Largest decline over 3 years	-33.38%	-59.87%	+26.49%
Max Drawdown (5Y) Largest decline over 5 years	-37.50%	-86.17%	+48.67%
Max Drawdown (10Y) Largest decline over 10 years	-37.50%	-91.34%	+53.84%
Current Drawdown Current decline from peak	-28.21%	-83.62%	+55.41%
Average Drawdown Average peak-to-trough decline	-14.50%	-40.21%	+25.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.94%	21.92%	-9.98%

Volatility

HEIA.AS vs. PENN - Volatility Comparison

The current volatility for Heineken N.V. (HEIA.AS) is 8.51%, while Penn National Gaming, Inc. (PENN) has a volatility of 16.07%. This indicates that HEIA.AS experiences smaller price fluctuations and is considered to be less risky than PENN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEIA.AS	PENN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.51%	16.07%	-7.56%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	42.05%	-25.26%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	52.71%	-30.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.03%	53.64%	-31.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	61.39%	-40.16%

Dividends

HEIA.AS vs. PENN - Dividend Comparison

HEIA.AS's dividend yield for the trailing twelve months is around 2.69%, while PENN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEIA.AS Heineken N.V.	2.69%	2.74%	2.52%	2.09%	1.66%	0.99%	1.14%	1.74%	1.97%	1.56%	1.94%	1.50%
PENN Penn National Gaming, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both HEIA.AS and PENN in my portfolio?

HEIA.AS and PENN have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.