HO.PA vs. V

Last updated Jun 5, 2026

HO.PA (Thales S.A.) and V (Visa Inc.) are both stocks. HO.PA operates in Aerospace & Defense (Industrials), while V operates in Credit Services (Financial Services). Over the past 10 years, HO.PA returned 13.72%/yr vs 15.51%/yr for V. At a 0.19 correlation, their price movements are largely independent.

Performance

HO.PA vs. V - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Thales S.A. (HO.PA) and Visa Inc. (V). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HO.PA is traded in EUR, while V is traded in USD. To make them comparable, the V values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, HO.PA achieves a 1.45% return, which is significantly higher than V's -5.54% return. Over the past 10 years, HO.PA has underperformed V with an annualized return of 13.72%, while V has yielded a comparatively higher 15.51% annualized return.

HO.PA

• 1D: 2.27%
• 1M: 2.30%
• YTD: 1.45%
• 6M: 2.70%
• 1Y: -10.46%
• 3Y*: 22.61%
• 5Y*: 24.73%
• 10Y*: 13.72%

V

• 1D: 0.00%
• 1M: 4.05%
• YTD: -5.54%
• 6M: 0.42%
• 1Y: -12.88%
• 3Y*: 11.39%
• 5Y*: 8.86%
• 10Y*: 15.51%

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

HO.PA vs. V - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HO.PA Thales S.A.	1.45%	68.36%	5.76%	14.78%	63.17%	2.31%	-18.62%	-7.22%	15.39%	-0.71%
V Visa Inc.	-6.78%	-1.50%	30.39%	22.52%	2.58%	7.14%	7.47%	46.57%	21.96%	29.09%

Correlation

The correlation between HO.PA and V 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	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Mar 20, 2008	0.19

The correlation between HO.PA and V shifts across timeframes, from -0.03 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HO.PA vs. V — Risk / Return Rank

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

HO.PA

HO.PA Risk / Return Rank: 21
HO.PA Sharpe Ratio Rank: 24
HO.PA Sortino Ratio Rank: 23
HO.PA Omega Ratio Rank: 23
HO.PA Calmar Ratio Rank: 19
HO.PA Martin Ratio Rank: 19

V

V Risk / Return Rank: 17
V Sharpe Ratio Rank: 16
V Sortino Ratio Rank: 16
V Omega Ratio Rank: 17
V Calmar Ratio Rank: 18
V Martin Ratio Rank: 16

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.

HO.PA vs. V - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thales S.A. (HO.PA) and Visa Inc. (V). 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.

	HO.PA	V	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	-0.57	+0.17
Sortino ratio: Return per unit of downside risk	-0.38	-0.69	+0.31
Omega ratio: Gain probability vs. loss probability	0.96	0.92	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.63	-0.01
Martin ratio: Return relative to average drawdown	-1.10	-1.05	-0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HO.PA vs. V - Sharpe Ratio Comparison

The current HO.PA Sharpe Ratio is -0.40, which is comparable to the V Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of HO.PA and V, 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

	HO.PA	V	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	-0.57	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.39	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.62	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.75	-0.45

Drawdowns

HO.PA vs. V - Drawdown Comparison

The maximum HO.PA drawdown since its inception was -66.14%, which is greater than V's maximum drawdown of -43.60%. Use the drawdown chart below to compare losses from any high point for HO.PA and V.

Drawdown Indicators

	HO.PA	V	Difference
Max Drawdown Largest peak-to-trough decline	-66.14%	-43.60%	-22.54%
Max Drawdown (1Y) Largest decline over 1 year	-19.60%	-20.52%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.55%	-26.00%	+5.45%
Max Drawdown (5Y) Largest decline over 5 years	-21.97%	-26.00%	+4.03%
Max Drawdown (10Y) Largest decline over 10 years	-53.77%	-35.88%	-17.89%
Current Drawdown Current decline from peak	-14.23%	-18.89%	+4.66%
Average Drawdown Average peak-to-trough decline	-21.20%	-8.01%	-13.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.14%	12.33%	-2.19%

Volatility

HO.PA vs. V - Volatility Comparison

Thales S.A. (HO.PA) has a higher volatility of 8.71% compared to Visa Inc. (V) at 5.78%. This indicates that HO.PA's price experiences larger fluctuations and is considered to be riskier than V based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HO.PA	V	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.71%	5.78%	+2.93%
Volatility (6M) Calculated over the trailing 6-month period	23.36%	17.89%	+5.47%
Volatility (1Y) Calculated over the trailing 1-year period	31.26%	22.88%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.14%	23.02%	+5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.56%	24.94%	+2.62%

Dividends

HO.PA vs. V - Dividend Comparison

HO.PA's dividend yield for the trailing twelve months is around 1.70%, more than V's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HO.PA Thales S.A.	1.70%	1.65%	2.49%	2.27%	2.23%	2.62%	0.53%	2.36%	1.76%	1.84%	1.53%	1.64%
V Visa Inc.	0.81%	0.70%	0.68%	0.72%	0.76%	0.62%	0.56%	0.56%	0.67%	0.61%	0.75%	0.64%

Financials

Frequently Asked Questions

Can I hold both HO.PA and V in my portfolio?

HO.PA and V 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.