ICL vs. BTI

Last updated Jun 3, 2026

ICL (ICL Group Ltd) and BTI (British American Tobacco p.l.c.) are both stocks. ICL operates in Agricultural Inputs (Basic Materials), while BTI operates in Tobacco (Consumer Defensive). Over the past 10 years, ICL returned 9.67%/yr vs 6.75%/yr for BTI. At a 0.19 correlation, their price movements are largely independent.

Performance

ICL vs. BTI - Performance Comparison

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

Returns By Period

In the year-to-date period, ICL achieves a 9.71% return, which is significantly higher than BTI's 8.33% return. Over the past 10 years, ICL has outperformed BTI with an annualized return of 9.67%, while BTI has yielded a comparatively lower 6.75% annualized return.

ICL

• 1D: -4.17%
• 1M: 14.15%
• YTD: 9.71%
• 6M: 11.47%
• 1Y: -4.78%
• 3Y*: 6.83%
• 5Y*: 2.12%
• 10Y*: 9.67%

BTI

• 1D: -0.89%
• 1M: 2.98%
• YTD: 8.33%
• 6M: 7.29%
• 1Y: 41.12%
• 3Y*: 33.38%
• 5Y*: 17.85%
• 10Y*: 6.75%

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

ICL vs. BTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICL ICL Group Ltd	9.71%	18.12%	2.81%	-27.23%	-14.74%	97.88%	7.98%	-11.61%	52.00%	5.43%
BTI British American Tobacco p.l.c.	8.33%	65.81%	35.44%	-19.97%	14.91%	7.95%	-4.73%	42.97%	-49.35%	24.40%

Correlation

The correlation between ICL and BTI is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Sep 25, 2014	0.19

The correlation between ICL and BTI shifts across timeframes, from 0.02 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ICL : $8.02B BTI : $132.59B
EPS ICL : $0.20 BTI : $4.93
PE Ratio ICL : 30.73 BTI : 12.27
PEG Ratio ICL : 22.48 BTI : 0.46
PS Ratio ICL : 1.08 BTI : 2.58
PB Ratio ICL : 1.33 BTI : 2.77
Total Revenue (TTM) ICL : $7.41B BTI : $51.48B
Gross Profit (TTM) ICL : $2.25B BTI : $42.82B
EBITDA (TTM) ICL : $1.35B BTI : $20.34B

Return for Risk

ICL vs. BTI — Risk / Return Rank

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

ICL

ICL Risk / Return Rank: 34
ICL Sharpe Ratio Rank: 35
ICL Sortino Ratio Rank: 32
ICL Omega Ratio Rank: 32
ICL Calmar Ratio Rank: 36
ICL Martin Ratio Rank: 36

BTI

BTI Risk / Return Rank: 82
BTI Sharpe Ratio Rank: 85
BTI Sortino Ratio Rank: 82
BTI Omega Ratio Rank: 79
BTI Calmar Ratio Rank: 82
BTI Martin Ratio Rank: 81

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.

ICL vs. BTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ICL Group Ltd (ICL) 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.

	ICL	BTI	Difference
Sharpe ratio Return per unit of total volatility	-0.12	1.83	-1.95
Sortino ratio Return per unit of downside risk	0.09	2.52	-2.43
Omega ratio Gain probability vs. loss probability	1.01	1.30	-0.29
Calmar ratio Return relative to maximum drawdown	-0.12	3.03	-3.15
Martin ratio Return relative to average drawdown	-0.20	7.16	-7.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICL vs. BTI - Sharpe Ratio Comparison

The current ICL Sharpe Ratio is -0.12, which is lower than the BTI Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of ICL and BTI, 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

	ICL	BTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	1.83	-1.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.85	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.28	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.58	-0.46

Drawdowns

ICL vs. BTI - Drawdown Comparison

The maximum ICL drawdown since its inception was -63.87%, roughly equal to the maximum BTI drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for ICL and BTI.

Drawdown Indicators

	ICL	BTI	Difference
Max Drawdown Largest peak-to-trough decline	-63.87%	-64.11%	+0.24%
Max Drawdown (1Y) Largest decline over 1 year	-33.77%	-13.75%	-20.02%
Max Drawdown (3Y) Largest decline over 3 years	-40.93%	-13.75%	-27.18%
Max Drawdown (5Y) Largest decline over 5 years	-63.87%	-29.94%	-33.93%
Max Drawdown (10Y) Largest decline over 10 years	-63.87%	-56.00%	-7.87%
Current Drawdown Current decline from peak	-37.77%	-9.36%	-28.41%
Average Drawdown Average peak-to-trough decline	-30.35%	-12.94%	-17.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.22%	5.83%	+14.39%

Volatility

ICL vs. BTI - Volatility Comparison

ICL Group Ltd (ICL) has a higher volatility of 13.86% compared to British American Tobacco p.l.c. (BTI) at 9.38%. This indicates that ICL'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

	ICL	BTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	9.38%	+4.48%
Volatility (6M) Calculated over the trailing 6-month period	27.00%	17.97%	+9.03%
Volatility (1Y) Calculated over the trailing 1-year period	38.48%	22.59%	+15.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.16%	21.07%	+16.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.71%	24.18%	+10.53%

Dividends

ICL vs. BTI - Dividend Comparison

ICL's dividend yield for the trailing twelve months is around 2.21%, less than BTI's 5.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTI British American Tobacco p.l.c.	5.10%	5.29%	8.18%	9.72%	7.23%	7.98%	7.22%	6.35%	8.53%	4.27%	3.85%	4.11%
ICL ICL Group Ltd	2.21%	2.29%	3.96%	7.34%	16.15%	2.58%	1.82%	4.45%	6.65%	7.23%	4.23%	6.73%

Financials

ICL vs. BTI - Profitability Comparison

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

ICL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, ICL Group Ltd reported a gross profit of 626.00M and revenue of 2.02B. 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 Jun 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%.

ICL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, ICL Group Ltd reported an operating income of 234.00M and revenue of 2.02B, resulting in an operating margin of 11.6%.

BTI - Operating Margin

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

ICL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, ICL Group Ltd reported a net income of 126.00M and revenue of 2.02B, resulting in a net margin of 6.2%.

BTI - Net Margin

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

Frequently Asked Questions

Can I hold both ICL and BTI in my portfolio?

ICL and BTI have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICL or BTI?

ICL has higher volatility (13.86%) compared to BTI (9.38%). In terms of maximum drawdown, ICL dropped -63.87% vs BTI's -64.11%.

Which has better risk-adjusted returns?

BTI currently has the higher Sharpe Ratio (1.83 vs -0.12), 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.