ITUB vs. AFL

Last updated Jun 9, 2026

ITUB (Itaú Unibanco Holding S.A.) and AFL (Aflac Incorporated) are both stocks. Both are in the Financial Services sector — ITUB in Banks - Regional, AFL in Insurance - Life. Over the past 10 years, ITUB returned 17.09%/yr vs 15.48%/yr for AFL. At a 0.36 correlation, their price movements are largely independent.

Performance

ITUB vs. AFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Itaú Unibanco Holding S.A. (ITUB) and Aflac Incorporated (AFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITUB achieves a 4.97% return, which is significantly lower than AFL's 5.61% return. Over the past 10 years, ITUB has outperformed AFL with an annualized return of 17.09%, while AFL has yielded a comparatively lower 15.48% annualized return.

ITUB

• 1D: -1.46%
• 1M: -11.19%
• YTD: 4.97%
• 6M: 8.31%
• 1Y: 27.73%
• 3Y*: 23.62%
• 5Y*: 21.08%
• 10Y*: 17.09%

AFL

• 1D: -2.54%
• 1M: 2.42%
• YTD: 5.61%
• 6M: 7.77%
• 1Y: 13.52%
• 3Y*: 21.24%
• 5Y*: 17.94%
• 10Y*: 15.48%

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

ITUB vs. AFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITUB Itaú Unibanco Holding S.A.	4.97%	86.06%	-23.49%	54.53%	30.82%	-6.05%	-30.47%	8.46%	12.68%	30.90%
AFL Aflac Incorporated	5.61%	8.94%	28.08%	17.36%	26.41%	34.55%	-13.60%	18.55%	6.20%	29.02%

Correlation

The correlation between ITUB and AFL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 26, 2002	0.37

Over the past year, the correlation between ITUB and AFL has dropped to 0.12 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Fundamentals

Market Cap ITUB : $82.61B AFL : $59.32B
EPS ITUB : $4.00 AFL : $8.76
PE Ratio ITUB : 1.86 AFL : 13.16
PEG Ratio ITUB : 0.18 AFL : 3.41
PS Ratio ITUB : 0.22 AFL : 3.35
PB Ratio ITUB : 0.38 AFL : 2.64
Total Revenue (TTM) ITUB : $384.43B AFL : $18.22B
Gross Profit (TTM) ITUB : $131.20B AFL : $8.70B
EBITDA (TTM) ITUB : $54.38B AFL : $6.67B

Return for Risk

ITUB vs. AFL — Risk / Return Rank

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

ITUB

ITUB Risk / Return Rank: 67
ITUB Sharpe Ratio Rank: 70
ITUB Sortino Ratio Rank: 65
ITUB Omega Ratio Rank: 62
ITUB Calmar Ratio Rank: 67
ITUB Martin Ratio Rank: 70

AFL

AFL Risk / Return Rank: 65
AFL Sharpe Ratio Rank: 68
AFL Sortino Ratio Rank: 61
AFL Omega Ratio Rank: 58
AFL Calmar Ratio Rank: 70
AFL Martin Ratio Rank: 71

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.

ITUB vs. AFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Itaú Unibanco Holding S.A. (ITUB) and Aflac Incorporated (AFL). 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.

	ITUB	AFL	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.80	+0.11
Sortino ratio: Return per unit of downside risk	1.39	1.23	+0.16
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio: Return relative to maximum drawdown	1.29	1.49	-0.20
Martin ratio: Return relative to average drawdown	3.56	3.70	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITUB vs. AFL - Sharpe Ratio Comparison

The current ITUB Sharpe Ratio is 0.90, which is comparable to the AFL Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of ITUB and AFL, 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

	ITUB	AFL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	0.80	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.86	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.60	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.48	-0.15

Drawdowns

ITUB vs. AFL - Drawdown Comparison

The maximum ITUB drawdown since its inception was -69.35%, smaller than the maximum AFL drawdown of -82.71%. Use the drawdown chart below to compare losses from any high point for ITUB and AFL.

Drawdown Indicators

	ITUB	AFL	Difference
Max Drawdown Largest peak-to-trough decline	-69.35%	-82.71%	+13.36%
Max Drawdown (1Y) Largest decline over 1 year	-21.53%	-9.11%	-12.42%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	-13.56%	-14.61%
Max Drawdown (5Y) Largest decline over 5 years	-31.59%	-19.86%	-11.73%
Max Drawdown (10Y) Largest decline over 10 years	-61.96%	-54.89%	-7.07%
Current Drawdown Current decline from peak	-21.53%	-2.54%	-18.99%
Average Drawdown Average peak-to-trough decline	-21.02%	-11.66%	-9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.81%	3.67%	+4.14%

Volatility

ITUB vs. AFL - Volatility Comparison

Itaú Unibanco Holding S.A. (ITUB) has a higher volatility of 9.40% compared to Aflac Incorporated (AFL) at 5.82%. This indicates that ITUB's price experiences larger fluctuations and is considered to be riskier than AFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITUB	AFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	5.82%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	25.62%	12.24%	+13.38%
Volatility (1Y) Calculated over the trailing 1-year period	30.93%	17.08%	+13.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.89%	20.94%	+12.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.48%	25.77%	+12.71%

Dividends

ITUB vs. AFL - Dividend Comparison

ITUB's dividend yield for the trailing twelve months is around 8.58%, more than AFL's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFL Aflac Incorporated	2.07%	2.10%	1.93%	2.04%	2.22%	2.26%	2.52%	2.04%	2.28%	1.98%	2.39%	2.64%
ITUB Itaú Unibanco Holding S.A.	8.58%	11.26%	9.20%	3.61%	4.21%	29.81%	4.80%	8.21%	6.93%	3.35%	15.63%	3.89%

Financials

ITUB vs. AFL - Profitability Comparison

The chart below illustrates the profitability comparison between Itaú Unibanco Holding S.A. and Aflac Incorporated over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ITUB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Itaú Unibanco Holding S.A. reported a gross profit of 32.47B and revenue of 94.91B. Therefore, the gross margin over that period was 34.2%.

AFL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Aflac Incorporated reported a gross profit of 2.48B and revenue of 4.32B. Therefore, the gross margin over that period was 57.5%.

ITUB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Itaú Unibanco Holding S.A. reported an operating income of 12.47B and revenue of 94.91B, resulting in an operating margin of 13.1%.

AFL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Aflac Incorporated reported an operating income of 1.23B and revenue of 4.32B, resulting in an operating margin of 28.4%.

ITUB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Itaú Unibanco Holding S.A. reported a net income of 11.42B and revenue of 94.91B, resulting in a net margin of 12.0%.

AFL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Aflac Incorporated reported a net income of 1.02B and revenue of 4.32B, resulting in a net margin of 23.6%.

Frequently Asked Questions

Can I hold both ITUB and AFL in my portfolio?

ITUB and AFL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITUB or AFL?

ITUB has higher volatility (9.40%) compared to AFL (5.82%). In terms of maximum drawdown, ITUB dropped -69.35% vs AFL's -82.71%.

Which has better risk-adjusted returns?

ITUB currently has the higher Sharpe Ratio (0.90 vs 0.80), 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.