LII vs. AAON

Last updated Jun 9, 2026

LII (Lennox International Inc.) and AAON (AAON, Inc.) are both stocks. Both are in the Industrials sector — LII in Specialty Industrial Machinery, AAON in Building Products & Equipment. Over the past 10 years, LII returned 15.40%/yr vs 22.73%/yr for AAON. At a 0.42 correlation, their price movements are largely independent.

Performance

LII vs. AAON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lennox International Inc. (LII) and AAON, Inc. (AAON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LII achieves a 6.05% return, which is significantly lower than AAON's 73.52% return. Over the past 10 years, LII has underperformed AAON with an annualized return of 15.40%, while AAON has yielded a comparatively higher 22.73% annualized return.

LII

• 1D: 0.99%
• 1M: -1.50%
• YTD: 6.05%
• 6M: 2.56%
• 1Y: -6.07%
• 3Y*: 20.35%
• 5Y*: 10.02%
• 10Y*: 15.40%

AAON

• 1D: -0.43%
• 1M: -5.38%
• YTD: 73.52%
• 6M: 59.35%
• 1Y: 37.17%
• 3Y*: 28.06%
• 5Y*: 25.74%
• 10Y*: 22.73%

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

LII vs. AAON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LII Lennox International Inc.	6.05%	-19.54%	37.27%	89.55%	-24.94%	19.71%	13.79%	12.78%	6.33%	37.43%
AAON AAON, Inc.	73.52%	-34.91%	59.88%	47.86%	-4.55%	19.84%	35.71%	41.88%	-3.59%	11.84%

Correlation

The correlation between LII and AAON is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 30, 1999	0.42

The correlation between LII and AAON shifts across timeframes, from 0.42 (all time) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap LII : $17.97B AAON : $10.98B
EPS LII : $22.20 AAON : $1.42
PE Ratio LII : 23.13 AAON : 92.85
PEG Ratio LII : 1.41 AAON : 3.71
PS Ratio LII : 3.44 AAON : 6.78
PB Ratio LII : 14.80 AAON : 11.76
Total Revenue (TTM) LII : $5.26B AAON : $1.62B
Gross Profit (TTM) LII : $1.74B AAON : $424.33M
EBITDA (TTM) LII : $1.10B AAON : $228.54M

Return for Risk

LII vs. AAON — Risk / Return Rank

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

LII

LII Risk / Return Rank: 34
LII Sharpe Ratio Rank: 35
LII Sortino Ratio Rank: 31
LII Omega Ratio Rank: 31
LII Calmar Ratio Rank: 36
LII Martin Ratio Rank: 37

AAON

AAON Risk / Return Rank: 63
AAON Sharpe Ratio Rank: 62
AAON Sortino Ratio Rank: 63
AAON Omega Ratio Rank: 61
AAON Calmar Ratio Rank: 66
AAON Martin Ratio Rank: 65

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.

LII vs. AAON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lennox International Inc. (LII) and AAON, Inc. (AAON). 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.

	LII	AAON	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	0.59	-0.76
Sortino ratio: Return per unit of downside risk	-0.01	1.34	-1.35
Omega ratio: Gain probability vs. loss probability	1.00	1.16	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.18	1.21	-1.39
Martin ratio: Return relative to average drawdown	-0.29	2.48	-2.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LII vs. AAON - Sharpe Ratio Comparison

The current LII Sharpe Ratio is -0.18, which is lower than the AAON Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of LII and AAON, 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

	LII	AAON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.18	0.59	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.57	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.57	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.52	-0.09

Drawdowns

LII vs. AAON - Drawdown Comparison

The maximum LII drawdown since its inception was -62.76%, smaller than the maximum AAON drawdown of -76.03%. Use the drawdown chart below to compare losses from any high point for LII and AAON.

Drawdown Indicators

	LII	AAON	Difference
Max Drawdown Largest peak-to-trough decline	-62.76%	-76.03%	+13.27%
Max Drawdown (1Y) Largest decline over 1 year	-33.77%	-30.75%	-3.02%
Max Drawdown (3Y) Largest decline over 3 years	-34.71%	-48.86%	+14.15%
Max Drawdown (5Y) Largest decline over 5 years	-46.88%	-48.86%	+1.98%
Max Drawdown (10Y) Largest decline over 10 years	-46.88%	-48.86%	+1.98%
Current Drawdown Current decline from peak	-23.22%	-10.87%	-12.35%
Average Drawdown Average peak-to-trough decline	-14.50%	-19.26%	+4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.72%	15.78%	+4.94%

Volatility

LII vs. AAON - Volatility Comparison

The current volatility for Lennox International Inc. (LII) is 9.20%, while AAON, Inc. (AAON) has a volatility of 16.69%. This indicates that LII experiences smaller price fluctuations and is considered to be less risky than AAON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LII	AAON	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	16.69%	-7.49%
Volatility (6M) Calculated over the trailing 6-month period	25.88%	45.22%	-19.34%
Volatility (1Y) Calculated over the trailing 1-year period	34.85%	63.60%	-28.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.05%	45.60%	-13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.27%	40.37%	-11.10%

Dividends

LII vs. AAON - Dividend Comparison

LII's dividend yield for the trailing twelve months is around 1.01%, more than AAON's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAON AAON, Inc.	0.30%	0.52%	0.27%	0.43%	0.57%	0.48%	0.57%	0.65%	0.91%	0.71%	0.73%	0.95%
LII Lennox International Inc.	1.01%	1.04%	0.75%	0.97%	1.71%	1.09%	1.12%	1.21%	1.11%	0.94%	1.08%	1.10%

Financials

LII vs. AAON - Profitability Comparison

The chart below illustrates the profitability comparison between Lennox International Inc. and AAON, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

LII - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lennox International Inc. reported a gross profit of 351.30M and revenue of 1.14B. Therefore, the gross margin over that period was 31.0%.

AAON - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported a gross profit of 124.97M and revenue of 496.94M. Therefore, the gross margin over that period was 25.2%.

LII - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lennox International Inc. reported an operating income of 163.50M and revenue of 1.14B, resulting in an operating margin of 14.4%.

AAON - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported an operating income of 57.06M and revenue of 496.94M, resulting in an operating margin of 11.5%.

LII - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lennox International Inc. reported a net income of 117.20M and revenue of 1.14B, resulting in a net margin of 10.3%.

AAON - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported a net income of 39.82M and revenue of 496.94M, resulting in a net margin of 8.0%.

Frequently Asked Questions

Can I hold both LII and AAON in my portfolio?

LII and AAON have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LII or AAON?

AAON has higher volatility (16.69%) compared to LII (9.20%). In terms of maximum drawdown, LII dropped -62.76% vs AAON's -76.03%.

Which has better risk-adjusted returns?

AAON currently has the higher Sharpe Ratio (0.59 vs -0.18), 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.