MKL vs. AIR

Last updated Apr 2, 2026

Compare and contrast key facts about Markel Corporation (MKL) and AAR Corp. (AIR).

Performance

MKL vs. AIR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Markel Corporation (MKL) and AAR Corp. (AIR). The values are adjusted to include any dividend payments, if applicable.

MKL vs. AIR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MKL Markel Corporation	-11.49%	24.53%	21.57%	7.77%	6.77%	19.42%	-9.61%	10.13%	-8.87%	25.94%
AIR AAR Corp.	32.21%	35.10%	-1.79%	38.98%	15.04%	7.76%	-19.25%	21.74%	-4.31%	19.89%

Fundamentals

Market Cap MKL : $22.51B AIR : $4.16B
EPS MKL : $169.50 AIR : $4.67
PE Ratio MKL : 11.22 AIR : 23.44
PEG Ratio MKL : 0.20 AIR : 8.20
PS Ratio MKL : 1.45 AIR : 1.28
PB Ratio MKL : 1.21 AIR : 2.53
Total Revenue (TTM) MKL : $16.34B AIR : $3.13B
Gross Profit (TTM) MKL : $9.30B AIR : $595.50M
EBITDA (TTM) MKL : $3.08B AIR : $214.30M

Returns By Period

In the year-to-date period, MKL achieves a -11.49% return, which is significantly lower than AIR's 32.21% return. Over the past 10 years, MKL has underperformed AIR with an annualized return of 7.73%, while AIR has yielded a comparatively higher 17.12% annualized return.

MKL

• 1D: -0.60%
• 1M: -8.56%
• YTD: -11.49%
• 6M: 0.91%
• 1Y: 2.30%
• 3Y*: 14.20%
• 5Y*: 10.46%
• 10Y*: 7.73%

AIR

• 1D: 6.11%
• 1M: -6.58%
• YTD: 32.21%
• 6M: 22.07%
• 1Y: 95.50%
• 3Y*: 26.13%
• 5Y*: 21.05%
• 10Y*: 17.12%

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

Return for Risk

MKL vs. AIR — Risk / Return Rank

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

MKL

MKL Risk / Return Rank: 41
MKL Sharpe Ratio Rank: 44
MKL Sortino Ratio Rank: 36
MKL Omega Ratio Rank: 36
MKL Calmar Ratio Rank: 44
MKL Martin Ratio Rank: 44

AIR

AIR Risk / Return Rank: 93
AIR Sharpe Ratio Rank: 94
AIR Sortino Ratio Rank: 92
AIR Omega Ratio Rank: 90
AIR Calmar Ratio Rank: 95
AIR Martin Ratio Rank: 92

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.

MKL vs. AIR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Markel Corporation (MKL) and AAR Corp. (AIR). 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.

	MKL	AIR	Difference
Sharpe ratio Return per unit of total volatility	0.11	2.38	-2.26
Sortino ratio Return per unit of downside risk	0.31	3.09	-2.78
Omega ratio Gain probability vs. loss probability	1.04	1.40	-0.36
Calmar ratio Return relative to maximum drawdown	0.12	5.83	-5.71
Martin ratio Return relative to average drawdown	0.34	12.11	-11.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MKL vs. AIR - Sharpe Ratio Comparison

The current MKL Sharpe Ratio is 0.11, which is lower than the AIR Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of MKL and AIR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MKL	AIR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	2.38	-2.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.61	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.38	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.16	+0.31

Correlation

The correlation between MKL and AIR is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MKL vs. AIR - Dividend Comparison

Neither MKL nor AIR has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKL Markel Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
AIR AAR Corp.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.67%	0.80%	0.76%	0.91%	1.14%

Drawdowns

MKL vs. AIR - Drawdown Comparison

The maximum MKL drawdown since its inception was -61.32%, smaller than the maximum AIR drawdown of -89.04%. Use the drawdown chart below to compare losses from any high point for MKL and AIR.

Drawdown Indicators

	MKL	AIR	Difference
Max Drawdown Largest peak-to-trough decline	-61.32%	-89.04%	+27.72%
Max Drawdown (1Y) Largest decline over 1 year	-14.81%	-15.71%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-28.87%	-35.72%	+6.85%
Max Drawdown (10Y) Largest decline over 10 years	-44.66%	-81.77%	+37.11%
Current Drawdown Current decline from peak	-13.20%	-8.61%	-4.59%
Average Drawdown Average peak-to-trough decline	-11.37%	-34.82%	+23.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	7.56%	-2.30%

Volatility

MKL vs. AIR - Volatility Comparison

The current volatility for Markel Corporation (MKL) is 4.91%, while AAR Corp. (AIR) has a volatility of 19.78%. This indicates that MKL experiences smaller price fluctuations and is considered to be less risky than AIR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKL	AIR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	19.78%	-14.87%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	28.89%	-16.59%
Volatility (1Y) Calculated over the trailing 1-year period	20.28%	40.47%	-20.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	34.66%	-12.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.15%	45.00%	-19.85%

Financials

MKL vs. AIR - Profitability Comparison

The chart below illustrates the profitability comparison between Markel Corporation and AAR Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MKL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Markel Corporation reported a gross profit of 2.94B and revenue of 4.22B. Therefore, the gross margin over that period was 69.6%.

AIR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, AAR Corp. reported a gross profit of 154.70M and revenue of 845.10M. Therefore, the gross margin over that period was 18.3%.

MKL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Markel Corporation reported an operating income of 734.16M and revenue of 4.22B, resulting in an operating margin of 17.4%.

AIR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, AAR Corp. reported an operating income of 64.80M and revenue of 845.10M, resulting in an operating margin of 7.7%.

MKL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Markel Corporation reported a net income of 576.81M and revenue of 4.22B, resulting in a net margin of 13.7%.

AIR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, AAR Corp. reported a net income of 68.00M and revenue of 845.10M, resulting in a net margin of 8.1%.