MRO.L vs. THEON.AS

Last updated Jun 9, 2026

MRO.L (Melrose Industries plc) and THEON.AS (Theon International PLC) are both stocks. Both are in the Industrials sector — MRO.L in Specialty Industrial Machinery, THEON.AS in Aerospace & Defense. Over the past year, MRO.L returned -0.43% vs 6.01% for THEON.AS. At a 0.12 correlation, their price movements are largely independent.

Performance

MRO.L vs. THEON.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Melrose Industries plc (MRO.L) and Theon International PLC (THEON.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MRO.L is traded in GBp, while THEON.AS is traded in EUR. To make them comparable, the THEON.AS values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, MRO.L achieves a -21.16% return, which is significantly lower than THEON.AS's 16.25% return.

MRO.L

• 1D: -1.67%
• 1M: -10.13%
• YTD: -21.16%
• 6M: -20.10%
• 1Y: -0.43%
• 3Y*: -3.20%
• 5Y*: 4.41%
• 10Y*: 10.86%

THEON.AS

• 1D: 0.52%
• 1M: 4.31%
• YTD: 16.25%
• 6M: -2.84%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRO.L vs. THEON.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRO.L Melrose Industries plc	-21.16%	7.50%	-6.28%
THEON.AS Theon International PLC	16.25%	126.89%	26.51%

Correlation

The correlation between MRO.L and THEON.AS is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.12

Return for Risk

MRO.L vs. THEON.AS — Risk / Return Rank

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

MRO.L

MRO.L Risk / Return Rank: 40
MRO.L Sharpe Ratio Rank: 41
MRO.L Sortino Ratio Rank: 37
MRO.L Omega Ratio Rank: 36
MRO.L Calmar Ratio Rank: 42
MRO.L Martin Ratio Rank: 42

THEON.AS

THEON.AS Risk / Return Rank: 41
THEON.AS Sharpe Ratio Rank: 41
THEON.AS Sortino Ratio Rank: 40
THEON.AS Omega Ratio Rank: 39
THEON.AS Calmar Ratio Rank: 42
THEON.AS Martin Ratio Rank: 41

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.

MRO.L vs. THEON.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Melrose Industries plc (MRO.L) and Theon International PLC (THEON.AS). 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.

	MRO.L	THEON.AS	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	0.06	-0.07
Sortino ratio: Return per unit of downside risk	0.22	0.46	-0.24
Omega ratio: Gain probability vs. loss probability	1.03	1.05	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.01	0.09	-0.11
Martin ratio: Return relative to average drawdown	-0.03	0.17	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRO.L vs. THEON.AS - Sharpe Ratio Comparison

The current MRO.L Sharpe Ratio is -0.01, which is lower than the THEON.AS Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of MRO.L and THEON.AS, 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

	MRO.L	THEON.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	0.06	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.31	-0.79

Drawdowns

MRO.L vs. THEON.AS - Drawdown Comparison

The maximum MRO.L drawdown since its inception was -70.66%, which is greater than THEON.AS's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for MRO.L and THEON.AS.

Drawdown Indicators

	MRO.L	THEON.AS	Difference
Max Drawdown Largest peak-to-trough decline	-70.66%	-38.29%	-32.37%
Max Drawdown (1Y) Largest decline over 1 year	-33.02%	-33.06%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-42.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-70.66%	—	—
Current Drawdown Current decline from peak	-31.96%	-14.62%	-17.34%
Average Drawdown Average peak-to-trough decline	-19.52%	-13.82%	-5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.93%	18.05%	-4.12%

Volatility

MRO.L vs. THEON.AS - Volatility Comparison

The current volatility for Melrose Industries plc (MRO.L) is 10.26%, while Theon International PLC (THEON.AS) has a volatility of 10.90%. This indicates that MRO.L experiences smaller price fluctuations and is considered to be less risky than THEON.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRO.L	THEON.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	10.90%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	28.19%	38.09%	-9.90%
Volatility (1Y) Calculated over the trailing 1-year period	34.14%	53.21%	-19.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.76%	51.39%	-11.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.26%	51.39%	-6.13%

Dividends

MRO.L vs. THEON.AS - Dividend Comparison

MRO.L's dividend yield for the trailing twelve months is around 1.57%, more than THEON.AS's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MRO.L Melrose Industries plc	1.57%	1.09%	0.99%	0.53%	0.45%	0.34%	0.27%	0.93%	1.25%	0.73%	0.95%	6.95%
THEON.AS Theon International PLC	1.04%	1.22%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both MRO.L and THEON.AS in my portfolio?

MRO.L and THEON.AS have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.