NATH vs. PZZA

Last updated Jun 4, 2026

NATH (Nathan's Famous, Inc.) and PZZA (Papa John's International, Inc.) are both stocks. Both operate in the Restaurants industry within the Consumer Cyclical sector. Over the past 10 years, NATH returned 11.84%/yr vs -4.45%/yr for PZZA. At a 0.10 correlation, their price movements are largely independent.

Performance

NATH vs. PZZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nathan's Famous, Inc. (NATH) and Papa John's International, Inc. (PZZA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NATH achieves a 8.65% return, which is significantly higher than PZZA's -14.99% return. Over the past 10 years, NATH has outperformed PZZA with an annualized return of 11.84%, while PZZA has yielded a comparatively lower -4.45% annualized return.

NATH

• 1D: 0.17%
• 1M: 0.90%
• YTD: 8.65%
• 6M: 8.25%
• 1Y: 0.64%
• 3Y*: 13.26%
• 5Y*: 11.43%
• 10Y*: 11.84%

PZZA

• 1D: 0.25%
• 1M: -6.52%
• YTD: -14.99%
• 6M: -23.67%
• 1Y: -27.97%
• 3Y*: -20.65%
• 5Y*: -17.11%
• 10Y*: -4.45%

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

NATH vs. PZZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NATH Nathan's Famous, Inc.	8.65%	24.58%	3.51%	19.24%	18.67%	8.05%	-20.24%	8.66%	-11.19%	23.77%
PZZA Papa John's International, Inc.	-14.99%	-2.01%	-44.21%	-5.28%	-37.26%	58.87%	35.88%	61.50%	-27.80%	-33.68%

Correlation

The correlation between NATH and PZZA is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 9, 1993	0.10

Fundamentals

Market Cap NATH : $416.68M PZZA : $1.05B
EPS NATH : $5.20 PZZA : $1.11
PE Ratio NATH : 19.45 PZZA : 28.79
PS Ratio NATH : 2.64 PZZA : 0.52
Total Revenue (TTM) NATH : $157.78M PZZA : $2.01B
Gross Profit (TTM) NATH : $48.04M PZZA : $469.77M
EBITDA (TTM) NATH : $32.46M PZZA : $219.44M

Return for Risk

NATH vs. PZZA — Risk / Return Rank

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

NATH

NATH Risk / Return Rank: 39
NATH Sharpe Ratio Rank: 42
NATH Sortino Ratio Rank: 35
NATH Omega Ratio Rank: 36
NATH Calmar Ratio Rank: 41
NATH Martin Ratio Rank: 40

PZZA

PZZA Risk / Return Rank: 17
PZZA Sharpe Ratio Rank: 17
PZZA Sortino Ratio Rank: 17
PZZA Omega Ratio Rank: 18
PZZA Calmar Ratio Rank: 17
PZZA Martin Ratio Rank: 18

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.

NATH vs. PZZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nathan's Famous, Inc. (NATH) and Papa John's International, Inc. (PZZA). 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.

	NATH	PZZA	Difference
Sharpe ratio: Return per unit of total volatility	0.02	-0.56	+0.58
Sortino ratio: Return per unit of downside risk	0.23	-0.63	+0.85
Omega ratio: Gain probability vs. loss probability	1.03	0.93	+0.10
Calmar ratio: Return relative to maximum drawdown	0.03	-0.65	+0.68
Martin ratio: Return relative to average drawdown	0.06	-1.07	+1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NATH vs. PZZA - Sharpe Ratio Comparison

The current NATH Sharpe Ratio is 0.02, which is higher than the PZZA Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of NATH and PZZA, 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

	NATH	PZZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.02	-0.56	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	-0.41	+0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	-0.11	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.25	-0.02

Drawdowns

NATH vs. PZZA - Drawdown Comparison

The maximum NATH drawdown since its inception was -76.16%, roughly equal to the maximum PZZA drawdown of -76.22%. Use the drawdown chart below to compare losses from any high point for NATH and PZZA.

Drawdown Indicators

	NATH	PZZA	Difference
Max Drawdown Largest peak-to-trough decline	-76.16%	-76.22%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-19.52%	-43.11%	+23.59%
Max Drawdown (3Y) Largest decline over 3 years	-22.62%	-62.15%	+39.53%
Max Drawdown (5Y) Largest decline over 5 years	-35.27%	-76.22%	+40.95%
Max Drawdown (10Y) Largest decline over 10 years	-53.17%	-76.22%	+23.05%
Current Drawdown Current decline from peak	-8.96%	-73.60%	+64.64%
Average Drawdown Average peak-to-trough decline	-32.19%	-26.11%	-6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.80%	26.17%	-15.37%

Volatility

NATH vs. PZZA - Volatility Comparison

The current volatility for Nathan's Famous, Inc. (NATH) is 1.41%, while Papa John's International, Inc. (PZZA) has a volatility of 16.34%. This indicates that NATH experiences smaller price fluctuations and is considered to be less risky than PZZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NATH	PZZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	16.34%	-14.93%
Volatility (6M) Calculated over the trailing 6-month period	12.41%	35.75%	-23.34%
Volatility (1Y) Calculated over the trailing 1-year period	26.82%	50.28%	-23.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.09%	41.59%	-13.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.83%	41.75%	-8.92%

Dividends

NATH vs. PZZA - Dividend Comparison

NATH's dividend yield for the trailing twelve months is around 4.45%, less than PZZA's 5.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NATH Nathan's Famous, Inc.	4.45%	4.81%	2.54%	2.56%	2.68%	2.40%	2.54%	1.83%	1.13%	6.62%	0.00%	48.49%
PZZA Papa John's International, Inc.	5.78%	4.78%	4.48%	2.31%	1.87%	0.86%	1.06%	1.43%	2.26%	1.51%	0.88%	1.13%

Financials

NATH vs. PZZA - Profitability Comparison

The chart below illustrates the profitability comparison between Nathan's Famous, Inc. and Papa John's International, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NATH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Nathan's Famous, Inc. reported a gross profit of 11.17M and revenue of 34.31M. Therefore, the gross margin over that period was 32.6%.

PZZA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Papa John's International, Inc. reported a gross profit of 137.72M and revenue of 478.61M. Therefore, the gross margin over that period was 28.8%.

NATH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Nathan's Famous, Inc. reported an operating income of 5.13M and revenue of 34.31M, resulting in an operating margin of 14.9%.

PZZA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Papa John's International, Inc. reported an operating income of 20.76M and revenue of 478.61M, resulting in an operating margin of 4.3%.

NATH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Nathan's Famous, Inc. reported a net income of 3.08M and revenue of 34.31M, resulting in a net margin of 9.0%.

PZZA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Papa John's International, Inc. reported a net income of 15.21M and revenue of 478.61M, resulting in a net margin of 3.2%.

Frequently Asked Questions

Can I hold both NATH and PZZA in my portfolio?

NATH and PZZA have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NATH or PZZA?

PZZA has higher volatility (16.34%) compared to NATH (1.41%). In terms of maximum drawdown, NATH dropped -76.16% vs PZZA's -76.22%.

Which has better risk-adjusted returns?

NATH currently has the higher Sharpe Ratio (0.02 vs -0.56), 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.