PENN vs. HEIA.AS

Last updated Jun 13, 2026

PENN (Penn National Gaming, Inc.) and HEIA.AS (Heineken N.V.) are both stocks. PENN operates in Resorts & Casinos (Consumer Cyclical), while HEIA.AS operates in Beverages - Brewers (Consumer Defensive). Over the past 10 years, PENN returned 4.00%/yr vs 1.03%/yr for HEIA.AS. At a 0.18 correlation, their price movements are largely independent.

Performance

PENN vs. HEIA.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn National Gaming, Inc. (PENN) and Heineken N.V. (HEIA.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PENN is traded in USD, while HEIA.AS is traded in EUR. To make them comparable, the HEIA.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PENN achieves a 46.98% return, which is significantly higher than HEIA.AS's 1.34% return. Over the past 10 years, PENN has outperformed HEIA.AS with an annualized return of 4.00%, while HEIA.AS has yielded a comparatively lower 1.03% annualized return.

PENN

• 1D: 2.22%
• 1M: 33.83%
• YTD: 46.98%
• 6M: 51.82%
• 1Y: 38.89%
• 3Y*: -6.65%
• 5Y*: -23.70%
• 10Y*: 4.00%

HEIA.AS

• 1D: -0.30%
• 1M: 7.83%
• YTD: 1.34%
• 6M: 1.53%
• 1Y: -7.03%
• 3Y*: -4.80%
• 5Y*: -5.32%
• 10Y*: 1.03%

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

PENN vs. HEIA.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PENN Penn National Gaming, Inc.	46.98%	-25.58%	-23.83%	-12.39%	-42.72%	-39.97%	237.91%	35.74%	-39.90%	127.19%
HEIA.AS Heineken N.V.	1.34%	18.10%	-28.49%	10.08%	-15.15%	2.02%	6.07%	22.65%	-13.85%	41.53%

Correlation

The correlation between PENN and HEIA.AS is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 4, 2007	0.18

Return for Risk

PENN vs. HEIA.AS — Risk / Return Rank

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

PENN

PENN Risk / Return Rank: 61
PENN Sharpe Ratio Rank: 63
PENN Sortino Ratio Rank: 63
PENN Omega Ratio Rank: 60
PENN Calmar Ratio Rank: 60
PENN Martin Ratio Rank: 58

HEIA.AS

HEIA.AS Risk / Return Rank: 24
HEIA.AS Sharpe Ratio Rank: 24
HEIA.AS Sortino Ratio Rank: 22
HEIA.AS Omega Ratio Rank: 22
HEIA.AS Calmar Ratio Rank: 25
HEIA.AS Martin Ratio Rank: 27

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.

PENN vs. HEIA.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn National Gaming, Inc. (PENN) and Heineken N.V. (HEIA.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PENN	HEIA.AS	Difference
Sharpe ratio: Return per unit of total volatility	0.60	-0.41	+1.01
Sortino ratio: Return per unit of downside risk	1.30	-0.41	+1.71
Omega ratio: Gain probability vs. loss probability	1.15	0.95	+0.21
Calmar ratio: Return relative to maximum drawdown	0.74	-0.45	+1.20
Martin ratio: Return relative to average drawdown	1.43	-0.74	+2.17

PENN vs. HEIA.AS - Sharpe Ratio Comparison

The current PENN Sharpe Ratio is 0.60, which is higher than the HEIA.AS Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of PENN and HEIA.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.

Drawdowns

PENN vs. HEIA.AS - Drawdown Comparison

The maximum PENN drawdown since its inception was -91.38%, which is greater than HEIA.AS's maximum drawdown of -63.53%. Use the drawdown chart below to compare losses from any high point for PENN and HEIA.AS.

Drawdown Indicators

	PENN	HEIA.AS	Difference
Max Drawdown Largest peak-to-trough decline	-91.38%	-63.53%	-27.85%
Max Drawdown (1Y) Largest decline over 1 year	-42.55%	-21.14%	-21.41%
Max Drawdown (3Y) Largest decline over 3 years	-57.42%	-38.31%	-19.11%
Max Drawdown (5Y) Largest decline over 5 years	-86.14%	-43.32%	-42.82%
Max Drawdown (10Y) Largest decline over 10 years	-91.38%	-43.32%	-48.06%
Current Drawdown Current decline from peak	-84.11%	-26.90%	-57.21%
Average Drawdown Average peak-to-trough decline	-33.91%	-16.54%	-17.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.12%	12.89%	+9.23%

Volatility

PENN vs. HEIA.AS - Volatility Comparison

Penn National Gaming, Inc. (PENN) has a higher volatility of 16.21% compared to Heineken N.V. (HEIA.AS) at 8.33%. This indicates that PENN's price experiences larger fluctuations and is considered to be riskier than HEIA.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PENN	HEIA.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.21%	8.33%	+7.88%
Volatility (6M) Calculated over the trailing 6-month period	42.22%	17.22%	+25.00%
Volatility (1Y) Calculated over the trailing 1-year period	52.75%	23.24%	+29.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.21%	23.93%	+30.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.49%	22.64%	+38.85%

Dividends

PENN vs. HEIA.AS - Dividend Comparison

PENN has not paid dividends to shareholders, while HEIA.AS's dividend yield for the trailing twelve months is around 2.69%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEIA.AS Heineken N.V.	2.69%	2.74%	2.52%	2.09%	1.66%	0.99%	1.14%	1.74%	1.97%	1.56%	1.94%	1.50%
PENN Penn National Gaming, Inc.	0.00%	0.00%	0.00%	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 PENN and HEIA.AS in my portfolio?

PENN and HEIA.AS have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.