TAP vs. HEIA.AS

Last updated Jun 13, 2026

TAP (Molson Coors Brewing Company) and HEIA.AS (Heineken N.V.) are both stocks. Both operate in the Beverages - Brewers industry within the Consumer Defensive sector. Over the past 10 years, TAP returned -6.04%/yr vs 1.03%/yr for HEIA.AS. At a 0.28 correlation, their price movements are largely independent.

Performance

TAP vs. HEIA.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Molson Coors Brewing Company (TAP) and Heineken N.V. (HEIA.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TAP 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, TAP achieves a -8.93% return, which is significantly lower than HEIA.AS's 1.34% return. Over the past 10 years, TAP has underperformed HEIA.AS with an annualized return of -6.04%, while HEIA.AS has yielded a comparatively higher 1.03% annualized return.

TAP

• 1D: 1.59%
• 1M: 3.03%
• YTD: -8.93%
• 6M: -10.69%
• 1Y: -14.29%
• 3Y*: -12.05%
• 5Y*: -4.02%
• 10Y*: -6.04%

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)

TAP vs. HEIA.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAP Molson Coors Brewing Company	-8.93%	-15.53%	-3.43%	22.15%	14.39%	4.12%	-15.20%	-0.44%	-29.88%	-14.11%
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 TAP and HEIA.AS is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jun 4, 2007	0.29

The correlation between TAP and HEIA.AS shifts across timeframes, from 0.24 (3 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TAP vs. HEIA.AS — Risk / Return Rank

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

TAP

TAP Risk / Return Rank: 18
TAP Sharpe Ratio Rank: 16
TAP Sortino Ratio Rank: 17
TAP Omega Ratio Rank: 18
TAP Calmar Ratio Rank: 23
TAP Martin Ratio Rank: 16

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.

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

This table presents a comparison of risk-adjusted performance metrics for Molson Coors Brewing Company (TAP) 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.

	TAP	HEIA.AS	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	-0.41	-0.20
Sortino ratio: Return per unit of downside risk	-0.73	-0.41	-0.31
Omega ratio: Gain probability vs. loss probability	0.92	0.95	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.57	-0.45	-0.12
Martin ratio: Return relative to average drawdown	-1.18	-0.74	-0.44

TAP vs. HEIA.AS - Sharpe Ratio Comparison

The current TAP Sharpe Ratio is -0.61, which is lower than the HEIA.AS Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of TAP 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

TAP vs. HEIA.AS - Drawdown Comparison

The maximum TAP drawdown since its inception was -67.73%, 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 TAP and HEIA.AS.

Drawdown Indicators

	TAP	HEIA.AS	Difference
Max Drawdown Largest peak-to-trough decline	-67.73%	-63.53%	-4.20%
Max Drawdown (1Y) Largest decline over 1 year	-27.75%	-21.14%	-6.61%
Max Drawdown (3Y) Largest decline over 3 years	-39.73%	-38.31%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	-39.73%	-43.32%	+3.59%
Max Drawdown (10Y) Largest decline over 10 years	-67.73%	-43.32%	-24.41%
Current Drawdown Current decline from peak	-51.73%	-26.90%	-24.83%
Average Drawdown Average peak-to-trough decline	-22.80%	-16.54%	-6.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.49%	12.89%	+0.60%

Volatility

TAP vs. HEIA.AS - Volatility Comparison

The current volatility for Molson Coors Brewing Company (TAP) is 7.28%, while Heineken N.V. (HEIA.AS) has a volatility of 8.33%. This indicates that TAP experiences smaller price fluctuations and is considered to be less risky than HEIA.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAP	HEIA.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	8.33%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	19.54%	17.22%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	26.09%	23.24%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.65%	23.93%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.50%	22.64%	+5.86%

Dividends

TAP vs. HEIA.AS - Dividend Comparison

TAP's dividend yield for the trailing twelve months is around 4.57%, more than HEIA.AS's 2.69% yield.

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%
TAP Molson Coors Brewing Company	4.57%	4.03%	3.07%	2.68%	2.95%	1.47%	1.26%	3.64%	2.92%	2.00%	1.69%	1.75%

Financials

Frequently Asked Questions

Can I hold both TAP and HEIA.AS in my portfolio?

TAP and HEIA.AS have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.