THEON.AS vs. LDO.MI

Last updated Jun 5, 2026

THEON.AS (Theon International PLC) and LDO.MI (Leonardo S.p.A.) are both stocks. Both operate in the Aerospace & Defense industry within the Industrials sector. Over the past year, THEON.AS returned 3.23% vs -1.50% for LDO.MI. At a 0.37 correlation, their price movements are largely independent.

Performance

THEON.AS vs. LDO.MI - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Theon International PLC (THEON.AS) and Leonardo S.p.A. (LDO.MI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THEON.AS achieves a 17.16% return, which is significantly higher than LDO.MI's 4.27% return.

THEON.AS

• 1D: 0.45%
• 1M: 4.25%
• YTD: 17.16%
• 6M: 5.55%
• 1Y: 3.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LDO.MI

• 1D: 0.77%
• 1M: -3.57%
• YTD: 4.27%
• 6M: 8.60%
• 1Y: -1.50%
• 3Y*: 72.08%
• 5Y*: 49.78%
• 10Y*: 19.15%

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

THEON.AS vs. LDO.MI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
THEON.AS Theon International PLC	17.16%	115.36%	30.42%
LDO.MI Leonardo S.p.A.	4.27%	91.71%	57.56%

Correlation

The correlation between THEON.AS and LDO.MI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.37

The correlation between THEON.AS and LDO.MI shifts across timeframes, from 0.37 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

THEON.AS vs. LDO.MI — Risk / Return Rank

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

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

LDO.MI

LDO.MI Risk / Return Rank: 37
LDO.MI Sharpe Ratio Rank: 39
LDO.MI Sortino Ratio Rank: 35
LDO.MI Omega Ratio Rank: 35
LDO.MI Calmar Ratio Rank: 38
LDO.MI Martin Ratio Rank: 37

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.

THEON.AS vs. LDO.MI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Theon International PLC (THEON.AS) and Leonardo S.p.A. (LDO.MI). 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.

	THEON.AS	LDO.MI	Difference
Sharpe ratio: Return per unit of total volatility	0.01	-0.06	+0.07
Sortino ratio: Return per unit of downside risk	0.39	0.20	+0.19
Omega ratio: Gain probability vs. loss probability	1.05	1.02	+0.02
Calmar ratio: Return relative to maximum drawdown	0.01	-0.10	+0.12
Martin ratio: Return relative to average drawdown	0.02	-0.21	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THEON.AS vs. LDO.MI - Sharpe Ratio Comparison

The current THEON.AS Sharpe Ratio is 0.01, which is higher than the LDO.MI Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of THEON.AS and LDO.MI, 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

	THEON.AS	LDO.MI	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	—	1.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.18	+1.11

Drawdowns

THEON.AS vs. LDO.MI - Drawdown Comparison

The maximum THEON.AS drawdown since its inception was -36.80%, smaller than the maximum LDO.MI drawdown of -90.12%. Use the drawdown chart below to compare losses from any high point for THEON.AS and LDO.MI.

Drawdown Indicators

	THEON.AS	LDO.MI	Difference
Max Drawdown Largest peak-to-trough decline	-36.80%	-90.12%	+53.32%
Max Drawdown (1Y) Largest decline over 1 year	-32.99%	-23.76%	-9.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.16%	—
Current Drawdown Current decline from peak	-14.21%	-20.23%	+6.02%
Average Drawdown Average peak-to-trough decline	-13.60%	-52.87%	+39.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.13%	11.58%	+6.55%

Volatility

THEON.AS vs. LDO.MI - Volatility Comparison

Theon International PLC (THEON.AS) and Leonardo S.p.A. (LDO.MI) have volatilities of 10.57% and 10.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THEON.AS	LDO.MI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	10.58%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	37.94%	29.75%	+8.19%
Volatility (1Y) Calculated over the trailing 1-year period	53.15%	41.24%	+11.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.17%	35.63%	+15.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.17%	37.73%	+13.44%

Dividends

THEON.AS vs. LDO.MI - Dividend Comparison

THEON.AS's dividend yield for the trailing twelve months is around 1.04%, more than LDO.MI's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LDO.MI Leonardo S.p.A.	1.01%	1.06%	1.08%	0.94%	1.74%	0.00%	2.37%	1.34%	1.82%	1.41%
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%

Financials

Frequently Asked Questions

Can I hold both THEON.AS and LDO.MI in my portfolio?

THEON.AS and LDO.MI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.