THO vs. PII

Last updated Jun 4, 2026

THO (Thor Industries, Inc.) and PII (Polaris Industries Inc.) are both stocks. Both operate in the Recreational Vehicles industry within the Consumer Cyclical sector. Over the past 10 years, THO returned 4.19%/yr vs 0.86%/yr for PII. At a 0.40 correlation, their price movements are largely independent.

Performance

THO vs. PII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thor Industries, Inc. (THO) and Polaris Industries Inc. (PII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THO achieves a -21.40% return, which is significantly lower than PII's 10.30% return. Over the past 10 years, THO has outperformed PII with an annualized return of 4.19%, while PII has yielded a comparatively lower 0.86% annualized return.

THO

• 1D: 2.86%
• 1M: 8.19%
• YTD: -21.40%
• 6M: -19.11%
• 1Y: -1.05%
• 3Y*: 1.18%
• 5Y*: -5.54%
• 10Y*: 4.19%

PII

• 1D: 0.10%
• 1M: 10.18%
• YTD: 10.30%
• 6M: 4.61%
• 1Y: 75.63%
• 3Y*: -12.69%
• 5Y*: -8.47%
• 10Y*: 0.86%

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

THO vs. PII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THO Thor Industries, Inc.	-21.40%	9.74%	-17.90%	59.77%	-25.57%	13.26%	27.97%	46.47%	-64.79%	52.43%
PII Polaris Industries Inc.	10.30%	15.90%	-37.19%	-3.79%	-6.01%	17.75%	-3.78%	36.37%	-36.76%	54.19%

Correlation

The correlation between THO and PII is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 31, 1987	0.40

Over the past year, THO and PII have become more correlated (0.65) than their long-term average of 0.40, meaning their price movements have been converging.

Fundamentals

Market Cap THO : $4.18B PII : $3.92B
EPS THO : $4.93 PII : -$7.82
PS Ratio THO : 0.43 PII : 0.54
PB Ratio THO : 0.97 PII : 5.23
Total Revenue (TTM) THO : $9.82B PII : $7.27B
Gross Profit (TTM) THO : $1.21B PII : $1.43B
EBITDA (TTM) THO : $489.04M PII : -$206.10M

Return for Risk

THO vs. PII — Risk / Return Rank

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

THO

THO Risk / Return Rank: 38
THO Sharpe Ratio Rank: 40
THO Sortino Ratio Rank: 35
THO Omega Ratio Rank: 35
THO Calmar Ratio Rank: 39
THO Martin Ratio Rank: 39

PII

PII Risk / Return Rank: 77
PII Sharpe Ratio Rank: 79
PII Sortino Ratio Rank: 76
PII Omega Ratio Rank: 75
PII Calmar Ratio Rank: 76
PII Martin Ratio Rank: 79

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.

THO vs. PII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thor Industries, Inc. (THO) and Polaris Industries Inc. (PII). 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.

	THO	PII	Difference
Sharpe ratio Return per unit of total volatility	-0.03	1.37	-1.39
Sortino ratio Return per unit of downside risk	0.23	2.10	-1.87
Omega ratio Gain probability vs. loss probability	1.03	1.27	-0.24
Calmar ratio Return relative to maximum drawdown	-0.03	2.22	-2.25
Martin ratio Return relative to average drawdown	-0.06	6.47	-6.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THO vs. PII - Sharpe Ratio Comparison

The current THO Sharpe Ratio is -0.03, which is lower than the PII Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of THO and PII, 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

	THO	PII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.03	1.37	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	-0.20	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	0.02	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.41	-0.07

Drawdowns

THO vs. PII - Drawdown Comparison

The maximum THO drawdown since its inception was -79.55%, roughly equal to the maximum PII drawdown of -77.57%. Use the drawdown chart below to compare losses from any high point for THO and PII.

Drawdown Indicators

	THO	PII	Difference
Max Drawdown Largest peak-to-trough decline	-79.55%	-77.57%	-1.98%
Max Drawdown (1Y) Largest decline over 1 year	-39.66%	-34.21%	-5.45%
Max Drawdown (3Y) Largest decline over 3 years	-48.40%	-75.23%	+26.83%
Max Drawdown (5Y) Largest decline over 5 years	-48.40%	-75.23%	+26.83%
Max Drawdown (10Y) Largest decline over 10 years	-76.94%	-75.62%	-1.32%
Current Drawdown Current decline from peak	-41.73%	-44.66%	+2.93%
Average Drawdown Average peak-to-trough decline	-24.14%	-19.73%	-4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.07%	11.72%	+6.35%

Volatility

THO vs. PII - Volatility Comparison

The current volatility for Thor Industries, Inc. (THO) is 9.74%, while Polaris Industries Inc. (PII) has a volatility of 13.54%. This indicates that THO experiences smaller price fluctuations and is considered to be less risky than PII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THO	PII	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.74%	13.54%	-3.80%
Volatility (6M) Calculated over the trailing 6-month period	28.24%	37.61%	-9.37%
Volatility (1Y) Calculated over the trailing 1-year period	37.41%	56.09%	-18.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.78%	42.68%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.31%	42.77%	+1.54%

Dividends

THO vs. PII - Dividend Comparison

THO's dividend yield for the trailing twelve months is around 2.58%, less than PII's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PII Polaris Industries Inc.	3.95%	4.24%	4.58%	2.74%	2.53%	2.29%	2.60%	2.40%	3.13%	1.87%	2.67%	2.47%
THO Thor Industries, Inc.	2.58%	1.97%	1.53%	1.57%	2.33%	1.62%	1.74%	2.13%	2.92%	0.93%	1.26%	2.03%

Financials

THO vs. PII - Profitability Comparison

The chart below illustrates the profitability comparison between Thor Industries, Inc. and Polaris Industries Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

THO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Thor Industries, Inc. reported a gross profit of 354.77M and revenue of 2.78B. Therefore, the gross margin over that period was 12.8%.

PII - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Polaris Industries Inc. reported a gross profit of 334.80M and revenue of 1.66B. Therefore, the gross margin over that period was 20.2%.

THO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Thor Industries, Inc. reported an operating income of 96.02M and revenue of 2.78B, resulting in an operating margin of 3.5%.

PII - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Polaris Industries Inc. reported an operating income of -55.20M and revenue of 1.66B, resulting in an operating margin of -3.3%.

THO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Thor Industries, Inc. reported a net income of 95.54M and revenue of 2.78B, resulting in a net margin of 3.4%.

PII - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Polaris Industries Inc. reported a net income of -47.40M and revenue of 1.66B, resulting in a net margin of -2.9%.

Frequently Asked Questions

Can I hold both THO and PII in my portfolio?

THO and PII have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THO or PII?

PII has higher volatility (13.54%) compared to THO (9.74%). In terms of maximum drawdown, THO dropped -79.55% vs PII's -77.57%.

Which has better risk-adjusted returns?

PII currently has the higher Sharpe Ratio (1.37 vs -0.03), 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.