TNC vs. ETN

Last updated Jun 4, 2026

TNC (Tennant Company) and ETN (Eaton Corporation plc) are both stocks. Both operate in the Specialty Industrial Machinery industry within the Industrials sector. Over the past 10 years, TNC returned 5.81%/yr vs 24.08%/yr for ETN. At a 0.37 correlation, their price movements are largely independent.

Performance

TNC vs. ETN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tennant Company (TNC) and Eaton Corporation plc (ETN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNC achieves a 14.71% return, which is significantly lower than ETN's 33.02% return. Over the past 10 years, TNC has underperformed ETN with an annualized return of 5.81%, while ETN has yielded a comparatively higher 24.08% annualized return.

TNC

• 1D: -2.34%
• 1M: 2.65%
• YTD: 14.71%
• 6M: 14.29%
• 1Y: 14.42%
• 3Y*: 4.15%
• 5Y*: 1.44%
• 10Y*: 5.81%

ETN

• 1D: 0.86%
• 1M: -0.02%
• YTD: 33.02%
• 6M: 26.26%
• 1Y: 30.76%
• 3Y*: 32.92%
• 5Y*: 25.16%
• 10Y*: 24.08%

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

TNC vs. ETN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNC Tennant Company	14.71%	-8.22%	-11.03%	52.62%	-22.84%	16.87%	-8.78%	51.57%	-27.40%	3.32%
ETN Eaton Corporation plc	33.02%	-2.79%	39.51%	56.22%	-7.18%	46.70%	29.88%	42.76%	-10.04%	21.54%

Correlation

The correlation between TNC and ETN is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 4, 1992	0.37

The correlation between TNC and ETN shifts across timeframes, from 0.35 (1 year) to 0.50 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TNC : $1.49B ETN : $163.93B
EPS TNC : $1.69 ETN : $10.22
PE Ratio TNC : 49.66 ETN : 41.19
PS Ratio TNC : 1.27 ETN : 5.76
PB Ratio TNC : 2.81 ETN : 8.29
Total Revenue (TTM) TNC : $1.21B ETN : $28.52B
Gross Profit (TTM) TNC : $477.90M ETN : $7.87B
EBITDA (TTM) TNC : $97.00M ETN : $4.75B

Return for Risk

TNC vs. ETN — Risk / Return Rank

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

TNC

TNC Risk / Return Rank: 53
TNC Sharpe Ratio Rank: 55
TNC Sortino Ratio Rank: 47
TNC Omega Ratio Rank: 53
TNC Calmar Ratio Rank: 53
TNC Martin Ratio Rank: 56

ETN

ETN Risk / Return Rank: 67
ETN Sharpe Ratio Rank: 70
ETN Sortino Ratio Rank: 63
ETN Omega Ratio Rank: 62
ETN Calmar Ratio Rank: 69
ETN Martin Ratio Rank: 69

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.

TNC vs. ETN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tennant Company (TNC) and Eaton Corporation plc (ETN). 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.

	TNC	ETN	Difference
Sharpe ratio Return per unit of total volatility	0.41	0.97	-0.55
Sortino ratio Return per unit of downside risk	0.71	1.45	-0.74
Omega ratio Gain probability vs. loss probability	1.13	1.18	-0.06
Calmar ratio Return relative to maximum drawdown	0.52	1.61	-1.09
Martin ratio Return relative to average drawdown	1.38	3.53	-2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNC vs. ETN - Sharpe Ratio Comparison

The current TNC Sharpe Ratio is 0.41, which is lower than the ETN Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of TNC and ETN, 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

	TNC	ETN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	0.97	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.85	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.81	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.42	-0.19

Drawdowns

TNC vs. ETN - Drawdown Comparison

The maximum TNC drawdown since its inception was -83.81%, which is greater than ETN's maximum drawdown of -68.95%. Use the drawdown chart below to compare losses from any high point for TNC and ETN.

Drawdown Indicators

	TNC	ETN	Difference
Max Drawdown Largest peak-to-trough decline	-83.81%	-68.95%	-14.86%
Max Drawdown (1Y) Largest decline over 1 year	-27.71%	-19.14%	-8.57%
Max Drawdown (3Y) Largest decline over 3 years	-48.98%	-34.46%	-14.52%
Max Drawdown (5Y) Largest decline over 5 years	-48.98%	-34.46%	-14.52%
Max Drawdown (10Y) Largest decline over 10 years	-48.98%	-44.55%	-4.43%
Current Drawdown Current decline from peak	-29.54%	-2.46%	-27.08%
Average Drawdown Average peak-to-trough decline	-16.85%	-14.90%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.50%	8.75%	+1.75%

Volatility

TNC vs. ETN - Volatility Comparison

The current volatility for Tennant Company (TNC) is 9.81%, while Eaton Corporation plc (ETN) has a volatility of 12.77%. This indicates that TNC experiences smaller price fluctuations and is considered to be less risky than ETN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNC	ETN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.81%	12.77%	-2.96%
Volatility (6M) Calculated over the trailing 6-month period	32.90%	25.11%	+7.79%
Volatility (1Y) Calculated over the trailing 1-year period	35.32%	32.08%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.41%	29.93%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.16%	29.96%	+2.20%

Dividends

TNC vs. ETN - Dividend Comparison

TNC's dividend yield for the trailing twelve months is around 1.46%, more than ETN's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETN Eaton Corporation plc	1.02%	1.31%	1.13%	1.43%	2.06%	1.76%	1.88%	3.00%	3.85%	3.04%	3.40%	4.23%
TNC Tennant Company	1.46%	1.62%	1.39%	1.16%	1.65%	1.16%	1.27%	1.13%	1.63%	1.16%	1.14%	1.42%

Financials

TNC vs. ETN - Profitability Comparison

The chart below illustrates the profitability comparison between Tennant Company and Eaton Corporation plc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TNC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tennant Company reported a gross profit of 113.60M and revenue of 297.90M. Therefore, the gross margin over that period was 38.1%.

ETN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Eaton Corporation plc reported a gross profit of 0.00 and revenue of 7.45B. Therefore, the gross margin over that period was 0.0%.

TNC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tennant Company reported an operating income of 4.90M and revenue of 297.90M, resulting in an operating margin of 1.6%.

ETN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Eaton Corporation plc reported an operating income of 0.00 and revenue of 7.45B, resulting in an operating margin of 0.0%.

TNC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tennant Company reported a net income of 200.00K and revenue of 297.90M, resulting in a net margin of 0.1%.

ETN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Eaton Corporation plc reported a net income of 866.00M and revenue of 7.45B, resulting in a net margin of 11.6%.

Frequently Asked Questions

Can I hold both TNC and ETN in my portfolio?

TNC and ETN have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNC or ETN?

ETN has higher volatility (12.77%) compared to TNC (9.81%). In terms of maximum drawdown, TNC dropped -83.81% vs ETN's -68.95%.

Which has better risk-adjusted returns?

ETN currently has the higher Sharpe Ratio (0.97 vs 0.41), 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.