TNL vs. CAT
TNL (Travel + Leisure Co.) and CAT (Caterpillar Inc.) are both stocks. TNL operates in Travel Services (Consumer Cyclical), while CAT operates in Farm & Heavy Construction Machinery (Industrials). Over the past 10 years, TNL returned 13.38%/yr vs 28.72%/yr for CAT. Their 0.52 correlation means they have sometimes moved together and sometimes differently.
Performance
TNL vs. CAT - Performance Comparison
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Returns By Period
In the year-to-date period, TNL achieves a 9.60% return, which is significantly lower than CAT's 43.10% return. Over the past 10 years, TNL has underperformed CAT with an annualized return of 13.38%, while CAT has yielded a comparatively higher 28.72% annualized return.
TNL
- 1D
- 1.13%
- 1M
- -0.74%
- 6M
- 11.16%
- YTD
- 9.60%
- 1Y
- 34.58%
- 3Y*
- 28.32%
- 5Y*
- 12.28%
- 10Y*
- 13.38%
- ALL TIME*
- 11.35%
CAT
- 1D
- 0.70%
- 1M
- -15.28%
- 6M
- 24.42%
- YTD
- 43.10%
- 1Y
- 91.78%
- 3Y*
- 43.33%
- 5Y*
- 33.84%
- 10Y*
- 28.72%
- ALL TIME*
- 10.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.66B | $2.67B | $2.93B | |
| $81.71M | $64.38M | $60.40M |
TNL vs. CAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNL Travel + Leisure Co. | 9.60% | 45.46% | 34.76% | 12.51% | -31.67% | 25.95% | -8.59% | 50.09% | -29.47% | 55.45% |
CAT Caterpillar Inc. | 43.10% | 60.30% | 24.66% | 25.95% | 18.60% | 15.95% | 26.97% | 19.51% | -17.56% | 75.03% |
Correlation
The correlation between TNL and CAT is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2006 | 0.52 |
Over the past year, the correlation between TNL and CAT has dropped to 0.24 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.
Fundamentals
TNL:
$4.66B
CAT:
$375.33B
TNL:
$3.68
CAT:
$20.10
TNL:
20.66
CAT:
40.53
TNL:
9.20
CAT:
2.68
TNL:
1.20
CAT:
5.40
TNL:
$4.09B
CAT:
$70.76B
TNL:
$1.85B
CAT:
$23.01B
TNL:
$701.00M
CAT:
$15.31B
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Return for Risk
TNL vs. CAT — Risk / Return Rank
TNL
CAT
TNL vs. CAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Travel + Leisure Co. (TNL) and Caterpillar Inc. (CAT). 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.
| TNL | CAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.37 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 3.34 | -1.79 |
| Martin ratioReturn relative to average drawdown | 4.24 | 13.81 | -9.57 |
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Drawdowns
TNL vs. CAT - Drawdown Comparison
The maximum TNL drawdown since its inception was -92.23%, which is greater than CAT's maximum drawdown of -73.43%. Use the drawdown chart below to compare losses from any high point for TNL and CAT.
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Drawdown Indicators
| TNL | CAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.23% | -73.43% | -18.80% |
Max Drawdown (1Y)Largest decline over 1 year | -21.06% | -26.36% | +5.30% |
Max Drawdown (3Y)Largest decline over 3 years | -32.18% | -34.05% | +1.87% |
Max Drawdown (5Y)Largest decline over 5 years | -43.71% | -34.05% | -9.66% |
Max Drawdown (10Y)Largest decline over 10 years | -68.07% | -43.36% | -24.71% |
Current DrawdownCurrent decline from peak | -3.10% | -23.34% | +20.24% |
Average DrawdownAverage peak-to-trough decline | -20.50% | -19.71% | -0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 6.41% | +1.31% |
Volatility
TNL vs. CAT - Volatility Comparison
The current volatility for Travel + Leisure Co. (TNL) is 9.79%, while Caterpillar Inc. (CAT) has a volatility of 11.37%. This indicates that TNL experiences smaller price fluctuations and is considered to be less risky than CAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNL | CAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 11.37% | -1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 26.73% | 31.53% | -4.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.90% | 39.11% | -3.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.91% | 31.62% | +5.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.92% | 31.31% | +10.61% |
Dividends
TNL vs. CAT - Dividend Comparison
TNL's dividend yield for the trailing twelve months is around 3.05%, more than CAT's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAT Caterpillar Inc. | 0.76% | 1.02% | 1.49% | 1.69% | 1.93% | 2.07% | 2.26% | 2.56% | 2.58% | 1.97% | 3.32% | 4.33% |
TNL Travel + Leisure Co. | 3.05% | 3.18% | 3.96% | 4.60% | 4.40% | 2.26% | 3.57% | 3.48% | 170.40% | 2.00% | 2.62% | 2.31% |
Financials
TNL vs. CAT - Financials Comparison
This section allows you to compare key financial metrics between Travel + Leisure Co. and Caterpillar Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
TNL vs. CAT - Profitability Comparison
TNL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Travel + Leisure Co. reported a gross profit of 606.00M and revenue of 1.06B. Therefore, the gross margin over that period was 57.0%.
CAT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Caterpillar Inc. reported a gross profit of 6.11B and revenue of 17.42B. Therefore, the gross margin over that period was 35.1%.
TNL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Travel + Leisure Co. reported an operating income of 210.00M and revenue of 1.06B, resulting in an operating margin of 19.8%.
CAT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Caterpillar Inc. reported an operating income of 3.09B and revenue of 17.42B, resulting in an operating margin of 17.7%.
TNL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Travel + Leisure Co. reported a net income of 109.00M and revenue of 1.06B, resulting in a net margin of 10.3%.
CAT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Caterpillar Inc. reported a net income of 2.55B and revenue of 17.42B, resulting in a net margin of 14.6%.
Frequently Asked Questions
TNL and CAT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CAT has higher volatility (11.37%) compared to TNL (9.79%). In terms of maximum drawdown, TNL dropped -92.23% vs CAT's -73.43%.
CAT currently has the higher Sharpe Ratio (2.25 vs 0.92), 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.
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