UL vs. AI.PA

Last updated Jun 13, 2026

UL (The Unilever Group) and AI.PA (L'Air Liquide S.A.) are both stocks. UL operates in Household & Personal Products (Consumer Defensive), while AI.PA operates in Chemicals (Basic Materials). Over the past 10 years, UL returned 5.33%/yr vs 21.30%/yr for AI.PA. At a 0.43 correlation, their price movements are largely independent.

Performance

UL vs. AI.PA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Unilever Group (UL) and L'Air Liquide S.A. (AI.PA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UL is traded in USD, while AI.PA is traded in EUR. To make them comparable, the AI.PA values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UL achieves a -8.35% return, which is significantly lower than AI.PA's 27.82% return. Over the past 10 years, UL has underperformed AI.PA with an annualized return of 5.33%, while AI.PA has yielded a comparatively higher 21.30% annualized return.

UL

• 1D: 1.03%
• 1M: 3.45%
• YTD: -8.35%
• 6M: -7.70%
• 1Y: -14.93%
• 3Y*: 5.05%
• 5Y*: 0.66%
• 10Y*: 5.33%

AI.PA

• 1D: 1.88%
• 1M: 5.49%
• YTD: 27.82%
• 6M: 29.22%
• 1Y: 12.80%
• 3Y*: 20.93%
• 5Y*: 17.67%
• 10Y*: 21.30%

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

UL vs. AI.PA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UL The Unilever Group	-8.35%	5.96%	20.90%	-0.17%	-2.82%	-7.61%	9.04%	12.88%	-2.34%	40.15%
AI.PA L'Air Liquide S.A.	27.82%	18.15%	3.30%	40.28%	0.60%	9.24%	19.36%	42.77%	1.97%	42.55%

Correlation

The correlation between UL and AI.PA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 1, 2007	0.43

The correlation between UL and AI.PA shifts across timeframes, from 0.29 (3 years) to 0.43 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UL vs. AI.PA — Risk / Return Rank

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

UL

UL Risk / Return Rank: 16
UL Sharpe Ratio Rank: 13
UL Sortino Ratio Rank: 14
UL Omega Ratio Rank: 15
UL Calmar Ratio Rank: 21
UL Martin Ratio Rank: 15

AI.PA

AI.PA Risk / Return Rank: 60
AI.PA Sharpe Ratio Rank: 61
AI.PA Sortino Ratio Rank: 58
AI.PA Omega Ratio Rank: 59
AI.PA Calmar Ratio Rank: 60
AI.PA Martin Ratio Rank: 60

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.

UL vs. AI.PA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Unilever Group (UL) and L'Air Liquide S.A. (AI.PA). 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.

	UL	AI.PA	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	0.50	-1.20
Sortino ratio: Return per unit of downside risk	-0.87	0.99	-1.86
Omega ratio: Gain probability vs. loss probability	0.90	1.13	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.60	0.80	-1.40
Martin ratio: Return relative to average drawdown	-1.23	1.67	-2.90

UL vs. AI.PA - Sharpe Ratio Comparison

The current UL Sharpe Ratio is -0.70, which is lower than the AI.PA Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of UL and AI.PA, 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

UL vs. AI.PA - Drawdown Comparison

The maximum UL drawdown since its inception was -53.55%, which is greater than AI.PA's maximum drawdown of -47.60%. Use the drawdown chart below to compare losses from any high point for UL and AI.PA.

Drawdown Indicators

	UL	AI.PA	Difference
Max Drawdown Largest peak-to-trough decline	-53.55%	-47.60%	-5.95%
Max Drawdown (1Y) Largest decline over 1 year	-25.09%	-15.76%	-9.33%
Max Drawdown (3Y) Largest decline over 3 years	-25.09%	-18.92%	-6.17%
Max Drawdown (5Y) Largest decline over 5 years	-26.53%	-29.45%	+2.92%
Max Drawdown (10Y) Largest decline over 10 years	-30.13%	-29.45%	-0.68%
Current Drawdown Current decline from peak	-19.64%	-1.06%	-18.58%
Average Drawdown Average peak-to-trough decline	-10.61%	-7.60%	-3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.20%	7.48%	+4.72%

Volatility

UL vs. AI.PA - Volatility Comparison

The current volatility for The Unilever Group (UL) is 6.11%, while L'Air Liquide S.A. (AI.PA) has a volatility of 14.53%. This indicates that UL experiences smaller price fluctuations and is considered to be less risky than AI.PA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UL	AI.PA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	14.53%	-8.42%
Volatility (6M) Calculated over the trailing 6-month period	16.78%	22.35%	-5.57%
Volatility (1Y) Calculated over the trailing 1-year period	21.50%	25.06%	-3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.87%	23.75%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.61%	22.78%	-1.17%

Dividends

UL vs. AI.PA - Dividend Comparison

UL's dividend yield for the trailing twelve months is around 3.87%, more than AI.PA's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AI.PA L'Air Liquide S.A.	2.00%	2.27%	2.04%	2.03%	2.41%	2.39%	2.68%	2.54%	3.58%	3.29%	3.86%	4.09%
UL The Unilever Group	3.87%	3.51%	3.29%	3.83%	3.57%	3.77%	3.07%	3.18%	3.49%	2.80%	3.42%	3.02%

Financials

Frequently Asked Questions

Can I hold both UL and AI.PA in my portfolio?

UL and AI.PA have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.