VEEV vs. AAON

Last updated Jun 13, 2026

VEEV (Veeva Systems Inc.) and AAON (AAON, Inc.) are both stocks. VEEV operates in Health Information Services (Healthcare), while AAON operates in Building Products & Equipment (Industrials). Over the past 10 years, VEEV returned 16.73%/yr vs 22.66%/yr for AAON. At a 0.28 correlation, their price movements are largely independent.

Performance

VEEV vs. AAON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Veeva Systems Inc. (VEEV) and AAON, Inc. (AAON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEEV achieves a -28.53% return, which is significantly lower than AAON's 67.13% return. Over the past 10 years, VEEV has underperformed AAON with an annualized return of 16.73%, while AAON has yielded a comparatively higher 22.66% annualized return.

VEEV

• 1D: -1.24%
• 1M: 0.43%
• YTD: -28.53%
• 6M: -28.54%
• 1Y: -43.54%
• 3Y*: -5.80%
• 5Y*: -11.82%
• 10Y*: 16.73%

AAON

• 1D: -1.13%
• 1M: -6.06%
• YTD: 67.13%
• 6M: 63.53%
• 1Y: 75.00%
• 3Y*: 25.97%
• 5Y*: 24.79%
• 10Y*: 22.66%

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

VEEV vs. AAON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEEV Veeva Systems Inc.	-28.53%	6.17%	9.21%	19.30%	-36.83%	-6.16%	93.55%	57.48%	61.58%	35.82%
AAON AAON, Inc.	67.13%	-34.91%	59.88%	47.86%	-4.55%	19.84%	35.71%	41.88%	-3.59%	11.84%

Correlation

The correlation between VEEV and AAON is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013	0.28

Over the past year, the correlation between VEEV and AAON has dropped to 0.01 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

Fundamentals

Market Cap VEEV : $26.48B AAON : $10.58B
EPS VEEV : $5.63 AAON : $1.42
PE Ratio VEEV : 28.36 AAON : 89.43
PEG Ratio VEEV : 1.47 AAON : 3.57
PS Ratio VEEV : 8.04 AAON : 6.53
PB Ratio VEEV : 3.63 AAON : 11.32
Total Revenue (TTM) VEEV : $3.32B AAON : $1.62B
Gross Profit (TTM) VEEV : $2.49B AAON : $424.33M
EBITDA (TTM) VEEV : $1.00B AAON : $228.54M

Return for Risk

VEEV vs. AAON — Risk / Return Rank

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

VEEV

VEEV Risk / Return Rank: 5
VEEV Sharpe Ratio Rank: 2
VEEV Sortino Ratio Rank: 3
VEEV Omega Ratio Rank: 4
VEEV Calmar Ratio Rank: 9
VEEV Martin Ratio Rank: 6

AAON

AAON Risk / Return Rank: 78
AAON Sharpe Ratio Rank: 78
AAON Sortino Ratio Rank: 79
AAON Omega Ratio Rank: 75
AAON Calmar Ratio Rank: 80
AAON 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.

VEEV vs. AAON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Veeva Systems Inc. (VEEV) and AAON, Inc. (AAON). 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.

	VEEV	AAON	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	1.18	-2.39
Sortino ratio: Return per unit of downside risk	-1.88	2.10	-3.98
Omega ratio: Gain probability vs. loss probability	0.77	1.24	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.86	2.36	-3.22
Martin ratio: Return relative to average drawdown	-1.51	5.71	-7.22

VEEV vs. AAON - Sharpe Ratio Comparison

The current VEEV Sharpe Ratio is -1.22, which is lower than the AAON Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of VEEV and AAON, 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

VEEV vs. AAON - Drawdown Comparison

The maximum VEEV drawdown since its inception was -61.35%, smaller than the maximum AAON drawdown of -76.03%. Use the drawdown chart below to compare losses from any high point for VEEV and AAON.

Drawdown Indicators

	VEEV	AAON	Difference
Max Drawdown Largest peak-to-trough decline	-61.35%	-76.03%	+14.68%
Max Drawdown (1Y) Largest decline over 1 year	-50.55%	-30.75%	-19.80%
Max Drawdown (3Y) Largest decline over 3 years	-50.55%	-48.86%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-55.69%	-48.86%	-6.83%
Max Drawdown (10Y) Largest decline over 10 years	-55.69%	-48.86%	-6.83%
Current Drawdown Current decline from peak	-53.21%	-14.15%	-39.06%
Average Drawdown Average peak-to-trough decline	-26.08%	-19.26%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.76%	12.70%	+16.06%

Volatility

VEEV vs. AAON - Volatility Comparison

The current volatility for Veeva Systems Inc. (VEEV) is 14.08%, while AAON, Inc. (AAON) has a volatility of 16.31%. This indicates that VEEV experiences smaller price fluctuations and is considered to be less risky than AAON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEEV	AAON	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.08%	16.31%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	29.27%	45.82%	-16.55%
Volatility (1Y) Calculated over the trailing 1-year period	35.87%	61.78%	-25.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.98%	45.77%	-7.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.23%	40.45%	-2.22%

Dividends

VEEV vs. AAON - Dividend Comparison

VEEV has not paid dividends to shareholders, while AAON's dividend yield for the trailing twelve months is around 0.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAON AAON, Inc.	0.31%	0.52%	0.27%	0.43%	0.57%	0.48%	0.57%	0.65%	0.91%	0.71%	0.73%	0.95%
VEEV Veeva Systems Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

VEEV vs. AAON - Profitability Comparison

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

VEEV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Veeva Systems Inc. reported a gross profit of 659.69M and revenue of 882.95M. Therefore, the gross margin over that period was 74.7%.

AAON - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported a gross profit of 124.97M and revenue of 496.94M. Therefore, the gross margin over that period was 25.2%.

VEEV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Veeva Systems Inc. reported an operating income of 273.11M and revenue of 882.95M, resulting in an operating margin of 30.9%.

AAON - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported an operating income of 57.06M and revenue of 496.94M, resulting in an operating margin of 11.5%.

VEEV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Veeva Systems Inc. reported a net income of 260.94M and revenue of 882.95M, resulting in a net margin of 29.6%.

AAON - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, AAON, Inc. reported a net income of 39.82M and revenue of 496.94M, resulting in a net margin of 8.0%.

Frequently Asked Questions

Can I hold both VEEV and AAON in my portfolio?

VEEV and AAON have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEEV or AAON?

AAON has higher volatility (16.31%) compared to VEEV (14.08%). In terms of maximum drawdown, VEEV dropped -61.35% vs AAON's -76.03%.

Which has better risk-adjusted returns?

AAON currently has the higher Sharpe Ratio (1.18 vs -1.22), 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.