ACO-X.TO vs. X.TO

Last updated Jun 13, 2026

ACO-X.TO (ATCO Ltd) and X.TO (TMX Group Limited) are both stocks. ACO-X.TO operates in Utilities - Diversified (Utilities), while X.TO operates in Financial Data & Stock Exchanges (Financial Services). Over the past 10 years, ACO-X.TO returned 9.15%/yr vs 30.69%/yr for X.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

ACO-X.TO vs. X.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in ATCO Ltd (ACO-X.TO) and TMX Group Limited (X.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACO-X.TO achieves a 30.25% return, which is significantly higher than X.TO's -2.41% return. Over the past 10 years, ACO-X.TO has underperformed X.TO with an annualized return of 9.15%, while X.TO has yielded a comparatively higher 30.69% annualized return.

ACO-X.TO

• 1D: -0.45%
• 1M: 6.04%
• YTD: 30.25%
• 6M: 37.62%
• 1Y: 45.31%
• 3Y*: 26.35%
• 5Y*: 14.33%
• 10Y*: 9.15%

X.TO

• 1D: 0.74%
• 1M: -4.56%
• YTD: -2.41%
• 6M: -0.90%
• 1Y: -8.48%
• 3Y*: 21.82%
• 5Y*: 24.37%
• 10Y*: 30.69%

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

ACO-X.TO vs. X.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACO-X.TO ATCO Ltd	30.25%	23.29%	28.83%	-4.26%	3.50%	22.23%	-23.55%	33.41%	-10.91%	3.62%
X.TO TMX Group Limited	-2.41%	19.83%	40.85%	27.51%	20.20%	28.63%	25.96%	80.88%	15.53%	13.73%

Correlation

The correlation between ACO-X.TO and X.TO is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006	0.16

The correlation between ACO-X.TO and X.TO shifts across timeframes, from -0.13 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ACO-X.TO : CA$8.19B X.TO : CA$14.10B
EPS ACO-X.TO : CA$1.40 X.TO : CA$9.15
PE Ratio ACO-X.TO : 51.63 X.TO : 5.51
PEG Ratio ACO-X.TO : 2.46 X.TO : 0.46
PS Ratio ACO-X.TO : 1.58 X.TO : 1.42
PB Ratio ACO-X.TO : 1.76 X.TO : 0.29
Total Revenue (TTM) ACO-X.TO : CA$5.16B X.TO : CA$9.91B
Gross Profit (TTM) ACO-X.TO : CA$1.64B X.TO : CA$4.54B
EBITDA (TTM) ACO-X.TO : CA$2.10B X.TO : CA$4.93B

Return for Risk

ACO-X.TO vs. X.TO — Risk / Return Rank

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

ACO-X.TO

ACO-X.TO Risk / Return Rank: 94
ACO-X.TO Sharpe Ratio Rank: 95
ACO-X.TO Sortino Ratio Rank: 95
ACO-X.TO Omega Ratio Rank: 94
ACO-X.TO Calmar Ratio Rank: 94
ACO-X.TO Martin Ratio Rank: 93

X.TO

X.TO Risk / Return Rank: 27
X.TO Sharpe Ratio Rank: 27
X.TO Sortino Ratio Rank: 24
X.TO Omega Ratio Rank: 24
X.TO Calmar Ratio Rank: 31
X.TO Martin Ratio Rank: 28

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.

ACO-X.TO vs. X.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ATCO Ltd (ACO-X.TO) and TMX Group Limited (X.TO). 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.

	ACO-X.TO	X.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.97	-0.37	+3.33
Sortino ratio: Return per unit of downside risk	3.92	-0.35	+4.28
Omega ratio: Gain probability vs. loss probability	1.51	0.95	+0.55
Calmar ratio: Return relative to maximum drawdown	5.82	-0.37	+6.19
Martin ratio: Return relative to average drawdown	14.46	-0.80	+15.25

ACO-X.TO vs. X.TO - Sharpe Ratio Comparison

The current ACO-X.TO Sharpe Ratio is 2.97, which is higher than the X.TO Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of ACO-X.TO and X.TO, 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

ACO-X.TO vs. X.TO - Drawdown Comparison

The maximum ACO-X.TO drawdown since its inception was -48.31%, smaller than the maximum X.TO drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for ACO-X.TO and X.TO.

Drawdown Indicators

	ACO-X.TO	X.TO	Difference
Max Drawdown Largest peak-to-trough decline	-48.31%	-51.85%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-22.81%	+14.98%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-22.81%	+6.91%
Max Drawdown (5Y) Largest decline over 5 years	-26.85%	-22.81%	-4.04%
Max Drawdown (10Y) Largest decline over 10 years	-48.31%	-27.26%	-21.05%
Current Drawdown Current decline from peak	-0.86%	-11.37%	+10.51%
Average Drawdown Average peak-to-trough decline	-12.82%	-6.93%	-5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	10.66%	-7.52%

Volatility

ACO-X.TO vs. X.TO - Volatility Comparison

The current volatility for ATCO Ltd (ACO-X.TO) is 6.13%, while TMX Group Limited (X.TO) has a volatility of 8.91%. This indicates that ACO-X.TO experiences smaller price fluctuations and is considered to be less risky than X.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACO-X.TO	X.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	8.91%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	18.48%	-6.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	23.45%	-8.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	20.66%	-4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	21.49%	-0.91%

Dividends

ACO-X.TO vs. X.TO - Dividend Comparison

ACO-X.TO's dividend yield for the trailing twelve months is around 2.83%, more than X.TO's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACO-X.TO ATCO Ltd	2.83%	3.58%	4.12%	4.92%	4.36%	4.20%	4.77%	3.25%	3.90%	2.91%	2.55%	2.77%
X.TO TMX Group Limited	1.82%	1.61%	1.69%	6.55%	12.25%	23.74%	10.70%	11.20%	15.83%	13.84%	11.54%	22.35%

Financials

ACO-X.TO vs. X.TO - Profitability Comparison

The chart below illustrates the profitability comparison between ATCO Ltd and TMX Group Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ACO-X.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, ATCO Ltd reported a gross profit of 592.00M and revenue of 1.43B. Therefore, the gross margin over that period was 41.5%.

X.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported a gross profit of 3.58B and revenue of 7.41B. Therefore, the gross margin over that period was 48.3%.

ACO-X.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, ATCO Ltd reported an operating income of 401.00M and revenue of 1.43B, resulting in an operating margin of 28.1%.

X.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported an operating income of 2.39B and revenue of 7.41B, resulting in an operating margin of 32.2%.

ACO-X.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, ATCO Ltd reported a net income of 152.00M and revenue of 1.43B, resulting in a net margin of 10.7%.

X.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported a net income of 2.25B and revenue of 7.41B, resulting in a net margin of 30.3%.

Frequently Asked Questions

Can I hold both ACO-X.TO and X.TO in my portfolio?

ACO-X.TO and X.TO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.