AR vs. EXE

Last updated Jun 4, 2026

AR (Antero Resources Corporation) and EXE (Expand Energy Corp) are both stocks. Both operate in the Oil & Gas E&P industry within the Energy sector. Over the past 5 years, AR returned 22.88%/yr vs 16.15%/yr for EXE. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

AR vs. EXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Antero Resources Corporation (AR) and Expand Energy Corp (EXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AR achieves a 6.01% return, which is significantly higher than EXE's -16.53% return.

AR

• 1D: 0.74%
• 1M: -7.59%
• YTD: 6.01%
• 6M: 0.36%
• 1Y: -4.77%
• 3Y*: 19.66%
• 5Y*: 22.88%
• 10Y*: 2.38%

EXE

• 1D: -0.51%
• 1M: -9.08%
• YTD: -16.53%
• 6M: -25.04%
• 1Y: -20.49%
• 3Y*: 7.60%
• 5Y*: 16.15%
• 10Y*: —

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

AR vs. EXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AR Antero Resources Corporation	6.01%	-1.68%	54.54%	-26.82%	77.09%	108.33%
EXE Expand Energy Corp	-16.53%	14.35%	33.18%	-14.77%	62.34%	46.39%

Correlation

The correlation between AR and EXE is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 11, 2021	0.73

The correlation between AR and EXE has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Fundamentals

Market Cap AR : $11.38B EXE : $21.93M
EPS AR : $3.08 EXE : $17.89
PE Ratio AR : 11.85 EXE : 5.09
PS Ratio AR : 1.98 EXE : 1.17
PB Ratio AR : 1.41 EXE : 0.00
Total Revenue (TTM) AR : $5.76B EXE : $14.10B
Gross Profit (TTM) AR : $2.60B EXE : $8.89B
EBITDA (TTM) AR : $1.82B EXE : $7.00B

Return for Risk

AR vs. EXE — Risk / Return Rank

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

AR

AR Risk / Return Rank: 34
AR Sharpe Ratio Rank: 35
AR Sortino Ratio Rank: 32
AR Omega Ratio Rank: 32
AR Calmar Ratio Rank: 35
AR Martin Ratio Rank: 36

EXE

EXE Risk / Return Rank: 12
EXE Sharpe Ratio Rank: 13
EXE Sortino Ratio Rank: 14
EXE Omega Ratio Rank: 15
EXE Calmar Ratio Rank: 9
EXE Martin Ratio Rank: 8

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.

AR vs. EXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Antero Resources Corporation (AR) and Expand Energy Corp (EXE). 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.

	AR	EXE	Difference
Sharpe ratio Return per unit of total volatility	-0.12	-0.65	+0.53
Sortino ratio Return per unit of downside risk	0.09	-0.79	+0.88
Omega ratio Gain probability vs. loss probability	1.01	0.91	+0.10
Calmar ratio Return relative to maximum drawdown	-0.15	-0.82	+0.67
Martin ratio Return relative to average drawdown	-0.23	-1.38	+1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AR vs. EXE - Sharpe Ratio Comparison

The current AR Sharpe Ratio is -0.12, which is higher than the EXE Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of AR and EXE, 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

	AR	EXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	-0.65	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.46	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.56	-0.61

Drawdowns

AR vs. EXE - Drawdown Comparison

The maximum AR drawdown since its inception was -99.01%, which is greater than EXE's maximum drawdown of -29.69%. Use the drawdown chart below to compare losses from any high point for AR and EXE.

Drawdown Indicators

	AR	EXE	Difference
Max Drawdown Largest peak-to-trough decline	-99.01%	-29.69%	-69.32%
Max Drawdown (1Y) Largest decline over 1 year	-31.77%	-25.04%	-6.73%
Max Drawdown (3Y) Largest decline over 3 years	-33.19%	-25.04%	-8.15%
Max Drawdown (5Y) Largest decline over 5 years	-58.39%	-29.69%	-28.70%
Max Drawdown (10Y) Largest decline over 10 years	-97.78%	—	—
Current Drawdown Current decline from peak	-45.81%	-25.04%	-20.77%
Average Drawdown Average peak-to-trough decline	-61.37%	-10.91%	-50.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.50%	14.89%	+5.61%

Volatility

AR vs. EXE - Volatility Comparison

Antero Resources Corporation (AR) has a higher volatility of 9.93% compared to Expand Energy Corp (EXE) at 6.99%. This indicates that AR's price experiences larger fluctuations and is considered to be riskier than EXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AR	EXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	6.99%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	27.11%	23.00%	+4.11%
Volatility (1Y) Calculated over the trailing 1-year period	38.68%	31.64%	+7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.25%	35.10%	+13.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.72%	34.77%	+25.95%

Dividends

AR vs. EXE - Dividend Comparison

AR has not paid dividends to shareholders, while EXE's dividend yield for the trailing twelve months is around 3.50%.

Position	TTM	2025	2024	2023	2022	2021
AR Antero Resources Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EXE Expand Energy Corp	3.50%	2.89%	2.45%	4.70%	10.16%	1.74%

Financials

AR vs. EXE - Profitability Comparison

The chart below illustrates the profitability comparison between Antero Resources Corporation and Expand Energy Corp over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Antero Resources Corporation reported a gross profit of 1.82B and revenue of 1.95B. Therefore, the gross margin over that period was 93.6%.

EXE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Expand Energy Corp reported a gross profit of 3.71B and revenue of 4.40B. Therefore, the gross margin over that period was 84.3%.

AR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Antero Resources Corporation reported an operating income of 729.45M and revenue of 1.95B, resulting in an operating margin of 37.5%.

EXE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Expand Energy Corp reported an operating income of 1.53B and revenue of 4.40B, resulting in an operating margin of 34.8%.

AR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Antero Resources Corporation reported a net income of 535.22M and revenue of 1.95B, resulting in a net margin of 27.5%.

EXE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Expand Energy Corp reported a net income of 1.16B and revenue of 4.40B, resulting in a net margin of 26.4%.

Frequently Asked Questions

Can I hold both AR and EXE in my portfolio?

AR and EXE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AR or EXE?

AR has higher volatility (9.93%) compared to EXE (6.99%). In terms of maximum drawdown, AR dropped -99.01% vs EXE's -29.69%.

Which has better risk-adjusted returns?

AR currently has the higher Sharpe Ratio (-0.12 vs -0.65), 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.