ASC vs. FRO

Last updated Apr 1, 2026

Compare and contrast key facts about Ardmore Shipping Corporation (ASC) and Frontline Ltd. (FRO).

Performance

ASC vs. FRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ardmore Shipping Corporation (ASC) and Frontline Ltd. (FRO). The values are adjusted to include any dividend payments, if applicable.

ASC vs. FRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASC Ardmore Shipping Corporation	44.82%	-10.36%	-8.18%	5.81%	326.33%	3.36%	-63.57%	93.79%	-41.62%	8.11%
FRO Frontline Ltd.	64.83%	61.17%	-22.48%	96.23%	73.67%	13.67%	-41.47%	134.59%	20.48%	-32.17%

Fundamentals

Market Cap ASC : $623.27M FRO : $7.76B
EPS ASC : $1.01 FRO : $1.70
PE Ratio ASC : 15.15 FRO : 20.47
PS Ratio ASC : 2.00 FRO : 3.95
PB Ratio ASC : 0.98 FRO : 3.09
Total Revenue (TTM) ASC : $310.20M FRO : $1.97B
Gross Profit (TTM) ASC : $89.45M FRO : $644.05M
EBITDA (TTM) ASC : $83.81M FRO : $943.61M

Returns By Period

In the year-to-date period, ASC achieves a 44.82% return, which is significantly lower than FRO's 64.83% return. Over the past 10 years, ASC has underperformed FRO with an annualized return of 8.85%, while FRO has yielded a comparatively higher 23.46% annualized return.

ASC

• 1D: 1.73%
• 1M: -6.90%
• YTD: 44.82%
• 6M: 30.26%
• 1Y: 59.72%
• 3Y*: 6.04%
• 5Y*: 32.15%
• 10Y*: 8.85%

FRO

• 1D: 4.40%
• 1M: -5.23%
• YTD: 64.83%
• 6M: 59.13%
• 1Y: 150.61%
• 3Y*: 40.69%
• 5Y*: 46.51%
• 10Y*: 23.46%

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

Return for Risk

ASC vs. FRO — Risk / Return Rank

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

ASC

ASC Risk / Return Rank: 82
ASC Sharpe Ratio Rank: 86
ASC Sortino Ratio Rank: 82
ASC Omega Ratio Rank: 77
ASC Calmar Ratio Rank: 82
ASC Martin Ratio Rank: 81

FRO

FRO Risk / Return Rank: 96
FRO Sharpe Ratio Rank: 97
FRO Sortino Ratio Rank: 95
FRO Omega Ratio Rank: 92
FRO Calmar Ratio Rank: 97
FRO Martin Ratio Rank: 97

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.

ASC vs. FRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ardmore Shipping Corporation (ASC) and Frontline Ltd. (FRO). 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.

	ASC	FRO	Difference
Sharpe ratio Return per unit of total volatility	1.56	3.18	-1.62
Sortino ratio Return per unit of downside risk	2.17	3.53	-1.35
Omega ratio Gain probability vs. loss probability	1.26	1.43	-0.17
Calmar ratio Return relative to maximum drawdown	2.42	6.94	-4.52
Martin ratio Return relative to average drawdown	6.20	20.04	-13.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASC vs. FRO - Sharpe Ratio Comparison

The current ASC Sharpe Ratio is 1.56, which is lower than the FRO Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of ASC and FRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ASC	FRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	3.18	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.95	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.46	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.11	-0.03

Correlation

The correlation between ASC and FRO is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ASC vs. FRO - Dividend Comparison

ASC's dividend yield for the trailing twelve months is around 2.03%, less than FRO's 5.05% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASC Ardmore Shipping Corporation	2.03%	2.83%	8.89%	8.16%	0.00%	0.00%	1.53%	0.00%	0.00%	0.00%	5.41%	4.80%
FRO Frontline Ltd.	5.05%	4.26%	13.74%	14.31%	1.24%	0.00%	25.72%	0.78%	0.00%	6.54%	19.83%	1.67%

Drawdowns

ASC vs. FRO - Drawdown Comparison

The maximum ASC drawdown since its inception was -80.11%, smaller than the maximum FRO drawdown of -98.36%. Use the drawdown chart below to compare losses from any high point for ASC and FRO.

Drawdown Indicators

	ASC	FRO	Difference
Max Drawdown Largest peak-to-trough decline	-80.11%	-98.36%	+18.25%
Max Drawdown (1Y) Largest decline over 1 year	-21.96%	-21.41%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-61.41%	-52.04%	-9.37%
Max Drawdown (10Y) Largest decline over 10 years	-71.72%	-57.14%	-14.58%
Current Drawdown Current decline from peak	-29.09%	-74.33%	+45.24%
Average Drawdown Average peak-to-trough decline	-39.26%	-67.81%	+28.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.57%	7.42%	+1.15%

Volatility

ASC vs. FRO - Volatility Comparison

The current volatility for Ardmore Shipping Corporation (ASC) is 14.34%, while Frontline Ltd. (FRO) has a volatility of 16.61%. This indicates that ASC experiences smaller price fluctuations and is considered to be less risky than FRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASC	FRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.34%	16.61%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	26.86%	30.24%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	38.65%	47.59%	-8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.70%	49.39%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.46%	51.47%	-0.01%

Financials

ASC vs. FRO - Profitability Comparison

The chart below illustrates the profitability comparison between Ardmore Shipping Corporation and Frontline Ltd. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ASC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Ardmore Shipping Corporation reported a gross profit of 30.46M and revenue of 82.91M. Therefore, the gross margin over that period was 36.7%.

FRO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported a gross profit of 288.91M and revenue of 624.51M. Therefore, the gross margin over that period was 46.3%.

ASC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Ardmore Shipping Corporation reported an operating income of 24.01M and revenue of 82.91M, resulting in an operating margin of 29.0%.

FRO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported an operating income of 277.74M and revenue of 624.51M, resulting in an operating margin of 44.5%.

ASC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Ardmore Shipping Corporation reported a net income of 12.38M and revenue of 82.91M, resulting in a net margin of 14.9%.

FRO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported a net income of 227.93M and revenue of 624.51M, resulting in a net margin of 36.5%.