ATH.TO vs. HWX.TO
ATH.TO (Athabasca Oil Corporation) and HWX.TO (Headwater Exploration Inc.) are both stocks. Both operate in the Oil & Gas E&P industry within the Energy sector. Over the past 10 years, ATH.TO returned 24.52%/yr vs 44.49%/yr for HWX.TO. At a 0.25 correlation, their price movements are largely independent.
Performance
ATH.TO vs. HWX.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ATH.TO achieves a 70.84% return, which is significantly higher than HWX.TO's 46.17% return. Over the past 10 years, ATH.TO has underperformed HWX.TO with an annualized return of 24.52%, while HWX.TO has yielded a comparatively higher 44.49% annualized return.
ATH.TO
- 1D
- 1.44%
- 1M
- 4.34%
- YTD
- 70.84%
- 6M
- 53.78%
- 1Y
- 126.60%
- 3Y*
- 59.50%
- 5Y*
- 71.91%
- 10Y*
- 24.52%
HWX.TO
- 1D
- 3.98%
- 1M
- 6.43%
- YTD
- 46.17%
- 6M
- 46.01%
- 1Y
- 122.46%
- 3Y*
- 33.91%
- 5Y*
- 29.68%
- 10Y*
- 44.49%
ATH.TO vs. HWX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ATH.TO Athabasca Oil Corporation | 70.84% | 31.89% | 27.82% | 73.03% | 102.52% | 600.00% | -71.19% | -40.40% | -7.48% | -47.80% |
HWX.TO Headwater Exploration Inc. | 46.17% | 50.40% | 12.08% | 12.22% | 16.95% | 115.48% | 231.94% | -10.00% | 31.15% | 8.93% |
Correlation
The correlation between ATH.TO and HWX.TO is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Apr 9, 2010 | 0.25 |
Over the past year, ATH.TO and HWX.TO have become more correlated (0.65) than their long-term average of 0.25, meaning their price movements have been converging.
Fundamentals
ATH.TO:
CA$5.84B
HWX.TO:
CA$3.25B
ATH.TO:
CA$0.44
HWX.TO:
CA$0.58
ATH.TO:
27.16
HWX.TO:
23.47
ATH.TO:
1.04
HWX.TO:
0.46
ATH.TO:
4.42
HWX.TO:
5.66
ATH.TO:
3.16
HWX.TO:
4.29
ATH.TO:
CA$1.35B
HWX.TO:
CA$575.37M
ATH.TO:
CA$518.18M
HWX.TO:
CA$291.16M
ATH.TO:
CA$505.02M
HWX.TO:
CA$309.50M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ATH.TO vs. HWX.TO — Risk / Return Rank
ATH.TO
HWX.TO
ATH.TO vs. HWX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Athabasca Oil Corporation (ATH.TO) and Headwater Exploration Inc. (HWX.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.
| ATH.TO | HWX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.57 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 6.92 | 10.46 | -3.54 |
| Martin ratioReturn relative to average drawdown | 20.70 | 26.53 | -5.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ATH.TO | HWX.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.44 | 3.89 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.46 | 0.77 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.88 | -0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | 0.11 | -0.15 |
Drawdowns
ATH.TO vs. HWX.TO - Drawdown Comparison
The maximum ATH.TO drawdown since its inception was -99.44%, roughly equal to the maximum HWX.TO drawdown of -97.00%. Use the drawdown chart below to compare losses from any high point for ATH.TO and HWX.TO.
Loading charts...
Drawdown Indicators
| ATH.TO | HWX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.44% | -97.00% | -2.44% |
Max Drawdown (1Y)Largest decline over 1 year | -18.65% | -11.84% | -6.81% |
Max Drawdown (3Y)Largest decline over 3 years | -25.62% | -38.30% | +12.68% |
Max Drawdown (5Y)Largest decline over 5 years | -43.37% | -38.30% | -5.07% |
Max Drawdown (10Y)Largest decline over 10 years | -94.88% | -40.00% | -54.88% |
Current DrawdownCurrent decline from peak | -35.46% | -0.15% | -35.31% |
Average DrawdownAverage peak-to-trough decline | -73.93% | -60.95% | -12.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 4.66% | +1.56% |
Volatility
ATH.TO vs. HWX.TO - Volatility Comparison
Athabasca Oil Corporation (ATH.TO) has a higher volatility of 12.88% compared to Headwater Exploration Inc. (HWX.TO) at 10.46%. This indicates that ATH.TO's price experiences larger fluctuations and is considered to be riskier than HWX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ATH.TO | HWX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.88% | 10.46% | +2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 25.29% | +5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.58% | 31.89% | +5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.71% | 38.98% | +10.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.48% | 50.71% | +10.77% |
Dividends
ATH.TO vs. HWX.TO - Dividend Comparison
ATH.TO has not paid dividends to shareholders, while HWX.TO's dividend yield for the trailing twelve months is around 3.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ATH.TO Athabasca Oil Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HWX.TO Headwater Exploration Inc. | 3.24% | 4.70% | 6.05% | 6.40% | 1.69% |
Financials
ATH.TO vs. HWX.TO - Financials Comparison
This section allows you to compare key financial metrics between Athabasca Oil Corporation and Headwater Exploration Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ATH.TO vs. HWX.TO - Profitability Comparison
ATH.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Athabasca Oil Corporation reported a gross profit of 134.91M and revenue of 377.38M. Therefore, the gross margin over that period was 35.8%.
HWX.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Headwater Exploration Inc. reported a gross profit of 103.29M and revenue of 176.72M. Therefore, the gross margin over that period was 58.5%.
ATH.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Athabasca Oil Corporation reported an operating income of 90.74M and revenue of 377.38M, resulting in an operating margin of 24.0%.
HWX.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Headwater Exploration Inc. reported an operating income of 63.47M and revenue of 176.72M, resulting in an operating margin of 35.9%.
ATH.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Athabasca Oil Corporation reported a net income of 46.29M and revenue of 377.38M, resulting in a net margin of 12.3%.
HWX.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Headwater Exploration Inc. reported a net income of 35.57M and revenue of 176.72M, resulting in a net margin of 20.1%.
Frequently Asked Questions
ATH.TO and HWX.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for ATH.TO and HWX.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer