AU vs. OR

Last updated Jun 4, 2026

AU (AngloGold Ashanti Limited) and OR (Osisko Gold Royalties Ltd) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 10 years, AU returned 21.09%/yr vs 11.84%/yr for OR. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

AU vs. OR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AngloGold Ashanti Limited (AU) and Osisko Gold Royalties Ltd (OR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AU achieves a 8.43% return, which is significantly higher than OR's -0.07% return. Over the past 10 years, AU has outperformed OR with an annualized return of 21.09%, while OR has yielded a comparatively lower 11.84% annualized return.

AU

• 1D: -2.18%
• 1M: 0.28%
• YTD: 8.43%
• 6M: 10.68%
• 1Y: 104.16%
• 3Y*: 59.13%
• 5Y*: 34.87%
• 10Y*: 21.09%

OR

• 1D: -4.18%
• 1M: -2.16%
• YTD: -0.07%
• 6M: 3.99%
• 1Y: 32.59%
• 3Y*: 31.60%
• 5Y*: 20.56%
• 10Y*: 11.84%

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

AU vs. OR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AU AngloGold Ashanti Limited	8.43%	288.18%	25.43%	-2.68%	-5.09%	-4.87%	1.90%	78.89%	23.96%	-2.23%
OR Osisko Gold Royalties Ltd	-0.07%	96.95%	28.14%	19.96%	0.02%	-2.01%	32.58%	12.20%	-22.72%	20.74%

Correlation

The correlation between AU and OR is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.65

The correlation between AU and OR has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

Fundamentals

Market Cap AU : $45.36B OR : $6.66B
EPS AU : $6.85 OR : $1.34
PE Ratio AU : 13.11 OR : 26.30
PEG Ratio AU : 0.15 OR : 0.14
PS Ratio AU : 4.08 OR : 20.54
PB Ratio AU : 5.32 OR : 4.51
Total Revenue (TTM) AU : $11.17B OR : $325.18M
Gross Profit (TTM) AU : $5.82B OR : $275.03M
EBITDA (TTM) AU : $5.58B OR : $330.83M

Return for Risk

AU vs. OR — Risk / Return Rank

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

AU

AU Risk / Return Rank: 81
AU Sharpe Ratio Rank: 85
AU Sortino Ratio Rank: 78
AU Omega Ratio Rank: 78
AU Calmar Ratio Rank: 81
AU Martin Ratio Rank: 83

OR

OR Risk / Return Rank: 61
OR Sharpe Ratio Rank: 64
OR Sortino Ratio Rank: 56
OR Omega Ratio Rank: 59
OR Calmar Ratio Rank: 62
OR Martin Ratio Rank: 62

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.

AU vs. OR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AngloGold Ashanti Limited (AU) and Osisko Gold Royalties Ltd (OR). 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.

	AU	OR	Difference
Sharpe ratio Return per unit of total volatility	1.84	0.74	+1.10
Sortino ratio Return per unit of downside risk	2.24	1.16	+1.08
Omega ratio Gain probability vs. loss probability	1.29	1.16	+0.13
Calmar ratio Return relative to maximum drawdown	2.86	1.05	+1.81
Martin ratio Return relative to average drawdown	8.05	2.44	+5.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AU vs. OR - Sharpe Ratio Comparison

The current AU Sharpe Ratio is 1.84, which is higher than the OR Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of AU and OR, 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

	AU	OR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	0.74	+1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.58	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.31	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.37	-0.22

Drawdowns

AU vs. OR - Drawdown Comparison

The maximum AU drawdown since its inception was -90.12%, which is greater than OR's maximum drawdown of -61.90%. Use the drawdown chart below to compare losses from any high point for AU and OR.

Drawdown Indicators

	AU	OR	Difference
Max Drawdown Largest peak-to-trough decline	-90.12%	-61.90%	-28.22%
Max Drawdown (1Y) Largest decline over 1 year	-36.59%	-31.13%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-38.86%	-31.13%	-7.73%
Max Drawdown (5Y) Largest decline over 5 years	-51.75%	-37.18%	-14.57%
Max Drawdown (10Y) Largest decline over 10 years	-67.91%	-61.90%	-6.01%
Current Drawdown Current decline from peak	-27.90%	-25.91%	-1.99%
Average Drawdown Average peak-to-trough decline	-46.09%	-18.04%	-28.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.98%	13.41%	-0.43%

Volatility

AU vs. OR - Volatility Comparison

AngloGold Ashanti Limited (AU) has a higher volatility of 19.79% compared to Osisko Gold Royalties Ltd (OR) at 14.05%. This indicates that AU's price experiences larger fluctuations and is considered to be riskier than OR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AU	OR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.79%	14.05%	+5.74%
Volatility (6M) Calculated over the trailing 6-month period	44.76%	37.10%	+7.66%
Volatility (1Y) Calculated over the trailing 1-year period	57.08%	44.22%	+12.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.84%	35.58%	+13.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.65%	38.41%	+11.24%

Dividends

AU vs. OR - Dividend Comparison

AU's dividend yield for the trailing twelve months is around 5.12%, more than OR's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AU AngloGold Ashanti Limited	5.12%	2.96%	1.78%	1.14%	2.26%	2.58%	0.49%	0.30%	0.48%	0.93%	0.00%
OR Osisko Gold Royalties Ltd	0.62%	0.59%	1.02%	1.34%	1.38%	1.37%	1.18%	1.56%	1.72%	1.56%	1.65%

Financials

AU vs. OR - Profitability Comparison

The chart below illustrates the profitability comparison between AngloGold Ashanti Limited and Osisko Gold Royalties Ltd over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AU - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, AngloGold Ashanti Limited reported a gross profit of 1.88B and revenue of 3.24B. Therefore, the gross margin over that period was 58.2%.

OR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Osisko Gold Royalties Ltd reported a gross profit of 87.28M and revenue of 101.41M. Therefore, the gross margin over that period was 86.1%.

AU - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, AngloGold Ashanti Limited reported an operating income of 1.84B and revenue of 3.24B, resulting in an operating margin of 56.8%.

OR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Osisko Gold Royalties Ltd reported an operating income of 79.13M and revenue of 101.41M, resulting in an operating margin of 78.0%.

AU - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, AngloGold Ashanti Limited reported a net income of 1.28B and revenue of 3.24B, resulting in a net margin of 39.6%.

OR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Osisko Gold Royalties Ltd reported a net income of 72.56M and revenue of 101.41M, resulting in a net margin of 71.6%.

Frequently Asked Questions

Can I hold both AU and OR in my portfolio?

AU and OR have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AU or OR?

AU has higher volatility (19.79%) compared to OR (14.05%). In terms of maximum drawdown, AU dropped -90.12% vs OR's -61.90%.

Which has better risk-adjusted returns?

AU currently has the higher Sharpe Ratio (1.84 vs 0.74), 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.