CDUAF vs. TNC

Last updated Jun 3, 2026

CDUAF (Canadian Utilities Limited) and TNC (Tennant Company) are both stocks. CDUAF operates in Utilities - Diversified (Utilities), while TNC operates in Specialty Industrial Machinery (Industrials). Over the past 10 years, CDUAF returned 7.36%/yr vs 6.06%/yr for TNC. At a 0.12 correlation, their price movements are largely independent.

Performance

CDUAF vs. TNC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian Utilities Limited (CDUAF) and Tennant Company (TNC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CDUAF having a 18.15% return and TNC slightly lower at 17.46%. Over the past 10 years, CDUAF has outperformed TNC with an annualized return of 7.36%, while TNC has yielded a comparatively lower 6.06% annualized return.

CDUAF

• 1D: 1.70%
• 1M: 2.20%
• YTD: 18.15%
• 6M: 22.00%
• 1Y: 34.32%
• 3Y*: 15.92%
• 5Y*: 9.80%
• 10Y*: 7.36%

TNC

• 1D: 0.18%
• 1M: 4.05%
• YTD: 17.46%
• 6M: 19.57%
• 1Y: 20.40%
• 3Y*: 4.98%
• 5Y*: 2.07%
• 10Y*: 6.06%

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

CDUAF vs. TNC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDUAF Canadian Utilities Limited	18.15%	35.10%	6.34%	-6.25%	-1.87%	25.16%	-14.69%	37.49%	-19.67%	15.55%
TNC Tennant Company	17.46%	-8.22%	-11.03%	52.62%	-22.84%	16.87%	-8.78%	51.57%	-27.40%	3.32%

Correlation

The correlation between CDUAF and TNC is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 17, 2007	0.12

The correlation between CDUAF and TNC shifts across timeframes, from -0.05 (1 year) to 0.16 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CDUAF : $9.82B TNC : $1.53B
EPS CDUAF : $0.29 TNC : $1.69
PE Ratio CDUAF : 123.88 TNC : 50.85
PS Ratio CDUAF : 2.83 TNC : 1.30
PB Ratio CDUAF : 1.96 TNC : 2.88
Total Revenue (TTM) CDUAF : $3.46B TNC : $1.21B
Gross Profit (TTM) CDUAF : $1.39B TNC : $477.90M
EBITDA (TTM) CDUAF : $1.76B TNC : $97.00M

Return for Risk

CDUAF vs. TNC — Risk / Return Rank

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

CDUAF

CDUAF Risk / Return Rank: 90
CDUAF Sharpe Ratio Rank: 89
CDUAF Sortino Ratio Rank: 87
CDUAF Omega Ratio Rank: 88
CDUAF Calmar Ratio Rank: 94
CDUAF Martin Ratio Rank: 93

TNC

TNC Risk / Return Rank: 56
TNC Sharpe Ratio Rank: 60
TNC Sortino Ratio Rank: 50
TNC Omega Ratio Rank: 58
TNC Calmar Ratio Rank: 55
TNC Martin Ratio Rank: 57

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.

CDUAF vs. TNC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Utilities Limited (CDUAF) and Tennant Company (TNC). 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.

	CDUAF	TNC	Difference
Sharpe ratio Return per unit of total volatility	2.17	0.58	+1.59
Sortino ratio Return per unit of downside risk	2.99	0.89	+2.11
Omega ratio Gain probability vs. loss probability	1.41	1.16	+0.25
Calmar ratio Return relative to maximum drawdown	6.43	0.62	+5.81
Martin ratio Return relative to average drawdown	15.85	1.64	+14.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDUAF vs. TNC - Sharpe Ratio Comparison

The current CDUAF Sharpe Ratio is 2.17, which is higher than the TNC Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of CDUAF and TNC, 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

	CDUAF	TNC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	0.58	+1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.07	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.19	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.23	-0.15

Drawdowns

CDUAF vs. TNC - Drawdown Comparison

The maximum CDUAF drawdown since its inception was -71.22%, smaller than the maximum TNC drawdown of -83.81%. Use the drawdown chart below to compare losses from any high point for CDUAF and TNC.

Drawdown Indicators

	CDUAF	TNC	Difference
Max Drawdown Largest peak-to-trough decline	-71.22%	-83.81%	+12.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.35%	-27.71%	+22.36%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-48.98%	+26.55%
Max Drawdown (5Y) Largest decline over 5 years	-31.94%	-48.98%	+17.04%
Max Drawdown (10Y) Largest decline over 10 years	-41.92%	-48.98%	+7.06%
Current Drawdown Current decline from peak	-18.16%	-27.85%	+9.69%
Average Drawdown Average peak-to-trough decline	-39.91%	-16.85%	-23.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	10.50%	-8.33%

Volatility

CDUAF vs. TNC - Volatility Comparison

The current volatility for Canadian Utilities Limited (CDUAF) is 6.38%, while Tennant Company (TNC) has a volatility of 9.54%. This indicates that CDUAF experiences smaller price fluctuations and is considered to be less risky than TNC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDUAF	TNC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	9.54%	-3.16%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	32.82%	-21.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.91%	35.34%	-19.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	29.39%	-10.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.57%	32.15%	-6.58%

Dividends

CDUAF vs. TNC - Dividend Comparison

CDUAF's dividend yield for the trailing twelve months is around 3.71%, more than TNC's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDUAF Canadian Utilities Limited	3.71%	4.21%	5.47%	6.05%	5.03%	4.85%	5.32%	4.24%	4.49%	4.82%	4.82%	5.11%
TNC Tennant Company	1.43%	1.62%	1.39%	1.16%	1.65%	1.16%	1.27%	1.13%	1.63%	1.16%	1.14%	1.42%

Financials

CDUAF vs. TNC - Profitability Comparison

The chart below illustrates the profitability comparison between Canadian Utilities Limited and Tennant Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CDUAF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Utilities Limited reported a gross profit of 761.00M and revenue of 1.08B. Therefore, the gross margin over that period was 70.2%.

TNC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tennant Company reported a gross profit of 113.60M and revenue of 297.90M. Therefore, the gross margin over that period was 38.1%.

CDUAF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Utilities Limited reported an operating income of 393.00M and revenue of 1.08B, resulting in an operating margin of 36.3%.

TNC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tennant Company reported an operating income of 4.90M and revenue of 297.90M, resulting in an operating margin of 1.6%.

CDUAF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Utilities Limited reported a net income of 224.00M and revenue of 1.08B, resulting in a net margin of 20.7%.

TNC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tennant Company reported a net income of 200.00K and revenue of 297.90M, resulting in a net margin of 0.1%.

Frequently Asked Questions

Can I hold both CDUAF and TNC in my portfolio?

CDUAF and TNC have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDUAF or TNC?

TNC has higher volatility (9.54%) compared to CDUAF (6.38%). In terms of maximum drawdown, CDUAF dropped -71.22% vs TNC's -83.81%.

Which has better risk-adjusted returns?

CDUAF currently has the higher Sharpe Ratio (2.17 vs 0.58), 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.