FNV vs. AEM

Last updated Jun 3, 2026

FNV (Franco-Nevada Corporation) and AEM (Agnico Eagle Mines Limited) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 10 years, FNV returned 14.22%/yr vs 15.75%/yr for AEM. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

FNV vs. AEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franco-Nevada Corporation (FNV) and Agnico Eagle Mines Limited (AEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNV achieves a 14.01% return, which is significantly higher than AEM's 6.00% return. Over the past 10 years, FNV has underperformed AEM with an annualized return of 14.22%, while AEM has yielded a comparatively higher 15.75% annualized return.

FNV

• 1D: 3.39%
• 1M: 4.19%
• YTD: 14.01%
• 6M: 16.41%
• 1Y: 33.44%
• 3Y*: 18.13%
• 5Y*: 10.86%
• 10Y*: 14.22%

AEM

• 1D: 1.34%
• 1M: -2.28%
• YTD: 6.00%
• 6M: 5.85%
• 1Y: 45.33%
• 3Y*: 53.89%
• 5Y*: 23.56%
• 10Y*: 15.75%

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

FNV vs. AEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNV Franco-Nevada Corporation	14.01%	77.81%	7.41%	-17.96%	-0.39%	11.57%	22.31%	48.92%	-11.00%	35.45%
AEM Agnico Eagle Mines Limited	6.00%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%

Correlation

The correlation between FNV and AEM is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 10, 2007	0.73

The correlation between FNV and AEM has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Fundamentals

Market Cap FNV : $45.58B AEM : $89.78B
EPS FNV : $7.10 AEM : $10.60
PE Ratio FNV : 33.23 AEM : 16.89
PEG Ratio FNV : 0.69 AEM : 0.26
PS Ratio FNV : 21.65 AEM : 6.67
PB Ratio FNV : 5.60 AEM : 3.42
Total Revenue (TTM) FNV : $2.10B AEM : $13.51B
Gross Profit (TTM) FNV : $1.61B AEM : $8.28B
EBITDA (TTM) FNV : $1.96B AEM : $9.72B

Return for Risk

FNV vs. AEM — Risk / Return Rank

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

FNV

FNV Risk / Return Rank: 68
FNV Sharpe Ratio Rank: 70
FNV Sortino Ratio Rank: 61
FNV Omega Ratio Rank: 63
FNV Calmar Ratio Rank: 74
FNV Martin Ratio Rank: 71

AEM

AEM Risk / Return Rank: 69
AEM Sharpe Ratio Rank: 72
AEM Sortino Ratio Rank: 65
AEM Omega Ratio Rank: 66
AEM Calmar Ratio Rank: 71
AEM Martin Ratio Rank: 72

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.

FNV vs. AEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franco-Nevada Corporation (FNV) and Agnico Eagle Mines Limited (AEM). 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.

	FNV	AEM	Difference
Sharpe ratio Return per unit of total volatility	0.96	1.06	-0.11
Sortino ratio Return per unit of downside risk	1.37	1.50	-0.14
Omega ratio Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio Return relative to maximum drawdown	1.98	1.70	+0.28
Martin ratio Return relative to average drawdown	4.13	4.26	-0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNV vs. AEM - Sharpe Ratio Comparison

The current FNV Sharpe Ratio is 0.96, which is comparable to the AEM Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of FNV and AEM, 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

	FNV	AEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.06	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.64	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.42	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.17	+0.30

Drawdowns

FNV vs. AEM - Drawdown Comparison

The maximum FNV drawdown since its inception was -58.76%, smaller than the maximum AEM drawdown of -90.49%. Use the drawdown chart below to compare losses from any high point for FNV and AEM.

Drawdown Indicators

	FNV	AEM	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-90.49%	+31.73%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-31.24%	+10.62%
Max Drawdown (3Y) Largest decline over 3 years	-29.64%	-31.24%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-37.12%	-46.22%	+9.10%
Max Drawdown (10Y) Largest decline over 10 years	-37.12%	-53.86%	+16.74%
Current Drawdown Current decline from peak	-15.85%	-28.87%	+13.02%
Average Drawdown Average peak-to-trough decline	-13.96%	-46.66%	+32.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	12.46%	-2.58%

Volatility

FNV vs. AEM - Volatility Comparison

The current volatility for Franco-Nevada Corporation (FNV) is 10.11%, while Agnico Eagle Mines Limited (AEM) has a volatility of 13.21%. This indicates that FNV experiences smaller price fluctuations and is considered to be less risky than AEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNV	AEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.11%	13.21%	-3.10%
Volatility (6M) Calculated over the trailing 6-month period	28.84%	34.36%	-5.52%
Volatility (1Y) Calculated over the trailing 1-year period	35.53%	43.12%	-7.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.12%	36.78%	-6.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.06%	37.20%	-7.14%

Dividends

FNV vs. AEM - Dividend Comparison

FNV's dividend yield for the trailing twelve months is around 0.67%, less than AEM's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM Agnico Eagle Mines Limited	0.95%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%
FNV Franco-Nevada Corporation	0.67%	0.73%	1.22%	1.23%	0.94%	1.10%	0.82%	0.96%	1.35%	1.14%	1.46%	1.81%

Financials

FNV vs. AEM - Profitability Comparison

The chart below illustrates the profitability comparison between Franco-Nevada Corporation and Agnico Eagle Mines Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FNV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Franco-Nevada Corporation reported a gross profit of 518.42M and revenue of 641.09M. Therefore, the gross margin over that period was 80.9%.

AEM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Agnico Eagle Mines Limited reported a gross profit of 2.72B and revenue of 4.10B. Therefore, the gross margin over that period was 66.4%.

FNV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Franco-Nevada Corporation reported an operating income of 503.23M and revenue of 641.09M, resulting in an operating margin of 78.5%.

AEM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Agnico Eagle Mines Limited reported an operating income of 2.56B and revenue of 4.10B, resulting in an operating margin of 62.4%.

FNV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Franco-Nevada Corporation reported a net income of 462.11M and revenue of 641.09M, resulting in a net margin of 72.1%.

AEM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Agnico Eagle Mines Limited reported a net income of 1.70B and revenue of 4.10B, resulting in a net margin of 41.4%.

Frequently Asked Questions

Can I hold both FNV and AEM in my portfolio?

FNV and AEM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNV or AEM?

AEM has higher volatility (13.21%) compared to FNV (10.11%). In terms of maximum drawdown, FNV dropped -58.76% vs AEM's -90.49%.

Which has better risk-adjusted returns?

AEM currently has the higher Sharpe Ratio (1.06 vs 0.96), 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.