FNV vs. ASA

Last updated Jun 23, 2026

FNV (Franco-Nevada Corporation) and ASA (ASA Gold and Precious Metals Limited) are both stocks. FNV operates in Gold (Basic Materials), while ASA operates in Asset Management (Financial Services). Over the past 10 years, FNV returned 13.00%/yr vs 15.72%/yr for ASA. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

FNV vs. ASA - Performance Comparison

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

Returns By Period

In the year-to-date period, FNV achieves a 6.89% return, which is significantly higher than ASA's -2.00% return. Over the past 10 years, FNV has underperformed ASA with an annualized return of 13.00%, while ASA has yielded a comparatively higher 15.72% annualized return.

FNV

• 1D: 0.67%
• 1M: -2.21%
• YTD: 6.89%
• 6M: 3.15%
• 1Y: 34.14%
• 3Y*: 17.80%
• 5Y*: 9.65%
• 10Y*: 13.00%

ASA

• 1D: -1.30%
• 1M: -1.85%
• YTD: -2.00%
• 6M: -5.06%
• 1Y: 79.54%
• 3Y*: 58.58%
• 5Y*: 21.94%
• 10Y*: 15.72%

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

FNV vs. ASA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNV Franco-Nevada Corporation	6.89%	77.81%	7.41%	-17.96%	-0.39%	11.57%	22.31%	48.92%	-11.00%	35.45%
ASA ASA Gold and Precious Metals Limited	-2.00%	195.60%	34.55%	5.38%	-32.06%	-3.48%	60.65%	44.35%	-16.18%	2.89%

Correlation

The correlation between FNV and ASA is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.71

The correlation between FNV and ASA has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

Fundamentals

Market Cap FNV : $42.65B ASA : $1.10B
EPS FNV : $7.10 ASA : $42.09
PE Ratio FNV : 31.09 ASA : 1.39
PEG Ratio FNV : 0.65 ASA : 0.00
PS Ratio FNV : 20.26 ASA : 8.02
PB Ratio FNV : 5.24 ASA : 1.00
Total Revenue (TTM) FNV : $2.10B ASA : $137.30M
Gross Profit (TTM) FNV : $1.61B ASA : $3.98M
EBITDA (TTM) FNV : $1.96B ASA : $444.29M

Return for Risk

FNV vs. ASA — Risk / Return Rank

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

FNV

FNV Risk / Return Rank: 67
FNV Sharpe Ratio Rank: 71
FNV Sortino Ratio Rank: 63
FNV Omega Ratio Rank: 65
FNV Calmar Ratio Rank: 67
FNV Martin Ratio Rank: 69

ASA

ASA Risk / Return Rank: 79
ASA Sharpe Ratio Rank: 84
ASA Sortino Ratio Rank: 77
ASA Omega Ratio Rank: 77
ASA Calmar Ratio Rank: 78
ASA Martin Ratio Rank: 79

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. ASA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franco-Nevada Corporation (FNV) and ASA Gold and Precious Metals Limited (ASA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FNV	ASA	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.62	-0.69
Sortino ratio: Return per unit of downside risk	1.35	2.00	-0.65
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	1.34	2.25	-0.92
Martin ratio: Return relative to average drawdown	3.24	5.96	-2.73

FNV vs. ASA - Sharpe Ratio Comparison

The current FNV Sharpe Ratio is 0.94, which is lower than the ASA Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FNV and ASA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNV vs. ASA - Drawdown Comparison

The maximum FNV drawdown since its inception was -58.76%, smaller than the maximum ASA drawdown of -80.36%. Use the drawdown chart below to compare losses from any high point for FNV and ASA.

Drawdown Indicators

	FNV	ASA	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-80.36%	+21.60%
Max Drawdown (1Y) Largest decline over 1 year	-25.68%	-35.50%	+9.82%
Max Drawdown (3Y) Largest decline over 3 years	-29.64%	-35.50%	+5.86%
Max Drawdown (5Y) Largest decline over 5 years	-37.12%	-48.43%	+11.31%
Max Drawdown (10Y) Largest decline over 10 years	-37.12%	-51.66%	+14.54%
Current Drawdown Current decline from peak	-21.10%	-28.06%	+6.96%
Average Drawdown Average peak-to-trough decline	-13.98%	-42.52%	+28.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.57%	13.38%	-2.81%

Volatility

FNV vs. ASA - Volatility Comparison

The current volatility for Franco-Nevada Corporation (FNV) is 13.45%, while ASA Gold and Precious Metals Limited (ASA) has a volatility of 17.84%. This indicates that FNV experiences smaller price fluctuations and is considered to be less risky than ASA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNV	ASA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.45%	17.84%	-4.39%
Volatility (6M) Calculated over the trailing 6-month period	30.78%	41.21%	-10.43%
Volatility (1Y) Calculated over the trailing 1-year period	36.71%	49.38%	-12.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.52%	35.56%	-5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.27%	35.61%	-5.34%

Dividends

FNV vs. ASA - Dividend Comparison

FNV's dividend yield for the trailing twelve months is around 0.74%, more than ASA's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASA ASA Gold and Precious Metals Limited	0.12%	0.10%	0.20%	0.13%	0.14%	0.09%	0.09%	0.15%	0.32%	0.35%	0.36%	0.56%
FNV Franco-Nevada Corporation	0.74%	0.73%	1.22%	1.23%	0.94%	1.10%	0.82%	0.96%	1.35%	1.14%	1.46%	1.81%

Financials

Frequently Asked Questions

Can I hold both FNV and ASA in my portfolio?

FNV and ASA have a correlation of 0.69, 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 ASA?

ASA has higher volatility (17.84%) compared to FNV (13.45%). In terms of maximum drawdown, FNV dropped -58.76% vs ASA's -80.36%.

Which has better risk-adjusted returns?

ASA currently has the higher Sharpe Ratio (1.62 vs 0.94), 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.