FNV vs. FSM
FNV (Franco-Nevada Corporation) and FSM (Fortuna Silver Mines Inc.) are both stocks. Both are in the Basic Materials sector — FNV in Gold, FSM in Silver. Over the past 10 years, FNV returned 13.00%/yr vs 3.71%/yr for FSM. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
FNV vs. FSM - Performance Comparison
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Returns By Period
In the year-to-date period, FNV achieves a 6.89% return, which is significantly higher than FSM's -7.75% return. Over the past 10 years, FNV has outperformed FSM with an annualized return of 13.00%, while FSM has yielded a comparatively lower 3.71% 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%
FSM
- 1D
- -2.27%
- 1M
- -3.21%
- YTD
- -7.75%
- 6M
- -11.01%
- 1Y
- 36.09%
- 3Y*
- 43.54%
- 5Y*
- 9.76%
- 10Y*
- 3.71%
FNV vs. FSM - 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% |
FSM Fortuna Silver Mines Inc. | -7.75% | 128.67% | 11.14% | 2.93% | -3.85% | -52.67% | 101.96% | 12.09% | -30.27% | -7.61% |
Correlation
The correlation between FNV and FSM is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007 | 0.61 |
The correlation between FNV and FSM has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.
Fundamentals
FNV:
$42.65B
FSM:
$3.01B
FNV:
$7.10
FSM:
$1.06
FNV:
31.09
FSM:
8.51
FNV:
0.65
FSM:
0.12
FNV:
20.26
FSM:
2.65
FNV:
5.24
FSM:
1.70
FNV:
$2.10B
FSM:
$1.10B
FNV:
$1.61B
FSM:
$598.05M
FNV:
$1.96B
FSM:
$743.42M
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Return for Risk
FNV vs. FSM — Risk / Return Rank
FNV
FSM
FNV vs. FSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franco-Nevada Corporation (FNV) and Fortuna Silver Mines Inc. (FSM). 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 | FSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | 0.89 | +0.45 |
| Martin ratioReturn relative to average drawdown | 3.24 | 2.19 | +1.05 |
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Drawdowns
FNV vs. FSM - Drawdown Comparison
The maximum FNV drawdown since its inception was -58.76%, smaller than the maximum FSM drawdown of -92.25%. Use the drawdown chart below to compare losses from any high point for FNV and FSM.
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Drawdown Indicators
| FNV | FSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.76% | -92.25% | +33.49% |
Max Drawdown (1Y)Largest decline over 1 year | -25.68% | -40.78% | +15.10% |
Max Drawdown (3Y)Largest decline over 3 years | -29.64% | -40.78% | +11.14% |
Max Drawdown (5Y)Largest decline over 5 years | -37.12% | -63.27% | +26.15% |
Max Drawdown (10Y)Largest decline over 10 years | -37.12% | -81.07% | +43.95% |
Current DrawdownCurrent decline from peak | -21.10% | -33.75% | +12.65% |
Average DrawdownAverage peak-to-trough decline | -13.98% | -45.14% | +31.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.57% | 16.51% | -5.94% |
Volatility
FNV vs. FSM - Volatility Comparison
The current volatility for Franco-Nevada Corporation (FNV) is 13.45%, while Fortuna Silver Mines Inc. (FSM) has a volatility of 17.19%. This indicates that FNV experiences smaller price fluctuations and is considered to be less risky than FSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNV | FSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.45% | 17.19% | -3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 30.78% | 46.19% | -15.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.71% | 58.19% | -21.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.52% | 57.53% | -27.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.27% | 59.53% | -29.26% |
Dividends
FNV vs. FSM - Dividend Comparison
FNV's dividend yield for the trailing twelve months is around 0.74%, while FSM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FSM Fortuna Silver Mines Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
FNV vs. FSM - Financials Comparison
This section allows you to compare key financial metrics between Franco-Nevada Corporation and Fortuna Silver Mines 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
FNV vs. FSM - Profitability Comparison
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%.
FSM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Fortuna Silver Mines Inc. reported a gross profit of 211.84M and revenue of 342.47M. Therefore, the gross margin over that period was 61.9%.
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%.
FSM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Fortuna Silver Mines Inc. reported an operating income of 182.18M and revenue of 342.47M, resulting in an operating margin of 53.2%.
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%.
FSM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Fortuna Silver Mines Inc. reported a net income of 111.01M and revenue of 342.47M, resulting in a net margin of 32.4%.
Frequently Asked Questions
FNV and FSM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSM has higher volatility (17.19%) compared to FNV (13.45%). In terms of maximum drawdown, FNV dropped -58.76% vs FSM's -92.25%.
FNV currently has the higher Sharpe Ratio (0.94 vs 0.62), 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.
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