FRO vs. ASC

Last updated Apr 1, 2026

Compare and contrast key facts about Frontline Ltd. (FRO) and Ardmore Shipping Corporation (ASC).

Performance

FRO vs. ASC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontline Ltd. (FRO) and Ardmore Shipping Corporation (ASC). The values are adjusted to include any dividend payments, if applicable.

FRO vs. ASC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRO Frontline Ltd.	64.83%	61.17%	-22.48%	96.23%	73.67%	13.67%	-41.47%	134.59%	20.48%	-32.17%
ASC Ardmore Shipping Corporation	44.82%	-10.36%	-8.18%	5.81%	326.33%	3.36%	-63.57%	93.79%	-41.62%	8.11%

Fundamentals

Market Cap FRO : $7.76B ASC : $623.27M
EPS FRO : $1.70 ASC : $1.01
PE Ratio FRO : 20.47 ASC : 15.15
PS Ratio FRO : 3.95 ASC : 2.00
PB Ratio FRO : 3.09 ASC : 0.98
Total Revenue (TTM) FRO : $1.97B ASC : $310.20M
Gross Profit (TTM) FRO : $644.05M ASC : $89.45M
EBITDA (TTM) FRO : $943.61M ASC : $83.81M

Returns By Period

In the year-to-date period, FRO achieves a 64.83% return, which is significantly higher than ASC's 44.82% return. Over the past 10 years, FRO has outperformed ASC with an annualized return of 23.46%, while ASC has yielded a comparatively lower 8.85% annualized return.

FRO

• 1D: 4.40%
• 1M: -5.23%
• YTD: 64.83%
• 6M: 59.13%
• 1Y: 150.61%
• 3Y*: 40.69%
• 5Y*: 46.51%
• 10Y*: 23.46%

ASC

• 1D: 1.73%
• 1M: -6.90%
• YTD: 44.82%
• 6M: 30.26%
• 1Y: 59.72%
• 3Y*: 6.04%
• 5Y*: 32.15%
• 10Y*: 8.85%

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

Return for Risk

FRO vs. ASC — Risk / Return Rank

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

FRO

FRO Risk / Return Rank: 96
FRO Sharpe Ratio Rank: 97
FRO Sortino Ratio Rank: 95
FRO Omega Ratio Rank: 92
FRO Calmar Ratio Rank: 97
FRO Martin Ratio Rank: 97

ASC

ASC Risk / Return Rank: 82
ASC Sharpe Ratio Rank: 86
ASC Sortino Ratio Rank: 82
ASC Omega Ratio Rank: 77
ASC Calmar Ratio Rank: 82
ASC Martin Ratio Rank: 81

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.

FRO vs. ASC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontline Ltd. (FRO) and Ardmore Shipping Corporation (ASC). 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.

	FRO	ASC	Difference
Sharpe ratio Return per unit of total volatility	3.18	1.56	+1.62
Sortino ratio Return per unit of downside risk	3.53	2.17	+1.35
Omega ratio Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio Return relative to maximum drawdown	6.94	2.42	+4.52
Martin ratio Return relative to average drawdown	20.04	6.20	+13.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRO vs. ASC - Sharpe Ratio Comparison

The current FRO Sharpe Ratio is 3.18, which is higher than the ASC Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FRO and ASC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FRO	ASC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	1.56	+1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.69	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.17	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.08	+0.03

Correlation

The correlation between FRO and ASC is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FRO vs. ASC - Dividend Comparison

FRO's dividend yield for the trailing twelve months is around 5.05%, more than ASC's 2.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRO Frontline Ltd.	5.05%	4.26%	13.74%	14.31%	1.24%	0.00%	25.72%	0.78%	0.00%	6.54%	19.83%	1.67%
ASC Ardmore Shipping Corporation	2.03%	2.83%	8.89%	8.16%	0.00%	0.00%	1.53%	0.00%	0.00%	0.00%	5.41%	4.80%

Drawdowns

FRO vs. ASC - Drawdown Comparison

The maximum FRO drawdown since its inception was -98.36%, which is greater than ASC's maximum drawdown of -80.11%. Use the drawdown chart below to compare losses from any high point for FRO and ASC.

Drawdown Indicators

	FRO	ASC	Difference
Max Drawdown Largest peak-to-trough decline	-98.36%	-80.11%	-18.25%
Max Drawdown (1Y) Largest decline over 1 year	-21.41%	-21.96%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-52.04%	-61.41%	+9.37%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-71.72%	+14.58%
Current Drawdown Current decline from peak	-74.33%	-29.09%	-45.24%
Average Drawdown Average peak-to-trough decline	-67.81%	-39.26%	-28.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.42%	8.57%	-1.15%

Volatility

FRO vs. ASC - Volatility Comparison

Frontline Ltd. (FRO) has a higher volatility of 16.61% compared to Ardmore Shipping Corporation (ASC) at 14.34%. This indicates that FRO's price experiences larger fluctuations and is considered to be riskier than ASC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRO	ASC	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.61%	14.34%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	30.24%	26.86%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	47.59%	38.65%	+8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.39%	46.70%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.47%	51.46%	+0.01%

Financials

FRO vs. ASC - Profitability Comparison

The chart below illustrates the profitability comparison between Frontline Ltd. and Ardmore Shipping Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FRO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported a gross profit of 288.91M and revenue of 624.51M. Therefore, the gross margin over that period was 46.3%.

ASC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Ardmore Shipping Corporation reported a gross profit of 30.46M and revenue of 82.91M. Therefore, the gross margin over that period was 36.7%.

FRO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported an operating income of 277.74M and revenue of 624.51M, resulting in an operating margin of 44.5%.

ASC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Ardmore Shipping Corporation reported an operating income of 24.01M and revenue of 82.91M, resulting in an operating margin of 29.0%.

FRO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported a net income of 227.93M and revenue of 624.51M, resulting in a net margin of 36.5%.

ASC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Ardmore Shipping Corporation reported a net income of 12.38M and revenue of 82.91M, resulting in a net margin of 14.9%.