FRO vs. ASC

Last updated Jun 4, 2026

FRO (Frontline Ltd.) and ASC (Ardmore Shipping Corporation) are both stocks. FRO operates in Oil & Gas Midstream (Energy), while ASC operates in Marine Shipping (Industrials). Over the past 10 years, FRO returned 22.50%/yr vs 7.63%/yr for ASC. At a 0.48 correlation, their price movements are largely independent.

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.

Returns By Period

In the year-to-date period, FRO achieves a 62.94% return, which is significantly higher than ASC's 55.30% return. Over the past 10 years, FRO has outperformed ASC with an annualized return of 22.50%, while ASC has yielded a comparatively lower 7.63% annualized return.

FRO

• 1D: -0.63%
• 1M: -7.02%
• YTD: 62.94%
• 6M: 51.91%
• 1Y: 106.10%
• 3Y*: 45.60%
• 5Y*: 42.39%
• 10Y*: 22.50%

ASC

• 1D: -1.36%
• 1M: -11.84%
• YTD: 55.30%
• 6M: 34.26%
• 1Y: 73.58%
• 3Y*: 13.72%
• 5Y*: 35.42%
• 10Y*: 7.63%

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

FRO vs. ASC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRO Frontline Ltd.	62.94%	61.17%	-22.48%	96.23%	73.67%	13.67%	-41.47%	134.59%	20.48%	-32.17%
ASC Ardmore Shipping Corporation	55.30%	-10.36%	-8.18%	5.81%	326.33%	3.36%	-63.57%	93.79%	-41.63%	8.11%

Correlation

The correlation between FRO and ASC is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Aug 2, 2013	0.48

Over the past year, FRO and ASC have become more correlated (0.76) than their long-term average of 0.48, meaning their price movements have been converging.

Fundamentals

Market Cap FRO : $7.67B ASC : $652.49M
EPS FRO : $4.06 ASC : $1.43
PE Ratio FRO : 8.48 ASC : 11.16
PS Ratio FRO : 3.41 ASC : 2.01
PB Ratio FRO : 2.70 ASC : 1.00
Total Revenue (TTM) FRO : $2.25B ASC : $324.12M
Gross Profit (TTM) FRO : $933.72M ASC : $100.44M
EBITDA (TTM) FRO : $1.21B ASC : $105.80M

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: 89
FRO Sharpe Ratio Rank: 92
FRO Sortino Ratio Rank: 89
FRO Omega Ratio Rank: 85
FRO Calmar Ratio Rank: 91
FRO Martin Ratio Rank: 91

ASC

ASC Risk / Return Rank: 84
ASC Sharpe Ratio Rank: 88
ASC Sortino Ratio Rank: 85
ASC Omega Ratio Rank: 81
ASC Calmar Ratio Rank: 84
ASC Martin Ratio Rank: 84

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	2.54	2.05	+0.50
Sortino ratio Return per unit of downside risk	3.11	2.75	+0.35
Omega ratio Gain probability vs. loss probability	1.36	1.32	+0.05
Calmar ratio Return relative to maximum drawdown	4.98	3.37	+1.62
Martin ratio Return relative to average drawdown	13.64	8.52	+5.12
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 2.54, which is comparable to the ASC Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FRO and ASC, 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

	FRO	ASC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.05	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.78	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.15	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.09	+0.02

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 (3Y) Largest decline over 3 years	-52.04%	-61.41%	+9.37%
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	-74.62%	-23.96%	-50.66%
Average Drawdown Average peak-to-trough decline	-67.84%	-38.99%	-28.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.80%	8.66%	-0.86%

Volatility

FRO vs. ASC - Volatility Comparison

The current volatility for Frontline Ltd. (FRO) is 10.53%, while Ardmore Shipping Corporation (ASC) has a volatility of 11.54%. This indicates that FRO experiences smaller price fluctuations and is considered to be less risky 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	10.53%	11.54%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	30.64%	26.96%	+3.68%
Volatility (1Y) Calculated over the trailing 1-year period	41.97%	36.13%	+5.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.34%	45.93%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.16%	51.40%	-0.24%

Dividends

FRO vs. ASC - Dividend Comparison

FRO's dividend yield for the trailing twelve months is around 5.11%, more than ASC's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASC Ardmore Shipping Corporation	4.07%	2.83%	8.89%	8.16%	0.00%	0.00%	1.53%	0.00%	0.00%	0.00%	5.41%	4.80%
FRO Frontline Ltd.	5.11%	4.26%	13.74%	14.31%	1.24%	0.00%	25.72%	0.78%	0.00%	6.54%	19.83%	1.67%

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 Jun 2026, Frontline Ltd. reported a gross profit of 395.96M and revenue of 714.24M. Therefore, the gross margin over that period was 55.4%.

ASC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Ardmore Shipping Corporation reported a gross profit of 32.00M and revenue of 87.92M. Therefore, the gross margin over that period was 36.4%.

FRO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported an operating income of 370.04M and revenue of 714.24M, resulting in an operating margin of 51.8%.

ASC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Ardmore Shipping Corporation reported an operating income of 25.58M and revenue of 87.92M, resulting in an operating margin of 29.1%.

FRO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported a net income of 559.12M and revenue of 714.24M, resulting in a net margin of 78.3%.

ASC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Ardmore Shipping Corporation reported a net income of 23.58M and revenue of 87.92M, resulting in a net margin of 26.8%.

Frequently Asked Questions

Can I hold both FRO and ASC in my portfolio?

FRO and ASC have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRO or ASC?

ASC has higher volatility (11.54%) compared to FRO (10.53%). In terms of maximum drawdown, FRO dropped -98.36% vs ASC's -80.11%.

Which has better risk-adjusted returns?

FRO currently has the higher Sharpe Ratio (2.54 vs 2.05), 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.