FSM vs. ASM
FSM (Fortuna Silver Mines Inc.) and ASM (Avino Silver & Gold Mines Ltd.) are both stocks. Both are in the Basic Materials sector — FSM in Silver, ASM in Other Precious Metals & Mining. Over the past 10 years, FSM returned 3.18%/yr vs 9.99%/yr for ASM. At a 0.43 correlation, their price movements are largely independent.
Performance
FSM vs. ASM - Performance Comparison
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Returns By Period
In the year-to-date period, FSM achieves a -12.33% return, which is significantly lower than ASM's -5.31% return. Over the past 10 years, FSM has underperformed ASM with an annualized return of 3.18%, while ASM has yielded a comparatively higher 9.99% annualized return.
FSM
- 1D
- -4.97%
- 1M
- -8.02%
- YTD
- -12.33%
- 6M
- -15.52%
- 1Y
- 30.11%
- 3Y*
- 41.12%
- 5Y*
- 8.61%
- 10Y*
- 3.18%
ASM
- 1D
- -8.41%
- 1M
- -9.95%
- YTD
- -5.31%
- 6M
- -13.91%
- 1Y
- 69.94%
- 3Y*
- 107.69%
- 5Y*
- 38.35%
- 10Y*
- 9.99%
FSM vs. ASM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSM Fortuna Silver Mines Inc. | -12.33% | 128.67% | 11.14% | 2.93% | -3.85% | -52.67% | 101.96% | 12.09% | -30.27% | -7.61% |
ASM Avino Silver & Gold Mines Ltd. | -5.31% | 604.88% | 68.13% | -22.95% | -21.01% | -33.77% | 124.14% | -4.92% | -54.48% | -2.19% |
Correlation
The correlation between FSM and ASM is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.43 |
Over the past year, FSM and ASM have become more correlated (0.72) than their long-term average of 0.43, meaning their price movements have been converging.
Fundamentals
FSM:
$2.86B
ASM:
$1.02B
FSM:
$1.06
ASM:
$0.23
FSM:
8.09
ASM:
25.88
FSM:
0.12
ASM:
0.08
FSM:
2.52
ASM:
8.62
FSM:
1.61
ASM:
3.70
FSM:
$1.10B
ASM:
$110.70M
FSM:
$598.05M
ASM:
$59.09M
FSM:
$743.42M
ASM:
$55.20M
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Return for Risk
FSM vs. ASM — Risk / Return Rank
FSM
ASM
FSM vs. ASM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fortuna Silver Mines Inc. (FSM) and Avino Silver & Gold Mines Ltd. (ASM). 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.
| FSM | ASM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.19 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.34 | -0.60 |
| Martin ratioReturn relative to average drawdown | 1.81 | 2.77 | -0.96 |
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Drawdowns
FSM vs. ASM - Drawdown Comparison
The maximum FSM drawdown since its inception was -92.25%, roughly equal to the maximum ASM drawdown of -94.10%. Use the drawdown chart below to compare losses from any high point for FSM and ASM.
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Drawdown Indicators
| FSM | ASM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.25% | -94.10% | +1.85% |
Max Drawdown (1Y)Largest decline over 1 year | -40.78% | -52.40% | +11.62% |
Max Drawdown (3Y)Largest decline over 3 years | -40.78% | -52.40% | +11.62% |
Max Drawdown (5Y)Largest decline over 5 years | -62.75% | -63.94% | +1.19% |
Max Drawdown (10Y)Largest decline over 10 years | -81.07% | -90.91% | +9.84% |
Current DrawdownCurrent decline from peak | -37.04% | -47.69% | +10.65% |
Average DrawdownAverage peak-to-trough decline | -45.14% | -63.74% | +18.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.67% | 25.37% | -8.70% |
Volatility
FSM vs. ASM - Volatility Comparison
The current volatility for Fortuna Silver Mines Inc. (FSM) is 17.87%, while Avino Silver & Gold Mines Ltd. (ASM) has a volatility of 27.33%. This indicates that FSM experiences smaller price fluctuations and is considered to be less risky than ASM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSM | ASM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 27.33% | -9.46% |
Volatility (6M)Calculated over the trailing 6-month period | 46.44% | 66.16% | -19.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.30% | 82.61% | -24.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.58% | 66.18% | -8.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.55% | 69.80% | -10.25% |
Dividends
FSM vs. ASM - Dividend Comparison
Neither FSM nor ASM has paid dividends to shareholders.
Financials
FSM vs. ASM - Financials Comparison
This section allows you to compare key financial metrics between Fortuna Silver Mines Inc. and Avino Silver & Gold Mines Ltd.. 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
FSM vs. ASM - Profitability Comparison
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%.
ASM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Avino Silver & Gold Mines Ltd. reported a gross profit of 25.51M and revenue of 41.41M. Therefore, the gross margin over that period was 61.6%.
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%.
ASM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Avino Silver & Gold Mines Ltd. reported an operating income of 21.76M and revenue of 41.41M, resulting in an operating margin of 52.5%.
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%.
ASM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Avino Silver & Gold Mines Ltd. reported a net income of 15.69M and revenue of 41.41M, resulting in a net margin of 37.9%.
Frequently Asked Questions
FSM and ASM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASM has higher volatility (27.33%) compared to FSM (17.87%). In terms of maximum drawdown, FSM dropped -92.25% vs ASM's -94.10%.
ASM currently has the higher Sharpe Ratio (0.85 vs 0.52), 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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