FSM vs. EQX
FSM (Fortuna Silver Mines Inc.) and EQX (Equinox Gold Corp.) are both stocks. Both are in the Basic Materials sector — FSM in Silver, EQX in Gold. Over the past 5 years, FSM returned 12.16%/yr vs 5.20%/yr for EQX. Their 0.67 correlation means they have sometimes moved together and sometimes differently.
Performance
FSM vs. EQX - Performance Comparison
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Returns By Period
In the year-to-date period, FSM achieves a -14.07% return, which is significantly higher than EQX's -36.12% return.
FSM
- 1D
- -3.88%
- 1M
- -3.33%
- 6M
- -13.80%
- YTD
- -14.07%
- 1Y
- 31.92%
- 3Y*
- 35.35%
- 5Y*
- 12.16%
- 10Y*
- -0.84%
- ALL TIME*
- 8.20%
EQX
- 1D
- -4.89%
- 1M
- -11.74%
- 6M
- -37.28%
- YTD
- -36.12%
- 1Y
- 47.76%
- 3Y*
- 21.83%
- 5Y*
- 5.20%
- 10Y*
- —
- ALL TIME*
- 10.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $130.20M | $117.13M | $137.61M | |
| $47.56M | $43.76M | $48.63M |
FSM vs. EQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSM Fortuna Silver Mines Inc. | -14.07% | 128.67% | 11.14% | 2.93% | -3.85% | -52.67% | 101.96% | 12.09% | -32.09% |
EQX Equinox Gold Corp. | -36.12% | 179.68% | 2.66% | 49.09% | -51.48% | -34.62% | 34.29% | 106.43% | -4.97% |
Correlation
The correlation between FSM and EQX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2018 | 0.67 |
The correlation between FSM and EQX shifts across timeframes, from 0.67 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
FSM:
$2.55B
EQX:
$7.06B
FSM:
$1.05
EQX:
$0.82
FSM:
8.02
EQX:
10.93
FSM:
0.11
EQX:
0.02
FSM:
2.50
EQX:
2.92
FSM:
1.58
EQX:
1.21
FSM:
$1.10B
EQX:
$2.29B
FSM:
$598.05M
EQX:
$866.94M
FSM:
$743.42M
EQX:
$1.22B
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Return for Risk
FSM vs. EQX — Risk / Return Rank
FSM
EQX
FSM vs. EQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fortuna Silver Mines Inc. (FSM) and Equinox Gold Corp. (EQX). 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 | EQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.17 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 0.88 | -0.13 |
| Martin ratioReturn relative to average drawdown | 1.48 | 2.00 | -0.52 |
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Drawdowns
FSM vs. EQX - Drawdown Comparison
The maximum FSM drawdown since its inception was -92.25%, which is greater than EQX's maximum drawdown of -81.06%. Use the drawdown chart below to compare losses from any high point for FSM and EQX.
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Drawdown Indicators
| FSM | EQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.25% | -81.06% | -11.19% |
Max Drawdown (1Y)Largest decline over 1 year | -41.22% | -53.95% | +12.73% |
Max Drawdown (3Y)Largest decline over 3 years | -41.22% | -53.95% | +12.73% |
Max Drawdown (5Y)Largest decline over 5 years | -60.19% | -71.57% | +11.38% |
Max Drawdown (10Y)Largest decline over 10 years | -81.07% | — | — |
Current DrawdownCurrent decline from peak | -38.29% | -52.19% | +13.90% |
Average DrawdownAverage peak-to-trough decline | -45.10% | -38.29% | -6.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.79% | 23.58% | -2.79% |
Volatility
FSM vs. EQX - Volatility Comparison
The current volatility for Fortuna Silver Mines Inc. (FSM) is 13.20%, while Equinox Gold Corp. (EQX) has a volatility of 15.49%. This indicates that FSM experiences smaller price fluctuations and is considered to be less risky than EQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSM | EQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.20% | 15.49% | -2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 46.37% | 48.05% | -1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.68% | 62.55% | -4.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.49% | 57.80% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.24% | 55.52% | +3.72% |
Dividends
FSM vs. EQX - Dividend Comparison
FSM has not paid dividends to shareholders, while EQX's dividend yield for the trailing twelve months is around 0.34%.
| Position | TTM |
|---|---|
EQX Equinox Gold Corp. | 0.34% |
FSM Fortuna Silver Mines Inc. | 0.00% |
Financials
FSM vs. EQX - Financials Comparison
This section allows you to compare key financial metrics between Fortuna Silver Mines Inc. and Equinox Gold Corp.. 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. EQX - Profitability Comparison
FSM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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%.
EQX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Equinox Gold Corp. reported a gross profit of 438.50M and revenue of 861.59M. Therefore, the gross margin over that period was 50.9%.
FSM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 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%.
EQX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Equinox Gold Corp. reported an operating income of 390.23M and revenue of 861.59M, resulting in an operating margin of 45.3%.
FSM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 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%.
EQX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Equinox Gold Corp. reported a net income of 310.11M and revenue of 861.59M, resulting in a net margin of 36.0%.
Frequently Asked Questions
FSM and EQX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EQX has higher volatility (15.49%) compared to FSM (13.20%). In terms of maximum drawdown, FSM dropped -92.25% vs EQX's -81.06%.
EQX currently has the higher Sharpe Ratio (0.76 vs 0.53), 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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