FSM vs. FNV

Last updated Apr 1, 2026

Compare and contrast key facts about Fortuna Silver Mines Inc. (FSM) and Franco-Nevada Corporation (FNV).

Performance

FSM vs. FNV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Silver Mines Inc. (FSM) and Franco-Nevada Corporation (FNV). The values are adjusted to include any dividend payments, if applicable.

FSM vs. FNV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSM Fortuna Silver Mines Inc.	1.22%	128.67%	11.14%	2.93%	-3.85%	-52.67%	101.96%	12.09%	-30.27%	-7.61%
FNV Franco-Nevada Corporation	19.38%	77.81%	7.41%	-17.96%	-0.39%	11.57%	22.31%	48.92%	-11.00%	35.45%

Fundamentals

Market Cap FSM : $3.04B FNV : $47.63B
EPS FSM : $0.91 FNV : $5.79
PE Ratio FSM : 10.90 FNV : 42.64
PEG Ratio FSM : 0.16 FNV : 0.89
PS Ratio FSM : 3.01 FNV : 26.04
PB Ratio FSM : 1.81 FNV : 6.25
Total Revenue (TTM) FSM : $1.04B FNV : $1.83B
Gross Profit (TTM) FSM : $502.09M FNV : $1.35B
EBITDA (TTM) FSM : $670.30M FNV : $1.72B

Returns By Period

In the year-to-date period, FSM achieves a 1.22% return, which is significantly lower than FNV's 19.38% return. Over the past 10 years, FSM has underperformed FNV with an annualized return of 9.71%, while FNV has yielded a comparatively higher 16.26% annualized return.

FSM

• 1D: 6.09%
• 1M: -27.31%
• YTD: 1.22%
• 6M: 10.83%
• 1Y: 62.79%
• 3Y*: 37.50%
• 5Y*: 8.03%
• 10Y*: 9.71%

FNV

• 1D: 5.76%
• 1M: -11.81%
• YTD: 19.38%
• 6M: 11.22%
• 1Y: 58.02%
• 3Y*: 20.43%
• 5Y*: 14.88%
• 10Y*: 16.26%

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

Return for Risk

FSM vs. FNV — Risk / Return Rank

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

FSM

FSM Risk / Return Rank: 74
FSM Sharpe Ratio Rank: 76
FSM Sortino Ratio Rank: 71
FSM Omega Ratio Rank: 71
FSM Calmar Ratio Rank: 74
FSM Martin Ratio Rank: 80

FNV

FNV Risk / Return Rank: 83
FNV Sharpe Ratio Rank: 86
FNV Sortino Ratio Rank: 79
FNV Omega Ratio Rank: 81
FNV Calmar Ratio Rank: 86
FNV Martin Ratio Rank: 85

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.

FSM vs. FNV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Silver Mines Inc. (FSM) and Franco-Nevada Corporation (FNV). 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.

	FSM	FNV	Difference
Sharpe ratio Return per unit of total volatility	1.04	1.58	-0.54
Sortino ratio Return per unit of downside risk	1.59	1.97	-0.39
Omega ratio Gain probability vs. loss probability	1.22	1.29	-0.07
Calmar ratio Return relative to maximum drawdown	1.67	2.92	-1.25
Martin ratio Return relative to average drawdown	5.57	7.64	-2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSM vs. FNV - Sharpe Ratio Comparison

The current FSM Sharpe Ratio is 1.04, which is lower than the FNV Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FSM and FNV, 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

	FSM	FNV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.58	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.50	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.54	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.48	-0.34

Correlation

The correlation between FSM and FNV is 0.61, 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

FSM vs. FNV - Dividend Comparison

FSM has not paid dividends to shareholders, while FNV's dividend yield for the trailing twelve months is around 0.64%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FNV Franco-Nevada Corporation	0.64%	0.73%	1.22%	1.23%	0.94%	1.10%	0.82%	0.96%	1.35%	1.14%	1.46%	1.81%

Drawdowns

FSM vs. FNV - Drawdown Comparison

The maximum FSM drawdown since its inception was -92.25%, which is greater than FNV's maximum drawdown of -58.76%. Use the drawdown chart below to compare losses from any high point for FSM and FNV.

Drawdown Indicators

	FSM	FNV	Difference
Max Drawdown Largest peak-to-trough decline	-92.25%	-58.76%	-33.49%
Max Drawdown (1Y) Largest decline over 1 year	-37.26%	-20.62%	-16.64%
Max Drawdown (5Y) Largest decline over 5 years	-73.74%	-37.12%	-36.62%
Max Drawdown (10Y) Largest decline over 10 years	-81.07%	-37.12%	-43.95%
Current Drawdown Current decline from peak	-27.31%	-11.88%	-15.43%
Average Drawdown Average peak-to-trough decline	-45.35%	-13.95%	-31.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.18%	7.88%	+3.30%

Volatility

FSM vs. FNV - Volatility Comparison

Fortuna Silver Mines Inc. (FSM) has a higher volatility of 20.19% compared to Franco-Nevada Corporation (FNV) at 13.59%. This indicates that FSM's price experiences larger fluctuations and is considered to be riskier than FNV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSM	FNV	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.19%	13.59%	+6.60%
Volatility (6M) Calculated over the trailing 6-month period	45.88%	29.69%	+16.19%
Volatility (1Y) Calculated over the trailing 1-year period	60.84%	36.92%	+23.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.92%	29.81%	+28.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.09%	30.40%	+29.69%

Financials

FSM vs. FNV - Profitability Comparison

The chart below illustrates the profitability comparison between Fortuna Silver Mines Inc. and Franco-Nevada Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FSM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Fortuna Silver Mines Inc. reported a gross profit of 148.06M and revenue of 272.03M. Therefore, the gross margin over that period was 54.4%.

FNV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Franco-Nevada Corporation reported a gross profit of 465.85M and revenue of 604.86M. Therefore, the gross margin over that period was 77.0%.

FSM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Fortuna Silver Mines Inc. reported an operating income of 121.35M and revenue of 272.03M, resulting in an operating margin of 44.6%.

FNV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Franco-Nevada Corporation reported an operating income of 457.32M and revenue of 604.86M, resulting in an operating margin of 75.6%.

FSM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Fortuna Silver Mines Inc. reported a net income of 69.11M and revenue of 272.03M, resulting in a net margin of 25.4%.

FNV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Franco-Nevada Corporation reported a net income of 373.35M and revenue of 604.86M, resulting in a net margin of 61.7%.