FSM vs. NAK

Last updated Jun 9, 2026

FSM (Fortuna Silver Mines Inc.) and NAK (Northern Dynasty Minerals Ltd.) are both stocks. Both are in the Basic Materials sector — FSM in Silver, NAK in Other Industrial Metals & Mining. Over the past 10 years, FSM returned 3.04%/yr vs 19.65%/yr for NAK. At a 0.32 correlation, their price movements are largely independent.

Performance

FSM vs. NAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Silver Mines Inc. (FSM) and Northern Dynasty Minerals Ltd. (NAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, FSM has underperformed NAK with an annualized return of 3.04%, while NAK has yielded a comparatively higher 19.65% annualized return.

FSM

• 1D: 0.92%
• 1M: -18.49%
• YTD: -10.60%
• 6M: -4.88%
• 1Y: 23.00%
• 3Y*: 35.95%
• 5Y*: 5.60%
• 10Y*: 3.04%

NAK

• 1D: 3.14%
• 1M: -8.37%
• YTD: 0.00%
• 6M: -1.99%
• 1Y: 52.71%
• 3Y*: 110.40%
• 5Y*: 28.06%
• 10Y*: 19.65%

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

FSM vs. NAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSM Fortuna Silver Mines Inc.	-10.60%	128.67%	11.14%	2.93%	-3.85%	-52.67%	101.96%	12.09%	-30.27%	-7.61%
NAK Northern Dynasty Minerals Ltd.	-0.00%	238.78%	79.86%	46.42%	-32.31%	1.30%	-25.12%	-24.46%	-67.84%	-14.49%

Correlation

The correlation between FSM and NAK is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.32

Fundamentals

Market Cap FSM : $2.92B NAK : $1.08B
EPS FSM : $1.06 NAK : -$0.19
PB Ratio FSM : 1.65 NAK : 61.12
Total Revenue (TTM) FSM : $1.10B NAK : $0.00
Gross Profit (TTM) FSM : $598.05M NAK : -$85.85K
EBITDA (TTM) FSM : $743.42M NAK : -$99.80M

Return for Risk

FSM vs. NAK — Risk / Return Rank

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

FSM

FSM Risk / Return Rank: 55
FSM Sharpe Ratio Rank: 56
FSM Sortino Ratio Rank: 53
FSM Omega Ratio Rank: 53
FSM Calmar Ratio Rank: 57
FSM Martin Ratio Rank: 58

NAK

NAK Risk / Return Rank: 61
NAK Sharpe Ratio Rank: 58
NAK Sortino Ratio Rank: 65
NAK Omega Ratio Rank: 68
NAK Calmar Ratio Rank: 59
NAK Martin Ratio Rank: 56

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. NAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Silver Mines Inc. (FSM) and Northern Dynasty Minerals Ltd. (NAK). 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	NAK	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.46	-0.05
Sortino ratio: Return per unit of downside risk	0.91	1.39	-0.48
Omega ratio: Gain probability vs. loss probability	1.12	1.20	-0.09
Calmar ratio: Return relative to maximum drawdown	0.62	0.78	-0.16
Martin ratio: Return relative to average drawdown	1.51	1.34	+0.17
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. NAK - Sharpe Ratio Comparison

The current FSM Sharpe Ratio is 0.41, which is comparable to the NAK Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of FSM and NAK, 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

	FSM	NAK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	0.46	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.34	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.20	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	-0.01	+0.14

Drawdowns

FSM vs. NAK - Drawdown Comparison

The maximum FSM drawdown since its inception was -92.25%, smaller than the maximum NAK drawdown of -99.01%. Use the drawdown chart below to compare losses from any high point for FSM and NAK.

Drawdown Indicators

	FSM	NAK	Difference
Max Drawdown Largest peak-to-trough decline	-92.25%	-99.01%	+6.76%
Max Drawdown (1Y) Largest decline over 1 year	-37.26%	-67.68%	+30.42%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	-67.68%	+30.42%
Max Drawdown (5Y) Largest decline over 5 years	-69.35%	-67.68%	-1.67%
Max Drawdown (10Y) Largest decline over 10 years	-81.07%	-93.79%	+12.72%
Current Drawdown Current decline from peak	-35.80%	-90.65%	+54.85%
Average Drawdown Average peak-to-trough decline	-45.17%	-73.92%	+28.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.37%	39.43%	-24.06%

Volatility

FSM vs. NAK - Volatility Comparison

The current volatility for Fortuna Silver Mines Inc. (FSM) is 15.57%, while Northern Dynasty Minerals Ltd. (NAK) has a volatility of 25.23%. This indicates that FSM experiences smaller price fluctuations and is considered to be less risky than NAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSM	NAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.57%	25.23%	-9.66%
Volatility (6M) Calculated over the trailing 6-month period	44.86%	77.05%	-32.19%
Volatility (1Y) Calculated over the trailing 1-year period	57.05%	115.40%	-58.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.36%	83.77%	-26.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.44%	97.95%	-38.51%

Dividends

FSM vs. NAK - Dividend Comparison

Neither FSM nor NAK has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both FSM and NAK in my portfolio?

FSM and NAK have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSM or NAK?

NAK has higher volatility (25.23%) compared to FSM (15.57%). In terms of maximum drawdown, FSM dropped -92.25% vs NAK's -99.01%.

Which has better risk-adjusted returns?

NAK currently has the higher Sharpe Ratio (0.46 vs 0.41), 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.