H.TO vs. AG

Last updated Jun 9, 2026

H.TO (Hydro One Limited) and AG (First Majestic Silver Corp.) are both stocks. H.TO operates in Utilities - Regulated Electric (Utilities), while AG operates in Silver (Basic Materials). Over the past 10 years, H.TO returned 12.37%/yr vs 4.35%/yr for AG. At a 0.05 correlation, their price movements are largely independent.

Performance

H.TO vs. AG - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hydro One Limited (H.TO) and First Majestic Silver Corp. (AG). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

H.TO is traded in CAD, while AG is traded in USD. To make them comparable, the AG values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, H.TO achieves a 3.40% return, which is significantly lower than AG's 5.06% return. Over the past 10 years, H.TO has outperformed AG with an annualized return of 12.37%, while AG has yielded a comparatively lower 4.35% annualized return.

H.TO

• 1D: -1.39%
• 1M: -4.39%
• YTD: 3.40%
• 6M: 7.40%
• 1Y: 16.57%
• 3Y*: 17.34%
• 5Y*: 16.25%
• 10Y*: 12.37%

AG

• 1D: 1.34%
• 1M: -19.75%
• YTD: 5.06%
• 6M: 20.58%
• 1Y: 112.29%
• 3Y*: 46.58%
• 5Y*: 2.77%
• 10Y*: 4.35%

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

H.TO vs. AG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H.TO Hydro One Limited	3.40%	26.73%	14.75%	12.95%	13.74%	18.87%	18.51%	29.04%	-5.41%	-1.36%
AG First Majestic Silver Corp.	5.06%	190.43%	-2.89%	-27.75%	-19.96%	-17.28%	7.02%	99.57%	-5.26%	-17.65%

Correlation

The correlation between H.TO and AG is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Nov 5, 2015	0.05

The correlation between H.TO and AG shifts across timeframes, from -0.07 (1 year) to 0.05 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap H.TO : CA$33.75B AG : $8.62B
EPS H.TO : CA$2.28 AG : $0.60
PE Ratio H.TO : 24.59 AG : 28.80
PEG Ratio H.TO : 2.87 AG : 0.51
PS Ratio H.TO : 3.63 AG : 5.68
PB Ratio H.TO : 2.63 AG : 2.97
Total Revenue (TTM) H.TO : CA$9.28B AG : $1.49B
Gross Profit (TTM) H.TO : CA$2.54B AG : $646.49M
EBITDA (TTM) H.TO : CA$3.36B AG : $824.25M

Return for Risk

H.TO vs. AG — Risk / Return Rank

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

H.TO

H.TO Risk / Return Rank: 76
H.TO Sharpe Ratio Rank: 79
H.TO Sortino Ratio Rank: 73
H.TO Omega Ratio Rank: 71
H.TO Calmar Ratio Rank: 77
H.TO Martin Ratio Rank: 81

AG

AG Risk / Return Rank: 78
AG Sharpe Ratio Rank: 82
AG Sortino Ratio Rank: 77
AG Omega Ratio Rank: 76
AG Calmar Ratio Rank: 78
AG Martin Ratio Rank: 78

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.

H.TO vs. AG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hydro One Limited (H.TO) and First Majestic Silver Corp. (AG). 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.

	H.TO	AG	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.55	-0.26
Sortino ratio: Return per unit of downside risk	1.83	2.12	-0.29
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	2.18	2.46	-0.27
Martin ratio: Return relative to average drawdown	6.45	5.74	+0.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H.TO vs. AG - Sharpe Ratio Comparison

The current H.TO Sharpe Ratio is 1.29, which is comparable to the AG Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of H.TO and AG, 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

	H.TO	AG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.55	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.05	+1.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.07	+0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.07	+0.77

Drawdowns

H.TO vs. AG - Drawdown Comparison

The maximum H.TO drawdown since its inception was -27.68%, smaller than the maximum AG drawdown of -85.25%. Use the drawdown chart below to compare losses from any high point for H.TO and AG.

Drawdown Indicators

	H.TO	AG	Difference
Max Drawdown Largest peak-to-trough decline	-27.68%	-85.25%	+57.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-45.98%	+38.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.77%	-45.98%	+33.21%
Max Drawdown (5Y) Largest decline over 5 years	-17.08%	-74.33%	+57.25%
Max Drawdown (10Y) Largest decline over 10 years	-27.68%	-79.85%	+52.17%
Current Drawdown Current decline from peak	-6.63%	-45.26%	+38.63%
Average Drawdown Average peak-to-trough decline	-6.07%	-51.96%	+45.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	19.63%	-17.05%

Volatility

H.TO vs. AG - Volatility Comparison

The current volatility for Hydro One Limited (H.TO) is 4.92%, while First Majestic Silver Corp. (AG) has a volatility of 24.88%. This indicates that H.TO experiences smaller price fluctuations and is considered to be less risky than AG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H.TO	AG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	24.88%	-19.96%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	58.02%	-47.50%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	73.01%	-60.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	61.87%	-47.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	62.20%	-46.19%

Dividends

H.TO vs. AG - Dividend Comparison

H.TO's dividend yield for the trailing twelve months is around 2.37%, more than AG's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AG First Majestic Silver Corp.	0.21%	0.12%	0.33%	0.34%	0.31%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%
H.TO Hydro One Limited	2.37%	2.40%	2.80%	2.94%	3.05%	3.20%	3.50%	3.81%	4.49%	3.88%	4.11%

Financials

H.TO vs. AG - Profitability Comparison

The chart below illustrates the profitability comparison between Hydro One Limited and First Majestic Silver Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

H.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hydro One Limited reported a gross profit of 622.00M and revenue of 2.65B. Therefore, the gross margin over that period was 23.5%.

AG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, First Majestic Silver Corp. reported a gross profit of 259.78M and revenue of 470.07M. Therefore, the gross margin over that period was 55.3%.

H.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hydro One Limited reported an operating income of 622.00M and revenue of 2.65B, resulting in an operating margin of 23.5%.

AG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, First Majestic Silver Corp. reported an operating income of 232.71M and revenue of 470.07M, resulting in an operating margin of 49.5%.

H.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hydro One Limited reported a net income of 391.00M and revenue of 2.65B, resulting in a net margin of 14.8%.

AG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, First Majestic Silver Corp. reported a net income of 126.32M and revenue of 470.07M, resulting in a net margin of 26.9%.

Frequently Asked Questions

Can I hold both H.TO and AG in my portfolio?

H.TO and AG have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.