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HWX.TO vs. CJ.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility
Financials

HWX.TO vs. CJ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Headwater Exploration Inc. (HWX.TO) and Cardinal Energy Ltd. (CJ.TO).

Performance

HWX.TO vs. CJ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Headwater Exploration Inc. (HWX.TO) and Cardinal Energy Ltd. (CJ.TO). The values are adjusted to include any dividend payments, if applicable.

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HWX.TO vs. CJ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HWX.TO
Headwater Exploration Inc.		37.14%50.40%12.08%12.22%16.95%115.48%231.94%-10.00%31.15%8.93%
CJ.TO
Cardinal Energy Ltd.		32.53%48.34%14.78%-8.86%87.05%420.73%-68.03%24.70%-52.26%-48.12%

Fundamentals

Market Cap

HWX.TO:

CA$3.09B

CJ.TO:

CA$1.83B

EPS

HWX.TO:

CA$0.64

CJ.TO:

CA$0.13

PE Ratio

HWX.TO:

20.13

CJ.TO:

88.26

PS Ratio

HWX.TO:

5.42

CJ.TO:

3.73

PB Ratio

HWX.TO:

4.13

CJ.TO:

2.19

Total Revenue (TTM)

HWX.TO:

CA$568.81M

CJ.TO:

CA$492.81M

Gross Profit (TTM)

HWX.TO:

CA$281.14M

CJ.TO:

CA$224.06M

EBITDA (TTM)

HWX.TO:

CA$331.91M

CJ.TO:

CA$205.23M

Returns By Period

In the year-to-date period, HWX.TO achieves a 37.14% return, which is significantly higher than CJ.TO's 32.53% return. Over the past 10 years, HWX.TO has outperformed CJ.TO with an annualized return of 40.27%, while CJ.TO has yielded a comparatively lower 10.32% annualized return.

HWX.TO

1D
-1.08%
1M
2.31%
YTD
37.14%
6M
73.11%
1Y
107.75%
3Y*
33.81%
5Y*
29.87%
10Y*
40.27%

CJ.TO

1D
-1.30%
1M
15.20%
YTD
32.53%
6M
51.77%
1Y
91.50%
3Y*
29.04%
5Y*
43.82%
10Y*
10.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Headwater Exploration Inc.

Cardinal Energy Ltd.

Often compared with HWX.TO:
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Often compared with CJ.TO:
CJ.TO vs. WCP.TOCJ.TO vs. BIR.TOCJ.TO vs. ARX.TOCJ.TO vs. ATH.TOCJ.TO vs. TOU.TOCJ.TO vs. CNQ.TOCJ.TO vs. SRU-UN.TO

Return for Risk

HWX.TO vs. CJ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HWX.TO
HWX.TO Risk / Return Rank: 9595
Overall Rank
HWX.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HWX.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
HWX.TO Omega Ratio Rank: 9595
Omega Ratio Rank
HWX.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
HWX.TO Martin Ratio Rank: 9797
Martin Ratio Rank
CJ.TO
CJ.TO Risk / Return Rank: 9494
Overall Rank
CJ.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
CJ.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
CJ.TO Omega Ratio Rank: 9494
Omega Ratio Rank
CJ.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
CJ.TO Martin Ratio Rank: 9595
Martin Ratio Rank
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.

HWX.TO vs. CJ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Headwater Exploration Inc. (HWX.TO) and Cardinal Energy Ltd. (CJ.TO). 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.

HWX.TOCJ.TODifference

Sharpe ratio

Return per unit of total volatility

3.01

2.75

+0.25

Sortino ratio

Return per unit of downside risk

3.44

3.13

+0.31

Omega ratio

Gain probability vs. loss probability

1.50

1.47

+0.03

Calmar ratio

Return relative to maximum drawdown

4.68

3.95

+0.73

Martin ratio

Return relative to average drawdown

19.44

16.86

+2.58

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWX.TO vs. CJ.TO - Sharpe Ratio Comparison

The current HWX.TO Sharpe Ratio is 3.01, which is comparable to the CJ.TO Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of HWX.TO and CJ.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HWX.TOCJ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.01

2.75

+0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

1.08

-0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

0.19

+0.60

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

0.12

-0.01

Correlation

The correlation between HWX.TO and CJ.TO is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HWX.TO vs. CJ.TO - Dividend Comparison

HWX.TO's dividend yield for the trailing twelve months is around 2.57%, less than CJ.TO's 5.80% yield.

TTM20252024202320222021202020192018201720162015
HWX.TO
Headwater Exploration Inc.		2.57%4.70%6.05%6.40%1.69%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
CJ.TO
Cardinal Energy Ltd.		5.80%8.29%11.11%11.46%4.99%0.00%3.66%5.77%17.79%8.25%3.97%9.58%

Drawdowns

HWX.TO vs. CJ.TO - Drawdown Comparison

The maximum HWX.TO drawdown since its inception was -97.00%, roughly equal to the maximum CJ.TO drawdown of -97.53%. Use the drawdown chart below to compare losses from any high point for HWX.TO and CJ.TO.

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Drawdown Indicators

HWX.TOCJ.TODifference

Max Drawdown

Largest peak-to-trough decline

-97.00%

-97.53%

+0.53%

Max Drawdown (1Y)

Largest decline over 1 year

-23.99%

-23.47%

-0.52%

Max Drawdown (5Y)

Largest decline over 5 years

-38.30%

-35.20%

-3.10%

Max Drawdown (10Y)

Largest decline over 10 years

-40.00%

-95.79%

+55.79%

Current Drawdown

Current decline from peak

-2.58%

-1.30%

-1.28%

Average Drawdown

Average peak-to-trough decline

-61.29%

-53.59%

-7.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.78%

5.50%

+0.28%

Volatility

HWX.TO vs. CJ.TO - Volatility Comparison

Headwater Exploration Inc. (HWX.TO) has a higher volatility of 8.52% compared to Cardinal Energy Ltd. (CJ.TO) at 5.90%. This indicates that HWX.TO's price experiences larger fluctuations and is considered to be riskier than CJ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HWX.TOCJ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.52%

5.90%

+2.62%

Volatility (6M)

Calculated over the trailing 6-month period

22.61%

20.72%

+1.89%

Volatility (1Y)

Calculated over the trailing 1-year period

36.10%

33.41%

+2.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.93%

40.74%

-1.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

51.48%

55.39%

-3.91%

Financials

HWX.TO vs. CJ.TO - Financials Comparison

This section allows you to compare key financial metrics between Headwater Exploration Inc. and Cardinal Energy 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.

Quarterly
Annual

Total Revenue: Total amount of money received from sales and other business activities

50.00M100.00M150.00M200.00MAprilJulyOctober2022AprilJulyOctober2023AprilJulyOctober2024AprilJulyOctober2025AprilJulyOctober
128.20M
109.19M
(HWX.TO) Total Revenue
(CJ.TO) Total Revenue
Values in CAD except per share items

HWX.TO vs. CJ.TO - Profitability Comparison

The chart below illustrates the profitability comparison between Headwater Exploration Inc. and Cardinal Energy Ltd. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.
Gross Margin
Operating Margin
Net Margin
Quarterly
Annual
20.0%30.0%40.0%50.0%60.0%70.0%AprilJulyOctober2022AprilJulyOctober2023AprilJulyOctober2024AprilJulyOctober2025AprilJulyOctober
43.6%
20.8%
Portfolio components
HWX.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Headwater Exploration Inc. reported a gross profit of 55.89M and revenue of 128.20M. Therefore, the gross margin over that period was 43.6%.

CJ.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Cardinal Energy Ltd. reported a gross profit of 22.68M and revenue of 109.19M. Therefore, the gross margin over that period was 20.8%.

HWX.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Headwater Exploration Inc. reported an operating income of 39.38M and revenue of 128.20M, resulting in an operating margin of 30.7%.

CJ.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Cardinal Energy Ltd. reported an operating income of 14.17M and revenue of 109.19M, resulting in an operating margin of 13.0%.

HWX.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Headwater Exploration Inc. reported a net income of 29.31M and revenue of 128.20M, resulting in a net margin of 22.9%.

CJ.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Cardinal Energy Ltd. reported a net income of -29.92M and revenue of 109.19M, resulting in a net margin of -27.4%.