ISMAY vs. MSA.TO

Last updated Jun 4, 2026

ISMAY (Indra Sistemas SA) and MSA.TO (Mineros S.A.) are both stocks. ISMAY operates in Information Technology Services (Technology), while MSA.TO operates in Gold (Basic Materials). Over the past 3 years, ISMAY returned 78.39%/yr vs 125.40%/yr for MSA.TO. At a 0.09 correlation, their price movements are largely independent.

Performance

ISMAY vs. MSA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Indra Sistemas SA (ISMAY) and Mineros S.A. (MSA.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ISMAY achieves a 7.10% return, which is significantly higher than MSA.TO's 3.95% return.

ISMAY

• 1D: -1.81%
• 1M: 5.04%
• YTD: 7.10%
• 6M: 10.11%
• 1Y: 45.18%
• 3Y*: 78.39%
• 5Y*: 50.02%
• 10Y*: 19.25%

MSA.TO

• 1D: -4.17%
• 1M: 15.83%
• YTD: 3.95%
• 6M: 2.38%
• 1Y: 135.74%
• 3Y*: 125.40%
• 5Y*: —
• 10Y*: —

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

ISMAY vs. MSA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISMAY Indra Sistemas SA	7.10%	237.22%	12.29%	41.74%	6.62%	-14.96%
MSA.TO Mineros S.A.	3.95%	319.47%	139.15%	9.63%	-36.36%	-0.86%

Correlation

The correlation between ISMAY and MSA.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021	0.09

Fundamentals

Market Cap ISMAY : $5.38B MSA.TO : CA$1.75B
EPS ISMAY : $2.95 MSA.TO : CA$0.66
PE Ratio ISMAY : 10.39 MSA.TO : 8.92
PEG Ratio ISMAY : 0.82 MSA.TO : 0.06
PS Ratio ISMAY : 0.84 MSA.TO : 1.86
PB Ratio ISMAY : 2.92 MSA.TO : 3.06
Total Revenue (TTM) ISMAY : $5.63B MSA.TO : CA$937.58M
Gross Profit (TTM) ISMAY : $764.42M MSA.TO : CA$403.36M
EBITDA (TTM) ISMAY : $796.40M MSA.TO : CA$400.83M

Return for Risk

ISMAY vs. MSA.TO — Risk / Return Rank

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

ISMAY

ISMAY Risk / Return Rank: 67
ISMAY Sharpe Ratio Rank: 68
ISMAY Sortino Ratio Rank: 65
ISMAY Omega Ratio Rank: 63
ISMAY Calmar Ratio Rank: 67
ISMAY Martin Ratio Rank: 70

MSA.TO

MSA.TO Risk / Return Rank: 86
MSA.TO Sharpe Ratio Rank: 92
MSA.TO Sortino Ratio Rank: 85
MSA.TO Omega Ratio Rank: 85
MSA.TO Calmar Ratio Rank: 85
MSA.TO 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.

ISMAY vs. MSA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Indra Sistemas SA (ISMAY) and Mineros S.A. (MSA.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.

	ISMAY	MSA.TO	Difference
Sharpe ratio Return per unit of total volatility	0.87	2.46	-1.58
Sortino ratio Return per unit of downside risk	1.51	2.64	-1.14
Omega ratio Gain probability vs. loss probability	1.18	1.35	-0.17
Calmar ratio Return relative to maximum drawdown	1.39	3.23	-1.84
Martin ratio Return relative to average drawdown	3.65	8.32	-4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISMAY vs. MSA.TO - Sharpe Ratio Comparison

The current ISMAY Sharpe Ratio is 0.87, which is lower than the MSA.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ISMAY and MSA.TO, 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

	ISMAY	MSA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	2.46	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.02	-0.80

Drawdowns

ISMAY vs. MSA.TO - Drawdown Comparison

The maximum ISMAY drawdown since its inception was -72.02%, which is greater than MSA.TO's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for ISMAY and MSA.TO.

Drawdown Indicators

	ISMAY	MSA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-72.02%	-53.24%	-18.78%
Max Drawdown (1Y) Largest decline over 1 year	-32.72%	-42.31%	+9.59%
Max Drawdown (3Y) Largest decline over 3 years	-32.72%	-42.31%	+9.59%
Max Drawdown (5Y) Largest decline over 5 years	-42.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.96%	—	—
Current Drawdown Current decline from peak	-20.08%	-24.41%	+4.33%
Average Drawdown Average peak-to-trough decline	-38.03%	-20.32%	-17.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.44%	16.37%	-3.93%

Volatility

ISMAY vs. MSA.TO - Volatility Comparison

The current volatility for Indra Sistemas SA (ISMAY) is 14.38%, while Mineros S.A. (MSA.TO) has a volatility of 19.22%. This indicates that ISMAY experiences smaller price fluctuations and is considered to be less risky than MSA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISMAY	MSA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.38%	19.22%	-4.84%
Volatility (6M) Calculated over the trailing 6-month period	42.99%	41.84%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	52.73%	55.77%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.64%	53.86%	-7.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.78%	53.86%	-11.08%

Dividends

ISMAY vs. MSA.TO - Dividend Comparison

ISMAY's dividend yield for the trailing twelve months is around 0.47%, less than MSA.TO's 2.34% yield.

Position	TTM	2025	2024	2023	2022
ISMAY Indra Sistemas SA	0.47%	0.51%	1.59%	1.77%	1.43%
MSA.TO Mineros S.A.	2.34%	2.49%	8.46%	14.31%	13.57%

Financials

ISMAY vs. MSA.TO - Profitability Comparison

The chart below illustrates the profitability comparison between Indra Sistemas SA and Mineros S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ISMAY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Indra Sistemas SA reported a gross profit of 60.38M and revenue of 1.36B. Therefore, the gross margin over that period was 4.5%.

MSA.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Mineros S.A. reported a gross profit of 142.57M and revenue of 291.81M. Therefore, the gross margin over that period was 48.9%.

ISMAY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Indra Sistemas SA reported an operating income of 121.97M and revenue of 1.36B, resulting in an operating margin of 9.0%.

MSA.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Mineros S.A. reported an operating income of 135.21M and revenue of 291.81M, resulting in an operating margin of 46.3%.

ISMAY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Indra Sistemas SA reported a net income of 77.35M and revenue of 1.36B, resulting in a net margin of 5.7%.

MSA.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Mineros S.A. reported a net income of 87.69M and revenue of 291.81M, resulting in a net margin of 30.1%.

Frequently Asked Questions

Can I hold both ISMAY and MSA.TO in my portfolio?

ISMAY and MSA.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.