LPG vs. FLNG

Last updated Jun 24, 2026

LPG (Dorian LPG Ltd.) and FLNG (FLEX LNG Ltd) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 5 years, LPG returned 44.64%/yr vs 29.03%/yr for FLNG. At a 0.39 correlation, their price movements are largely independent.

Performance

LPG vs. FLNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dorian LPG Ltd. (LPG) and FLEX LNG Ltd (FLNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LPG achieves a 74.77% return, which is significantly higher than FLNG's 30.47% return.

LPG

• 1D: 1.53%
• 1M: -12.61%
• YTD: 74.77%
• 6M: 77.39%
• 1Y: 78.27%
• 3Y*: 32.37%
• 5Y*: 44.64%
• 10Y*: 29.54%

FLNG

• 1D: 1.75%
• 1M: -0.93%
• YTD: 30.47%
• 6M: 33.57%
• 1Y: 44.61%
• 3Y*: 12.87%
• 5Y*: 29.03%
• 10Y*: —

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

LPG vs. FLNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LPG Dorian LPG Ltd.	74.77%	9.75%	-37.80%	171.42%	109.62%	12.71%	-21.25%	86.51%
FLNG FLEX LNG Ltd	30.47%	22.47%	-11.61%	-1.19%	56.32%	202.13%	-17.14%	0.15%

Correlation

The correlation between LPG and FLNG is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019	0.39

Fundamentals

Market Cap LPG : $1.73B FLNG : $1.67B
EPS LPG : $4.54 FLNG : $1.40
PE Ratio LPG : 8.94 FLNG : 22.10
PS Ratio LPG : 3.60 FLNG : 4.92
PB Ratio LPG : 1.52 FLNG : 2.39
Total Revenue (TTM) LPG : $481.51M FLNG : $339.66M
Gross Profit (TTM) LPG : $415.02M FLNG : $170.74M
EBITDA (TTM) LPG : $279.22M FLNG : $238.18M

Return for Risk

LPG vs. FLNG — Risk / Return Rank

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

LPG

LPG Risk / Return Rank: 84
LPG Sharpe Ratio Rank: 88
LPG Sortino Ratio Rank: 85
LPG Omega Ratio Rank: 83
LPG Calmar Ratio Rank: 84
LPG Martin Ratio Rank: 81

FLNG

FLNG Risk / Return Rank: 86
FLNG Sharpe Ratio Rank: 85
FLNG Sortino Ratio Rank: 83
FLNG Omega Ratio Rank: 81
FLNG Calmar Ratio Rank: 92
FLNG Martin Ratio Rank: 89

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.

LPG vs. FLNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dorian LPG Ltd. (LPG) and FLEX LNG Ltd (FLNG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	LPG	FLNG	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.73	+0.24
Sortino ratio: Return per unit of downside risk	2.61	2.42	+0.18
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.02
Calmar ratio: Return relative to maximum drawdown	3.15	5.11	-1.96
Martin ratio: Return relative to average drawdown	6.63	10.95	-4.32

LPG vs. FLNG - Sharpe Ratio Comparison

The current LPG Sharpe Ratio is 1.97, which is comparable to the FLNG Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of LPG and FLNG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LPG vs. FLNG - Drawdown Comparison

The maximum LPG drawdown since its inception was -78.31%, which is greater than FLNG's maximum drawdown of -71.92%. Use the drawdown chart below to compare losses from any high point for LPG and FLNG.

Drawdown Indicators

	LPG	FLNG	Difference
Max Drawdown Largest peak-to-trough decline	-78.31%	-71.92%	-6.39%
Max Drawdown (1Y) Largest decline over 1 year	-24.99%	-8.78%	-16.21%
Max Drawdown (3Y) Largest decline over 3 years	-62.89%	-25.37%	-37.52%
Max Drawdown (5Y) Largest decline over 5 years	-62.89%	-31.05%	-31.84%
Max Drawdown (10Y) Largest decline over 10 years	-62.89%	—	—
Current Drawdown Current decline from peak	-14.92%	-4.83%	-10.09%
Average Drawdown Average peak-to-trough decline	-42.62%	-18.73%	-23.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.85%	4.15%	+7.70%

Volatility

LPG vs. FLNG - Volatility Comparison

Dorian LPG Ltd. (LPG) has a higher volatility of 12.41% compared to FLEX LNG Ltd (FLNG) at 6.87%. This indicates that LPG's price experiences larger fluctuations and is considered to be riskier than FLNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LPG	FLNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	6.87%	+5.54%
Volatility (6M) Calculated over the trailing 6-month period	31.44%	18.89%	+12.55%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	25.89%	+14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.51%	39.15%	+4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.27%	47.25%	+1.02%

Dividends

LPG vs. FLNG - Dividend Comparison

LPG's dividend yield for the trailing twelve months is around 7.27%, less than FLNG's 9.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FLNG FLEX LNG Ltd	9.71%	12.02%	13.08%	11.61%	10.71%	7.88%	2.29%	0.92%
LPG Dorian LPG Ltd.	7.27%	10.07%	16.41%	9.12%	29.02%	7.88%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both LPG and FLNG in my portfolio?

LPG and FLNG have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LPG or FLNG?

LPG has higher volatility (12.41%) compared to FLNG (6.87%). In terms of maximum drawdown, LPG dropped -78.31% vs FLNG's -71.92%.

Which has better risk-adjusted returns?

LPG currently has the higher Sharpe Ratio (1.97 vs 1.73), 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.