NDM.TO vs. MND.TO

Last updated Jun 4, 2026

NDM.TO (Northern Dynasty Minerals Ltd.) and MND.TO (Mandalay Resources Corporation) are both stocks. Both are in the Basic Materials sector — NDM.TO in Other Industrial Metals & Mining, MND.TO in Gold. At a 0.11 correlation, their price movements are largely independent.

Performance

NDM.TO vs. MND.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Northern Dynasty Minerals Ltd. (NDM.TO) and Mandalay Resources Corporation (MND.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NDM.TO

• 1D: -5.47%
• 1M: 10.28%
• YTD: 15.19%
• 6M: 16.92%
• 1Y: 80.81%
• 3Y*: 118.05%
• 5Y*: 35.14%
• 10Y*: 21.60%

MND.TO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NDM.TO vs. MND.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NDM.TO Northern Dynasty Minerals Ltd.	15.19%	225.30%	93.02%	43.33%	-26.83%	-0.00%	-26.79%	-26.32%	-66.07%	-19.13%
MND.TO Mandalay Resources Corporation	0.00%	37.06%	115.30%	-39.60%	31.17%	18.46%	80.56%	44.00%	-72.22%	-65.21%

Correlation

The correlation between NDM.TO and MND.TO is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 24, 2005	0.11

The correlation between NDM.TO and MND.TO shifts across timeframes, from -0.06 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Total Revenue (TTM) NDM.TO : CA$0.00 MND.TO : CA$263.21M
Gross Profit (TTM) NDM.TO : -CA$96.00K MND.TO : CA$113.58M
EBITDA (TTM) NDM.TO : -CA$68.94M MND.TO : CA$120.54M

Return for Risk

NDM.TO vs. MND.TO — Risk / Return Rank

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

NDM.TO

NDM.TO Risk / Return Rank: 66
NDM.TO Sharpe Ratio Rank: 64
NDM.TO Sortino Ratio Rank: 67
NDM.TO Omega Ratio Rank: 73
NDM.TO Calmar Ratio Rank: 65
NDM.TO Martin Ratio Rank: 61

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.

NDM.TO vs. MND.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Dynasty Minerals Ltd. (NDM.TO) and Mandalay Resources Corporation (MND.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.

	NDM.TO	MND.TO	Difference
Sharpe ratio Return per unit of total volatility	0.71	—	—
Sortino ratio Return per unit of downside risk	1.60	—	—
Omega ratio Gain probability vs. loss probability	1.24	—	—
Calmar ratio Return relative to maximum drawdown	1.21	—	—
Martin ratio Return relative to average drawdown	2.05	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NDM.TO	MND.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	—	—

Drawdowns

Drawdown Indicators

	NDM.TO	MND.TO	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-66.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-66.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.65%	—	—
Current Drawdown Current decline from peak	-85.11%	—	—
Average Drawdown Average peak-to-trough decline	-71.47%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	39.64%	—	—

Volatility

Volatility by Period

	NDM.TO	MND.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	75.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	114.90%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.43%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.78%	—	—

Dividends

NDM.TO vs. MND.TO - Dividend Comparison

Neither NDM.TO nor MND.TO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MND.TO Mandalay Resources Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.41%	5.00%	6.25%
NDM.TO Northern Dynasty Minerals Ltd.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both NDM.TO and MND.TO in my portfolio?

NDM.TO and MND.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.