NDM.TO vs. PNP.TO

Last updated Jun 4, 2026

NDM.TO (Northern Dynasty Minerals Ltd.) and PNP.TO (Pinetree Capital Ltd.) are both stocks. NDM.TO operates in Other Industrial Metals & Mining (Basic Materials), while PNP.TO operates in Capital Markets (Financial Services). Over the past 10 years, NDM.TO returned 21.60%/yr vs 3.90%/yr for PNP.TO. At a 0.12 correlation, their price movements are largely independent.

Performance

NDM.TO vs. PNP.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, NDM.TO achieves a 15.19% return, which is significantly higher than PNP.TO's -20.36% return. Over the past 10 years, NDM.TO has outperformed PNP.TO with an annualized return of 21.60%, while PNP.TO has yielded a comparatively lower 3.90% annualized return.

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%

PNP.TO

• 1D: -1.68%
• 1M: -4.14%
• YTD: -20.36%
• 6M: -29.88%
• 1Y: -57.51%
• 3Y*: 32.30%
• 5Y*: 17.43%
• 10Y*: 3.90%

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

NDM.TO vs. PNP.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%
PNP.TO Pinetree Capital Ltd.	-20.36%	0.45%	205.56%	-9.77%	-26.79%	79.28%	-1.30%	22.22%	-51.54%	16.59%

Correlation

The correlation between NDM.TO and PNP.TO 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	0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 15, 1999	0.12

The correlation between NDM.TO and PNP.TO shifts across timeframes, from -0.07 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NDM.TO : CA$1.88B PNP.TO : CA$82.61M
EPS NDM.TO : -CA$0.08 PNP.TO : -CA$2.11
PB Ratio NDM.TO : 44.35 PNP.TO : 1.20
Total Revenue (TTM) NDM.TO : CA$0.00 PNP.TO : CA$5.57M
Gross Profit (TTM) NDM.TO : -CA$96.00K PNP.TO : CA$5.51M
EBITDA (TTM) NDM.TO : -CA$68.94M PNP.TO : -CA$19.16M

Return for Risk

NDM.TO vs. PNP.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

PNP.TO

PNP.TO Risk / Return Rank: 4
PNP.TO Sharpe Ratio Rank: 2
PNP.TO Sortino Ratio Rank: 1
PNP.TO Omega Ratio Rank: 3
PNP.TO Calmar Ratio Rank: 3
PNP.TO Martin Ratio Rank: 11

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. PNP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Dynasty Minerals Ltd. (NDM.TO) and Pinetree Capital Ltd. (PNP.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	PNP.TO	Difference
Sharpe ratio Return per unit of total volatility	0.71	-1.20	+1.91
Sortino ratio Return per unit of downside risk	1.60	-2.28	+3.88
Omega ratio Gain probability vs. loss probability	1.24	0.76	+0.48
Calmar ratio Return relative to maximum drawdown	1.21	-0.95	+2.17
Martin ratio Return relative to average drawdown	2.05	-1.30	+3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NDM.TO vs. PNP.TO - Sharpe Ratio Comparison

The current NDM.TO Sharpe Ratio is 0.71, which is higher than the PNP.TO Sharpe Ratio of -1.20. The chart below compares the historical Sharpe Ratios of NDM.TO and PNP.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

	NDM.TO	PNP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	-1.20	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.34	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.06	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	-0.11	+0.19

Drawdowns

NDM.TO vs. PNP.TO - Drawdown Comparison

The maximum NDM.TO drawdown since its inception was -98.66%, roughly equal to the maximum PNP.TO drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for NDM.TO and PNP.TO.

Drawdown Indicators

	NDM.TO	PNP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-99.94%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-66.88%	-60.39%	-6.49%
Max Drawdown (3Y) Largest decline over 3 years	-66.88%	-63.77%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-63.77%	-3.11%
Max Drawdown (10Y) Largest decline over 10 years	-93.65%	-83.00%	-10.65%
Current Drawdown Current decline from peak	-85.11%	-99.71%	+14.60%
Average Drawdown Average peak-to-trough decline	-71.47%	-89.66%	+18.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.64%	44.43%	-4.79%

Volatility

NDM.TO vs. PNP.TO - Volatility Comparison

Northern Dynasty Minerals Ltd. (NDM.TO) has a higher volatility of 20.97% compared to Pinetree Capital Ltd. (PNP.TO) at 13.92%. This indicates that NDM.TO's price experiences larger fluctuations and is considered to be riskier than PNP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDM.TO	PNP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.97%	13.92%	+7.05%
Volatility (6M) Calculated over the trailing 6-month period	75.30%	31.52%	+43.78%
Volatility (1Y) Calculated over the trailing 1-year period	114.90%	48.03%	+66.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.43%	51.75%	+31.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.78%	68.31%	+29.47%

Dividends

NDM.TO vs. PNP.TO - Dividend Comparison

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

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

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

NDM.TO and PNP.TO 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.