NEXA vs. ELVA

Last updated Jul 14, 2026

NEXA (Nexa Resources S.A.) and ELVA (Electrovaya Inc. Common Shares) are both stocks. NEXA operates in Other Industrial Metals & Mining (Basic Materials), while ELVA operates in Electrical Equipment & Parts (Industrials). Over the past 5 years, NEXA returned 12.76%/yr vs 10.08%/yr for ELVA. At a 0.11 correlation, their price movements are largely independent.

Performance

NEXA vs. ELVA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nexa Resources S.A. (NEXA) and Electrovaya Inc. Common Shares (ELVA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEXA achieves a 55.71% return, which is significantly higher than ELVA's -1.39% return.

NEXA

• 1D: -6.95%
• 1M: 0.36%
• 6M: 28.31%
• YTD: 55.71%
• 1Y: 175.60%
• 3Y*: 45.15%
• 5Y*: 12.76%
• 10Y*: —

ELVA

• 1D: -9.63%
• 1M: -18.00%
• 6M: -13.15%
• YTD: -1.39%
• 1Y: 103.39%
• 3Y*: 15.02%
• 5Y*: 10.08%
• 10Y*: -5.77%

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

NEXA vs. ELVA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEXA Nexa Resources S.A.	55.71%	2.67%	23.25%	22.07%	-20.07%	-16.38%	28.63%	-28.32%	-37.43%	18.85%
ELVA Electrovaya Inc. Common Shares	-1.39%	218.55%	-18.95%	-17.30%	2.78%	-38.98%	686.67%	48.08%	-80.52%	-30.67%

Correlation

The correlation between NEXA and ELVA is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.11

The correlation between NEXA and ELVA shifts across timeframes, from 0.11 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NEXA : $1.83B ELVA : $385.66M
EPS NEXA : $1.59 ELVA : $0.11
PE Ratio NEXA : 8.69 ELVA : 72.49
PEG Ratio NEXA : 0.48 ELVA : 0.86
PS Ratio NEXA : 0.56 ELVA : 5.12
PB Ratio NEXA : 1.60 ELVA : 6.39
Total Revenue (TTM) NEXA : $3.24B ELVA : $70.74M
Gross Profit (TTM) NEXA : $733.72M ELVA : $22.01M
EBITDA (TTM) NEXA : $1.10B ELVA : $6.86M

Return for Risk

NEXA vs. ELVA — Risk / Return Rank

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

NEXA

NEXA Risk / Return Rank: 93
NEXA Sharpe Ratio Rank: 95
NEXA Sortino Ratio Rank: 90
NEXA Omega Ratio Rank: 91
NEXA Calmar Ratio Rank: 94
NEXA Martin Ratio Rank: 94

ELVA

ELVA Risk / Return Rank: 80
ELVA Sharpe Ratio Rank: 81
ELVA Sortino Ratio Rank: 80
ELVA Omega Ratio Rank: 78
ELVA Calmar Ratio Rank: 82
ELVA Martin Ratio Rank: 81

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.

NEXA vs. ELVA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nexa Resources S.A. (NEXA) and Electrovaya Inc. Common Shares (ELVA). 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.

	NEXA	ELVA	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.22	+1.37
Sortino ratio: Return per unit of downside risk	2.86	2.03	+0.83
Omega ratio: Gain probability vs. loss probability	1.39	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	4.74	2.34	+2.40
Martin ratio: Return relative to average drawdown	13.44	5.29	+8.15

NEXA vs. ELVA - Sharpe Ratio Comparison

The current NEXA Sharpe Ratio is 2.59, which is higher than the ELVA Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of NEXA and ELVA, 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

NEXA vs. ELVA - Drawdown Comparison

The maximum NEXA drawdown since its inception was -85.01%, smaller than the maximum ELVA drawdown of -96.90%. Use the drawdown chart below to compare losses from any high point for NEXA and ELVA.

Drawdown Indicators

	NEXA	ELVA	Difference
Max Drawdown Largest peak-to-trough decline	-85.01%	-96.90%	+11.89%
Max Drawdown (1Y) Largest decline over 1 year	-37.31%	-44.42%	+7.11%
Max Drawdown (3Y) Largest decline over 3 years	-47.02%	-63.86%	+16.84%
Max Drawdown (5Y) Largest decline over 5 years	-62.86%	-65.23%	+2.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-96.58%	—
Current Drawdown Current decline from peak	-17.58%	-51.63%	+34.05%
Average Drawdown Average peak-to-trough decline	-51.07%	-73.37%	+22.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.12%	19.62%	-6.50%

Volatility

NEXA vs. ELVA - Volatility Comparison

Nexa Resources S.A. (NEXA) has a higher volatility of 22.76% compared to Electrovaya Inc. Common Shares (ELVA) at 21.32%. This indicates that NEXA's price experiences larger fluctuations and is considered to be riskier than ELVA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEXA	ELVA	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.76%	21.32%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	60.89%	59.90%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	68.37%	85.33%	-16.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.11%	69.59%	-11.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.06%	84.39%	-24.33%

Dividends

NEXA vs. ELVA - Dividend Comparison

Neither NEXA nor ELVA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ELVA Electrovaya Inc. Common Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NEXA Nexa Resources S.A.	0.00%	1.14%	0.00%	2.64%	6.26%	3.36%	3.92%	6.46%	5.04%

Financials

NEXA vs. ELVA - Profitability Comparison

The chart below illustrates the profitability comparison between Nexa Resources S.A. and Electrovaya Inc. Common Shares over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NEXA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Nexa Resources S.A. reported a gross profit of 272.15M and revenue of 888.32M. Therefore, the gross margin over that period was 30.6%.

ELVA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Electrovaya Inc. Common Shares reported a gross profit of 5.51M and revenue of 17.80M. Therefore, the gross margin over that period was 31.0%.

NEXA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Nexa Resources S.A. reported an operating income of 218.06M and revenue of 888.32M, resulting in an operating margin of 24.6%.

ELVA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Electrovaya Inc. Common Shares reported an operating income of 1.52M and revenue of 17.80M, resulting in an operating margin of 8.5%.

NEXA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Nexa Resources S.A. reported a net income of 89.31M and revenue of 888.32M, resulting in a net margin of 10.1%.

ELVA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Electrovaya Inc. Common Shares reported a net income of 1.00M and revenue of 17.80M, resulting in a net margin of 5.6%.

Frequently Asked Questions

Can I hold both NEXA and ELVA in my portfolio?

NEXA and ELVA have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEXA or ELVA?

NEXA has higher volatility (22.76%) compared to ELVA (21.32%). In terms of maximum drawdown, NEXA dropped -85.01% vs ELVA's -96.90%.

Which has better risk-adjusted returns?

NEXA currently has the higher Sharpe Ratio (2.59 vs 1.22), 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.