NEXT vs. FSM

Last updated Jun 9, 2026

NEXT (NextDecade Corporation) and FSM (Fortuna Silver Mines Inc.) are both stocks. NEXT operates in Oil & Gas E&P (Energy), while FSM operates in Silver (Basic Materials). Over the past 10 years, NEXT returned -1.63%/yr vs 3.04%/yr for FSM. At a 0.08 correlation, their price movements are largely independent.

Performance

NEXT vs. FSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NextDecade Corporation (NEXT) and Fortuna Silver Mines Inc. (FSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEXT achieves a 60.53% return, which is significantly higher than FSM's -10.60% return. Over the past 10 years, NEXT has underperformed FSM with an annualized return of -1.63%, while FSM has yielded a comparatively higher 3.04% annualized return.

NEXT

• 1D: -0.82%
• 1M: 11.90%
• YTD: 60.53%
• 6M: 31.78%
• 1Y: 1.81%
• 3Y*: 11.28%
• 5Y*: 14.12%
• 10Y*: -1.63%

FSM

• 1D: 0.92%
• 1M: -18.49%
• YTD: -10.60%
• 6M: -4.88%
• 1Y: 23.00%
• 3Y*: 35.95%
• 5Y*: 5.60%
• 10Y*: 3.04%

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

NEXT vs. FSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEXT NextDecade Corporation	60.53%	-31.65%	61.64%	-3.44%	73.33%	36.36%	-65.96%	13.70%	-35.10%	-17.79%
FSM Fortuna Silver Mines Inc.	-10.60%	128.67%	11.14%	2.93%	-3.85%	-52.67%	101.96%	12.09%	-30.27%	-7.61%

Correlation

The correlation between NEXT and FSM is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015	0.08

The correlation between NEXT and FSM shifts across timeframes, from -0.12 (1 year) to 0.14 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NEXT : $2.24B FSM : $2.92B
EPS NEXT : -$1.35 FSM : $1.06
Total Revenue (TTM) NEXT : $0.00 FSM : $1.10B
Gross Profit (TTM) NEXT : -$15.67M FSM : $598.05M
EBITDA (TTM) NEXT : -$271.66M FSM : $743.42M

Return for Risk

NEXT vs. FSM — Risk / Return Rank

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

NEXT

NEXT Risk / Return Rank: 43
NEXT Sharpe Ratio Rank: 44
NEXT Sortino Ratio Rank: 43
NEXT Omega Ratio Rank: 43
NEXT Calmar Ratio Rank: 43
NEXT Martin Ratio Rank: 42

FSM

FSM Risk / Return Rank: 55
FSM Sharpe Ratio Rank: 56
FSM Sortino Ratio Rank: 53
FSM Omega Ratio Rank: 53
FSM Calmar Ratio Rank: 57
FSM Martin Ratio Rank: 58

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.

NEXT vs. FSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NextDecade Corporation (NEXT) and Fortuna Silver Mines Inc. (FSM). 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.

	NEXT	FSM	Difference
Sharpe ratio: Return per unit of total volatility	0.03	0.41	-0.38
Sortino ratio: Return per unit of downside risk	0.51	0.91	-0.40
Omega ratio: Gain probability vs. loss probability	1.06	1.12	-0.05
Calmar ratio: Return relative to maximum drawdown	0.03	0.62	-0.59
Martin ratio: Return relative to average drawdown	0.04	1.51	-1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEXT vs. FSM - Sharpe Ratio Comparison

The current NEXT Sharpe Ratio is 0.03, which is lower than the FSM Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of NEXT and FSM, 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

	NEXT	FSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	0.41	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.10	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.05	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.13	-0.14

Drawdowns

NEXT vs. FSM - Drawdown Comparison

The maximum NEXT drawdown since its inception was -88.79%, roughly equal to the maximum FSM drawdown of -92.25%. Use the drawdown chart below to compare losses from any high point for NEXT and FSM.

Drawdown Indicators

	NEXT	FSM	Difference
Max Drawdown Largest peak-to-trough decline	-88.79%	-92.25%	+3.46%
Max Drawdown (1Y) Largest decline over 1 year	-60.00%	-37.26%	-22.74%
Max Drawdown (3Y) Largest decline over 3 years	-60.00%	-37.26%	-22.74%
Max Drawdown (5Y) Largest decline over 5 years	-60.00%	-69.35%	+9.35%
Max Drawdown (10Y) Largest decline over 10 years	-88.79%	-81.07%	-7.72%
Current Drawdown Current decline from peak	-29.50%	-35.80%	+6.30%
Average Drawdown Average peak-to-trough decline	-39.04%	-45.17%	+6.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.88%	15.37%	+25.51%

Volatility

NEXT vs. FSM - Volatility Comparison

The current volatility for NextDecade Corporation (NEXT) is 14.18%, while Fortuna Silver Mines Inc. (FSM) has a volatility of 15.57%. This indicates that NEXT experiences smaller price fluctuations and is considered to be less risky than FSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEXT	FSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.18%	15.57%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	46.34%	44.86%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	63.74%	57.05%	+6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.46%	57.36%	+19.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.06%	59.44%	+27.62%

Dividends

NEXT vs. FSM - Dividend Comparison

Neither NEXT nor FSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NEXT and FSM in my portfolio?

NEXT and FSM have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEXT or FSM?

FSM has higher volatility (15.57%) compared to NEXT (14.18%). In terms of maximum drawdown, NEXT dropped -88.79% vs FSM's -92.25%.

Which has better risk-adjusted returns?

FSM currently has the higher Sharpe Ratio (0.41 vs 0.03), 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.