NGD vs. AEM

Last updated Apr 1, 2026

Compare and contrast key facts about New Gold Inc. (NGD) and Agnico Eagle Mines Limited (AEM).

Performance

NGD vs. AEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in New Gold Inc. (NGD) and Agnico Eagle Mines Limited (AEM). The values are adjusted to include any dividend payments, if applicable.

NGD vs. AEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGD New Gold Inc.	4.25%	251.21%	69.86%	48.98%	-34.67%	-31.51%	148.86%	16.28%	-77.00%	-6.00%
AEM Agnico Eagle Mines Limited	19.95%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%

Fundamentals

Market Cap NGD : $7.24B AEM : $102.04B
EPS NGD : $0.31 AEM : $8.83
PE Ratio NGD : 29.23 AEM : 22.98
PEG Ratio NGD : 0.07 AEM : 0.36
PS Ratio NGD : 5.89 AEM : 8.61
PB Ratio NGD : 5.85 AEM : 4.12
Total Revenue (TTM) NGD : $1.23B AEM : $11.87B
Gross Profit (TTM) NGD : $508.36M AEM : $6.80B
EBITDA (TTM) NGD : $589.77M AEM : $8.35B

Returns By Period

In the year-to-date period, NGD achieves a 4.25% return, which is significantly lower than AEM's 19.95% return. Over the past 10 years, NGD has underperformed AEM with an annualized return of 9.02%, while AEM has yielded a comparatively higher 20.98% annualized return.

NGD

• 1D: 0.00%
• 1M: -32.34%
• YTD: 4.25%
• 6M: 26.46%
• 1Y: 144.74%
• 3Y*: 114.42%
• 5Y*: 38.53%
• 10Y*: 9.02%

AEM

• 1D: 5.80%
• 1M: -19.18%
• YTD: 19.95%
• 6M: 20.91%
• 1Y: 89.16%
• 3Y*: 61.82%
• 5Y*: 30.88%
• 10Y*: 20.98%

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

Return for Risk

NGD vs. AEM — Risk / Return Rank

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

NGD

NGD Risk / Return Rank: 94
NGD Sharpe Ratio Rank: 96
NGD Sortino Ratio Rank: 91
NGD Omega Ratio Rank: 92
NGD Calmar Ratio Rank: 94
NGD Martin Ratio Rank: 96

AEM

AEM Risk / Return Rank: 88
AEM Sharpe Ratio Rank: 91
AEM Sortino Ratio Rank: 85
AEM Omega Ratio Rank: 86
AEM Calmar Ratio Rank: 87
AEM Martin Ratio Rank: 91

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.

NGD vs. AEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Gold Inc. (NGD) and Agnico Eagle Mines Limited (AEM). 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.

	NGD	AEM	Difference
Sharpe ratio Return per unit of total volatility	2.74	2.04	+0.70
Sortino ratio Return per unit of downside risk	2.86	2.33	+0.53
Omega ratio Gain probability vs. loss probability	1.41	1.33	+0.08
Calmar ratio Return relative to maximum drawdown	5.21	3.14	+2.07
Martin ratio Return relative to average drawdown	19.02	10.90	+8.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NGD vs. AEM - Sharpe Ratio Comparison

The current NGD Sharpe Ratio is 2.74, which is higher than the AEM Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of NGD and AEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NGD	AEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	2.04	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.85	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.56	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.18	-0.15

Correlation

The correlation between NGD and AEM is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NGD vs. AEM - Dividend Comparison

NGD has not paid dividends to shareholders, while AEM's dividend yield for the trailing twelve months is around 0.81%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGD New Gold Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
AEM Agnico Eagle Mines Limited	0.81%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%

Drawdowns

NGD vs. AEM - Drawdown Comparison

The maximum NGD drawdown since its inception was -96.73%, which is greater than AEM's maximum drawdown of -90.49%. Use the drawdown chart below to compare losses from any high point for NGD and AEM.

Drawdown Indicators

	NGD	AEM	Difference
Max Drawdown Largest peak-to-trough decline	-96.73%	-90.49%	-6.24%
Max Drawdown (1Y) Largest decline over 1 year	-32.34%	-28.97%	-3.37%
Max Drawdown (5Y) Largest decline over 5 years	-71.98%	-46.76%	-25.22%
Max Drawdown (10Y) Largest decline over 10 years	-92.26%	-53.86%	-38.40%
Current Drawdown Current decline from peak	-35.37%	-19.51%	-15.86%
Average Drawdown Average peak-to-trough decline	-62.74%	-46.76%	-15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.87%	8.35%	+0.52%

Volatility

NGD vs. AEM - Volatility Comparison

New Gold Inc. (NGD) has a higher volatility of 20.12% compared to Agnico Eagle Mines Limited (AEM) at 16.46%. This indicates that NGD's price experiences larger fluctuations and is considered to be riskier than AEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGD	AEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.12%	16.46%	+3.66%
Volatility (6M) Calculated over the trailing 6-month period	50.95%	35.61%	+15.34%
Volatility (1Y) Calculated over the trailing 1-year period	63.46%	43.99%	+19.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.32%	36.39%	+25.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.34%	37.45%	+27.89%

Financials

NGD vs. AEM - Profitability Comparison

The chart below illustrates the profitability comparison between New Gold Inc. and Agnico Eagle Mines Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NGD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, New Gold Inc. reported a gross profit of 235.36M and revenue of 448.87M. Therefore, the gross margin over that period was 52.4%.

AEM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported a gross profit of 2.20B and revenue of 3.56B. Therefore, the gross margin over that period was 61.7%.

NGD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, New Gold Inc. reported an operating income of 220.92M and revenue of 448.87M, resulting in an operating margin of 49.2%.

AEM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported an operating income of 1.99B and revenue of 3.56B, resulting in an operating margin of 55.9%.

NGD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, New Gold Inc. reported a net income of 140.72M and revenue of 448.87M, resulting in a net margin of 31.4%.

AEM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported a net income of 1.52B and revenue of 3.56B, resulting in a net margin of 42.7%.