NGEX.TO vs. AEM

Last updated Jun 13, 2026

NGEX.TO (NGEx Minerals Ltd) and AEM (Agnico Eagle Mines Limited) are both stocks. Both are in the Basic Materials sector — NGEX.TO in Other Industrial Metals & Mining, AEM in Gold. Over the past 5 years, NGEX.TO returned 106.42%/yr vs 24.34%/yr for AEM. At a 0.23 correlation, their price movements are largely independent.

Performance

NGEX.TO vs. AEM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in NGEx Minerals Ltd (NGEX.TO) and Agnico Eagle Mines Limited (AEM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NGEX.TO is traded in CAD, while AEM is traded in USD. To make them comparable, the AEM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, NGEX.TO achieves a 3.95% return, which is significantly higher than AEM's -1.60% return.

NGEX.TO

• 1D: 6.87%
• 1M: -10.46%
• YTD: 3.95%
• 6M: 6.06%
• 1Y: 75.53%
• 3Y*: 58.44%
• 5Y*: 106.42%
• 10Y*: —

AEM

• 1D: 3.39%
• 1M: -15.04%
• YTD: -1.60%
• 6M: -1.45%
• 1Y: 37.62%
• 3Y*: 53.24%
• 5Y*: 24.34%
• 10Y*: 15.70%

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

NGEX.TO vs. AEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NGEX.TO NGEx Minerals Ltd	3.95%	90.90%	87.29%	132.47%	66.49%	255.77%	35.06%	-41.67%
AEM Agnico Eagle Mines Limited	-1.60%	109.51%	58.40%	6.39%	7.48%	-22.85%	14.60%	4.21%

Correlation

The correlation between NGEX.TO and AEM is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Aug 20, 2019	0.23

Over the past year, NGEX.TO and AEM have become more correlated (0.57) than their long-term average of 0.23, meaning their price movements have been converging.

Fundamentals

Market Cap NGEX.TO : CA$5.77B AEM : $81.60B
EPS NGEX.TO : -CA$0.63 AEM : $10.60
PB Ratio NGEX.TO : 9.07 AEM : 3.11
Total Revenue (TTM) NGEX.TO : CA$0.00 AEM : $13.51B
Gross Profit (TTM) NGEX.TO : -CA$36.44K AEM : $8.28B
EBITDA (TTM) NGEX.TO : -CA$134.74M AEM : $9.72B

Return for Risk

NGEX.TO vs. AEM — Risk / Return Rank

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

NGEX.TO

NGEX.TO Risk / Return Rank: 77
NGEX.TO Sharpe Ratio Rank: 80
NGEX.TO Sortino Ratio Rank: 72
NGEX.TO Omega Ratio Rank: 74
NGEX.TO Calmar Ratio Rank: 80
NGEX.TO Martin Ratio Rank: 80

AEM

AEM Risk / Return Rank: 64
AEM Sharpe Ratio Rank: 69
AEM Sortino Ratio Rank: 61
AEM Omega Ratio Rank: 62
AEM Calmar Ratio Rank: 61
AEM Martin Ratio Rank: 65

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.

NGEX.TO vs. AEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NGEx Minerals Ltd (NGEX.TO) 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.

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.

	NGEX.TO	AEM	Difference
Sharpe ratio: Return per unit of total volatility	1.30	0.86	+0.44
Sortino ratio: Return per unit of downside risk	1.77	1.29	+0.48
Omega ratio: Gain probability vs. loss probability	1.24	1.17	+0.07
Calmar ratio: Return relative to maximum drawdown	2.48	0.99	+1.49
Martin ratio: Return relative to average drawdown	6.16	2.74	+3.42

NGEX.TO vs. AEM - Sharpe Ratio Comparison

The current NGEX.TO Sharpe Ratio is 1.30, which is higher than the AEM Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of NGEX.TO and AEM, 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

NGEX.TO vs. AEM - Drawdown Comparison

The maximum NGEX.TO drawdown since its inception was -66.75%, roughly equal to the maximum AEM drawdown of -70.00%. Use the drawdown chart below to compare losses from any high point for NGEX.TO and AEM.

Drawdown Indicators

	NGEX.TO	AEM	Difference
Max Drawdown Largest peak-to-trough decline	-66.75%	-70.00%	+3.25%
Max Drawdown (1Y) Largest decline over 1 year	-30.62%	-38.12%	+7.50%
Max Drawdown (3Y) Largest decline over 3 years	-30.62%	-38.12%	+7.50%
Max Drawdown (5Y) Largest decline over 5 years	-66.75%	-40.73%	-26.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.11%	—
Current Drawdown Current decline from peak	-16.43%	-33.84%	+17.41%
Average Drawdown Average peak-to-trough decline	-18.77%	-26.81%	+8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.31%	13.77%	-1.46%

Volatility

NGEX.TO vs. AEM - Volatility Comparison

NGEx Minerals Ltd (NGEX.TO) has a higher volatility of 26.53% compared to Agnico Eagle Mines Limited (AEM) at 15.43%. This indicates that NGEX.TO'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

	NGEX.TO	AEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.53%	15.43%	+11.10%
Volatility (6M) Calculated over the trailing 6-month period	45.97%	36.14%	+9.83%
Volatility (1Y) Calculated over the trailing 1-year period	58.36%	44.15%	+14.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.92%	37.46%	+25.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.85%	37.92%	+33.93%

Dividends

NGEX.TO vs. AEM - Dividend Comparison

NGEX.TO has not paid dividends to shareholders, while AEM's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM Agnico Eagle Mines Limited	1.05%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%
NGEX.TO NGEx 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 NGEX.TO and AEM in my portfolio?

NGEX.TO and AEM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.