NMM vs. FRO
NMM (Navios Maritime Partners L.P.) and FRO (Frontline Ltd.) are both stocks. NMM operates in Marine Shipping (Industrials), while FRO operates in Oil & Gas Midstream (Energy). Over the past 10 years, NMM returned 16.52%/yr vs 26.31%/yr for FRO. At a 0.35 correlation, their price movements are largely independent.
Performance
NMM vs. FRO - Performance Comparison
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Returns By Period
In the year-to-date period, NMM achieves a 37.24% return, which is significantly lower than FRO's 105.17% return. Over the past 10 years, NMM has underperformed FRO with an annualized return of 16.52%, while FRO has yielded a comparatively higher 26.31% annualized return.
NMM
- 1D
- 2.39%
- 1M
- -3.60%
- YTD
- 37.24%
- 6M
- 41.09%
- 1Y
- 80.19%
- 3Y*
- 51.46%
- 5Y*
- 21.51%
- 10Y*
- 16.52%
FRO
- 1D
- 1.59%
- 1M
- 16.89%
- YTD
- 105.17%
- 6M
- 104.98%
- 1Y
- 141.62%
- 3Y*
- 56.36%
- 5Y*
- 48.00%
- 10Y*
- 26.31%
NMM vs. FRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMM Navios Maritime Partners L.P. | 37.24% | 21.68% | 55.59% | 8.61% | 4.18% | 125.91% | -34.68% | 57.42% | -62.79% | 67.38% |
FRO Frontline Ltd. | 105.17% | 61.17% | -22.48% | 96.23% | 73.67% | 13.67% | -41.47% | 134.59% | 20.48% | -32.17% |
Correlation
The correlation between NMM and FRO is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2007 | 0.35 |
Over the past year, NMM and FRO have become more correlated (0.61) than their long-term average of 0.35, meaning their price movements have been converging.
Fundamentals
NMM:
$2.10B
FRO:
$9.26B
NMM:
$11.86
FRO:
$4.06
NMM:
6.06
FRO:
10.23
NMM:
1.51
FRO:
4.11
NMM:
0.61
FRO:
3.26
NMM:
$1.40B
FRO:
$2.25B
NMM:
$919.38M
FRO:
$933.72M
NMM:
$708.29M
FRO:
$1.21B
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Return for Risk
NMM vs. FRO — Risk / Return Rank
NMM
FRO
NMM vs. FRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Navios Maritime Partners L.P. (NMM) and Frontline Ltd. (FRO). 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.
| NMM | FRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.45 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.31 | 6.65 | -2.34 |
| Martin ratioReturn relative to average drawdown | 15.61 | 18.91 | -3.30 |
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Drawdowns
NMM vs. FRO - Drawdown Comparison
The maximum NMM drawdown since its inception was -98.13%, roughly equal to the maximum FRO drawdown of -98.36%. Use the drawdown chart below to compare losses from any high point for NMM and FRO.
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Drawdown Indicators
| NMM | FRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.13% | -98.36% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -18.69% | -21.41% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -52.04% | -1.71% |
Max Drawdown (5Y)Largest decline over 5 years | -53.75% | -52.04% | -1.71% |
Max Drawdown (10Y)Largest decline over 10 years | -87.93% | -52.04% | -35.89% |
Current DrawdownCurrent decline from peak | -64.61% | -68.05% | +3.44% |
Average DrawdownAverage peak-to-trough decline | -58.84% | -67.84% | +9.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.22% | 7.60% | -2.38% |
Volatility
NMM vs. FRO - Volatility Comparison
The current volatility for Navios Maritime Partners L.P. (NMM) is 8.49%, while Frontline Ltd. (FRO) has a volatility of 13.58%. This indicates that NMM experiences smaller price fluctuations and is considered to be less risky than FRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMM | FRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.49% | 13.58% | -5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 25.72% | 32.28% | -6.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.35% | 42.18% | -9.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.89% | 49.54% | -7.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.79% | 51.13% | +3.66% |
Dividends
NMM vs. FRO - Dividend Comparison
NMM's dividend yield for the trailing twelve months is around 0.29%, less than FRO's 7.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRO Frontline Ltd. | 7.53% | 4.26% | 13.74% | 14.31% | 1.24% | 0.00% | 25.72% | 0.78% | 0.00% | 6.54% | 19.83% | 1.67% |
NMM Navios Maritime Partners L.P. | 0.29% | 0.38% | 0.46% | 0.72% | 0.77% | 0.80% | 6.25% | 6.44% | 7.06% | 0.00% | 0.00% | 50.99% |
Financials
NMM vs. FRO - Financials Comparison
This section allows you to compare key financial metrics between Navios Maritime Partners L.P. and Frontline Ltd.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NMM vs. FRO - Profitability Comparison
NMM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Navios Maritime Partners L.P. reported a gross profit of 244.43M and revenue of 357.01M. Therefore, the gross margin over that period was 68.5%.
FRO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported a gross profit of 395.96M and revenue of 714.24M. Therefore, the gross margin over that period was 55.4%.
NMM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Navios Maritime Partners L.P. reported an operating income of 125.60M and revenue of 357.01M, resulting in an operating margin of 35.2%.
FRO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported an operating income of 370.04M and revenue of 714.24M, resulting in an operating margin of 51.8%.
NMM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Navios Maritime Partners L.P. reported a net income of 106.34M and revenue of 357.01M, resulting in a net margin of 29.8%.
FRO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported a net income of 559.12M and revenue of 714.24M, resulting in a net margin of 78.3%.
Frequently Asked Questions
NMM and FRO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRO has higher volatility (13.58%) compared to NMM (8.49%). In terms of maximum drawdown, NMM dropped -98.13% vs FRO's -98.36%.
FRO currently has the higher Sharpe Ratio (3.38 vs 2.50), 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.
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