NOA vs. CMI

Last updated Jun 4, 2026

NOA (North American Construction Group Ltd) and CMI (Cummins Inc.) are both stocks. NOA operates in Oil & Gas Equipment & Services (Energy), while CMI operates in Specialty Industrial Machinery (Industrials). Over the past 10 years, NOA returned 18.82%/yr vs 22.76%/yr for CMI. At a 0.32 correlation, their price movements are largely independent.

Performance

NOA vs. CMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North American Construction Group Ltd (NOA) and Cummins Inc. (CMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOA achieves a -4.60% return, which is significantly lower than CMI's 34.54% return. Over the past 10 years, NOA has underperformed CMI with an annualized return of 18.82%, while CMI has yielded a comparatively higher 22.76% annualized return.

NOA

• 1D: -1.98%
• 1M: -6.36%
• YTD: -4.60%
• 6M: -4.93%
• 1Y: -20.74%
• 3Y*: -8.50%
• 5Y*: 1.00%
• 10Y*: 18.82%

CMI

• 1D: 1.44%
• 1M: 4.22%
• YTD: 34.54%
• 6M: 35.24%
• 1Y: 113.66%
• 3Y*: 49.49%
• 5Y*: 23.76%
• 10Y*: 22.76%

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

NOA vs. CMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOA North American Construction Group Ltd	-4.60%	-31.98%	5.16%	58.49%	-9.78%	54.32%	-17.24%	37.27%	81.63%	30.91%
CMI Cummins Inc.	34.54%	49.36%	48.92%	1.72%	14.09%	-1.68%	30.50%	38.04%	-22.06%	32.74%

Correlation

The correlation between NOA and CMI is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 24, 2006	0.32

Fundamentals

Market Cap NOA : $385.95M CMI : $94.71B
EPS NOA : $1.09 CMI : $19.27
PE Ratio NOA : 12.38 CMI : 35.41
PS Ratio NOA : 0.33 CMI : 2.79
PB Ratio NOA : 0.81 CMI : 7.67
Total Revenue (TTM) NOA : $1.26B CMI : $33.89B
Gross Profit (TTM) NOA : $166.23M CMI : $8.60B
EBITDA (TTM) NOA : $324.24M CMI : $4.87B

Return for Risk

NOA vs. CMI — Risk / Return Rank

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

NOA

NOA Risk / Return Rank: 21
NOA Sharpe Ratio Rank: 23
NOA Sortino Ratio Rank: 26
NOA Omega Ratio Rank: 24
NOA Calmar Ratio Rank: 17
NOA Martin Ratio Rank: 17

CMI

CMI Risk / Return Rank: 95
CMI Sharpe Ratio Rank: 96
CMI Sortino Ratio Rank: 94
CMI Omega Ratio Rank: 94
CMI Calmar Ratio Rank: 95
CMI Martin Ratio Rank: 97

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.

NOA vs. CMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North American Construction Group Ltd (NOA) and Cummins Inc. (CMI). 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.

	NOA	CMI	Difference
Sharpe ratio Return per unit of total volatility	-0.41	3.51	-3.92
Sortino ratio Return per unit of downside risk	-0.21	3.99	-4.20
Omega ratio Gain probability vs. loss probability	0.96	1.55	-0.59
Calmar ratio Return relative to maximum drawdown	-0.64	7.51	-8.15
Martin ratio Return relative to average drawdown	-1.11	27.80	-28.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOA vs. CMI - Sharpe Ratio Comparison

The current NOA Sharpe Ratio is -0.41, which is lower than the CMI Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of NOA and CMI, 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

	NOA	CMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	3.51	-3.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.85	-0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.81	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.38	-0.38

Drawdowns

NOA vs. CMI - Drawdown Comparison

The maximum NOA drawdown since its inception was -93.59%, which is greater than CMI's maximum drawdown of -75.66%. Use the drawdown chart below to compare losses from any high point for NOA and CMI.

Drawdown Indicators

	NOA	CMI	Difference
Max Drawdown Largest peak-to-trough decline	-93.59%	-75.66%	-17.93%
Max Drawdown (1Y) Largest decline over 1 year	-32.31%	-15.23%	-17.08%
Max Drawdown (3Y) Largest decline over 3 years	-50.67%	-30.48%	-20.19%
Max Drawdown (5Y) Largest decline over 5 years	-50.67%	-30.48%	-20.19%
Max Drawdown (10Y) Largest decline over 10 years	-68.41%	-44.05%	-24.36%
Current Drawdown Current decline from peak	-44.11%	-4.46%	-39.65%
Average Drawdown Average peak-to-trough decline	-55.69%	-22.23%	-33.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.70%	4.10%	+14.60%

Volatility

NOA vs. CMI - Volatility Comparison

North American Construction Group Ltd (NOA) and Cummins Inc. (CMI) have volatilities of 13.10% and 13.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOA	CMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.10%	13.65%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	40.85%	27.38%	+13.47%
Volatility (1Y) Calculated over the trailing 1-year period	50.80%	32.60%	+18.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.32%	27.97%	+14.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.95%	28.22%	+17.73%

Dividends

NOA vs. CMI - Dividend Comparison

NOA's dividend yield for the trailing twelve months is around 3.20%, more than CMI's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMI Cummins Inc.	1.17%	1.50%	2.01%	2.71%	2.49%	2.57%	2.33%	2.74%	3.32%	2.38%	2.93%	3.99%
NOA North American Construction Group Ltd	3.20%	2.39%	1.42%	1.54%	1.84%	0.85%	1.21%	0.74%	0.73%	1.62%	2.08%	4.62%

Financials

NOA vs. CMI - Profitability Comparison

The chart below illustrates the profitability comparison between North American Construction Group Ltd and Cummins Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NOA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, North American Construction Group Ltd reported a gross profit of 42.36M and revenue of 320.04M. Therefore, the gross margin over that period was 13.2%.

CMI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cummins Inc. reported a gross profit of 2.24B and revenue of 8.40B. Therefore, the gross margin over that period was 26.7%.

NOA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, North American Construction Group Ltd reported an operating income of 21.87M and revenue of 320.04M, resulting in an operating margin of 6.8%.

CMI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cummins Inc. reported an operating income of 949.00M and revenue of 8.40B, resulting in an operating margin of 11.3%.

NOA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, North American Construction Group Ltd reported a net income of 5.57M and revenue of 320.04M, resulting in a net margin of 1.7%.

CMI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cummins Inc. reported a net income of 654.00M and revenue of 8.40B, resulting in a net margin of 7.8%.

Frequently Asked Questions

Can I hold both NOA and CMI in my portfolio?

NOA and CMI have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOA or CMI?

CMI has higher volatility (13.65%) compared to NOA (13.10%). In terms of maximum drawdown, NOA dropped -93.59% vs CMI's -75.66%.

Which has better risk-adjusted returns?

CMI currently has the higher Sharpe Ratio (3.51 vs -0.41), 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.