OR vs. HL

Last updated Jul 11, 2026

OR (Osisko Gold Royalties Ltd) and HL (Hecla Mining Company) are both stocks. Both are in the Basic Materials sector — OR in Gold, HL in Other Precious Metals & Mining. Over the past 10 years, OR returned 9.90%/yr vs 10.98%/yr for HL. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

OR vs. HL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osisko Gold Royalties Ltd (OR) and Hecla Mining Company (HL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with OR having a -16.97% return and HL slightly lower at -17.53%. Over the past 10 years, OR has underperformed HL with an annualized return of 9.90%, while HL has yielded a comparatively higher 10.98% annualized return.

OR

• 1D: -1.58%
• 1M: -10.39%
• 6M: -23.87%
• YTD: -16.97%
• 1Y: 5.75%
• 3Y*: 28.20%
• 5Y*: 18.38%
• 10Y*: 9.90%

HL

• 1D: 0.19%
• 1M: 5.54%
• 6M: -29.50%
• YTD: -17.53%
• 1Y: 150.61%
• 3Y*: 44.14%
• 5Y*: 17.81%
• 10Y*: 10.98%

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

OR vs. HL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OR Osisko Gold Royalties Ltd	-16.97%	96.95%	28.14%	19.96%	0.02%	-2.01%	32.58%	12.20%	-22.72%	20.74%
HL Hecla Mining Company	-17.53%	291.70%	2.82%	-12.93%	6.99%	-18.97%	91.83%	44.43%	-40.37%	-24.08%

Correlation

The correlation between OR and HL is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.65

The correlation between OR and HL has been stable across timeframes, ranging from 0.65 to 0.71 - a consistent structural relationship.

Fundamentals

Market Cap OR : $5.49B HL : $10.61B
EPS OR : $1.34 HL : $0.83
PE Ratio OR : 21.81 HL : 19.05
PEG Ratio OR : 0.12 HL : 0.08
PS Ratio OR : 17.03 HL : 6.77
PB Ratio OR : 3.74 HL : 4.15
Total Revenue (TTM) OR : $325.18M HL : $1.57B
Gross Profit (TTM) OR : $275.03M HL : $788.95M
EBITDA (TTM) OR : $330.83M HL : $864.40M

Return for Risk

OR vs. HL — Risk / Return Rank

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

OR

OR Risk / Return Rank: 52
OR Sharpe Ratio Rank: 53
OR Sortino Ratio Rank: 49
OR Omega Ratio Rank: 50
OR Calmar Ratio Rank: 52
OR Martin Ratio Rank: 53

HL

HL Risk / Return Rank: 88
HL Sharpe Ratio Rank: 94
HL Sortino Ratio Rank: 89
HL Omega Ratio Rank: 87
HL Calmar Ratio Rank: 87
HL Martin Ratio Rank: 83

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.

OR vs. HL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osisko Gold Royalties Ltd (OR) and Hecla Mining Company (HL). 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.

	OR	HL	Difference
Sharpe ratio: Return per unit of total volatility	0.22	2.32	-2.10
Sortino ratio: Return per unit of downside risk	0.58	2.73	-2.15
Omega ratio: Gain probability vs. loss probability	1.08	1.33	-0.26
Calmar ratio: Return relative to maximum drawdown	0.26	3.05	-2.79
Martin ratio: Return relative to average drawdown	0.60	6.03	-5.44

OR vs. HL - Sharpe Ratio Comparison

The current OR Sharpe Ratio is 0.22, which is lower than the HL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of OR and HL, 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

OR vs. HL - Drawdown Comparison

The maximum OR drawdown since its inception was -61.90%, smaller than the maximum HL drawdown of -97.92%. Use the drawdown chart below to compare losses from any high point for OR and HL.

Drawdown Indicators

	OR	HL	Difference
Max Drawdown Largest peak-to-trough decline	-61.90%	-97.92%	+36.02%
Max Drawdown (1Y) Largest decline over 1 year	-38.54%	-55.81%	+17.27%
Max Drawdown (3Y) Largest decline over 3 years	-38.54%	-55.81%	+17.27%
Max Drawdown (5Y) Largest decline over 5 years	-38.54%	-55.81%	+17.27%
Max Drawdown (10Y) Largest decline over 10 years	-61.90%	-82.45%	+20.55%
Current Drawdown Current decline from peak	-38.43%	-50.25%	+11.82%
Average Drawdown Average peak-to-trough decline	-18.16%	-69.90%	+51.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.70%	28.11%	-11.41%

Volatility

OR vs. HL - Volatility Comparison

The current volatility for Osisko Gold Royalties Ltd (OR) is 13.74%, while Hecla Mining Company (HL) has a volatility of 17.79%. This indicates that OR experiences smaller price fluctuations and is considered to be less risky than HL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OR	HL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.74%	17.79%	-4.05%
Volatility (6M) Calculated over the trailing 6-month period	38.47%	53.33%	-14.86%
Volatility (1Y) Calculated over the trailing 1-year period	45.74%	73.28%	-27.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.04%	59.43%	-23.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.60%	62.82%	-24.22%

Dividends

OR vs. HL - Dividend Comparison

OR's dividend yield for the trailing twelve months is around 0.79%, more than HL's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HL Hecla Mining Company	0.09%	0.08%	0.81%	0.65%	0.40%	0.72%	0.25%	0.29%	0.42%	0.25%	0.19%	0.53%
OR Osisko Gold Royalties Ltd	0.79%	0.59%	1.02%	1.34%	1.38%	1.37%	1.18%	1.56%	1.72%	1.56%	1.65%	0.00%

Financials

OR vs. HL - Profitability Comparison

The chart below illustrates the profitability comparison between Osisko Gold Royalties Ltd and Hecla Mining Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

OR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Osisko Gold Royalties Ltd reported a gross profit of 87.28M and revenue of 101.41M. Therefore, the gross margin over that period was 86.1%.

HL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Hecla Mining Company reported a gross profit of 253.26M and revenue of 411.43M. Therefore, the gross margin over that period was 61.6%.

OR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Osisko Gold Royalties Ltd reported an operating income of 79.13M and revenue of 101.41M, resulting in an operating margin of 78.0%.

HL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Hecla Mining Company reported an operating income of 223.11M and revenue of 411.43M, resulting in an operating margin of 54.2%.

OR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Osisko Gold Royalties Ltd reported a net income of 72.56M and revenue of 101.41M, resulting in a net margin of 71.6%.

HL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Hecla Mining Company reported a net income of 266.45M and revenue of 411.43M, resulting in a net margin of 64.8%.

Frequently Asked Questions

Can I hold both OR and HL in my portfolio?

OR and HL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OR or HL?

HL has higher volatility (17.79%) compared to OR (13.74%). In terms of maximum drawdown, OR dropped -61.90% vs HL's -97.92%.

Which has better risk-adjusted returns?

HL currently has the higher Sharpe Ratio (2.32 vs 0.22), 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.