OR vs. OPRA

Last updated Jul 11, 2026

OR (Osisko Gold Royalties Ltd) and OPRA (Opera Limited) are both stocks. OR operates in Gold (Basic Materials), while OPRA operates in Internet Content & Information (Communication Services). Over the past 5 years, OR returned 18.38%/yr vs 19.43%/yr for OPRA. At a 0.12 correlation, their price movements are largely independent.

Performance

OR vs. OPRA - Performance Comparison

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

Returns By Period

In the year-to-date period, OR achieves a -16.97% return, which is significantly lower than OPRA's 42.17% 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%

OPRA

• 1D: -0.52%
• 1M: 10.19%
• 6M: 45.48%
• YTD: 42.17%
• 1Y: 9.17%
• 3Y*: -4.32%
• 5Y*: 19.43%
• 10Y*: —

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

OR vs. OPRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
OR Osisko Gold Royalties Ltd	-16.97%	96.95%	28.14%	19.96%	0.02%	-2.01%	32.58%	12.20%	-8.26%
OPRA Opera Limited	42.17%	-22.08%	52.02%	140.60%	-10.91%	-22.67%	-1.30%	66.37%	-61.23%

Correlation

The correlation between OR and OPRA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018	0.12

Fundamentals

Market Cap OR : $5.49B OPRA : $1.72B
EPS OR : $1.34 OPRA : $1.26
PE Ratio OR : 21.81 OPRA : 15.23
PEG Ratio OR : 0.12 OPRA : 0.06
PS Ratio OR : 17.03 OPRA : 2.70
PB Ratio OR : 3.74 OPRA : 1.77
Total Revenue (TTM) OR : $325.18M OPRA : $647.66M
Gross Profit (TTM) OR : $275.03M OPRA : $378.92M
EBITDA (TTM) OR : $330.83M OPRA : $154.47M

Return for Risk

OR vs. OPRA — 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

OPRA

OPRA Risk / Return Rank: 46
OPRA Sharpe Ratio Rank: 47
OPRA Sortino Ratio Rank: 46
OPRA Omega Ratio Rank: 45
OPRA Calmar Ratio Rank: 47
OPRA Martin Ratio Rank: 46

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. OPRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osisko Gold Royalties Ltd (OR) and Opera Limited (OPRA). 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	OPRA	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.04	+0.18
Sortino ratio: Return per unit of downside risk	0.58	0.48	+0.10
Omega ratio: Gain probability vs. loss probability	1.08	1.05	+0.02
Calmar ratio: Return relative to maximum drawdown	0.26	0.05	+0.21
Martin ratio: Return relative to average drawdown	0.60	0.09	+0.51

OR vs. OPRA - Sharpe Ratio Comparison

The current OR Sharpe Ratio is 0.22, which is higher than the OPRA Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of OR and OPRA, 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. OPRA - Drawdown Comparison

The maximum OR drawdown since its inception was -61.90%, smaller than the maximum OPRA drawdown of -72.85%. Use the drawdown chart below to compare losses from any high point for OR and OPRA.

Drawdown Indicators

	OR	OPRA	Difference
Max Drawdown Largest peak-to-trough decline	-61.90%	-72.85%	+10.95%
Max Drawdown (1Y) Largest decline over 1 year	-38.54%	-41.28%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	-38.54%	-61.68%	+23.14%
Max Drawdown (5Y) Largest decline over 5 years	-38.54%	-61.97%	+23.43%
Max Drawdown (10Y) Largest decline over 10 years	-61.90%	—	—
Current Drawdown Current decline from peak	-38.43%	-19.94%	-18.49%
Average Drawdown Average peak-to-trough decline	-18.16%	-40.90%	+22.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.70%	23.37%	-6.67%

Volatility

OR vs. OPRA - Volatility Comparison

Osisko Gold Royalties Ltd (OR) has a higher volatility of 13.74% compared to Opera Limited (OPRA) at 10.70%. This indicates that OR's price experiences larger fluctuations and is considered to be riskier than OPRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OR	OPRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.74%	10.70%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	38.47%	39.68%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	45.74%	52.04%	-6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.04%	60.50%	-24.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.60%	64.11%	-25.51%

Dividends

OR vs. OPRA - Dividend Comparison

OR's dividend yield for the trailing twelve months is around 0.79%, less than OPRA's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
OPRA Opera Limited	4.17%	5.65%	4.22%	8.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Financials

OR vs. OPRA - Profitability Comparison

The chart below illustrates the profitability comparison between Osisko Gold Royalties Ltd and Opera Limited 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%.

OPRA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Opera Limited reported a gross profit of 111.02M and revenue of 175.77M. Therefore, the gross margin over that period was 63.2%.

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%.

OPRA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Opera Limited reported an operating income of 30.43M and revenue of 175.77M, resulting in an operating margin of 17.3%.

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%.

OPRA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Opera Limited reported a net income of 24.79M and revenue of 175.77M, resulting in a net margin of 14.1%.

Frequently Asked Questions

Can I hold both OR and OPRA in my portfolio?

OR and OPRA have a correlation of 0.20, 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 OPRA?

OR has higher volatility (13.74%) compared to OPRA (10.70%). In terms of maximum drawdown, OR dropped -61.90% vs OPRA's -72.85%.

Which has better risk-adjusted returns?

OR currently has the higher Sharpe Ratio (0.22 vs 0.04), 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.