RGLD vs. SHOP

Last updated Jun 13, 2026

RGLD (Royal Gold, Inc.) and SHOP (Shopify Inc.) are both stocks. RGLD operates in Gold (Basic Materials), while SHOP operates in Software - Application (Technology). Over the past 10 years, RGLD returned 13.61%/yr vs 43.59%/yr for SHOP. At a 0.13 correlation, their price movements are largely independent.

Performance

RGLD vs. SHOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royal Gold, Inc. (RGLD) and Shopify Inc. (SHOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RGLD achieves a -6.25% return, which is significantly higher than SHOP's -32.76% return. Over the past 10 years, RGLD has underperformed SHOP with an annualized return of 13.61%, while SHOP has yielded a comparatively higher 43.59% annualized return.

RGLD

• 1D: 1.47%
• 1M: -15.27%
• YTD: -6.25%
• 6M: -4.74%
• 1Y: 16.96%
• 3Y*: 21.73%
• 5Y*: 12.37%
• 10Y*: 13.61%

SHOP

• 1D: -2.02%
• 1M: 13.46%
• YTD: -32.76%
• 6M: -34.08%
• 1Y: -0.89%
• 3Y*: 19.24%
• 5Y*: -2.79%
• 10Y*: 43.59%

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

RGLD vs. SHOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RGLD Royal Gold, Inc.	-6.25%	70.43%	10.39%	8.70%	8.51%	0.04%	-12.13%	44.27%	5.53%	31.32%
SHOP Shopify Inc.	-32.76%	51.39%	36.50%	124.43%	-74.80%	21.68%	184.71%	187.17%	37.08%	135.60%

Correlation

The correlation between RGLD and SHOP is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 21, 2015	0.13

Fundamentals

Market Cap RGLD : $17.65B SHOP : $141.08B
EPS RGLD : $8.53 SHOP : $1.02
PE Ratio RGLD : 24.34 SHOP : 106.25
PEG Ratio RGLD : 1.66 SHOP : 0.20
PS Ratio RGLD : 11.81 SHOP : 15.39
PB Ratio RGLD : 2.38 SHOP : 11.29
Total Revenue (TTM) RGLD : $1.31B SHOP : $9.20B
Gross Profit (TTM) RGLD : $579.68M SHOP : $5.93B
EBITDA (TTM) RGLD : $949.59M SHOP : $1.60B

Return for Risk

RGLD vs. SHOP — Risk / Return Rank

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

RGLD

RGLD Risk / Return Rank: 54
RGLD Sharpe Ratio Rank: 58
RGLD Sortino Ratio Rank: 52
RGLD Omega Ratio Rank: 52
RGLD Calmar Ratio Rank: 54
RGLD Martin Ratio Rank: 56

SHOP

SHOP Risk / Return Rank: 42
SHOP Sharpe Ratio Rank: 42
SHOP Sortino Ratio Rank: 41
SHOP Omega Ratio Rank: 41
SHOP Calmar Ratio Rank: 42
SHOP Martin Ratio Rank: 42

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.

RGLD vs. SHOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Gold, Inc. (RGLD) and Shopify Inc. (SHOP). 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.

	RGLD	SHOP	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.02	+0.45
Sortino ratio: Return per unit of downside risk	0.81	0.39	+0.43
Omega ratio: Gain probability vs. loss probability	1.11	1.05	+0.06
Calmar ratio: Return relative to maximum drawdown	0.48	-0.02	+0.50
Martin ratio: Return relative to average drawdown	1.27	-0.04	+1.31

RGLD vs. SHOP - Sharpe Ratio Comparison

The current RGLD Sharpe Ratio is 0.43, which is higher than the SHOP Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of RGLD and SHOP, 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

RGLD vs. SHOP - Drawdown Comparison

The maximum RGLD drawdown since its inception was -98.29%, which is greater than SHOP's maximum drawdown of -84.82%. Use the drawdown chart below to compare losses from any high point for RGLD and SHOP.

Drawdown Indicators

	RGLD	SHOP	Difference
Max Drawdown Largest peak-to-trough decline	-98.29%	-84.82%	-13.47%
Max Drawdown (1Y) Largest decline over 1 year	-35.12%	-46.71%	+11.59%
Max Drawdown (3Y) Largest decline over 3 years	-35.12%	-46.71%	+11.59%
Max Drawdown (5Y) Largest decline over 5 years	-40.73%	-84.82%	+44.09%
Max Drawdown (10Y) Largest decline over 10 years	-49.55%	-84.82%	+35.27%
Current Drawdown Current decline from peak	-31.66%	-39.53%	+7.87%
Average Drawdown Average peak-to-trough decline	-29.82%	-28.23%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.34%	22.27%	-8.93%

Volatility

RGLD vs. SHOP - Volatility Comparison

The current volatility for Royal Gold, Inc. (RGLD) is 12.33%, while Shopify Inc. (SHOP) has a volatility of 15.38%. This indicates that RGLD experiences smaller price fluctuations and is considered to be less risky than SHOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RGLD	SHOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.33%	15.38%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	32.22%	43.41%	-11.19%
Volatility (1Y) Calculated over the trailing 1-year period	39.34%	57.03%	-17.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.58%	65.55%	-33.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.66%	59.07%	-25.41%

Dividends

RGLD vs. SHOP - Dividend Comparison

RGLD's dividend yield for the trailing twelve months is around 0.89%, while SHOP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RGLD Royal Gold, Inc.	0.89%	0.81%	1.21%	1.24%	1.24%	1.14%	1.05%	0.87%	1.17%	1.17%	1.45%	1.81%
SHOP Shopify Inc.	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 RGLD and SHOP in my portfolio?

RGLD and SHOP have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RGLD or SHOP?

SHOP has higher volatility (15.38%) compared to RGLD (12.33%). In terms of maximum drawdown, RGLD dropped -98.29% vs SHOP's -84.82%.

Which has better risk-adjusted returns?

RGLD currently has the higher Sharpe Ratio (0.43 vs -0.02), 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.