RIO vs. ASX

Last updated Jun 4, 2026

RIO (Rio Tinto Group) and ASX (ASE Technology Holding Co., Ltd.) are both stocks. RIO operates in Other Industrial Metals & Mining (Basic Materials), while ASX operates in Semiconductors (Technology). Over the past 10 years, RIO returned 22.38%/yr vs 27.14%/yr for ASX. At a 0.33 correlation, their price movements are largely independent.

Performance

RIO vs. ASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rio Tinto Group (RIO) and ASE Technology Holding Co., Ltd. (ASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RIO achieves a 38.54% return, which is significantly lower than ASX's 147.89% return. Over the past 10 years, RIO has underperformed ASX with an annualized return of 22.38%, while ASX has yielded a comparatively higher 27.14% annualized return.

RIO

• 1D: -3.41%
• 1M: 9.36%
• YTD: 38.54%
• 6M: 49.27%
• 1Y: 92.97%
• 3Y*: 27.11%
• 5Y*: 11.69%
• 10Y*: 22.38%

ASX

• 1D: 1.66%
• 1M: 23.64%
• YTD: 147.89%
• 6M: 159.16%
• 1Y: 336.26%
• 3Y*: 78.22%
• 5Y*: 44.06%
• 10Y*: 27.14%

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

RIO vs. ASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RIO Rio Tinto Group	38.54%	44.47%	-15.36%	11.06%	18.48%	-3.67%	36.22%	33.18%	-2.93%	44.87%
ASX ASE Technology Holding Co., Ltd.	147.89%	65.68%	10.14%	60.87%	-12.75%	38.25%	8.13%	53.97%	-37.08%	31.93%

Correlation

The correlation between RIO and ASX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 3, 2000	0.33

Fundamentals

Market Cap RIO : $176.72B ASX : $89.50B
EPS RIO : $13.11 ASX : $21.22
PE Ratio RIO : 8.23 ASX : 1.88
PS Ratio RIO : 1.59 ASX : 0.13
PB Ratio RIO : 2.84 ASX : 0.26
Total Revenue (TTM) RIO : $111.41B ASX : $666.14B
Gross Profit (TTM) RIO : $31.10B ASX : $122.03B
EBITDA (TTM) RIO : $40.42B ASX : $130.31B

Return for Risk

RIO vs. ASX — Risk / Return Rank

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

RIO

RIO Risk / Return Rank: 94
RIO Sharpe Ratio Rank: 95
RIO Sortino Ratio Rank: 93
RIO Omega Ratio Rank: 92
RIO Calmar Ratio Rank: 93
RIO Martin Ratio Rank: 96

ASX

ASX Risk / Return Rank: 99
ASX Sharpe Ratio Rank: 99
ASX Sortino Ratio Rank: 99
ASX Omega Ratio Rank: 98
ASX Calmar Ratio Rank: 99
ASX Martin Ratio Rank: 99

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.

RIO vs. ASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rio Tinto Group (RIO) and ASE Technology Holding Co., Ltd. (ASX). 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.

	RIO	ASX	Difference
Sharpe ratio Return per unit of total volatility	3.29	7.76	-4.46
Sortino ratio Return per unit of downside risk	3.81	6.42	-2.60
Omega ratio Gain probability vs. loss probability	1.50	1.87	-0.37
Calmar ratio Return relative to maximum drawdown	6.16	20.16	-14.01
Martin ratio Return relative to average drawdown	24.21	55.80	-31.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RIO vs. ASX - Sharpe Ratio Comparison

The current RIO Sharpe Ratio is 3.29, which is lower than the ASX Sharpe Ratio of 7.76. The chart below compares the historical Sharpe Ratios of RIO and ASX, 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

	RIO	ASX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	7.76	-4.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	1.12	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.71	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.39	-0.06

Drawdowns

RIO vs. ASX - Drawdown Comparison

The maximum RIO drawdown since its inception was -88.97%, which is greater than ASX's maximum drawdown of -78.05%. Use the drawdown chart below to compare losses from any high point for RIO and ASX.

Drawdown Indicators

	RIO	ASX	Difference
Max Drawdown Largest peak-to-trough decline	-88.97%	-78.05%	-10.92%
Max Drawdown (1Y) Largest decline over 1 year	-15.19%	-16.81%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-24.19%	-40.64%	+16.45%
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	-45.99%	+10.74%
Max Drawdown (10Y) Largest decline over 10 years	-37.47%	-54.17%	+16.70%
Current Drawdown Current decline from peak	-3.73%	-1.70%	-2.03%
Average Drawdown Average peak-to-trough decline	-23.78%	-22.58%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	6.06%	-2.21%

Volatility

RIO vs. ASX - Volatility Comparison

The current volatility for Rio Tinto Group (RIO) is 11.49%, while ASE Technology Holding Co., Ltd. (ASX) has a volatility of 19.08%. This indicates that RIO experiences smaller price fluctuations and is considered to be less risky than ASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RIO	ASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.49%	19.08%	-7.59%
Volatility (6M) Calculated over the trailing 6-month period	23.38%	33.26%	-9.88%
Volatility (1Y) Calculated over the trailing 1-year period	28.44%	43.68%	-15.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.16%	39.70%	-10.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.66%	38.30%	-7.64%

Dividends

RIO vs. ASX - Dividend Comparison

RIO's dividend yield for the trailing twelve months is around 3.73%, more than ASX's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASX ASE Technology Holding Co., Ltd.	0.90%	2.23%	3.19%	6.07%	7.64%	3.86%	2.34%	2.88%	14.19%	2.51%	3.63%	4.00%
RIO Rio Tinto Group	3.73%	4.66%	7.40%	5.40%	10.48%	10.23%	5.13%	7.68%	6.32%	4.47%	3.93%	7.58%

Financials

RIO vs. ASX - Profitability Comparison

The chart below illustrates the profitability comparison between Rio Tinto Group and ASE Technology Holding Co., Ltd. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

RIO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported a gross profit of 8.15B and revenue of 30.65B. Therefore, the gross margin over that period was 26.6%.

ASX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, ASE Technology Holding Co., Ltd. reported a gross profit of 35.21B and revenue of 175.46B. Therefore, the gross margin over that period was 20.1%.

RIO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported an operating income of 8.15B and revenue of 30.65B, resulting in an operating margin of 26.6%.

ASX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, ASE Technology Holding Co., Ltd. reported an operating income of 17.71B and revenue of 175.46B, resulting in an operating margin of 10.1%.

RIO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported a net income of 5.42B and revenue of 30.65B, resulting in a net margin of 17.7%.

ASX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, ASE Technology Holding Co., Ltd. reported a net income of 14.29B and revenue of 175.46B, resulting in a net margin of 8.2%.

Frequently Asked Questions

Can I hold both RIO and ASX in my portfolio?

RIO and ASX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RIO or ASX?

ASX has higher volatility (19.08%) compared to RIO (11.49%). In terms of maximum drawdown, RIO dropped -88.97% vs ASX's -78.05%.

Which has better risk-adjusted returns?

ASX currently has the higher Sharpe Ratio (7.76 vs 3.29), 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.