TCNNF vs. TLRY

Last updated Jun 3, 2026

TCNNF (Trulieve Cannabis Corp) and TLRY (Tilray, Inc.) are both stocks. Both operate in the Drug Manufacturers - Specialty & Generic industry within the Healthcare sector. Over the past 5 years, TCNNF returned -24.52%/yr vs -51.34%/yr for TLRY. At a 0.43 correlation, their price movements are largely independent.

Performance

TCNNF vs. TLRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trulieve Cannabis Corp (TCNNF) and Tilray, Inc. (TLRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCNNF achieves a 7.25% return, which is significantly higher than TLRY's -40.42% return.

TCNNF

• 1D: -1.58%
• 1M: -2.82%
• YTD: 7.25%
• 6M: 54.56%
• 1Y: 127.32%
• 3Y*: 34.04%
• 5Y*: -24.52%
• 10Y*: —

TLRY

• 1D: -2.00%
• 1M: -12.66%
• YTD: -40.42%
• 6M: -30.22%
• 1Y: 32.15%
• 3Y*: -32.12%
• 5Y*: -51.34%
• 10Y*: —

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

TCNNF vs. TLRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TCNNF Trulieve Cannabis Corp	7.25%	67.65%	-0.51%	-31.18%	-70.90%	-17.74%	167.07%	46.53%	-23.10%
TLRY Tilray, Inc.	-40.42%	-32.11%	-42.17%	-14.50%	-61.74%	-14.89%	-51.78%	-75.72%	-46.28%

Correlation

The correlation between TCNNF and TLRY is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.43

The correlation between TCNNF and TLRY shifts across timeframes, from 0.43 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS TCNNF : -$0.42 TLRY : -$25.09
PS Ratio TCNNF : 1.53 TLRY : 0.35
Total Revenue (TTM) TCNNF : $1.17B TLRY : $1.11B
Gross Profit (TTM) TCNNF : $670.85M TLRY : $307.02M
EBITDA (TTM) TCNNF : $276.20M TLRY : -$1.84B

Return for Risk

TCNNF vs. TLRY — Risk / Return Rank

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

TCNNF

TCNNF Risk / Return Rank: 76
TCNNF Sharpe Ratio Rank: 72
TCNNF Sortino Ratio Rank: 81
TCNNF Omega Ratio Rank: 75
TCNNF Calmar Ratio Rank: 78
TCNNF Martin Ratio Rank: 74

TLRY

TLRY Risk / Return Rank: 55
TLRY Sharpe Ratio Rank: 49
TLRY Sortino Ratio Rank: 68
TLRY Omega Ratio Rank: 62
TLRY Calmar Ratio Rank: 48
TLRY 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.

TCNNF vs. TLRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trulieve Cannabis Corp (TCNNF) and Tilray, Inc. (TLRY). 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.

	TCNNF	TLRY	Difference
Sharpe ratio Return per unit of total volatility	1.06	0.25	+0.82
Sortino ratio Return per unit of downside risk	2.42	1.64	+0.78
Omega ratio Gain probability vs. loss probability	1.27	1.18	+0.09
Calmar ratio Return relative to maximum drawdown	2.44	0.35	+2.09
Martin ratio Return relative to average drawdown	4.87	0.54	+4.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCNNF vs. TLRY - Sharpe Ratio Comparison

The current TCNNF Sharpe Ratio is 1.06, which is higher than the TLRY Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of TCNNF and TLRY, 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

	TCNNF	TLRY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.25	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	-0.54	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.34	+0.32

Drawdowns

TCNNF vs. TLRY - Drawdown Comparison

The maximum TCNNF drawdown since its inception was -93.88%, smaller than the maximum TLRY drawdown of -99.83%. Use the drawdown chart below to compare losses from any high point for TCNNF and TLRY.

Drawdown Indicators

	TCNNF	TLRY	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-99.83%	+5.95%
Max Drawdown (1Y) Largest decline over 1 year	-54.42%	-75.33%	+20.91%
Max Drawdown (3Y) Largest decline over 3 years	-77.52%	-89.12%	+11.60%
Max Drawdown (5Y) Largest decline over 5 years	-91.77%	-98.32%	+6.55%
Current Drawdown Current decline from peak	-82.34%	-99.75%	+17.41%
Average Drawdown Average peak-to-trough decline	-61.16%	-91.40%	+30.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.32%	48.78%	-21.46%

Volatility

TCNNF vs. TLRY - Volatility Comparison

Trulieve Cannabis Corp (TCNNF) has a higher volatility of 28.20% compared to Tilray, Inc. (TLRY) at 10.54%. This indicates that TCNNF's price experiences larger fluctuations and is considered to be riskier than TLRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCNNF	TLRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.20%	10.54%	+17.66%
Volatility (6M) Calculated over the trailing 6-month period	84.17%	64.01%	+20.16%
Volatility (1Y) Calculated over the trailing 1-year period	120.44%	131.28%	-10.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.73%	94.97%	-7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.80%	112.06%	-30.26%

Dividends

TCNNF vs. TLRY - Dividend Comparison

Neither TCNNF nor TLRY has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

TCNNF vs. TLRY - Profitability Comparison

The chart below illustrates the profitability comparison between Trulieve Cannabis Corp and Tilray, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TCNNF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Trulieve Cannabis Corp reported a gross profit of 170.08M and revenue of 286.75M. Therefore, the gross margin over that period was 59.3%.

TLRY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tilray, Inc. reported a gross profit of 54.95M and revenue of 206.73M. Therefore, the gross margin over that period was 26.6%.

TCNNF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Trulieve Cannabis Corp reported an operating income of 35.73M and revenue of 286.75M, resulting in an operating margin of 12.5%.

TLRY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tilray, Inc. reported an operating income of -26.39M and revenue of 206.73M, resulting in an operating margin of -12.8%.

TCNNF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Trulieve Cannabis Corp reported a net income of 2.41M and revenue of 286.75M, resulting in a net margin of 0.8%.

TLRY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tilray, Inc. reported a net income of 0.00 and revenue of 206.73M, resulting in a net margin of 0.0%.

Frequently Asked Questions

Can I hold both TCNNF and TLRY in my portfolio?

TCNNF and TLRY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCNNF or TLRY?

TCNNF has higher volatility (28.20%) compared to TLRY (10.54%). In terms of maximum drawdown, TCNNF dropped -93.88% vs TLRY's -99.83%.

Which has better risk-adjusted returns?

TCNNF currently has the higher Sharpe Ratio (1.06 vs 0.25), 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.