TDW vs. BORR

Last updated Jun 4, 2026

TDW (Tidewater Inc.) and BORR (Borr Drilling Ltd) are both stocks. Both are in the Energy sector — TDW in Oil & Gas Equipment & Services, BORR in Oil & Gas Drilling. Over the past 5 years, TDW returned 38.14%/yr vs 22.27%/yr for BORR. At a 0.46 correlation, their price movements are largely independent.

Performance

TDW vs. BORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tidewater Inc. (TDW) and Borr Drilling Ltd (BORR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TDW achieves a 46.51% return, which is significantly higher than BORR's 25.56% return.

TDW

• 1D: -1.21%
• 1M: -15.02%
• YTD: 46.51%
• 6M: 23.85%
• 1Y: 73.18%
• 3Y*: 14.01%
• 5Y*: 38.14%
• 10Y*: -7.01%

BORR

• 1D: -5.42%
• 1M: -16.91%
• YTD: 25.56%
• 6M: 33.51%
• 1Y: 164.92%
• 3Y*: -10.65%
• 5Y*: 22.27%
• 10Y*: —

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

TDW vs. BORR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TDW Tidewater Inc.	46.51%	-7.68%	-24.13%	95.69%	244.07%	23.96%	-55.14%	0.78%	-39.15%
BORR Borr Drilling Ltd	25.56%	4.15%	-44.49%	48.09%	141.26%	26.50%	-91.00%	-26.12%	-54.21%

Correlation

The correlation between TDW and BORR is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 23, 2018	0.46

The correlation between TDW and BORR has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

Fundamentals

Market Cap TDW : $3.67B BORR : $1.56B
EPS TDW : $6.00 BORR : $0.12
PE Ratio TDW : 12.33 BORR : 41.73
PEG Ratio TDW : 0.52 BORR : 0.39
PS Ratio TDW : 2.73 BORR : 1.43
PB Ratio TDW : 2.68 BORR : 1.30
Total Revenue (TTM) TDW : $1.35B BORR : $1.05B
Gross Profit (TTM) TDW : $314.74M BORR : $483.30M
EBITDA (TTM) TDW : $489.31M BORR : $417.40M

Return for Risk

TDW vs. BORR — Risk / Return Rank

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

TDW

TDW Risk / Return Rank: 79
TDW Sharpe Ratio Rank: 78
TDW Sortino Ratio Rank: 78
TDW Omega Ratio Rank: 75
TDW Calmar Ratio Rank: 82
TDW Martin Ratio Rank: 79

BORR

BORR Risk / Return Rank: 91
BORR Sharpe Ratio Rank: 93
BORR Sortino Ratio Rank: 88
BORR Omega Ratio Rank: 86
BORR Calmar Ratio Rank: 95
BORR Martin Ratio Rank: 94

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.

TDW vs. BORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tidewater Inc. (TDW) and Borr Drilling Ltd (BORR). 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.

	TDW	BORR	Difference
Sharpe ratio Return per unit of total volatility	1.35	2.68	-1.33
Sortino ratio Return per unit of downside risk	2.25	3.06	-0.81
Omega ratio Gain probability vs. loss probability	1.27	1.37	-0.10
Calmar ratio Return relative to maximum drawdown	2.92	6.86	-3.93
Martin ratio Return relative to average drawdown	6.52	18.03	-11.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TDW vs. BORR - Sharpe Ratio Comparison

The current TDW Sharpe Ratio is 1.35, which is lower than the BORR Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of TDW and BORR, 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

	TDW	BORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.68	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.31	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.23	+0.22

Drawdowns

TDW vs. BORR - Drawdown Comparison

The maximum TDW drawdown since its inception was -99.80%, roughly equal to the maximum BORR drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for TDW and BORR.

Drawdown Indicators

	TDW	BORR	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-99.07%	-0.73%
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	-24.21%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-70.35%	-80.90%	+10.55%
Max Drawdown (5Y) Largest decline over 5 years	-70.35%	-80.90%	+10.55%
Max Drawdown (10Y) Largest decline over 10 years	-97.72%	—	—
Current Drawdown Current decline from peak	-96.42%	-90.01%	-6.41%
Average Drawdown Average peak-to-trough decline	-48.96%	-88.83%	+39.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.27%	9.20%	+2.07%

Volatility

TDW vs. BORR - Volatility Comparison

The current volatility for Tidewater Inc. (TDW) is 11.16%, while Borr Drilling Ltd (BORR) has a volatility of 18.02%. This indicates that TDW experiences smaller price fluctuations and is considered to be less risky than BORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDW	BORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	18.02%	-6.86%
Volatility (6M) Calculated over the trailing 6-month period	32.15%	38.72%	-6.57%
Volatility (1Y) Calculated over the trailing 1-year period	54.71%	62.25%	-7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.45%	72.13%	-18.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.77%	118.87%	-52.10%

Dividends

TDW vs. BORR - Dividend Comparison

Neither TDW nor BORR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BORR Borr Drilling Ltd	0.00%	0.50%	7.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TDW Tidewater Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.00%	0.00%	0.04%	0.00%	14.37%

Financials

TDW vs. BORR - Profitability Comparison

The chart below illustrates the profitability comparison between Tidewater Inc. and Borr Drilling Ltd over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TDW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tidewater Inc. reported a gross profit of 0.00 and revenue of 326.22M. Therefore, the gross margin over that period was 0.0%.

BORR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Borr Drilling Ltd reported a gross profit of 59.80M and revenue of 247.00M. Therefore, the gross margin over that period was 24.2%.

TDW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tidewater Inc. reported an operating income of 58.98M and revenue of 326.22M, resulting in an operating margin of 18.1%.

BORR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Borr Drilling Ltd reported an operating income of 46.00M and revenue of 247.00M, resulting in an operating margin of 18.6%.

TDW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tidewater Inc. reported a net income of 6.14M and revenue of 326.22M, resulting in a net margin of 1.9%.

BORR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Borr Drilling Ltd reported a net income of -29.00M and revenue of 247.00M, resulting in a net margin of -11.7%.

Frequently Asked Questions

Can I hold both TDW and BORR in my portfolio?

TDW and BORR have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDW or BORR?

BORR has higher volatility (18.02%) compared to TDW (11.16%). In terms of maximum drawdown, TDW dropped -99.80% vs BORR's -99.07%.

Which has better risk-adjusted returns?

BORR currently has the higher Sharpe Ratio (2.68 vs 1.35), 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.