TMQ vs. XME

Last updated Jun 5, 2026

TMQ (Trilogy Metals Inc.) is a stock, while XME (SPDR S&P Metals & Mining ETF) is Materials fund tracking the S&P Metals & Mining Select Industry Index. Over the past 10 years, TMQ returned 24.63%/yr vs 19.99%/yr for XME. At a 0.28 correlation, their price movements are largely independent.

Performance

TMQ vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trilogy Metals Inc. (TMQ) and SPDR S&P Metals & Mining ETF (XME). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMQ achieves a 3.02% return, which is significantly lower than XME's 24.24% return. Over the past 10 years, TMQ has outperformed XME with an annualized return of 24.63%, while XME has yielded a comparatively lower 19.99% annualized return.

TMQ

• 1D: -0.22%
• 1M: 5.21%
• YTD: 3.02%
• 6M: -5.53%
• 1Y: 241.54%
• 3Y*: 105.72%
• 5Y*: 8.23%
• 10Y*: 24.63%

XME

• 1D: 0.09%
• 1M: 8.22%
• YTD: 24.24%
• 6M: 27.86%
• 1Y: 101.48%
• 3Y*: 40.70%
• 5Y*: 23.61%
• 10Y*: 19.99%

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

TMQ vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMQ Trilogy Metals Inc.	3.02%	271.55%	169.77%	-21.82%	-66.67%	-17.50%	-23.08%	50.29%	58.72%	114.95%
XME SPDR S&P Metals & Mining ETF	24.24%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%

Correlation

The correlation between TMQ and XME 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	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.28

Over the past year, TMQ and XME have become more correlated (0.56) than their long-term average of 0.28, meaning their price movements have been converging.

Return for Risk

TMQ vs. XME — Risk / Return Rank

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

TMQ

TMQ Risk / Return Rank: 85
TMQ Sharpe Ratio Rank: 72
TMQ Sortino Ratio Rank: 96
TMQ Omega Ratio Rank: 94
TMQ Calmar Ratio Rank: 85
TMQ Martin Ratio Rank: 76

XME

XME Risk / Return Rank: 78
XME Sharpe Ratio Rank: 88
XME Sortino Ratio Rank: 76
XME Omega Ratio Rank: 75
XME Calmar Ratio Rank: 84
XME Martin Ratio Rank: 64

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.

TMQ vs. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trilogy Metals Inc. (TMQ) and SPDR S&P Metals & Mining ETF (XME). 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.

	TMQ	XME	Difference
Sharpe ratio: Return per unit of total volatility	1.04	2.95	-1.91
Sortino ratio: Return per unit of downside risk	4.44	3.38	+1.06
Omega ratio: Gain probability vs. loss probability	1.56	1.44	+0.12
Calmar ratio: Return relative to maximum drawdown	3.49	4.51	-1.02
Martin ratio: Return relative to average drawdown	5.20	11.48	-6.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMQ vs. XME - Sharpe Ratio Comparison

The current TMQ Sharpe Ratio is 1.04, which is lower than the XME Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of TMQ and XME, 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

	TMQ	XME	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	2.95	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.73	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.61	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.18	-0.18

Drawdowns

TMQ vs. XME - Drawdown Comparison

The maximum TMQ drawdown since its inception was -96.55%, which is greater than XME's maximum drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for TMQ and XME.

Drawdown Indicators

	TMQ	XME	Difference
Max Drawdown Largest peak-to-trough decline	-96.55%	-85.89%	-10.66%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-22.60%	-47.02%
Max Drawdown (3Y) Largest decline over 3 years	-69.62%	-30.47%	-39.15%
Max Drawdown (5Y) Largest decline over 5 years	-87.53%	-37.27%	-50.26%
Max Drawdown (10Y) Largest decline over 10 years	-88.01%	-61.69%	-26.32%
Current Drawdown Current decline from peak	-58.11%	-3.15%	-54.96%
Average Drawdown Average peak-to-trough decline	-71.96%	-44.14%	-27.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.64%	8.87%	+37.77%

Volatility

TMQ vs. XME - Volatility Comparison

Trilogy Metals Inc. (TMQ) has a higher volatility of 20.58% compared to SPDR S&P Metals & Mining ETF (XME) at 12.36%. This indicates that TMQ's price experiences larger fluctuations and is considered to be riskier than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMQ	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.58%	12.36%	+8.22%
Volatility (6M) Calculated over the trailing 6-month period	57.56%	26.73%	+30.83%
Volatility (1Y) Calculated over the trailing 1-year period	234.93%	34.61%	+200.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	128.30%	32.54%	+95.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.04%	32.84%	+68.20%

Dividends

TMQ vs. XME - Dividend Comparison

TMQ has not paid dividends to shareholders, while XME's dividend yield for the trailing twelve months is around 0.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMQ Trilogy Metals 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%
XME SPDR S&P Metals & Mining ETF	0.30%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both TMQ and XME in my portfolio?

TMQ and XME 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, TMQ or XME?

TMQ has higher volatility (20.58%) compared to XME (12.36%). In terms of maximum drawdown, TMQ dropped -96.55% vs XME's -85.89%.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.95 vs 1.04), 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.