TRX.TO vs. OLA.TO

Last updated Jun 4, 2026

TRX.TO (TRX Gold Corp) and OLA.TO (Orla Mining Ltd.) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 10 years, TRX.TO returned 9.45%/yr vs 56.65%/yr for OLA.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

TRX.TO vs. OLA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TRX Gold Corp (TRX.TO) and Orla Mining Ltd. (OLA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRX.TO achieves a 16.54% return, which is significantly higher than OLA.TO's -15.63% return. Over the past 10 years, TRX.TO has underperformed OLA.TO with an annualized return of 9.45%, while OLA.TO has yielded a comparatively higher 56.65% annualized return.

TRX.TO

• 1D: -5.13%
• 1M: -3.90%
• YTD: 16.54%
• 6M: 45.10%
• 1Y: 221.74%
• 3Y*: 32.24%
• 5Y*: 19.01%
• 10Y*: 9.45%

OLA.TO

• 1D: -5.47%
• 1M: -12.00%
• YTD: -15.63%
• 6M: -16.44%
• 1Y: 1.47%
• 3Y*: 35.65%
• 5Y*: 23.83%
• 10Y*: 56.65%

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

TRX.TO vs. OLA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRX.TO TRX Gold Corp	16.54%	188.64%	-13.73%	13.33%	-8.16%	-41.67%	6.33%	64.58%	37.14%	-47.76%
OLA.TO Orla Mining Ltd.	-15.63%	131.91%	84.26%	-21.17%	13.46%	-29.59%	243.00%	90.48%	-41.01%	42.40%

Correlation

The correlation between TRX.TO and OLA.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Feb 9, 2010	0.16

Over the past year, TRX.TO and OLA.TO have become more correlated (0.49) than their long-term average of 0.16, meaning their price movements have been converging.

Fundamentals

Total Revenue (TTM) TRX.TO : CA$38.01M OLA.TO : CA$1.59B
Gross Profit (TTM) TRX.TO : CA$16.60M OLA.TO : CA$848.41M
EBITDA (TTM) TRX.TO : CA$11.32M OLA.TO : CA$966.01M

Return for Risk

TRX.TO vs. OLA.TO — Risk / Return Rank

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

TRX.TO

TRX.TO Risk / Return Rank: 89
TRX.TO Sharpe Ratio Rank: 92
TRX.TO Sortino Ratio Rank: 89
TRX.TO Omega Ratio Rank: 88
TRX.TO Calmar Ratio Rank: 89
TRX.TO Martin Ratio Rank: 87

OLA.TO

OLA.TO Risk / Return Rank: 42
OLA.TO Sharpe Ratio Rank: 41
OLA.TO Sortino Ratio Rank: 43
OLA.TO Omega Ratio Rank: 42
OLA.TO Calmar Ratio Rank: 40
OLA.TO Martin Ratio Rank: 41

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.

TRX.TO vs. OLA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TRX Gold Corp (TRX.TO) and Orla Mining Ltd. (OLA.TO). 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.

	TRX.TO	OLA.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.52	0.02	+2.50
Sortino ratio: Return per unit of downside risk	3.07	0.55	+2.52
Omega ratio: Gain probability vs. loss probability	1.40	1.07	+0.33
Calmar ratio: Return relative to maximum drawdown	4.48	0.03	+4.45
Martin ratio: Return relative to average drawdown	10.11	0.07	+10.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRX.TO vs. OLA.TO - Sharpe Ratio Comparison

The current TRX.TO Sharpe Ratio is 2.52, which is higher than the OLA.TO Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of TRX.TO and OLA.TO, 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

	TRX.TO	OLA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	0.02	+2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.41	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.78	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.16	-0.14

Drawdowns

TRX.TO vs. OLA.TO - Drawdown Comparison

The maximum TRX.TO drawdown since its inception was -97.16%, roughly equal to the maximum OLA.TO drawdown of -97.30%. Use the drawdown chart below to compare losses from any high point for TRX.TO and OLA.TO.

Drawdown Indicators

	TRX.TO	OLA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-97.16%	-97.30%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-49.83%	-47.56%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-49.83%	-47.56%	-2.27%
Max Drawdown (5Y) Largest decline over 5 years	-53.75%	-52.00%	-1.75%
Max Drawdown (10Y) Largest decline over 10 years	-83.07%	-56.61%	-26.46%
Current Drawdown Current decline from peak	-84.97%	-47.56%	-37.41%
Average Drawdown Average peak-to-trough decline	-67.11%	-29.42%	-37.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.03%	20.11%	+1.92%

Volatility

TRX.TO vs. OLA.TO - Volatility Comparison

The current volatility for TRX Gold Corp (TRX.TO) is 18.53%, while Orla Mining Ltd. (OLA.TO) has a volatility of 23.45%. This indicates that TRX.TO experiences smaller price fluctuations and is considered to be less risky than OLA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRX.TO	OLA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.53%	23.45%	-4.92%
Volatility (6M) Calculated over the trailing 6-month period	71.69%	52.09%	+19.60%
Volatility (1Y) Calculated over the trailing 1-year period	88.46%	73.55%	+14.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.57%	58.29%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.98%	74.05%	+0.93%

Dividends

TRX.TO vs. OLA.TO - Dividend Comparison

TRX.TO has not paid dividends to shareholders, while OLA.TO's dividend yield for the trailing twelve months is around 0.27%.

Position	TTM
OLA.TO Orla Mining Ltd.	0.27%
TRX.TO TRX Gold Corp	0.00%

Financials

Frequently Asked Questions

Can I hold both TRX.TO and OLA.TO in my portfolio?

TRX.TO and OLA.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.