X.TO vs. RY.TO

Last updated Apr 2, 2026

Compare and contrast key facts about TMX Group Limited (X.TO) and Royal Bank of Canada (RY.TO).

Performance

X.TO vs. RY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TMX Group Limited (X.TO) and Royal Bank of Canada (RY.TO). The values are adjusted to include any dividend payments, if applicable.

X.TO vs. RY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
X.TO TMX Group Limited	-5.81%	19.95%	41.58%	21.62%	8.39%	3.21%	15.50%	63.10%	3.22%	1.31%
RY.TO Royal Bank of Canada	-2.33%	39.60%	34.37%	9.80%	-1.52%	33.09%	6.52%	14.33%	-5.50%	17.12%

Fundamentals

Market Cap X.TO : CA$13.62B RY.TO : CA$318.13B
EPS X.TO : CA$1.49 RY.TO : CA$14.92
PE Ratio X.TO : 32.87 RY.TO : 15.20
PEG Ratio X.TO : 2.72 RY.TO : 2.23
PS Ratio X.TO : 6.02 RY.TO : 3.18
PB Ratio X.TO : 2.86 RY.TO : 2.47
Total Revenue (TTM) X.TO : CA$2.27B RY.TO : CA$100.64B
Gross Profit (TTM) X.TO : CA$1.19B RY.TO : CA$63.37B
EBITDA (TTM) X.TO : CA$1.57B RY.TO : CA$7.69B

Returns By Period

In the year-to-date period, X.TO achieves a -5.81% return, which is significantly lower than RY.TO's -2.33% return. Over the past 10 years, X.TO has outperformed RY.TO with an annualized return of 20.82%, while RY.TO has yielded a comparatively lower 16.06% annualized return.

X.TO

• 1D: -0.79%
• 1M: 3.97%
• YTD: -5.81%
• 6M: -6.90%
• 1Y: -5.09%
• 3Y*: 24.27%
• 5Y*: 15.50%
• 10Y*: 20.82%

RY.TO

• 1D: 0.91%
• 1M: -1.65%
• YTD: -2.33%
• 6M: 12.18%
• 1Y: 44.04%
• 3Y*: 25.19%
• 5Y*: 18.67%
• 10Y*: 16.06%

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

Return for Risk

X.TO vs. RY.TO — Risk / Return Rank

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

X.TO

X.TO Risk / Return Rank: 29
X.TO Sharpe Ratio Rank: 30
X.TO Sortino Ratio Rank: 26
X.TO Omega Ratio Rank: 26
X.TO Calmar Ratio Rank: 34
X.TO Martin Ratio Rank: 32

RY.TO

RY.TO Risk / Return Rank: 96
RY.TO Sharpe Ratio Rank: 96
RY.TO Sortino Ratio Rank: 96
RY.TO Omega Ratio Rank: 96
RY.TO Calmar Ratio Rank: 94
RY.TO Martin Ratio Rank: 96

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.

X.TO vs. RY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TMX Group Limited (X.TO) and Royal Bank of Canada (RY.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.

	X.TO	RY.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.22	2.89	-3.10
Sortino ratio Return per unit of downside risk	-0.14	3.88	-4.02
Omega ratio Gain probability vs. loss probability	0.98	1.55	-0.56
Calmar ratio Return relative to maximum drawdown	-0.23	5.49	-5.72
Martin ratio Return relative to average drawdown	-0.52	18.84	-19.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

X.TO vs. RY.TO - Sharpe Ratio Comparison

The current X.TO Sharpe Ratio is -0.22, which is lower than the RY.TO Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of X.TO and RY.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	X.TO	RY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	2.89	-3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	1.27	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	0.94	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.44	+0.32

Correlation

The correlation between X.TO and RY.TO is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

X.TO vs. RY.TO - Dividend Comparison

X.TO's dividend yield for the trailing twelve months is around 1.80%, less than RY.TO's 2.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
X.TO TMX Group Limited	1.80%	1.70%	2.15%	2.52%	2.45%	2.35%	2.14%	2.24%	3.17%	2.77%	2.31%	4.47%
RY.TO Royal Bank of Canada	2.73%	2.58%	3.23%	3.99%	3.90%	3.22%	4.10%	3.96%	4.03%	3.39%	3.57%	4.15%

Drawdowns

X.TO vs. RY.TO - Drawdown Comparison

The maximum X.TO drawdown since its inception was -59.39%, smaller than the maximum RY.TO drawdown of -70.56%. Use the drawdown chart below to compare losses from any high point for X.TO and RY.TO.

Drawdown Indicators

	X.TO	RY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-59.39%	-70.56%	+11.17%
Max Drawdown (1Y) Largest decline over 1 year	-22.81%	-8.12%	-14.69%
Max Drawdown (5Y) Largest decline over 5 years	-22.81%	-21.21%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	-28.93%	-33.84%	+4.91%
Current Drawdown Current decline from peak	-14.46%	-4.58%	-9.88%
Average Drawdown Average peak-to-trough decline	-11.39%	-21.01%	+9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.03%	2.37%	+7.66%

Volatility

X.TO vs. RY.TO - Volatility Comparison

TMX Group Limited (X.TO) has a higher volatility of 5.55% compared to Royal Bank of Canada (RY.TO) at 4.57%. This indicates that X.TO's price experiences larger fluctuations and is considered to be riskier than RY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	X.TO	RY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	4.57%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	17.91%	9.97%	+7.94%
Volatility (1Y) Calculated over the trailing 1-year period	23.78%	15.31%	+8.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	14.73%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.17%	17.22%	+2.95%

Financials

X.TO vs. RY.TO - Profitability Comparison

The chart below illustrates the profitability comparison between TMX Group Limited and Royal Bank of Canada over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

X.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, TMX Group Limited reported a gross profit of 305.80M and revenue of 734.80M. Therefore, the gross margin over that period was 41.6%.

RY.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Royal Bank of Canada reported a gross profit of 16.83B and revenue of 35.44B. Therefore, the gross margin over that period was 47.5%.

X.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, TMX Group Limited reported an operating income of 205.70M and revenue of 734.80M, resulting in an operating margin of 28.0%.

RY.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Royal Bank of Canada reported an operating income of 7.41B and revenue of 35.44B, resulting in an operating margin of 20.9%.

X.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, TMX Group Limited reported a net income of 115.20M and revenue of 734.80M, resulting in a net margin of 15.7%.

RY.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Royal Bank of Canada reported a net income of 5.78B and revenue of 35.44B, resulting in a net margin of 16.3%.