BetterThanSPY

Relative Intelligence · Gold Mining

How Franco-Nevada (FNV) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on FNV alone. It places FNV (Franco-Nevada Corporation) against 12 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where FNV stands in the market, and of the alternatives worth a closer look.

Period covered: FNV's full trading record, from December 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against FNV →Chart FNV vs. 12 alternatives →

This page answers the following questions about FNV

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in FNV have grown?

This chart tracks a hypothetical $10,000 investment in FNV over the past 18 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of FNV over the same span and FNV's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: FNV began trading on December 7, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 18 years of FNV's record, starting at the end of September 2008.

Choose a period

From the end of September 2008 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 238 of the 1,886 stocks and funds worth at least $500 million that traded the whole period ended ahead of FNV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,0002008201120142017202020232026$10,000$100,0002008201320182023
  • SCCO$229,740+2,197% total · +19.0% a year
  • PGR$207,004+1,970% total · +18.3% a year
  • COST$201,902+1,919% total · +18.2% a year
  • WPM$198,701+1,887% total · +18.1% a year
  • STLD$194,239+1,842% total · +17.9% a year
  • FNV$156,549+1,465% total · +16.5% a year
  • SPY (S&P 500)$91,104+811% total · +13.1% a year
  • RGLD$80,518+705% total · +12.3% a year
  • AU$51,004+410% total · +9.5% a year
  • NEM$42,892+329% total · +8.4% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 873 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of FNV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000202120222023202420252026$0$50,000$100,000202120222023202420252026
  • AU$67,300+573% total · +46.4% a year
  • AEM$39,659+297% total · +31.7% a year
  • WPM$37,572+276% total · +30.3% a year
  • OR$32,275+223% total · +26.4% a year
  • RS$29,255+193% total · +23.9% a year
  • RGLD$26,119+161% total · +21.2% a year
  • NEM$24,375+144% total · +19.5% a year
  • GLD$23,190+132% total · +18.3% a year
  • FNV$19,236+92.4% total · +14.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

FNV at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: FNV began trading on December 7, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$45B
Industry
Gold
Price history from
December 2007

Returns

Past 1 year
+23.0%total return
Past 3 years
+71.5%+19.7% a year
Past 5 years
+69.7%+11.2% a year
Past 10 years
+302%+14.9% a year
Best calendar year
+77.8%2025
Worst calendar year
−27.5%2013
Losing years
5 of 18full calendar years

Risk

Volatility
31.3%typical yearly swing, 5 years
Sharpe ratio
0.50return per unit of risk, 5 years
Worst decline ever
−58.8%Jul 2008 to Oct 2008
From its all-time high
−17.0%below the peak

FNV against the whole market

Where FNV ranks among every stock and fund, and what across the market has done better.

How does FNV rank among all stocks?

This section ranks FNV on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how FNV stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureFNVRankStanding
1-year return+23.0%1,183 of 3,282top 36%
3-year return+71.5%1,273 of 3,016top 42%
5-year return+69.7%916 of 2,897top 32%
10-year return+302%586 of 2,201top 27%
Volatility, 5 years31.3%850 of 2,897top 29%
Sharpe ratio, 5 years0.50954 of 2,897top 33%
Worst decline, past 10 years−37.1%87 of 2,184top 4%

What has beaten FNV on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). FNV sits where the dashed lines cross. Anything in the green box above and to the left earned more than FNV with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to FNV; faint dots are 93 more of the 378 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than FNVMNST: +17.4% a year, volatility 24.9%FAST: +16.2% a year, volatility 24.6%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%WELL: +27.0% a year, volatility 23.8%ACT: +20.7% a year, volatility 24.4%AAPL: +19.1% a year, volatility 28.0%MPLX: +24.0% a year, volatility 18.8%IHE: +12.9% a year, volatility 16.8%XOM: +27.5% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.3%ABBV: +25.5% a year, volatility 23.4%FTXH: +12.3% a year, volatility 16.9%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%EWJV: +15.1% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%MUFG: +33.5% a year, volatility 29.4%MA: +12.7% a year, volatility 23.8%PM: +21.3% a year, volatility 23.4%CSCO: +16.9% a year, volatility 26.1%SHEL: +21.4% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%VTV: +12.2% a year, volatility 13.7%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%VGT: +18.1% a year, volatility 26.1%SMFG: +34.0% a year, volatility 29.4%BTI: +19.4% a year, volatility 22.0%VRTX: +23.9% a year, volatility 29.1%C: +15.3% a year, volatility 29.4%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%BNY: +22.8% a year, volatility 24.4%TRV: +22.4% a year, volatility 22.3%E: +23.7% a year, volatility 25.6%MAR: +21.7% a year, volatility 28.6%MFC: +23.3% a year, volatility 24.0%BMO: +14.0% a year, volatility 21.4%GWW: +26.7% a year, volatility 24.9%BNS: +13.2% a year, volatility 20.0%COR: +23.6% a year, volatility 22.8%KMI: +20.1% a year, volatility 22.3%CTAS: +17.1% a year, volatility 23.1%HLT: +20.7% a year, volatility 26.8%RSG: +14.1% a year, volatility 18.6%JCI: +16.4% a year, volatility 29.2%MSI: +15.2% a year, volatility 23.6%NVS: +17.4% a year, volatility 20.7%ROST: +17.8% a year, volatility 29.5%WAB: +25.2% a year, volatility 26.3%EMR: +12.9% a year, volatility 27.7%ALL: +17.9% a year, volatility 26.2%CCEP: +20.4% a year, volatility 23.3%MET: +12.8% a year, volatility 25.4%CTVA: +16.2% a year, volatility 28.4%AME: +13.5% a year, volatility 22.2%CBOE: +22.0% a year, volatility 25.1%IX: +18.3% a year, volatility 25.4%SDCI: +21.1% a year, volatility 18.4%TPYP: +17.2% a year, volatility 17.3%VTR: +13.3% a year, volatility 25.3%KOF: +22.4% a year, volatility 24.7%PAA: +28.4% a year, volatility 25.6%FNDF: +13.6% a year, volatility 16.3%IHG: +21.7% a year, volatility 26.6%VYMI: +13.2% a year, volatility 14.8%PBA: +13.8% a year, volatility 21.6%UNM: +31.4% a year, volatility 29.3%HDV: +13.3% a year, volatility 13.0%PVAL: +15.9% a year, volatility 15.1%WES: +24.4% a year, volatility 27.6%RPRX: +13.8% a year, volatility 23.8%DGX: +13.0% a year, volatility 22.5%PKG: +16.6% a year, volatility 25.9%CLH: +22.8% a year, volatility 28.6%RGA: +20.5% a year, volatility 27.3%PFG: +13.6% a year, volatility 26.5%CIBR: +14.5% a year, volatility 26.2%EWT: +19.8% a year, volatility 24.3%EHC: +18.7% a year, volatility 26.9%FDL: +14.6% a year, volatility 14.5%ARMK: +16.0% a year, volatility 28.6%AIZ: +13.7% a year, volatility 25.3%VLUE: +16.2% a year, volatility 18.4%PSO: +18.7% a year, volatility 27.9%WTS: +14.8% a year, volatility 28.4%MSGS: +17.5% a year, volatility 25.7%PAGP: +27.8% a year, volatility 26.0%FNV: +11.2% a year, volatility 31.3%SPY (S&P 500): +12.5% a year, volatility 17.2%GLD: +17.1% a year, volatility 19.0%RGLD: +20.2% a year, volatility 32.4%WPM: +25.8% a year, volatility 37.0%NEM: +17.8% a year, volatility 39.1%RS: +24.8% a year, volatility 28.1%BHP: +15.8% a year, volatility 31.4%ATI: +58.9% a year, volatility 43.2%SCCO: +30.1% a year, volatility 40.8%STLD: +32.4% a year, volatility 38.0%XME: +17.8% a year, volatility 32.9%JNJ: +13.5% a year, volatility 18.0%COST: +17.4% a year, volatility 22.9%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%PGR: +21.8% a year, volatility 25.7%DFIV: +14.8% a year, volatility 16.4%MPC: +50.0% a year, volatility 33.4%IWD: +11.5% a year, volatility 14.7%CAH: +41.7% a year, volatility 24.7%FNVSPY (S&P 500)GLDRGLDWPMNEMRSBHPATISCCOSTLDJNJCOSTAMGNGILDPGRDFIVMPCIWDCAH0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than FNVMNST: +17.4% a year, volatility 24.9%FAST: +16.2% a year, volatility 24.6%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%WELL: +27.0% a year, volatility 23.8%ACT: +20.7% a year, volatility 24.4%AAPL: +19.1% a year, volatility 28.0%MPLX: +24.0% a year, volatility 18.8%IHE: +12.9% a year, volatility 16.8%XOM: +27.5% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.3%ABBV: +25.5% a year, volatility 23.4%FTXH: +12.3% a year, volatility 16.9%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%EWJV: +15.1% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%MUFG: +33.5% a year, volatility 29.4%MA: +12.7% a year, volatility 23.8%PM: +21.3% a year, volatility 23.4%CSCO: +16.9% a year, volatility 26.1%SHEL: +21.4% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%VTV: +12.2% a year, volatility 13.7%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%VGT: +18.1% a year, volatility 26.1%SMFG: +34.0% a year, volatility 29.4%BTI: +19.4% a year, volatility 22.0%VRTX: +23.9% a year, volatility 29.1%C: +15.3% a year, volatility 29.4%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%BNY: +22.8% a year, volatility 24.4%TRV: +22.4% a year, volatility 22.3%E: +23.7% a year, volatility 25.6%MAR: +21.7% a year, volatility 28.6%MFC: +23.3% a year, volatility 24.0%BMO: +14.0% a year, volatility 21.4%GWW: +26.7% a year, volatility 24.9%BNS: +13.2% a year, volatility 20.0%COR: +23.6% a year, volatility 22.8%KMI: +20.1% a year, volatility 22.3%CTAS: +17.1% a year, volatility 23.1%HLT: +20.7% a year, volatility 26.8%RSG: +14.1% a year, volatility 18.6%JCI: +16.4% a year, volatility 29.2%MSI: +15.2% a year, volatility 23.6%NVS: +17.4% a year, volatility 20.7%ROST: +17.8% a year, volatility 29.5%WAB: +25.2% a year, volatility 26.3%EMR: +12.9% a year, volatility 27.7%ALL: +17.9% a year, volatility 26.2%CCEP: +20.4% a year, volatility 23.3%MET: +12.8% a year, volatility 25.4%CTVA: +16.2% a year, volatility 28.4%AME: +13.5% a year, volatility 22.2%CBOE: +22.0% a year, volatility 25.1%IX: +18.3% a year, volatility 25.4%SDCI: +21.1% a year, volatility 18.4%TPYP: +17.2% a year, volatility 17.3%VTR: +13.3% a year, volatility 25.3%KOF: +22.4% a year, volatility 24.7%PAA: +28.4% a year, volatility 25.6%FNDF: +13.6% a year, volatility 16.3%IHG: +21.7% a year, volatility 26.6%VYMI: +13.2% a year, volatility 14.8%PBA: +13.8% a year, volatility 21.6%UNM: +31.4% a year, volatility 29.3%HDV: +13.3% a year, volatility 13.0%PVAL: +15.9% a year, volatility 15.1%WES: +24.4% a year, volatility 27.6%RPRX: +13.8% a year, volatility 23.8%DGX: +13.0% a year, volatility 22.5%PKG: +16.6% a year, volatility 25.9%CLH: +22.8% a year, volatility 28.6%RGA: +20.5% a year, volatility 27.3%PFG: +13.6% a year, volatility 26.5%CIBR: +14.5% a year, volatility 26.2%EWT: +19.8% a year, volatility 24.3%EHC: +18.7% a year, volatility 26.9%FDL: +14.6% a year, volatility 14.5%ARMK: +16.0% a year, volatility 28.6%AIZ: +13.7% a year, volatility 25.3%VLUE: +16.2% a year, volatility 18.4%PSO: +18.7% a year, volatility 27.9%WTS: +14.8% a year, volatility 28.4%MSGS: +17.5% a year, volatility 25.7%PAGP: +27.8% a year, volatility 26.0%FNV: +11.2% a year, volatility 31.3%SPY (S&P 500): +12.5% a year, volatility 17.2%GLD: +17.1% a year, volatility 19.0%RGLD: +20.2% a year, volatility 32.4%WPM: +25.8% a year, volatility 37.0%NEM: +17.8% a year, volatility 39.1%RS: +24.8% a year, volatility 28.1%BHP: +15.8% a year, volatility 31.4%ATI: +58.9% a year, volatility 43.2%SCCO: +30.1% a year, volatility 40.8%STLD: +32.4% a year, volatility 38.0%XME: +17.8% a year, volatility 32.9%JNJ: +13.5% a year, volatility 18.0%COST: +17.4% a year, volatility 22.9%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%PGR: +21.8% a year, volatility 25.7%DFIV: +14.8% a year, volatility 16.4%MPC: +50.0% a year, volatility 33.4%IWD: +11.5% a year, volatility 14.7%CAH: +41.7% a year, volatility 24.7%FNVSPY (S&P 500)GLDRGLDWPMNEMRSBHPATISCCOSTLDXMEJNJGILDMPCCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than FNV?

Investments that beat FNV over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat FNV over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks FNV's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than FNV follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than FNV's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× FNV's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than FNV's.

Screen the whole market against FNV for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with FNV?lower diversifies moreExpenseper year
FNVFranco-Nevada Corporation · this page
+11.2%31.3%0.50−37.1%+302%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.180.09%
Popular alternativesbest 4 shownThe investments people most often weigh against FNV. 4 of 11 passed at least one test.
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.1%19.0%0.93−26.4%+206%0.770.40%
RGLDRoyal Gold, Inc. · Gold Mining
Higher return, similar volatilityHigher return in most periods+20.2%32.4%0.73−49.5%+291%0.83—
WPMWheaton Precious Metals Corp. · Precious Metals
Higher return in most periods+25.8%37.0%0.81−46.7%+488%0.83—
NEMNewmont Corporation · Gold Mining
Higher return in most periods+17.8%39.1%0.62−62.4%+307%0.72—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Gold Mining and Metals & Mining and the categories next to it (Precious Metals, Silver Mining, Gold, Copper Mining, Steel, Uranium), plus FNV's specific themes. 20 of 130 passed at least one test.
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher return, lower volatilityHigher return in most periods+24.8%28.1%0.94−40.8%+639%0.09—
BHPBHP Group Limited · Metals & Mining
Higher return, similar volatilityHigher return in most periods+15.8%31.4%0.63−44.3%+373%0.49—
ATIATI Inc. · Metals & Mining
On the frontierHigher return in most periods+58.9%43.2%1.29−82.4%+809%0.11—
SCCOSouthern Copper Corporation · Copper Mining
Higher return in most periods+30.1%40.8%0.85−55.3%+915%0.57—
STLDSteel Dynamics, Inc. · Steel
Higher return in most periods+32.4%38.0%0.93−68.5%+1,019%0.21—
XMEState Street SPDR S&P Metals & Mining ETF · Metals & Mining
Higher return, similar volatility+17.8%32.9%0.67−61.7%+325%0.460.35%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 805 of 3,526 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.5%18.0%0.80−27.4%+209%0.35—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.4%22.9%0.82−31.4%+692%0.22—
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.1%24.9%0.86−24.9%+280%0.36—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.8%24.9%0.95−30.5%+202%0.23—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.8%25.7%0.90−30.3%+849%0.10—
DFIVDimensional - International Value ETF · International Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.8%16.4%0.93−25.4%—0.450.27%
MPCMarathon Petroleum Corporation · Oil Refining
On the frontierHigher return, similar volatilityHigher return in most periods+50.0%33.4%1.39−79.7%+1,314%0.22—
IWDiShares Russell 1000 Value ETF · US Large-Cap Value
Similar return, lower volatilityHigher return in most periods+11.5%14.7%0.82−38.5%+207%0.300.18%
What these numbers mean for FNV
Annual return
FNV returned 11.2% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $17,000. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
FNV's volatility over the past 5 years was 31.3%, 1.8 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FNV's return lands within 31.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
FNV's Sharpe ratio over the past 5 years was 0.50, against 0.78 for the S&P 500, so FNV earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
FNV's worst fall from a peak to a low over the past 10 years was 37.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 37.1% fall takes a 59.0% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, FNV's monthly returns had a correlation of 0.18 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FNV instead: the lower it is, the more that option would diversify a FNV holding. Guide: Correlation and diversification →
Show all 378 stocks and funds worth at least $500 million that earned more than FNV with less volatility

Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with FNVExpense
1
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+209%0.35—
2
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.22—
3
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+280%0.36—
4
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+202%0.23—
5
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+849%0.10—
6
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.4%24.9%0.77−30.4%+278%0.25—
7
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+582%0.35—
8
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.450.27%
9
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.260.15%
10
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.14—
11
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.32—
12
ACTEnact Holdings Inc. · Insurance
Whole market+20.7%24.4%0.90−20.2%—0.28—
13
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%-0.04—
14
AAPLApple Inc. · Computer Hardware
Whole market+19.1%28.0%0.77−38.5%+1,194%0.09—
15
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.17—
16
IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.9%16.8%0.81−29.6%+157%0.310.37%
17
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+216%0.21—
18
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Whole market+20.9%19.3%1.09−31.3%+339%0.200.45%
19
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.33—
20
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.3%16.9%0.77−32.1%+155%0.350.60%
21
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+314%0.26—
22
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.09—
23
EWJViShares MSCI Japan Value ETF · Japan Equity
Whole market+15.1%18.2%0.87−30.1%—0.470.15%
24
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.250.48%
25
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.30—
26
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.410.40%
27
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.5%29.4%1.14−54.9%+485%0.19—
28
MAMastercard Incorporated · Payment Processing
Whole market+12.7%23.8%0.62−41.0%+551%0.11—
29
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+240%0.35—
30
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.9%26.1%0.73−42.0%+361%0.09—
31
SHELShell plc · Integrated Oil & Gas
Whole market+21.4%24.8%0.91−67.2%+236%0.10—
32
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%0.25—
33
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+237%0.330.03%
34
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.26—
35
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.33—
36
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.16—
37
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.1%26.1%0.77−35.1%+753%0.020.09%
38
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+34.0%29.4%1.15−47.6%+470%0.16—
39
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+19.4%22.0%0.92−56.1%+110%0.14—
40
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+23.9%29.1%0.89−41.6%+580%0.23—
41
CCitigroup Inc. · Banks
Whole market+15.3%29.4%0.63−56.5%+234%-0.02—
42
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+133%0.29—
43
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+256%0.23—
44
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.5%21.6%0.94−47.3%+409%0.16—
45
BNYBank of New York Mellon Corp · Banks
Whole market+22.8%24.4%0.97−50.5%+332%0.10—
46
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.19—
47
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.7%25.6%0.96−61.4%+283%0.23—
48
MARMarriott International, Inc. · Hotels & Resorts
Whole market+21.7%28.6%0.83−61.3%+544%0.10—
49
MFCManulife Financial Corporation · Life Insurance
Whole market+23.3%24.0%1.00−57.5%+386%-0.01—
50
BMOBank of Montreal · Banks
Whole market+14.0%21.4%0.72−51.0%+304%0.27—
51
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.7%24.9%1.08−41.6%+670%-0.01—
52
BNSThe Bank of Nova Scotia · Banks
Whole market+13.2%20.0%0.73−46.9%+191%0.26—
53
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.35—
54
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.1%22.3%0.94−55.1%+159%0.31—
55
CTASCintas Corporation · Business Services
Whole market+17.1%23.1%0.80−48.4%+834%0.29—
56
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+20.7%26.8%0.84−50.8%+693%0.11—
57
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.28—
58
JCIJohnson Controls International plc · Building Products
Whole market+16.4%29.2%0.67−46.4%+407%0.19—
59
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+15.2%23.6%0.72−32.8%+639%0.34—
60
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+234%0.51—
61
ROSTRoss Stores, Inc. · Apparel Retail
Whole market+17.8%29.5%0.71−51.4%+311%0.10—
62
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.2%26.3%0.99−64.1%+258%0.21—
63
EMREmerson Electric Co. · Industrial Machinery
Whole market+12.9%27.7%0.58−50.8%+307%0.11—
64
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.9%26.2%0.76−41.4%+377%0.08—
65
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.4%23.3%0.92−48.8%+294%0.21—
66
METMetLife, Inc. · Life Insurance
Whole market+12.8%25.4%0.60−55.2%+248%0.01—
67
CTVACorteva, Inc. · Chemicals
Whole market+16.2%28.4%0.67−34.7%—0.34—
68
AMEAMETEK, Inc. · Electronic Instruments
Whole market+13.5%22.2%0.68−42.7%+466%0.09—
69
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+22.0%25.1%0.92−43.2%+481%0.21—
70
IXORIX Corporation · Diversified Financials
Whole market+18.3%25.4%0.79−42.5%+286%0.32—
71
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%—0.250.80%
72
TPYPTortoise North American Pipeline ETF · Energy Infrastructure
Whole market+17.2%17.3%1.01−51.9%+188%0.350.40%
73
VTRVentas, Inc. · Healthcare REITs
Whole market+13.3%25.3%0.62−76.9%+91.6%0.29—
74
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.4%24.7%0.95−55.1%+119%0.33—
75
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+28.4%25.6%1.11−87.9%+66.5%0.06—
76
FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity
Whole market+13.6%16.3%0.87−40.2%+193%0.460.25%
77
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.7%26.6%0.88−59.3%+387%0.09—
78
VYMIVanguard International High Dividend Yield ETF · International Dividend Equity
Whole market+13.2%14.8%0.92−40.0%+174%0.460.07%
79
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.6%0.71−70.9%+173%0.41—
80
UNMUnum Group · Life Insurance
Whole market+31.4%29.3%1.08−81.0%+263%0.06—
81
HDViShares Core High Dividend ETF · High Dividend Yield
Whole market+13.3%13.0%1.03−37.0%+177%0.460.08%
82
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+15.9%15.1%1.06−41.3%—0.290.56%
83
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Whole market+24.4%27.6%0.93−91.9%+122%0.08—
84
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.8%23.8%0.67−49.7%—0.30—
85
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+13.0%22.5%0.66−36.6%+256%0.41—
86
PKGPackaging Corporation of America · Packaging
Whole market+16.6%25.9%0.72−38.2%+302%0.24—
87
CLHClean Harbors, Inc. · Waste Management
Whole market+22.8%28.6%0.87−64.5%+603%0.24—
88
RGAReinsurance Group of America, Incorporated · Insurance
Whole market+20.5%27.3%0.82−65.8%+206%0.08—
89
PFGPrincipal Financial Group, Inc. · Life Insurance
Whole market+13.6%26.5%0.62−64.7%+201%0.04—
90
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.5%26.2%0.65−33.9%+461%0.020.58%
91
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+19.8%24.3%0.87−38.9%+448%0.200.59%
92
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.7%26.9%0.77−39.5%+354%0.44—
93
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.390.43%
94
ARMKAramark · Food Services
Whole market+16.0%28.6%0.67−72.3%+119%0.11—
95
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.7%25.3%0.64−44.6%+322%0.06—
96
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+16.2%18.4%0.91−39.5%+286%0.220.15%
97
PSOPearson plc · Education Services
Whole market+18.7%27.9%0.76−58.4%+159%0.00—
98
WTSWatts Water Technologies, Inc. · Industrial Machinery
Whole market+14.8%28.4%0.63−44.1%+533%0.15—
99
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+17.5%25.7%0.76−41.6%+395%0.20—
100
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+27.8%26.0%1.08−88.0%+60.3%0.11—

FNV against its popular alternatives

The investments people most often weigh against FNV, compared period by period and year by year.

How do FNV's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at FNV, which divides the map into what did better or worse on each measure.

Green points earned more than FNV with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%60.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFNV: 11.2% a year, volatility 31.3%SPY (S&P 500): 12.5% a year, volatility 17.2%GLD: 17.1% a year, volatility 19.0%VOXR: 10.0% a year, volatility 47.3%GROY: −11.3% a year, volatility 55.5%NEM: 17.8% a year, volatility 39.1%RGLD: 20.2% a year, volatility 32.4%WPM: 25.8% a year, volatility 37.0%AU: 38.0% a year, volatility 50.0%AEM: 28.2% a year, volatility 38.5%OR: 23.1% a year, volatility 36.8%PAAS: 11.8% a year, volatility 49.0%TFPM: 27.9% a year, volatility 37.8%FNVSPY (S&P 500)GLDVOXRGROYNEMRGLDWPMAUAEMORTFPM10.0%20.0%30.0%40.0%50.0%60.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFNV: 11.2% a year, volatility 31.3%SPY (S&P 500): 12.5% a year, volatility 17.2%GLD: 17.1% a year, volatility 19.0%VOXR: 10.0% a year, volatility 47.3%GROY: −11.3% a year, volatility 55.5%NEM: 17.8% a year, volatility 39.1%RGLD: 20.2% a year, volatility 32.4%WPM: 25.8% a year, volatility 37.0%AU: 38.0% a year, volatility 50.0%AEM: 28.2% a year, volatility 38.5%OR: 23.1% a year, volatility 36.8%PAAS: 11.8% a year, volatility 49.0%TFPM: 27.9% a year, volatility 37.8%FNVSPY (S&P 500)GLDVOXRGROYNEMRGLDWPMAUAEMORPAAS
All figures
InvestmentAnnual returnVolatility
AU AngloGold Ashanti Plc+38.0%50.0%
AEM Agnico Eagle Mines Limited+28.2%38.5%
TFPM Triple Flag Precious Metals Corp.+27.9%37.8%
WPM Wheaton Precious Metals Corp.+25.8%37.0%
OR OR Royalties Inc.+23.1%36.8%
RGLD Royal Gold, Inc.+20.2%32.4%
NEM Newmont Corporation+17.8%39.1%
GLD SPDR Gold Shares+17.1%19.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
PAAS Pan American Silver Corp.+11.8%49.0%
FNV This pageFranco-Nevada Corporation+11.2%31.3%
VOXR Vox Royalty Corp.+10.0%47.3%
GROY Gold Royalty Corp.−11.3%55.5%
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Has FNV consistently beaten its popular alternatives?

This section compares FNV with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than FNV helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than FNV over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
FNV Franco-Nevada Corporation (this page)—−13.2%+8.5%−5.9%+11.8%+23.0%+71.5%+69.7%+302%31.3%0.50−37.1%—$45B—
NEM QualifiedNewmont Corporation5/5 short2/3 long−10.3%+19.4%+2.5%+13.5%+32.4%+214%+127%+307%39.1%0.62−62.4%—$120B—
RGLD QualifiedRoyal Gold, Inc.3/5 short2/3 long−8.9%+16.9%−6.3%+6.8%+28.9%+124%+151%+291%32.4%0.73−49.5%—$20B—
WPM GoldWheaton Precious Metals Corp.2/5 short3/3 long−19.7%+11.1%−14.4%+5.3%+27.9%+191%+215%+488%37.0%0.81−46.7%—$56B—
AU GoldAngloGold Ashanti Plc1/5 short3/3 long−18.6%+5.6%−12.2%+3.1%+33.7%+395%+400%+661%50.0%0.90−66.3%—$43B—
AEM GoldAgnico Eagle Mines Limited1/5 short3/3 long−13.5%+20.1%−13.3%+4.0%+8.7%+275%+246%+335%38.5%0.84−54.2%—$89B—
OR GoldOR Royalties Inc.2/5 short2/3 long−11.1%+13.2%−17.3%−4.8%−3.2%+173%+183%+275%36.8%0.75−61.9%—$6.2B—
GLD CommoditiesSPDR Gold Shares1/5 short2/3 long−7.8%−2.7%−15.2%−7.4%−2.2%+102%+120%+206%19.0%0.93−26.4%0.40%$143B—
PAAS GoldPan American Silver Corp.0/5 short2/3 long−19.2%−9.0%−26.8%−18.8%+16.0%+186%+74.4%+187%49.0%0.47−66.7%—$17B—
TFPM Other Precious MetalsTriple Flag Precious Metals Corp.0/5 short2/3 long−12.9%+0.7%−14.3%−9.9%+0.9%+138%+242%—37.8%0.84−36.2%—$6.1B—
VOXR Other Precious MetalsVox Royalty Corp.1/5 short1/3 long−15.7%+9.8%−12.0%+4.5%+18.0%+160%+61.3%—47.3%0.44−45.9%—$336M—
GROY GoldGold Royalty Corp.0/5 short1/3 long−15.2%+7.6%−19.8%−30.4%−19.8%+109%−45.0%—55.5%0.06−82.0%—$658M—
ELE Other Precious MetalsElemental Royalty Corporation0/5 short0/3 long−25.3%+0.9%−13.5%+1.8%+8.8%—————−40.9%—$1.2B—
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How did FNV do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where FNV ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with FNV and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: FNV began trading on December 7, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of FNV; gray means the two finished within a fraction of a point. The rank row places FNV among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of FNV202520242023202220212020201920182017201620152014201320122011201020092008
FNV This pageFranco-Nevada Corporation—+77.8%+7.4%−17.9%−0.4%+11.3%+22.3%+48.9%−11.0%+35.5%+32.4%−5.3%+22.6%−27.6%+51.8%+15.3%+24.9%+56.8%+15.5%
Rank among alternativesTop quarter in 9 of 1810 of 1210 of 1211 of 125 of 122 of 106 of 95 of 97 of 91 of 97 of 93 of 92 of 81 of 81 of 82 of 86 of 82 of 82 of 8
SPY S&P 500State Street SPDR S&P 500 ETF6 of 18+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%
NEM Newmont Corporation7 of 18+173%−7.8%−8.8%−20.8%+7.4%+40.3%+30.5%−6.2%+10.9%+90.1%−4.4%−17.2%−48.5%−20.4%−0.6%+31.0%+17.3%−15.9%
RGLD Royal Gold, Inc.8 of 18+70.4%+10.4%+8.7%+8.5%0.0%−12.1%+44.3%+5.5%+31.3%+76.7%−41.1%+37.8%−42.3%+21.6%+24.4%+16.7%−3.6%+62.9%
WPM Wheaton Precious Metals Corp.9 of 18+111%+15.2%+27.9%−7.6%+4.2%+41.8%+54.7%−10.0%+16.1%+57.1%−38.2%+1.9%−43.0%+25.9%−25.4%+160%+131%−61.8%
AU AngloGold Ashanti Plc6 of 18+288%+25.5%−2.7%−5.1%−4.9%+1.9%+78.8%+24.1%−2.2%+48.1%−18.4%−25.8%−62.4%−24.9%−13.1%+23.1%+45.6%−32.0%
AEM Agnico Eagle Mines Limited8 of 18+120%+46.0%+9.0%+1.1%−22.8%+16.2%+54.2%−11.5%+10.5%+61.2%+6.8%−4.7%−48.3%+47.1%−52.1%+42.5%+5.6%−5.8%
OR OR Royalties Inc.4 of 11+96.9%+28.3%+19.8%−0.1%−2.0%+32.6%+12.3%−22.7%+20.4%0.0%−29.5%———————
GLD SPDR Gold Shares5 of 18+63.7%+26.7%+12.7%−0.8%−4.2%+24.8%+17.9%−1.9%+12.8%+8.0%−10.7%−2.2%−28.3%+6.6%+9.6%+29.3%+24.0%+4.9%
PAAS Pan American Silver Corp.8 of 18+160%+26.6%+2.6%−33.0%−26.8%+46.8%+63.9%−5.2%+3.7%+133%−27.2%−18.2%−35.1%−13.3%−46.9%+73.7%+39.5%−51.1%
TFPM Triple Flag Precious Metals Corp.4 of 4+123%+14.6%−1.8%+15.0%——————————————
VOXR Vox Royalty Corp.4 of 5+106%+15.7%−9.6%−14.8%+17.4%—————————————
GROY Gold Royalty Corp.1 of 4+234%−17.7%−36.4%−51.9%——————————————
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Risk and diversification

How FNV has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were FNV's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents FNV's five deepest drawdowns since it began trading in 2007, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: FNV began trading on December 7, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means FNV fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringFNV fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−58.8%−31.2%Jul 2008Oct 20083 monthsMar 20095 months
No named crash−46.6%+9.3%Oct 2012Jun 20138 monthsAug 201414 months
2022 bear market−37.1%+6.9%Apr 2022Dec 202320 monthsApr 202516 months
No named crash−34.8%+22.3%Jul 2020Mar 20218 monthsMar 202212 months
No named crash−34.3%+10.0%Aug 2014Jul 201511 monthsFeb 20167 months

How did FNV do in stock market crashes?

This section measures how far FNV, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: FNV began trading on December 7, 2007, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than FNV.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
FNV This pageFranco-Nevada Corporation—−1.8%−33.3%−26.9%−7.8%−7.0%−20.8%−24.4%−0.9%Not yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF3 of 8−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NEM Newmont Corporation5 of 8−1.0%−51.8%−24.5%−9.5%−6.0%−20.2%−12.0%−2.3%−61.5%−53.0%
RGLD Royal Gold, Inc.2 of 80.0%−40.7%−36.8%−9.8%−7.5%−54.7%−22.8%−2.4%−41.7%−39.3%
WPM Wheaton Precious Metals Corp.2 of 80.0%−43.3%−28.7%−14.8%−10.0%−29.0%−28.8%0.0%−86.8%—
AU AngloGold Ashanti Plc3 of 8−0.3%−51.7%−37.1%−10.7%−9.4%−36.9%−15.3%0.0%−71.5%−50.6%
AEM Agnico Eagle Mines Limited5 of 80.0%−42.0%−31.6%−11.6%−6.4%−20.2%−18.9%−0.4%−72.9%−42.4%
OR OR Royalties Inc.1 of 60.0%−35.4%−50.5%−14.2%−6.7%−27.2%————
GLD SPDR Gold Shares8 of 80.0%−21.0%−12.5%−2.7%−1.5%−11.7%−15.4%−0.2%−29.4%—
PAAS Pan American Silver Corp.2 of 80.0%−51.0%−53.5%−18.9%−5.8%−34.2%−24.4%−1.1%−78.1%−46.0%
TFPM Triple Flag Precious Metals Corp.0 of 2−1.7%−36.2%————————
VOXR Vox Royalty Corp.0 of 2−4.9%−32.9%————————
GROY Gold Royalty Corp.0 of 2−2.0%−56.4%————————
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How closely does FNV move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares FNV with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than FNV's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
FNV This pageFranco-Nevada Corporation69%47%1.480.49
GLD SPDR Gold Shares40%3%12.410.14
AU AngloGold Ashanti Plc88%40%2.190.61
WPM Wheaton Precious Metals Corp.78%37%2.090.48
NEM Newmont Corporation68%45%1.520.39
AEM Agnico Eagle Mines Limited77%57%1.340.70
RGLD Royal Gold, Inc.69%54%1.280.56
OR OR Royalties Inc.82%75%1.090.73
PAAS Pan American Silver Corp.95%111%0.851.00
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What diversifies FNV?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with FNV's. Because such investments tend not to fall at the same time, pairing FNV with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which FNV lost money. The last two columns show a portfolio that is 80% FNV and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2023202220182015201380/20 mix volatility80/20 mix annual return
FNV Franco-Nevada Corporation (this page)1.00+69.7%0.50−17.9%−0.4%−11.0%−5.3%−27.6%31.7%+14.0%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.41+119%1.48+17.4%+3.8%−5.2%——26.2%+15.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.25+225%1.34+42.0%+6.0%−19.8%+7.7%+41.3%26.1%+17.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.33+103%1.06+8.0%+10.4%−8.7%−25.3%+16.6%26.5%+15.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.46+86.8%1.03+1.7%+7.0%−3.0%−0.3%+23.7%26.8%+14.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.33+83.6%0.95+20.1%−5.1%−9.5%+4.1%+26.4%26.2%+14.7%
SMH TechnologyVanEck Semiconductor ETF0.04+304%0.94+73.4%−33.5%−9.1%−0.3%+33.4%26.5%+20.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.27+178%0.94−0.6%+64.4%−18.2%−21.5%+26.3%27.3%+16.8%
DFIV InternationalDimensional - International Value ETF0.45+99.4%0.93+17.7%−3.7%———26.9%+15.0%

Stocks

InvestmentCorrelation5Y returnSharpe2023202220182015201380/20 mix volatility80/20 mix annual return
FNV Franco-Nevada Corporation (this page)1.00+69.7%0.50−17.9%−0.4%−11.0%−5.3%−27.6%31.7%+14.0%
CAH Medical - DistributionCardinal Health, Inc.-0.04+471%1.54+34.1%+54.1%−24.5%+12.6%+66.0%25.7%+20.0%
CLS Hardware, Equipment & PartsCelestica Inc.-0.16+2,780%1.43+160%+1.3%−16.3%−6.0%+27.6%26.2%+33.7%
MCK Medical - DistributionMcKesson Corporation0.25+397%1.41+24.1%+51.8%−28.4%−4.5%+67.7%27.1%+18.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.04+1,452%1.41+79.6%+17.0%+0.8%+67.7%+61.7%26.5%+29.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.22+660%1.39+30.4%+86.6%−8.2%+17.4%+48.6%27.5%+21.7%
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Common questions

What was FNV's worst drawdown?

FNV's deepest decline since it began trading in 2007 was 58.8%, from July to October 2008. It took five months from the low to climb back to its old high. Because FNV launched in December 2007, that record does not include the dot-com bust.

What were FNV's best and worst years?

Over 18 full calendar years, FNV's best year was 2025, when it returned 77.8%. Its worst was 2013, with a return of -27.5%.

Is there a better investment than FNV?

Among FNV's popular alternatives, GLD earned more than FNV with less volatility over the past 5 years: 17.1% a year at 19.0% volatility, against 11.2% a year at 31.3%. Looking beyond its popular alternatives, RS (metals & mining) earned more than FNV with less volatility over the past 5 years: 24.8% a year at 28.1% volatility, against 11.2% a year at 31.3%.

Is FNV more volatile than the S&P 500?

Yes. FNV's volatility over the past 5 years was 31.3%, 1.8 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FNV's return lands within 31.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is FNV's Sharpe ratio?

FNV's Sharpe ratio over the past 5 years was 0.50, against 0.78 for the S&P 500, so FNV earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is FNV with the S&P 500?

Over the past 5 years, FNV's monthly returns had a correlation of 0.18 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FNV instead: the lower it is, the more that option would diversify a FNV holding.

What are the best alternatives to FNV?

Of the 12 popular alternatives we compared, two outperformed FNV in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NEM and RGLD.

Did FNV outperform the S&P 500?

FNV finished ahead of the S&P 500 (SPY) in 12 of 18 full calendar years. In 2025, it returned +77.8%, against +17.7% for the index.

How did FNV do in stock market crashes?

FNV fell less than the S&P 500 (SPY) in four of the eight major crashes it has traded through, and further in three. The clearest case was the late-2018 sell-off, when FNV fell 7.8% and the S&P 500 fell 19.3%.

What diversifies FNV?

These had a low correlation with FNV over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.25) and EMLP (correlation 0.33); among large stocks, CAH (correlation -0.04), CLS (correlation -0.16) and MCK (correlation 0.25). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to FNV

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