AEM vs. BTG

Last updated Apr 2, 2026

Compare and contrast key facts about Agnico Eagle Mines Limited (AEM) and B2Gold Corp. (BTG).

Performance

AEM vs. BTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Agnico Eagle Mines Limited (AEM) and B2Gold Corp. (BTG). The values are adjusted to include any dividend payments, if applicable.

AEM vs. BTG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEM Agnico Eagle Mines Limited	24.14%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%
BTG B2Gold Corp.	7.73%	88.95%	-18.07%	-7.22%	-5.13%	-26.97%	42.35%	37.72%	-5.81%	30.80%

Fundamentals

Market Cap AEM : $105.61B BTG : $7.82B
EPS AEM : $8.83 BTG : $0.27
PE Ratio AEM : 23.79 BTG : 18.26
PEG Ratio AEM : 0.37 BTG : 0.02
PS Ratio AEM : 8.91 BTG : 2.41
PB Ratio AEM : 4.27 BTG : 2.18
Total Revenue (TTM) AEM : $11.87B BTG : $3.07B
Gross Profit (TTM) AEM : $6.80B BTG : $1.53B
EBITDA (TTM) AEM : $8.35B BTG : $1.60B

Returns By Period

In the year-to-date period, AEM achieves a 24.14% return, which is significantly higher than BTG's 7.73% return. Over the past 10 years, AEM has outperformed BTG with an annualized return of 21.40%, while BTG has yielded a comparatively lower 13.70% annualized return.

AEM

• 1D: 3.50%
• 1M: -16.70%
• YTD: 24.14%
• 6M: 23.94%
• 1Y: 96.09%
• 3Y*: 63.68%
• 5Y*: 31.78%
• 10Y*: 21.40%

BTG

• 1D: 6.84%
• 1M: -19.16%
• YTD: 7.73%
• 6M: -2.40%
• 1Y: 70.02%
• 3Y*: 11.49%
• 5Y*: 5.75%
• 10Y*: 13.70%

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

Return for Risk

AEM vs. BTG — Risk / Return Rank

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

AEM

AEM Risk / Return Rank: 88
AEM Sharpe Ratio Rank: 92
AEM Sortino Ratio Rank: 85
AEM Omega Ratio Rank: 86
AEM Calmar Ratio Rank: 87
AEM Martin Ratio Rank: 91

BTG

BTG Risk / Return Rank: 76
BTG Sharpe Ratio Rank: 80
BTG Sortino Ratio Rank: 73
BTG Omega Ratio Rank: 73
BTG Calmar Ratio Rank: 77
BTG Martin Ratio Rank: 75

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.

AEM vs. BTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Agnico Eagle Mines Limited (AEM) and B2Gold Corp. (BTG). 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.

	AEM	BTG	Difference
Sharpe ratio Return per unit of total volatility	2.19	1.29	+0.90
Sortino ratio Return per unit of downside risk	2.45	1.78	+0.67
Omega ratio Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio Return relative to maximum drawdown	3.31	1.99	+1.31
Martin ratio Return relative to average drawdown	11.38	4.73	+6.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEM vs. BTG - Sharpe Ratio Comparison

The current AEM Sharpe Ratio is 2.19, which is higher than the BTG Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of AEM and BTG, 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

	AEM	BTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.29	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.13	+0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.28	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.15	+0.03

Correlation

The correlation between AEM and BTG is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AEM vs. BTG - Dividend Comparison

AEM's dividend yield for the trailing twelve months is around 0.79%, less than BTG's 1.65% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM Agnico Eagle Mines Limited	0.79%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%
BTG B2Gold Corp.	1.65%	1.77%	6.56%	5.06%	4.48%	4.07%	1.96%	0.25%	0.00%	0.00%	0.00%	0.00%

Drawdowns

AEM vs. BTG - Drawdown Comparison

The maximum AEM drawdown since its inception was -90.49%, which is greater than BTG's maximum drawdown of -85.97%. Use the drawdown chart below to compare losses from any high point for AEM and BTG.

Drawdown Indicators

	AEM	BTG	Difference
Max Drawdown Largest peak-to-trough decline	-90.49%	-85.97%	-4.52%
Max Drawdown (1Y) Largest decline over 1 year	-28.97%	-36.63%	+7.66%
Max Drawdown (5Y) Largest decline over 5 years	-46.76%	-50.61%	+3.85%
Max Drawdown (10Y) Largest decline over 10 years	-53.86%	-63.35%	+9.49%
Current Drawdown Current decline from peak	-16.70%	-21.76%	+5.06%
Average Drawdown Average peak-to-trough decline	-46.76%	-38.51%	-8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	15.42%	-7.00%

Volatility

AEM vs. BTG - Volatility Comparison

The current volatility for Agnico Eagle Mines Limited (AEM) is 15.66%, while B2Gold Corp. (BTG) has a volatility of 19.34%. This indicates that AEM experiences smaller price fluctuations and is considered to be less risky than BTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEM	BTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.66%	19.34%	-3.68%
Volatility (6M) Calculated over the trailing 6-month period	35.75%	45.52%	-9.77%
Volatility (1Y) Calculated over the trailing 1-year period	44.10%	54.58%	-10.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	44.01%	-7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.46%	48.65%	-11.19%

Financials

AEM vs. BTG - Profitability Comparison

The chart below illustrates the profitability comparison between Agnico Eagle Mines Limited and B2Gold Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AEM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported a gross profit of 2.20B and revenue of 3.56B. Therefore, the gross margin over that period was 61.7%.

BTG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, B2Gold Corp. reported a gross profit of 559.72M and revenue of 1.07B. Therefore, the gross margin over that period was 52.3%.

AEM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported an operating income of 1.99B and revenue of 3.56B, resulting in an operating margin of 55.9%.

BTG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, B2Gold Corp. reported an operating income of 529.36M and revenue of 1.07B, resulting in an operating margin of 49.5%.

AEM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported a net income of 1.52B and revenue of 3.56B, resulting in a net margin of 42.7%.

BTG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, B2Gold Corp. reported a net income of 173.21M and revenue of 1.07B, resulting in a net margin of 16.2%.