ARA.TO vs. CMCL

Last updated Jun 9, 2026

ARA.TO (Aclara Resources Inc.) and CMCL (Caledonia Mining Corporation Plc) are both stocks. Both are in the Basic Materials sector — ARA.TO in Other Industrial Metals & Mining, CMCL in Gold. Over the past 3 years, ARA.TO returned 106.55%/yr vs 17.97%/yr for CMCL. At a 0.11 correlation, their price movements are largely independent.

Performance

ARA.TO vs. CMCL - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Aclara Resources Inc. (ARA.TO) and Caledonia Mining Corporation Plc (CMCL). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ARA.TO is traded in CAD, while CMCL is traded in USD. To make them comparable, the CMCL values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ARA.TO achieves a 95.83% return, which is significantly higher than CMCL's -22.46% return.

ARA.TO

• 1D: 0.71%
• 1M: -14.72%
• YTD: 95.83%
• 6M: 69.20%
• 1Y: 345.26%
• 3Y*: 106.55%
• 5Y*: —
• 10Y*: —

CMCL

• 1D: -1.03%
• 1M: -15.46%
• YTD: -22.46%
• 6M: -16.79%
• 1Y: 10.62%
• 3Y*: 17.97%
• 5Y*: 14.56%
• 10Y*: —

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

ARA.TO vs. CMCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ARA.TO Aclara Resources Inc.	95.83%	380.00%	-10.00%	56.25%	-77.78%	-10.00%
CMCL Caledonia Mining Corporation Plc	-22.46%	173.66%	-12.03%	0.20%	18.45%	0.37%

Correlation

The correlation between ARA.TO and CMCL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 13, 2021	0.11

The correlation between ARA.TO and CMCL shifts across timeframes, from 0.11 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ARA.TO : CA$932.94M CMCL : $390.18M
EPS ARA.TO : -CA$0.05 CMCL : $3.15
PB Ratio ARA.TO : 6.15 CMCL : 1.44
Total Revenue (TTM) ARA.TO : CA$0.00 CMCL : $274.16M
Gross Profit (TTM) ARA.TO : -CA$1.03M CMCL : $142.30M
EBITDA (TTM) ARA.TO : -CA$9.35M CMCL : $137.13M

Return for Risk

ARA.TO vs. CMCL — Risk / Return Rank

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

ARA.TO

ARA.TO Risk / Return Rank: 93
ARA.TO Sharpe Ratio Rank: 96
ARA.TO Sortino Ratio Rank: 92
ARA.TO Omega Ratio Rank: 89
ARA.TO Calmar Ratio Rank: 95
ARA.TO Martin Ratio Rank: 92

CMCL

CMCL Risk / Return Rank: 46
CMCL Sharpe Ratio Rank: 47
CMCL Sortino Ratio Rank: 47
CMCL Omega Ratio Rank: 46
CMCL Calmar Ratio Rank: 47
CMCL Martin Ratio Rank: 46

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.

ARA.TO vs. CMCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aclara Resources Inc. (ARA.TO) and Caledonia Mining Corporation Plc (CMCL). 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.

	ARA.TO	CMCL	Difference
Sharpe ratio: Return per unit of total volatility	3.11	0.16	+2.95
Sortino ratio: Return per unit of downside risk	3.32	0.65	+2.67
Omega ratio: Gain probability vs. loss probability	1.40	1.08	+0.31
Calmar ratio: Return relative to maximum drawdown	6.45	0.23	+6.23
Martin ratio: Return relative to average drawdown	13.69	0.42	+13.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARA.TO vs. CMCL - Sharpe Ratio Comparison

The current ARA.TO Sharpe Ratio is 3.11, which is higher than the CMCL Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of ARA.TO and CMCL, 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

	ARA.TO	CMCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	0.16	+2.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.35	-0.08

Drawdowns

ARA.TO vs. CMCL - Drawdown Comparison

The maximum ARA.TO drawdown since its inception was -84.38%, which is greater than CMCL's maximum drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for ARA.TO and CMCL.

Drawdown Indicators

	ARA.TO	CMCL	Difference
Max Drawdown Largest peak-to-trough decline	-84.38%	-65.32%	-19.06%
Max Drawdown (1Y) Largest decline over 1 year	-53.93%	-47.27%	-6.66%
Max Drawdown (3Y) Largest decline over 3 years	-53.93%	-47.27%	-6.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-47.27%	—
Current Drawdown Current decline from peak	-18.97%	-47.27%	+28.30%
Average Drawdown Average peak-to-trough decline	-57.14%	-35.78%	-21.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.37%	25.31%	+0.06%

Volatility

ARA.TO vs. CMCL - Volatility Comparison

Aclara Resources Inc. (ARA.TO) has a higher volatility of 21.67% compared to Caledonia Mining Corporation Plc (CMCL) at 13.96%. This indicates that ARA.TO's price experiences larger fluctuations and is considered to be riskier than CMCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARA.TO	CMCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.67%	13.96%	+7.71%
Volatility (6M) Calculated over the trailing 6-month period	63.42%	47.43%	+15.99%
Volatility (1Y) Calculated over the trailing 1-year period	111.97%	65.32%	+46.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.47%	52.77%	+38.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.47%	54.54%	+36.93%

Dividends

ARA.TO vs. CMCL - Dividend Comparison

ARA.TO has not paid dividends to shareholders, while CMCL's dividend yield for the trailing twelve months is around 2.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARA.TO Aclara Resources Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CMCL Caledonia Mining Corporation Plc	2.84%	2.14%	5.95%	4.59%	4.52%	4.29%	2.11%	3.27%	5.23%	1.86%

Financials

Frequently Asked Questions

Can I hold both ARA.TO and CMCL in my portfolio?

ARA.TO and CMCL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.