BTB-UN.TO vs. BTO.TO

Last updated Jun 6, 2026

BTB-UN.TO (BTB Real Estate Investment Trust) and BTO.TO (B2Gold Corp.) are both stocks. BTB-UN.TO operates in REIT - Diversified (Real Estate), while BTO.TO operates in Gold (Basic Materials). Over the past 10 years, BTB-UN.TO returned 6.69%/yr vs 11.38%/yr for BTO.TO. At a 0.10 correlation, their price movements are largely independent.

Performance

BTB-UN.TO vs. BTO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BTB Real Estate Investment Trust (BTB-UN.TO) and B2Gold Corp. (BTO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTB-UN.TO achieves a -5.61% return, which is significantly lower than BTO.TO's -5.30% return. Over the past 10 years, BTB-UN.TO has underperformed BTO.TO with an annualized return of 6.69%, while BTO.TO has yielded a comparatively higher 11.38% annualized return.

BTB-UN.TO

• 1D: 0.00%
• 1M: -4.20%
• YTD: -5.61%
• 6M: -1.91%
• 1Y: 11.34%
• 3Y*: 14.77%
• 5Y*: 6.63%
• 10Y*: 6.69%

BTO.TO

• 1D: -8.76%
• 1M: -4.27%
• YTD: -5.30%
• 6M: -6.96%
• 1Y: 16.91%
• 3Y*: 8.56%
• 5Y*: 3.27%
• 10Y*: 11.38%

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

BTB-UN.TO vs. BTO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTB-UN.TO BTB Real Estate Investment Trust	-5.61%	32.15%	26.55%	-11.94%	-3.12%	24.45%	-24.88%	29.71%	3.76%	12.35%
BTO.TO B2Gold Corp.	-5.30%	79.47%	-10.86%	-8.71%	0.86%	-27.93%	39.30%	30.95%	2.84%	21.63%

Correlation

The correlation between BTB-UN.TO and BTO.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Feb 10, 2009	0.10

The correlation between BTB-UN.TO and BTO.TO shifts across timeframes, from 0.10 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap BTB-UN.TO : CA$332.66M BTO.TO : CA$8.75B
EPS BTB-UN.TO : CA$0.26 BTO.TO : CA$0.36
PE Ratio BTB-UN.TO : 14.39 BTO.TO : 16.30
PEG Ratio BTB-UN.TO : 1.29 BTO.TO : 0.02
PS Ratio BTB-UN.TO : 2.61 BTO.TO : 2.41
PB Ratio BTB-UN.TO : 0.67 BTO.TO : 2.38
Total Revenue (TTM) BTB-UN.TO : CA$127.69M BTO.TO : CA$3.68B
Gross Profit (TTM) BTB-UN.TO : CA$72.80M BTO.TO : CA$2.00B
EBITDA (TTM) BTB-UN.TO : CA$58.10M BTO.TO : CA$2.11B

Return for Risk

BTB-UN.TO vs. BTO.TO — Risk / Return Rank

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

BTB-UN.TO

BTB-UN.TO Risk / Return Rank: 62
BTB-UN.TO Sharpe Ratio Rank: 68
BTB-UN.TO Sortino Ratio Rank: 59
BTB-UN.TO Omega Ratio Rank: 59
BTB-UN.TO Calmar Ratio Rank: 60
BTB-UN.TO Martin Ratio Rank: 63

BTO.TO

BTO.TO Risk / Return Rank: 52
BTO.TO Sharpe Ratio Rank: 53
BTO.TO Sortino Ratio Rank: 50
BTO.TO Omega Ratio Rank: 49
BTO.TO Calmar Ratio Rank: 53
BTO.TO Martin Ratio Rank: 52

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.

BTB-UN.TO vs. BTO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BTB Real Estate Investment Trust (BTB-UN.TO) and B2Gold Corp. (BTO.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.

	BTB-UN.TO	BTO.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.32	+0.49
Sortino ratio: Return per unit of downside risk	1.15	0.78	+0.37
Omega ratio: Gain probability vs. loss probability	1.15	1.10	+0.05
Calmar ratio: Return relative to maximum drawdown	0.86	0.47	+0.39
Martin ratio: Return relative to average drawdown	2.25	0.93	+1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTB-UN.TO vs. BTO.TO - Sharpe Ratio Comparison

The current BTB-UN.TO Sharpe Ratio is 0.81, which is higher than the BTO.TO Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of BTB-UN.TO and BTO.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

	BTB-UN.TO	BTO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.32	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.08	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.25	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.11	+0.14

Drawdowns

BTB-UN.TO vs. BTO.TO - Drawdown Comparison

The maximum BTB-UN.TO drawdown since its inception was -57.27%, smaller than the maximum BTO.TO drawdown of -86.75%. Use the drawdown chart below to compare losses from any high point for BTB-UN.TO and BTO.TO.

Drawdown Indicators

	BTB-UN.TO	BTO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-57.27%	-86.75%	+29.48%
Max Drawdown (1Y) Largest decline over 1 year	-13.27%	-36.12%	+22.85%
Max Drawdown (3Y) Largest decline over 3 years	-15.04%	-36.12%	+21.08%
Max Drawdown (5Y) Largest decline over 5 years	-27.43%	-44.65%	+17.22%
Max Drawdown (10Y) Largest decline over 10 years	-57.27%	-62.62%	+5.35%
Current Drawdown Current decline from peak	-10.54%	-30.90%	+20.36%
Average Drawdown Average peak-to-trough decline	-10.09%	-36.24%	+26.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	18.13%	-13.07%

Volatility

BTB-UN.TO vs. BTO.TO - Volatility Comparison

The current volatility for BTB Real Estate Investment Trust (BTB-UN.TO) is 6.10%, while B2Gold Corp. (BTO.TO) has a volatility of 19.69%. This indicates that BTB-UN.TO experiences smaller price fluctuations and is considered to be less risky than BTO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTB-UN.TO	BTO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	19.69%	-13.59%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	42.86%	-31.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.09%	53.54%	-39.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	42.00%	-24.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.40%	45.86%	-22.46%

Dividends

BTB-UN.TO vs. BTO.TO - Dividend Comparison

BTB-UN.TO's dividend yield for the trailing twelve months is around 8.02%, more than BTO.TO's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTB-UN.TO BTB Real Estate Investment Trust	8.02%	7.33%	9.67%	10.24%	8.22%	7.35%	9.63%	8.12%	9.66%	9.15%	9.40%	9.52%
BTO.TO B2Gold Corp.	1.89%	1.81%	6.25%	5.13%	4.37%	3.21%	1.84%	0.26%	0.00%	0.00%	0.00%	0.00%

Financials

BTB-UN.TO vs. BTO.TO - Profitability Comparison

The chart below illustrates the profitability comparison between BTB Real Estate Investment Trust and B2Gold Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BTB-UN.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, BTB Real Estate Investment Trust reported a gross profit of 17.74M and revenue of 31.96M. Therefore, the gross margin over that period was 55.5%.

BTO.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a gross profit of 599.77M and revenue of 1.14B. Therefore, the gross margin over that period was 52.6%.

BTB-UN.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, BTB Real Estate Investment Trust reported an operating income of 17.45M and revenue of 31.96M, resulting in an operating margin of 54.6%.

BTO.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported an operating income of 571.05M and revenue of 1.14B, resulting in an operating margin of 50.1%.

BTB-UN.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, BTB Real Estate Investment Trust reported a net income of 8.36M and revenue of 31.96M, resulting in a net margin of 26.2%.

BTO.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a net income of 196.66M and revenue of 1.14B, resulting in a net margin of 17.3%.

Frequently Asked Questions

Can I hold both BTB-UN.TO and BTO.TO in my portfolio?

BTB-UN.TO and BTO.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.