BTG-USD vs. CMCL

Last updated Jun 4, 2026

BTG-USD (Bitcoin Gold) is a cryptocurrency, while CMCL (Caledonia Mining Corporation Plc) is a stock. Over the past 5 years, BTG-USD returned -64.61%/yr vs 12.23%/yr for CMCL. At a 0.04 correlation, their price movements are largely independent.

Performance

BTG-USD vs. CMCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin Gold (BTG-USD) and Caledonia Mining Corporation Plc (CMCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTG-USD achieves a -55.19% return, which is significantly lower than CMCL's -19.36% return.

BTG-USD

• 1D: -0.15%
• 1M: -46.84%
• YTD: -55.19%
• 6M: -23.17%
• 1Y: -53.70%
• 3Y*: -70.36%
• 5Y*: -64.61%
• 10Y*: —

CMCL

• 1D: -2.66%
• 1M: -1.56%
• YTD: -19.36%
• 6M: -15.35%
• 1Y: 20.65%
• 3Y*: 22.06%
• 5Y*: 12.23%
• 10Y*: —

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

BTG-USD vs. CMCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTG-USD Bitcoin Gold	-55.19%	-92.37%	-56.73%	85.84%	-70.99%	382.62%	56.48%	-57.33%	-94.85%	30.01%
CMCL Caledonia Mining Corporation Plc	-19.36%	186.75%	-18.90%	2.65%	11.39%	-23.84%	93.29%	67.37%	-26.33%	36.35%

Correlation

The correlation between BTG-USD and CMCL is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 24, 2017	0.04

The correlation between BTG-USD and CMCL shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTG-USD vs. CMCL — Risk / Return Rank

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

BTG-USD

BTG-USD Risk / Return Rank: 86
BTG-USD Sharpe Ratio Rank: 83
BTG-USD Sortino Ratio Rank: 100
BTG-USD Omega Ratio Rank: 100
BTG-USD Calmar Ratio Rank: 70
BTG-USD Martin Ratio Rank: 77

CMCL

CMCL Risk / Return Rank: 50
CMCL Sharpe Ratio Rank: 52
CMCL Sortino Ratio Rank: 49
CMCL Omega Ratio Rank: 49
CMCL Calmar Ratio Rank: 51
CMCL Martin Ratio Rank: 50

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.

BTG-USD vs. CMCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin Gold (BTG-USD) 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.

	BTG-USD	CMCL	Difference
Sharpe ratio Return per unit of total volatility	-0.06	0.32	-0.37
Sortino ratio Return per unit of downside risk	8.09	0.84	+7.25
Omega ratio Gain probability vs. loss probability	1.87	1.11	+0.76
Calmar ratio Return relative to maximum drawdown	-0.57	0.47	-1.05
Martin ratio Return relative to average drawdown	-0.74	0.87	-1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTG-USD vs. CMCL - Sharpe Ratio Comparison

The current BTG-USD Sharpe Ratio is -0.06, which is lower than the CMCL Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of BTG-USD 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

	BTG-USD	CMCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.06	0.32	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.23	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.35	-0.49

Drawdowns

BTG-USD vs. CMCL - Drawdown Comparison

The maximum BTG-USD drawdown since its inception was -99.96%, which is greater than CMCL's maximum drawdown of -65.77%. Use the drawdown chart below to compare losses from any high point for BTG-USD and CMCL.

Drawdown Indicators

	BTG-USD	CMCL	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-65.77%	-34.19%
Max Drawdown (1Y) Largest decline over 1 year	-93.80%	-43.76%	-50.04%
Max Drawdown (3Y) Largest decline over 3 years	-99.67%	-45.27%	-54.40%
Max Drawdown (5Y) Largest decline over 5 years	-99.77%	-50.00%	-49.77%
Current Drawdown Current decline from peak	-99.93%	-43.76%	-56.17%
Average Drawdown Average peak-to-trough decline	-93.33%	-35.77%	-57.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.19%	23.89%	+40.30%

Volatility

BTG-USD vs. CMCL - Volatility Comparison

Bitcoin Gold (BTG-USD) has a higher volatility of 111.71% compared to Caledonia Mining Corporation Plc (CMCL) at 13.52%. This indicates that BTG-USD'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

	BTG-USD	CMCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	111.71%	13.52%	+98.19%
Volatility (6M) Calculated over the trailing 6-month period	593.89%	47.57%	+546.32%
Volatility (1Y) Calculated over the trailing 1-year period	792.00%	65.17%	+726.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	376.28%	52.60%	+323.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	300.00%	54.57%	+245.43%

Frequently Asked Questions

Can I hold both BTG-USD and CMCL in my portfolio?

BTG-USD and CMCL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTG-USD or CMCL?

BTG-USD has higher volatility (111.71%) compared to CMCL (13.52%). In terms of maximum drawdown, BTG-USD dropped -99.96% vs CMCL's -65.77%.

Which has better risk-adjusted returns?

CMCL currently has the higher Sharpe Ratio (0.32 vs -0.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.