BTG vs. AEM

Last updated Apr 1, 2026

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

Performance

BTG vs. AEM - Performance Comparison

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

BTG vs. AEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTG B2Gold Corp.	0.83%	88.95%	-18.07%	-7.22%	-5.13%	-26.97%	42.35%	37.72%	-5.81%	30.80%
AEM Agnico Eagle Mines Limited	19.95%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%

Fundamentals

Market Cap BTG : $7.32B AEM : $102.04B
EPS BTG : $0.27 AEM : $8.83
PE Ratio BTG : 17.09 AEM : 22.98
PEG Ratio BTG : 0.02 AEM : 0.36
PS Ratio BTG : 2.25 AEM : 8.61
PB Ratio BTG : 2.04 AEM : 4.12
Total Revenue (TTM) BTG : $3.07B AEM : $11.87B
Gross Profit (TTM) BTG : $1.53B AEM : $6.80B
EBITDA (TTM) BTG : $1.60B AEM : $8.35B

Returns By Period

In the year-to-date period, BTG achieves a 0.83% return, which is significantly lower than AEM's 19.95% return. Over the past 10 years, BTG has underperformed AEM with an annualized return of 12.95%, while AEM has yielded a comparatively higher 20.98% annualized return.

BTG

• 1D: 7.35%
• 1M: -26.18%
• YTD: 0.83%
• 6M: -7.73%
• 1Y: 61.92%
• 3Y*: 9.06%
• 5Y*: 4.36%
• 10Y*: 12.95%

AEM

• 1D: 5.80%
• 1M: -19.18%
• YTD: 19.95%
• 6M: 20.91%
• 1Y: 89.16%
• 3Y*: 61.82%
• 5Y*: 30.88%
• 10Y*: 20.98%

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

Return for Risk

BTG vs. AEM — Risk / Return Rank

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

BTG

BTG Risk / Return Rank: 74
BTG Sharpe Ratio Rank: 78
BTG Sortino Ratio Rank: 72
BTG Omega Ratio Rank: 71
BTG Calmar Ratio Rank: 74
BTG Martin Ratio Rank: 73

AEM

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

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 vs. AEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for B2Gold Corp. (BTG) and Agnico Eagle Mines Limited (AEM). 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	AEM	Difference
Sharpe ratio Return per unit of total volatility	1.15	2.04	-0.89
Sortino ratio Return per unit of downside risk	1.65	2.33	-0.68
Omega ratio Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio Return relative to maximum drawdown	1.64	3.14	-1.50
Martin ratio Return relative to average drawdown	3.92	10.90	-6.98
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 vs. AEM - Sharpe Ratio Comparison

The current BTG Sharpe Ratio is 1.15, which is lower than the AEM Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BTG and AEM, 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

	BTG	AEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	2.04	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.85	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.56	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.18	-0.04

Correlation

The correlation between BTG and AEM 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

BTG vs. AEM - Dividend Comparison

BTG's dividend yield for the trailing twelve months is around 1.77%, more than AEM's 0.81% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTG B2Gold Corp.	1.77%	1.77%	6.56%	5.06%	4.48%	4.07%	1.96%	0.25%	0.00%	0.00%	0.00%	0.00%
AEM Agnico Eagle Mines Limited	0.81%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%

Drawdowns

BTG vs. AEM - Drawdown Comparison

The maximum BTG drawdown since its inception was -85.97%, roughly equal to the maximum AEM drawdown of -90.49%. Use the drawdown chart below to compare losses from any high point for BTG and AEM.

Drawdown Indicators

	BTG	AEM	Difference
Max Drawdown Largest peak-to-trough decline	-85.97%	-90.49%	+4.52%
Max Drawdown (1Y) Largest decline over 1 year	-36.63%	-28.97%	-7.66%
Max Drawdown (5Y) Largest decline over 5 years	-50.61%	-46.76%	-3.85%
Max Drawdown (10Y) Largest decline over 10 years	-63.35%	-53.86%	-9.49%
Current Drawdown Current decline from peak	-26.77%	-19.51%	-7.26%
Average Drawdown Average peak-to-trough decline	-38.52%	-46.76%	+8.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.36%	8.35%	+7.01%

Volatility

BTG vs. AEM - Volatility Comparison

B2Gold Corp. (BTG) has a higher volatility of 19.56% compared to Agnico Eagle Mines Limited (AEM) at 16.46%. This indicates that BTG's price experiences larger fluctuations and is considered to be riskier than AEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTG	AEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.56%	16.46%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	45.03%	35.61%	+9.42%
Volatility (1Y) Calculated over the trailing 1-year period	54.19%	43.99%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.95%	36.39%	+7.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.61%	37.45%	+11.16%

Financials

BTG vs. AEM - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.