BTG vs. EQX

Last updated Apr 2, 2026

Compare and contrast key facts about B2Gold Corp. (BTG) and Equinox Gold Corp. (EQX).

Performance

BTG vs. EQX - Performance Comparison

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

BTG vs. EQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BTG B2Gold Corp.	7.73%	88.95%	-18.07%	-7.22%	-5.13%	-26.97%	42.35%	37.72%	19.18%
EQX Equinox Gold Corp.	6.51%	179.68%	2.66%	49.09%	-51.48%	-34.62%	34.29%	106.43%	-12.75%

Fundamentals

Market Cap BTG : $7.82B EQX : $9.42B
EPS BTG : $0.27 EQX : $0.35
PE Ratio BTG : 18.26 EQX : 42.39
PEG Ratio BTG : 0.02 EQX : 0.07
PS Ratio BTG : 2.41 EQX : 5.17
PB Ratio BTG : 2.18 EQX : 1.63
Total Revenue (TTM) BTG : $3.07B EQX : $1.85B
Gross Profit (TTM) BTG : $1.53B EQX : $462.16M
EBITDA (TTM) BTG : $1.60B EQX : $966.48M

Returns By Period

In the year-to-date period, BTG achieves a 7.73% return, which is significantly higher than EQX's 6.51% return.

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%

EQX

• 1D: 3.32%
• 1M: -20.25%
• YTD: 6.51%
• 6M: 37.32%
• 1Y: 122.86%
• 3Y*: 42.66%
• 5Y*: 12.31%
• 10Y*: —

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

Return for Risk

BTG vs. EQX — Risk / Return Rank

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

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

EQX

EQX Risk / Return Rank: 87
EQX Sharpe Ratio Rank: 91
EQX Sortino Ratio Rank: 86
EQX Omega Ratio Rank: 83
EQX Calmar Ratio Rank: 86
EQX Martin Ratio Rank: 89

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. EQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for B2Gold Corp. (BTG) and Equinox Gold Corp. (EQX). 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	EQX	Difference
Sharpe ratio Return per unit of total volatility	1.29	2.07	-0.78
Sortino ratio Return per unit of downside risk	1.78	2.50	-0.72
Omega ratio Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio Return relative to maximum drawdown	1.99	3.26	-1.26
Martin ratio Return relative to average drawdown	4.73	10.13	-5.40
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. EQX - Sharpe Ratio Comparison

The current BTG Sharpe Ratio is 1.29, which is lower than the EQX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of BTG and EQX, 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	EQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	2.07	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.22	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.32	-0.18

Correlation

The correlation between BTG and EQX is 0.67, 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. EQX - Dividend Comparison

BTG's dividend yield for the trailing twelve months is around 1.65%, more than EQX's 0.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
BTG B2Gold Corp.	1.65%	1.77%	6.56%	5.06%	4.48%	4.07%	1.96%	0.25%
EQX Equinox Gold Corp.	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BTG vs. EQX - Drawdown Comparison

The maximum BTG drawdown since its inception was -85.97%, which is greater than EQX's maximum drawdown of -81.06%. Use the drawdown chart below to compare losses from any high point for BTG and EQX.

Drawdown Indicators

	BTG	EQX	Difference
Max Drawdown Largest peak-to-trough decline	-85.97%	-81.06%	-4.91%
Max Drawdown (1Y) Largest decline over 1 year	-36.63%	-36.03%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-50.61%	-73.20%	+22.59%
Max Drawdown (10Y) Largest decline over 10 years	-63.35%	—	—
Current Drawdown Current decline from peak	-21.76%	-20.29%	-1.47%
Average Drawdown Average peak-to-trough decline	-38.51%	-38.40%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.42%	11.58%	+3.84%

Volatility

BTG vs. EQX - Volatility Comparison

The current volatility for B2Gold Corp. (BTG) is 19.34%, while Equinox Gold Corp. (EQX) has a volatility of 22.93%. This indicates that BTG experiences smaller price fluctuations and is considered to be less risky than EQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTG	EQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.34%	22.93%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	45.52%	47.26%	-1.74%
Volatility (1Y) Calculated over the trailing 1-year period	54.58%	59.67%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.01%	57.01%	-13.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.65%	55.34%	-6.69%

Financials