BTG vs. GROY

Last updated Apr 1, 2026

Compare and contrast key facts about B2Gold Corp. (BTG) and Gold Royalty Corp. (GROY).

Performance

BTG vs. GROY - Performance Comparison

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

BTG vs. GROY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTG B2Gold Corp.	0.83%	88.95%	-18.07%	-7.22%	-5.13%	-10.12%
GROY Gold Royalty Corp.	-11.39%	233.88%	-17.69%	-36.27%	-51.98%	37.43%

Fundamentals

Market Cap BTG : $7.32B GROY : $803.82M
EPS BTG : $0.27 GROY : -$0.02
PS Ratio BTG : 2.25 GROY : 43.27
PB Ratio BTG : 2.04 GROY : 1.15
Total Revenue (TTM) BTG : $3.07B GROY : $15.61M
Gross Profit (TTM) BTG : $1.53B GROY : $11.81M
EBITDA (TTM) BTG : $1.60B GROY : $6.29M

Returns By Period

In the year-to-date period, BTG achieves a 0.83% return, which is significantly higher than GROY's -11.39% 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%

GROY

• 1D: 8.48%
• 1M: -23.34%
• YTD: -11.39%
• 6M: -7.25%
• 1Y: 148.61%
• 3Y*: 18.56%
• 5Y*: -3.88%
• 10Y*: —

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

Return for Risk

BTG vs. GROY — 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

GROY

GROY Risk / Return Rank: 91
GROY Sharpe Ratio Rank: 95
GROY Sortino Ratio Rank: 90
GROY Omega Ratio Rank: 87
GROY Calmar Ratio Rank: 90
GROY Martin Ratio Rank: 93

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. GROY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for B2Gold Corp. (BTG) and Gold Royalty Corp. (GROY). 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	GROY	Difference
Sharpe ratio Return per unit of total volatility	1.15	2.58	-1.44
Sortino ratio Return per unit of downside risk	1.65	2.84	-1.19
Omega ratio Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio Return relative to maximum drawdown	1.64	3.76	-2.11
Martin ratio Return relative to average drawdown	3.92	13.07	-9.14
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. GROY - Sharpe Ratio Comparison

The current BTG Sharpe Ratio is 1.15, which is lower than the GROY Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of BTG and GROY, 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	GROY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	2.58	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	-0.07	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.01	+0.13

Correlation

The correlation between BTG and GROY is 0.52, 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. GROY - Dividend Comparison

BTG's dividend yield for the trailing twelve months is around 1.77%, while GROY has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
BTG B2Gold Corp.	1.77%	1.77%	6.56%	5.06%	4.48%	4.07%	1.96%	0.25%
GROY Gold Royalty Corp.	0.00%	0.00%	0.00%	1.36%	1.72%	0.00%	0.00%	0.00%

Drawdowns

BTG vs. GROY - Drawdown Comparison

The maximum BTG drawdown since its inception was -85.97%, roughly equal to the maximum GROY drawdown of -82.01%. Use the drawdown chart below to compare losses from any high point for BTG and GROY.

Drawdown Indicators

	BTG	GROY	Difference
Max Drawdown Largest peak-to-trough decline	-85.97%	-82.01%	-3.96%
Max Drawdown (1Y) Largest decline over 1 year	-36.63%	-39.54%	+2.91%
Max Drawdown (5Y) Largest decline over 5 years	-50.61%	-82.01%	+31.40%
Max Drawdown (10Y) Largest decline over 10 years	-63.35%	—	—
Current Drawdown Current decline from peak	-26.77%	-44.94%	+18.17%
Average Drawdown Average peak-to-trough decline	-38.52%	-56.15%	+17.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.36%	11.37%	+3.99%

Volatility

BTG vs. GROY - Volatility Comparison

B2Gold Corp. (BTG) and Gold Royalty Corp. (GROY) have volatilities of 19.56% and 18.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTG	GROY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.56%	18.65%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	45.03%	43.16%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	54.19%	57.87%	-3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.95%	58.37%	-14.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.61%	60.03%	-11.42%

Financials

BTG vs. GROY - Profitability Comparison

The chart below illustrates the profitability comparison between B2Gold Corp. and Gold Royalty Corp. 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%.

GROY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Gold Royalty Corp. reported a gross profit of 2.95M and revenue of 4.50M. Therefore, the gross margin over that period was 65.6%.

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%.

GROY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Gold Royalty Corp. reported an operating income of 105.00K and revenue of 4.50M, resulting in an operating margin of 2.3%.

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%.

GROY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Gold Royalty Corp. reported a net income of -920.00K and revenue of 4.50M, resulting in a net margin of -20.4%.