BTG vs. GROY
BTG (B2Gold Corp.) and GROY (Gold Royalty Corp.) are both stocks. Both are in the Basic Materials sector — BTG in Gold, GROY in Other Precious Metals & Mining. Over the past 5 years, BTG returned 1.84%/yr vs -11.34%/yr for GROY. Their 0.54 correlation means they have sometimes moved together and sometimes differently.
Performance
BTG vs. GROY - Performance Comparison
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Returns By Period
In the year-to-date period, BTG achieves a -16.11% return, which is significantly higher than GROY's -35.64% return.
BTG
- 1D
- -2.60%
- 1M
- -8.09%
- 6M
- -22.79%
- YTD
- -16.11%
- 1Y
- 10.98%
- 3Y*
- 7.45%
- 5Y*
- 1.84%
- 10Y*
- 3.96%
- ALL TIME*
- 6.85%
GROY
- 1D
- -3.35%
- 1M
- -9.09%
- 6M
- -39.25%
- YTD
- -35.64%
- 1Y
- -2.99%
- 3Y*
- 14.33%
- 5Y*
- -11.34%
- 10Y*
- —
- ALL TIME*
- -9.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTG B2Gold Corp. | $66.21M | $73.36M | $98.42M |
| $5.32M | $4.90M | $5.56M |
BTG vs. GROY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTG B2Gold Corp. | -16.11% | 88.95% | -18.07% | -7.22% | -5.13% | -7.87% |
GROY Gold Royalty Corp. | -35.64% | 233.88% | -17.69% | -36.27% | -51.98% | 9.33% |
Correlation
The correlation between BTG and GROY is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021 | 0.54 |
The correlation between BTG and GROY shifts across timeframes, from 0.54 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
BTG:
$5.00B
GROY:
$491.25M
BTG:
$0.35
GROY:
-$0.01
BTG:
1.57
GROY:
28.07
BTG:
1.53
GROY:
0.87
BTG:
$3.67B
GROY:
$19.65M
BTG:
$1.89B
GROY:
$14.42M
BTG:
$1.96B
GROY:
$9.22M
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Return for Risk
BTG vs. GROY — Risk / Return Rank
BTG
GROY
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BTG | GROY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.05 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.33 | 0.02 | +0.31 |
| Martin ratioReturn relative to average drawdown | 0.59 | 0.05 | +0.54 |
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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.
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Drawdown Indicators
| BTG | GROY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.97% | -82.01% | -3.96% |
Max Drawdown (1Y)Largest decline over 1 year | -40.70% | -51.63% | +10.93% |
Max Drawdown (3Y)Largest decline over 3 years | -40.70% | -51.63% | +10.93% |
Max Drawdown (5Y)Largest decline over 5 years | -48.92% | -78.45% | +29.53% |
Max Drawdown (10Y)Largest decline over 10 years | -63.35% | — | — |
Current DrawdownCurrent decline from peak | -39.08% | -60.02% | +20.94% |
Average DrawdownAverage peak-to-trough decline | -38.33% | -55.87% | +17.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.74% | 26.02% | -3.28% |
Volatility
BTG vs. GROY - Volatility Comparison
B2Gold Corp. (BTG) has a higher volatility of 12.73% compared to Gold Royalty Corp. (GROY) at 11.00%. This indicates that BTG's price experiences larger fluctuations and is considered to be riskier than GROY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTG | GROY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 11.00% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 44.90% | 37.11% | +7.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.86% | 55.46% | +1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.97% | 56.52% | -11.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.87% | 59.86% | -11.99% |
Dividends
BTG vs. GROY - Dividend Comparison
BTG's dividend yield for the trailing twelve months is around 2.13%, while GROY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | 2.13% | 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% |
Financials
BTG vs. GROY - Financials Comparison
This section allows you to compare key financial metrics between B2Gold Corp. and Gold Royalty Corp.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BTG vs. GROY - Profitability Comparison
BTG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, B2Gold Corp. reported a gross profit of 601.32M and revenue of 1.14B. Therefore, the gross margin over that period was 52.6%.
GROY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Gold Royalty Corp. reported a gross profit of 5.48M and revenue of 7.18M. Therefore, the gross margin over that period was 76.3%.
BTG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, B2Gold Corp. reported an operating income of 572.52M and revenue of 1.14B, resulting in an operating margin of 50.1%.
GROY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Gold Royalty Corp. reported an operating income of 2.64M and revenue of 7.18M, resulting in an operating margin of 36.7%.
BTG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, B2Gold Corp. reported a net income of 197.17M and revenue of 1.14B, resulting in a net margin of 17.3%.
GROY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Gold Royalty Corp. reported a net income of 1.77M and revenue of 7.18M, resulting in a net margin of 24.7%.
Frequently Asked Questions
BTG and GROY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTG has higher volatility (12.73%) compared to GROY (11.00%). In terms of maximum drawdown, BTG dropped -85.97% vs GROY's -82.01%.
BTG currently has the higher Sharpe Ratio (0.23 vs 0.02), 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.
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