BTG vs. PAA
BTG (B2Gold Corp.) and PAA (Plains All American Pipeline, L.P.) are both stocks. BTG operates in Gold (Basic Materials), while PAA operates in Oil & Gas Midstream (Energy). Over the past 10 years, BTG returned 9.37%/yr vs 5.97%/yr for PAA. At a 0.13 correlation, their price movements are largely independent.
Performance
BTG vs. PAA - Performance Comparison
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Returns By Period
In the year-to-date period, BTG achieves a -5.82% return, which is significantly lower than PAA's 30.01% return. Over the past 10 years, BTG has outperformed PAA with an annualized return of 9.37%, while PAA has yielded a comparatively lower 5.97% annualized return.
BTG
- 1D
- 2.93%
- 1M
- -21.06%
- YTD
- -5.82%
- 6M
- -7.67%
- 1Y
- 15.53%
- 3Y*
- 8.86%
- 5Y*
- 1.08%
- 10Y*
- 9.37%
PAA
- 1D
- -0.18%
- 1M
- 2.51%
- YTD
- 30.01%
- 6M
- 31.47%
- 1Y
- 36.35%
- 3Y*
- 28.99%
- 5Y*
- 22.23%
- 10Y*
- 5.97%
BTG vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | -5.82% | 88.95% | -18.07% | -7.22% | -5.13% | -26.97% | 42.35% | 37.72% | -5.81% | 30.80% |
PAA Plains All American Pipeline, L.P. | 30.01% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Correlation
The correlation between BTG and PAA is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2008 | 0.13 |
The correlation between BTG and PAA shifts across timeframes, from -0.11 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
BTG:
$6.32B
PAA:
$15.84B
BTG:
$0.36
PAA:
$2.19
BTG:
11.81
PAA:
10.24
BTG:
0.01
PAA:
0.19
BTG:
1.74
PAA:
0.35
BTG:
1.72
PAA:
1.24
BTG:
$3.67B
PAA:
$45.25B
BTG:
$1.89B
PAA:
$1.55B
BTG:
$1.96B
PAA:
$2.54B
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Return for Risk
BTG vs. PAA — Risk / Return Rank
BTG
PAA
BTG vs. PAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for B2Gold Corp. (BTG) and Plains All American Pipeline, L.P. (PAA). 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 | PAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.33 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 2.51 | -2.09 |
| Martin ratioReturn relative to average drawdown | 0.83 | 7.17 | -6.34 |
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Drawdowns
BTG vs. PAA - Drawdown Comparison
The maximum BTG drawdown since its inception was -85.97%, smaller than the maximum PAA drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for BTG and PAA.
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Drawdown Indicators
| BTG | PAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.97% | -91.99% | +6.02% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -14.53% | -22.44% |
Max Drawdown (3Y)Largest decline over 3 years | -36.97% | -22.26% | -14.71% |
Max Drawdown (5Y)Largest decline over 5 years | -48.92% | -26.11% | -22.81% |
Max Drawdown (10Y)Largest decline over 10 years | -63.35% | -87.92% | +24.57% |
Current DrawdownCurrent decline from peak | -31.60% | -10.03% | -21.57% |
Average DrawdownAverage peak-to-trough decline | -38.35% | -25.75% | -12.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.70% | 5.08% | +13.62% |
Volatility
BTG vs. PAA - Volatility Comparison
B2Gold Corp. (BTG) has a higher volatility of 15.76% compared to Plains All American Pipeline, L.P. (PAA) at 7.32%. This indicates that BTG's price experiences larger fluctuations and is considered to be riskier than PAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTG | PAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.76% | 7.32% | +8.44% |
Volatility (6M)Calculated over the trailing 6-month period | 44.50% | 14.09% | +30.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.48% | 18.47% | +37.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.82% | 26.81% | +18.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.23% | 41.82% | +6.41% |
Dividends
BTG vs. PAA - Dividend Comparison
BTG's dividend yield for the trailing twelve months is around 1.90%, less than PAA's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | 1.90% | 1.77% | 6.56% | 5.06% | 4.48% | 4.07% | 1.96% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% |
PAA Plains All American Pipeline, L.P. | 7.11% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Financials
BTG vs. PAA - Financials Comparison
This section allows you to compare key financial metrics between B2Gold Corp. and Plains All American Pipeline, L.P.. 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. PAA - Profitability Comparison
BTG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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%.
PAA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a gross profit of 0.00 and revenue of 12.47B. Therefore, the gross margin over that period was 0.0%.
BTG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported an operating income of 572.52M and revenue of 1.14B, resulting in an operating margin of 50.1%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported an operating income of 405.00M and revenue of 12.47B, resulting in an operating margin of 3.3%.
BTG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a net income of 197.17M and revenue of 1.14B, resulting in a net margin of 17.3%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a net income of 551.00M and revenue of 12.47B, resulting in a net margin of 4.4%.
Frequently Asked Questions
BTG and PAA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTG has higher volatility (15.76%) compared to PAA (7.32%). In terms of maximum drawdown, BTG dropped -85.97% vs PAA's -91.99%.
PAA currently has the higher Sharpe Ratio (1.98 vs 0.28), 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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