CDE vs. BTG

Last updated Jun 3, 2026

CDE (Coeur Mining, Inc.) and BTG (B2Gold Corp.) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 10 years, CDE returned 8.66%/yr vs 11.42%/yr for BTG. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

CDE vs. BTG - Performance Comparison

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

Returns By Period

In the year-to-date period, CDE achieves a 7.75% return, which is significantly higher than BTG's 5.06% return. Over the past 10 years, CDE has underperformed BTG with an annualized return of 8.66%, while BTG has yielded a comparatively higher 11.42% annualized return.

CDE

• 1D: -0.67%
• 1M: 8.85%
• YTD: 7.75%
• 6M: 16.08%
• 1Y: 122.61%
• 3Y*: 83.68%
• 5Y*: 14.48%
• 10Y*: 8.66%

BTG

• 1D: 1.29%
• 1M: 8.26%
• YTD: 5.06%
• 6M: 6.96%
• 1Y: 33.56%
• 3Y*: 12.10%
• 5Y*: 3.27%
• 10Y*: 11.42%

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

CDE vs. BTG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDE Coeur Mining, Inc.	7.75%	211.71%	75.46%	-2.98%	-33.33%	-51.30%	28.09%	80.76%	-40.40%	-17.49%
BTG B2Gold Corp.	5.06%	88.95%	-18.07%	-7.22%	-5.13%	-26.97%	42.35%	37.72%	-5.81%	30.80%

Correlation

The correlation between CDE and BTG is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 25, 2008	0.57

The correlation between CDE and BTG shifts across timeframes, from 0.57 (all time) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS CDE : $1.64 BTG : $0.36
PE Ratio CDE : 11.67 BTG : 13.24
PEG Ratio CDE : 0.10 BTG : 0.02
PS Ratio CDE : 3.64 BTG : 1.95
Total Revenue (TTM) CDE : $2.57B BTG : $3.67B
Gross Profit (TTM) CDE : $909.07M BTG : $1.89B
EBITDA (TTM) CDE : $1.23B BTG : $1.96B

Return for Risk

CDE vs. BTG — Risk / Return Rank

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

CDE

CDE Risk / Return Rank: 81
CDE Sharpe Ratio Rank: 85
CDE Sortino Ratio Rank: 79
CDE Omega Ratio Rank: 78
CDE Calmar Ratio Rank: 84
CDE Martin Ratio Rank: 80

BTG

BTG Risk / Return Rank: 60
BTG Sharpe Ratio Rank: 61
BTG Sortino Ratio Rank: 56
BTG Omega Ratio Rank: 56
BTG Calmar Ratio Rank: 63
BTG Martin Ratio Rank: 63

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.

CDE vs. BTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Coeur Mining, Inc. (CDE) and B2Gold Corp. (BTG). 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.

	CDE	BTG	Difference
Sharpe ratio Return per unit of total volatility	1.78	0.62	+1.16
Sortino ratio Return per unit of downside risk	2.25	1.14	+1.12
Omega ratio Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio Return relative to maximum drawdown	3.41	1.17	+2.24
Martin ratio Return relative to average drawdown	6.67	2.40	+4.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDE vs. BTG - Sharpe Ratio Comparison

The current CDE Sharpe Ratio is 1.78, which is higher than the BTG Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of CDE and BTG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CDE	BTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	0.62	+1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.07	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.24	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.14	-0.24

Drawdowns

CDE vs. BTG - Drawdown Comparison

The maximum CDE drawdown since its inception was -99.40%, which is greater than BTG's maximum drawdown of -85.97%. Use the drawdown chart below to compare losses from any high point for CDE and BTG.

Drawdown Indicators

	CDE	BTG	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-85.97%	-13.43%
Max Drawdown (1Y) Largest decline over 1 year	-40.44%	-36.63%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	-40.44%	-36.86%	-3.58%
Max Drawdown (5Y) Largest decline over 5 years	-81.79%	-48.92%	-32.87%
Max Drawdown (10Y) Largest decline over 10 years	-87.42%	-63.35%	-24.07%
Current Drawdown Current decline from peak	-93.34%	-23.70%	-69.64%
Average Drawdown Average peak-to-trough decline	-81.49%	-38.37%	-43.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.65%	17.81%	+2.84%

Volatility

CDE vs. BTG - Volatility Comparison

Coeur Mining, Inc. (CDE) has a higher volatility of 19.40% compared to B2Gold Corp. (BTG) at 17.50%. This indicates that CDE's price experiences larger fluctuations and is considered to be riskier than BTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDE	BTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.40%	17.50%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	53.13%	43.08%	+10.05%
Volatility (1Y) Calculated over the trailing 1-year period	69.59%	54.69%	+14.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.16%	44.57%	+23.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.72%	48.18%	+20.54%

Dividends

CDE vs. BTG - Dividend Comparison

CDE's dividend yield for the trailing twelve months is around 0.10%, less than BTG's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BTG B2Gold Corp.	1.69%	1.77%	6.56%	5.06%	4.48%	4.07%	1.96%	0.25%
CDE Coeur Mining, Inc.	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

CDE vs. BTG - Profitability Comparison

The chart below illustrates the profitability comparison between Coeur Mining, Inc. and B2Gold Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CDE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Coeur Mining, Inc. reported a gross profit of 0.00 and revenue of 856.19M. Therefore, the gross margin over that period was 0.0%.

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%.

CDE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Coeur Mining, Inc. reported an operating income of 349.17M and revenue of 856.19M, resulting in an operating margin of 40.8%.

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%.

CDE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Coeur Mining, Inc. reported a net income of 246.76M and revenue of 856.19M, resulting in a net margin of 28.8%.

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%.

Frequently Asked Questions

Can I hold both CDE and BTG in my portfolio?

CDE and BTG 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.

Which is riskier, CDE or BTG?

CDE has higher volatility (19.40%) compared to BTG (17.50%). In terms of maximum drawdown, CDE dropped -99.40% vs BTG's -85.97%.

Which has better risk-adjusted returns?

CDE currently has the higher Sharpe Ratio (1.78 vs 0.62), 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.