CDE vs. BTG

Last updated Apr 2, 2026

Compare and contrast key facts about Coeur Mining, Inc. (CDE) and B2Gold Corp. (BTG).

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.

CDE vs. BTG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDE Coeur Mining, Inc.	7.18%	211.71%	75.46%	-2.98%	-33.33%	-51.30%	28.09%	80.76%	-40.40%	-17.49%
BTG B2Gold Corp.	7.73%	88.95%	-18.07%	-7.22%	-5.13%	-26.97%	42.35%	37.72%	-5.81%	30.80%

Fundamentals

EPS CDE : $0.63 BTG : $0.27
PE Ratio CDE : 30.25 BTG : 18.26
PEG Ratio CDE : 0.26 BTG : 0.02
PS Ratio CDE : 7.27 BTG : 2.41
Total Revenue (TTM) CDE : $1.70B BTG : $3.07B
Gross Profit (TTM) CDE : $835.24M BTG : $1.53B
EBITDA (TTM) CDE : $695.36M BTG : $1.60B

Returns By Period

In the year-to-date period, CDE achieves a 7.18% return, which is significantly lower than BTG's 7.73% return. Over the past 10 years, CDE has underperformed BTG with an annualized return of 12.98%, while BTG has yielded a comparatively higher 13.70% annualized return.

CDE

• 1D: 1.81%
• 1M: -29.06%
• YTD: 7.18%
• 6M: 1.22%
• 1Y: 242.47%
• 3Y*: 68.56%
• 5Y*: 15.30%
• 10Y*: 12.98%

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%

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

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: 94
CDE Sharpe Ratio Rank: 97
CDE Sortino Ratio Rank: 93
CDE Omega Ratio Rank: 92
CDE Calmar Ratio Rank: 94
CDE Martin Ratio Rank: 93

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

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	3.29	1.29	+2.00
Sortino ratio Return per unit of downside risk	3.29	1.78	+1.50
Omega ratio Gain probability vs. loss probability	1.44	1.24	+0.20
Calmar ratio Return relative to maximum drawdown	5.51	1.99	+3.52
Martin ratio Return relative to average drawdown	13.42	4.73	+8.69
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 3.29, which is higher than the BTG Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of CDE and BTG, 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

	CDE	BTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	1.29	+2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.13	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.28	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.15	-0.25

Correlation

The correlation between CDE and BTG is 0.57, 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

CDE vs. BTG - Dividend Comparison

CDE has not paid dividends to shareholders, while BTG's dividend yield for the trailing twelve months is around 1.65%.

	TTM	2025	2024	2023	2022	2021	2020	2019
CDE Coeur Mining, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BTG B2Gold Corp.	1.65%	1.77%	6.56%	5.06%	4.48%	4.07%	1.96%	0.25%

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 (5Y) Largest decline over 5 years	-81.79%	-50.61%	-31.18%
Max Drawdown (10Y) Largest decline over 10 years	-87.42%	-63.35%	-24.07%
Current Drawdown Current decline from peak	-93.38%	-21.76%	-71.62%
Average Drawdown Average peak-to-trough decline	-81.43%	-38.51%	-42.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.60%	15.42%	+1.18%

Volatility

CDE vs. BTG - Volatility Comparison

Coeur Mining, Inc. (CDE) has a higher volatility of 23.93% compared to B2Gold Corp. (BTG) at 19.34%. 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	23.93%	19.34%	+4.59%
Volatility (6M) Calculated over the trailing 6-month period	58.45%	45.52%	+12.93%
Volatility (1Y) Calculated over the trailing 1-year period	74.59%	54.58%	+20.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.31%	44.01%	+24.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.94%	48.65%	+20.29%

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 Apr 2026, Coeur Mining, Inc. reported a gross profit of 305.83M and revenue of 554.57M. Therefore, the gross margin over that period was 55.2%.

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%.

CDE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Coeur Mining, Inc. reported an operating income of 177.09M and revenue of 554.57M, resulting in an operating margin of 31.9%.

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%.

CDE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Coeur Mining, Inc. reported a net income of 266.82M and revenue of 554.57M, resulting in a net margin of 48.1%.

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%.