CMCL vs. AG

Last updated Apr 2, 2026

Compare and contrast key facts about Caledonia Mining Corporation Plc (CMCL) and First Majestic Silver Corp. (AG).

Performance

CMCL vs. AG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Caledonia Mining Corporation Plc (CMCL) and First Majestic Silver Corp. (AG). The values are adjusted to include any dividend payments, if applicable.

CMCL vs. AG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCL Caledonia Mining Corporation Plc	-10.09%	186.75%	-18.90%	2.65%	11.39%	-23.84%	93.29%	67.37%	-26.33%	20.43%
AG First Majestic Silver Corp.	33.11%	204.32%	-10.47%	-25.99%	-24.73%	-17.24%	9.62%	108.15%	-12.61%	-17.20%

Fundamentals

Market Cap CMCL : $481.68M AG : $10.89B
EPS CMCL : $2.80 AG : $0.35
PE Ratio CMCL : 8.40 AG : 62.47
PEG Ratio CMCL : 0.22 AG : 1.11
PS Ratio CMCL : 1.76 AG : 8.58
PB Ratio CMCL : 1.86 AG : 3.95
Total Revenue (TTM) CMCL : $263.91M AG : $1.27B
Gross Profit (TTM) CMCL : $137.13M AG : $450.52M
EBITDA (TTM) CMCL : $132.82M AG : $629.18M

Returns By Period

In the year-to-date period, CMCL achieves a -10.09% return, which is significantly lower than AG's 33.11% return.

CMCL

• 1D: 4.16%
• 1M: -26.17%
• YTD: -10.09%
• 6M: -36.62%
• 1Y: 107.89%
• 3Y*: 20.13%
• 5Y*: 14.10%
• 10Y*: —

AG

• 1D: 3.21%
• 1M: -29.84%
• YTD: 33.11%
• 6M: 80.96%
• 1Y: 235.07%
• 3Y*: 45.84%
• 5Y*: 6.46%
• 10Y*: 13.19%

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

Return for Risk

CMCL vs. AG — Risk / Return Rank

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

CMCL

CMCL Risk / Return Rank: 79
CMCL Sharpe Ratio Rank: 85
CMCL Sortino Ratio Rank: 79
CMCL Omega Ratio Rank: 76
CMCL Calmar Ratio Rank: 78
CMCL Martin Ratio Rank: 76

AG

AG Risk / Return Rank: 94
AG Sharpe Ratio Rank: 97
AG Sortino Ratio Rank: 92
AG Omega Ratio Rank: 90
AG Calmar Ratio Rank: 94
AG Martin Ratio Rank: 96

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.

CMCL vs. AG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caledonia Mining Corporation Plc (CMCL) and First Majestic Silver Corp. (AG). 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.

	CMCL	AG	Difference
Sharpe ratio Return per unit of total volatility	1.59	3.15	-1.56
Sortino ratio Return per unit of downside risk	2.06	3.13	-1.07
Omega ratio Gain probability vs. loss probability	1.27	1.40	-0.14
Calmar ratio Return relative to maximum drawdown	2.20	5.41	-3.21
Martin ratio Return relative to average drawdown	5.04	17.49	-12.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMCL vs. AG - Sharpe Ratio Comparison

The current CMCL Sharpe Ratio is 1.59, which is lower than the AG Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of CMCL and AG, 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

	CMCL	AG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	3.15	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.11	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.06	+0.32

Correlation

The correlation between CMCL and AG is 0.44, 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

CMCL vs. AG - Dividend Comparison

CMCL's dividend yield for the trailing twelve months is around 2.38%, more than AG's 0.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCL Caledonia Mining Corporation Plc	2.38%	2.14%	5.95%	4.59%	4.52%	4.29%	2.11%	3.27%	5.23%	1.86%
AG First Majestic Silver Corp.	0.10%	0.12%	0.33%	0.34%	0.31%	0.14%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CMCL vs. AG - Drawdown Comparison

The maximum CMCL drawdown since its inception was -65.77%, smaller than the maximum AG drawdown of -90.20%. Use the drawdown chart below to compare losses from any high point for CMCL and AG.

Drawdown Indicators

	CMCL	AG	Difference
Max Drawdown Largest peak-to-trough decline	-65.77%	-90.20%	+24.43%
Max Drawdown (1Y) Largest decline over 1 year	-42.87%	-42.92%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-50.00%	-77.20%	+27.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-80.82%	—
Current Drawdown Current decline from peak	-37.30%	-30.74%	-6.56%
Average Drawdown Average peak-to-trough decline	-35.76%	-59.48%	+23.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.70%	13.27%	+5.43%

Volatility

CMCL vs. AG - Volatility Comparison

The current volatility for Caledonia Mining Corporation Plc (CMCL) is 15.59%, while First Majestic Silver Corp. (AG) has a volatility of 24.09%. This indicates that CMCL experiences smaller price fluctuations and is considered to be less risky than AG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCL	AG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.59%	24.09%	-8.50%
Volatility (6M) Calculated over the trailing 6-month period	52.43%	59.80%	-7.37%
Volatility (1Y) Calculated over the trailing 1-year period	68.78%	75.27%	-6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.87%	61.07%	-8.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.73%	62.37%	-7.64%

Financials

CMCL vs. AG - Profitability Comparison

The chart below illustrates the profitability comparison between Caledonia Mining Corporation Plc and First Majestic Silver Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CMCL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Caledonia Mining Corporation Plc reported a gross profit of 39.55M and revenue of 70.98M. Therefore, the gross margin over that period was 55.7%.

AG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, First Majestic Silver Corp. reported a gross profit of 238.28M and revenue of 471.05M. Therefore, the gross margin over that period was 50.6%.

CMCL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Caledonia Mining Corporation Plc reported an operating income of 33.16M and revenue of 70.98M, resulting in an operating margin of 46.7%.

AG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, First Majestic Silver Corp. reported an operating income of 213.49M and revenue of 471.05M, resulting in an operating margin of 45.3%.

CMCL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Caledonia Mining Corporation Plc reported a net income of 10.70M and revenue of 70.98M, resulting in a net margin of 15.1%.

AG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, First Majestic Silver Corp. reported a net income of 84.41M and revenue of 471.05M, resulting in a net margin of 17.9%.