CMCL vs. BTG
CMCL (Caledonia Mining Corporation Plc) and BTG (B2Gold Corp.) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 5 years, CMCL returned 11.89%/yr vs 1.84%/yr for BTG. Their 0.45 correlation means their historical movements had little consistent relationship.
Performance
CMCL vs. BTG - Performance Comparison
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Returns By Period
In the year-to-date period, CMCL achieves a -28.88% return, which is significantly lower than BTG's -16.11% return.
CMCL
- 1D
- -2.54%
- 1M
- -8.46%
- 6M
- -32.17%
- YTD
- -28.88%
- 1Y
- -5.36%
- 3Y*
- 22.40%
- 5Y*
- 11.89%
- 10Y*
- —
- ALL TIME*
- 16.90%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTG B2Gold Corp. | $66.21M | $73.36M | $98.42M |
| $3.38M | $4.48M | $4.95M |
CMCL vs. BTG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMCL Caledonia Mining Corporation Plc | -28.88% | 186.75% | -18.90% | 2.65% | 11.39% | -23.84% | 93.29% | 67.37% | -26.33% | 20.43% |
BTG B2Gold Corp. | -16.11% | 88.95% | -18.07% | -7.22% | -5.13% | -26.97% | 42.35% | 37.72% | -5.81% | 7.64% |
Correlation
The correlation between CMCL and BTG is 0.67, 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. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.45 |
Over the past year, CMCL and BTG have become more correlated (0.67) than their long-term average of 0.45, meaning their price movements have been converging.
Fundamentals
CMCL:
$355.17M
BTG:
$5.00B
CMCL:
$3.13
BTG:
$0.35
CMCL:
5.88
BTG:
10.62
CMCL:
0.16
BTG:
0.01
CMCL:
1.33
BTG:
1.57
CMCL:
1.34
BTG:
1.53
CMCL:
$274.16M
BTG:
$3.67B
CMCL:
$142.30M
BTG:
$1.89B
CMCL:
$137.13M
BTG:
$1.96B
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Return for Risk
CMCL vs. BTG — Risk / Return Rank
CMCL
BTG
CMCL vs. BTG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Caledonia Mining Corporation Plc (CMCL) 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.
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.
| CMCL | BTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.09 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 0.33 | -0.41 |
| Martin ratioReturn relative to average drawdown | -0.15 | 0.59 | -0.73 |
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Drawdowns
CMCL vs. BTG - Drawdown Comparison
The maximum CMCL drawdown since its inception was -65.77%, smaller than the maximum BTG drawdown of -85.97%. Use the drawdown chart below to compare losses from any high point for CMCL and BTG.
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Drawdown Indicators
| CMCL | BTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.77% | -85.97% | +20.20% |
Max Drawdown (1Y)Largest decline over 1 year | -54.71% | -40.70% | -14.01% |
Max Drawdown (3Y)Largest decline over 3 years | -54.71% | -40.70% | -14.01% |
Max Drawdown (5Y)Largest decline over 5 years | -54.71% | -48.92% | -5.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.35% | — |
Current DrawdownCurrent decline from peak | -50.40% | -39.08% | -11.32% |
Average DrawdownAverage peak-to-trough decline | -35.97% | -38.33% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.63% | 22.74% | +7.89% |
Volatility
CMCL vs. BTG - Volatility Comparison
Caledonia Mining Corporation Plc (CMCL) has a higher volatility of 15.50% compared to B2Gold Corp. (BTG) at 12.73%. This indicates that CMCL'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.
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Volatility by Period
| CMCL | BTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.50% | 12.73% | +2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 40.07% | 44.90% | -4.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.95% | 56.86% | +7.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.76% | 44.97% | +7.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.48% | 47.87% | +6.61% |
Dividends
CMCL vs. BTG - Dividend Comparison
CMCL's dividend yield for the trailing twelve months is around 3.05%, more than BTG's 2.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | 2.13% | 1.77% | 6.56% | 5.06% | 4.48% | 4.07% | 1.96% | 0.25% | 0.00% | 0.00% |
CMCL Caledonia Mining Corporation Plc | 3.05% | 2.14% | 5.95% | 4.59% | 4.52% | 4.29% | 2.11% | 3.27% | 5.23% | 1.86% |
Financials
CMCL vs. BTG - Financials Comparison
This section allows you to compare key financial metrics between Caledonia Mining Corporation Plc and B2Gold 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
CMCL vs. BTG - Profitability Comparison
CMCL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Caledonia Mining Corporation Plc reported a gross profit of 32.10M and revenue of 66.43M. Therefore, the gross margin over that period was 48.3%.
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%.
CMCL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Caledonia Mining Corporation Plc reported an operating income of 26.87M and revenue of 66.43M, resulting in an operating margin of 40.4%.
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%.
CMCL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Caledonia Mining Corporation Plc reported a net income of 15.85M and revenue of 66.43M, resulting in a net margin of 23.9%.
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%.
Frequently Asked Questions
CMCL and BTG have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMCL has higher volatility (15.50%) compared to BTG (12.73%). In terms of maximum drawdown, CMCL dropped -65.77% vs BTG's -85.97%.
BTG currently has the higher Sharpe Ratio (0.23 vs -0.07), 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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