CMCL vs. BTG-USD

Last updated Apr 3, 2026

Compare and contrast key facts about Caledonia Mining Corporation Plc (CMCL) and Bitcoin Gold (BTG-USD).

Performance

CMCL vs. BTG-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Caledonia Mining Corporation Plc (CMCL) and Bitcoin Gold (BTG-USD). The values are adjusted to include any dividend payments, if applicable.

CMCL vs. BTG-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCL Caledonia Mining Corporation Plc	-9.01%	186.75%	-18.90%	2.65%	11.39%	-23.84%	93.29%	67.37%	-26.33%	36.35%
BTG-USD Bitcoin Gold	22.80%	-92.37%	-56.73%	85.84%	-70.99%	382.62%	56.48%	-57.33%	-94.85%	30.01%

Returns By Period

In the year-to-date period, CMCL achieves a -9.01% return, which is significantly lower than BTG-USD's 22.80% return.

CMCL

• 1D: 1.20%
• 1M: -20.07%
• YTD: -9.01%
• 6M: -34.06%
• 1Y: 102.74%
• 3Y*: 19.60%
• 5Y*: 14.37%
• 10Y*: —

BTG-USD

• 1D: -39.54%
• 1M: -5.53%
• YTD: 22.80%
• 6M: -48.05%
• 1Y: 67.87%
• 3Y*: -61.01%
• 5Y*: -52.68%
• 10Y*: —

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

Return for Risk

CMCL vs. BTG-USD — 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: 83
CMCL Sortino Ratio Rank: 77
CMCL Omega Ratio Rank: 75
CMCL Calmar Ratio Rank: 80
CMCL Martin Ratio Rank: 78

BTG-USD

BTG-USD Risk / Return Rank: 93
BTG-USD Sharpe Ratio Rank: 82
BTG-USD Sortino Ratio Rank: 99
BTG-USD Omega Ratio Rank: 99
BTG-USD Calmar Ratio Rank: 94
BTG-USD Martin Ratio Rank: 92

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. BTG-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caledonia Mining Corporation Plc (CMCL) and Bitcoin Gold (BTG-USD). 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	BTG-USD	Difference
Sharpe ratio Return per unit of total volatility	1.51	0.07	+1.45
Sortino ratio Return per unit of downside risk	2.01	9.13	-7.13
Omega ratio Gain probability vs. loss probability	1.26	2.03	-0.77
Calmar ratio Return relative to maximum drawdown	2.58	0.71	+1.87
Martin ratio Return relative to average drawdown	5.86	1.11	+4.75
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. BTG-USD - Sharpe Ratio Comparison

The current CMCL Sharpe Ratio is 1.51, which is higher than the BTG-USD Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of CMCL and BTG-USD, 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	BTG-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	0.07	+1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	-0.11	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	-0.12	+0.50

Correlation

The correlation between CMCL and BTG-USD is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

CMCL vs. BTG-USD - Drawdown Comparison

The maximum CMCL drawdown since its inception was -65.77%, smaller than the maximum BTG-USD drawdown of -99.93%. Use the drawdown chart below to compare losses from any high point for CMCL and BTG-USD.

Drawdown Indicators

	CMCL	BTG-USD	Difference
Max Drawdown Largest peak-to-trough decline	-65.77%	-99.93%	+34.16%
Max Drawdown (1Y) Largest decline over 1 year	-42.87%	-91.49%	+48.62%
Max Drawdown (5Y) Largest decline over 5 years	-50.00%	-99.77%	+49.77%
Current Drawdown Current decline from peak	-36.54%	-99.81%	+63.27%
Average Drawdown Average peak-to-trough decline	-35.76%	-93.20%	+57.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.85%	54.84%	-35.99%

Volatility

CMCL vs. BTG-USD - Volatility Comparison

The current volatility for Caledonia Mining Corporation Plc (CMCL) is 15.75%, while Bitcoin Gold (BTG-USD) has a volatility of 335.94%. This indicates that CMCL experiences smaller price fluctuations and is considered to be less risky than BTG-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCL	BTG-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.75%	335.94%	-320.19%
Volatility (6M) Calculated over the trailing 6-month period	52.35%	532.40%	-480.05%
Volatility (1Y) Calculated over the trailing 1-year period	68.43%	861.38%	-792.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.85%	405.63%	-352.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.72%	323.51%	-268.79%