CMCL vs. GC=F

Last updated Jun 24, 2026

CMCL (Caledonia Mining Corporation Plc) is a stock, while GC=F (Gold Futures) is an asset. At a 0.11 correlation, their price movements are largely independent.

Performance

CMCL vs. GC=F - Performance Comparison

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

Returns By Period

CMCL

• 1D: -1.99%
• 1M: -11.40%
• YTD: -21.88%
• 6M: -24.75%
• 1Y: 4.85%
• 3Y*: 21.54%
• 5Y*: 14.83%
• 10Y*: —

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMCL vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CMCL Caledonia Mining Corporation Plc	-21.88%	186.75%	-18.90%	2.65%	13.49%
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%

Correlation

The correlation between CMCL and GC=F is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.11

Return for Risk

CMCL vs. GC=F — Risk / Return Rank

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

CMCL

CMCL Risk / Return Rank: 45
CMCL Sharpe Ratio Rank: 45
CMCL Sortino Ratio Rank: 45
CMCL Omega Ratio Rank: 44
CMCL Calmar Ratio Rank: 45
CMCL Martin Ratio Rank: 44

GC=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caledonia Mining Corporation Plc (CMCL) and Gold Futures (GC=F). 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	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	0.08	—	—
Sortino ratio: Return per unit of downside risk	0.54	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	0.10	—	—
Martin ratio: Return relative to average drawdown	0.19	—	—

Drawdowns

Drawdown Indicators

	CMCL	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-65.77%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-49.43%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-49.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.00%	—	—
Current Drawdown Current decline from peak	-45.52%	—	—
Average Drawdown Average peak-to-trough decline	-35.81%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	26.02%	—	—

Volatility

Volatility by Period

	CMCL	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	47.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	65.02%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.65%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.54%	—	—

Frequently Asked Questions

Can I hold both CMCL and GC=F in my portfolio?

CMCL and GC=F have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.