CMCL vs. GC=F
CMCL (Caledonia Mining Corporation Plc) is a stock, while GC=F (Gold Futures) is an asset. Over the past 5 years, CMCL returned 13.18%/yr vs 17.83%/yr for GC=F. Their 0.42 correlation means their historical movements had little consistent relationship.
Performance
CMCL vs. GC=F - Performance Comparison
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Returns By Period
In the year-to-date period, CMCL achieves a -27.21% return, which is significantly lower than GC=F's -4.93% return.
CMCL
- 1D
- 2.34%
- 1M
- -6.32%
- 6M
- -32.21%
- YTD
- -27.21%
- 1Y
- -3.15%
- 3Y*
- 21.28%
- 5Y*
- 13.18%
- 10Y*
- —
- ALL TIME*
- 17.19%
GC=F
- 1D
- 1.57%
- 1M
- 0.00%
- 6M
- -11.03%
- YTD
- -4.93%
- 1Y
- 22.85%
- 3Y*
- 28.47%
- 5Y*
- 17.83%
- 10Y*
- 11.90%
- ALL TIME*
- 11.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.21M | $4.41M | $4.94M | |
GC=F Gold Futures | $52.60M | $26.07M | $18.53M |
CMCL vs. GC=F - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMCL Caledonia Mining Corporation Plc | -27.21% | 186.75% | -18.90% | 2.65% | 11.39% | -23.84% | 93.29% | 67.37% | -26.33% | 20.43% |
GC=F Gold Futures | -4.93% | 64.52% | 27.48% | 13.34% | -0.43% | -3.47% | 24.59% | 18.87% | -2.14% | 4.67% |
Correlation
The correlation between CMCL and GC=F is 0.57, 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. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.42 |
The correlation between CMCL and GC=F shifts across timeframes, from 0.42 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CMCL vs. GC=F — Risk / Return Rank
CMCL
GC=F
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 ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 0.92 | -0.97 |
| Martin ratioReturn relative to average drawdown | -0.10 | 2.01 | -2.11 |
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Drawdowns
CMCL vs. GC=F - Drawdown Comparison
The maximum CMCL drawdown since its inception was -65.77%, which is greater than GC=F's maximum drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for CMCL and GC=F.
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Drawdown Indicators
| CMCL | GC=F | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.77% | -44.36% | -21.41% |
Max Drawdown (1Y)Largest decline over 1 year | -54.71% | -25.06% | -29.65% |
Max Drawdown (3Y)Largest decline over 3 years | -54.71% | -25.06% | -29.65% |
Max Drawdown (5Y)Largest decline over 5 years | -54.71% | -25.06% | -29.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.06% | — |
Current DrawdownCurrent decline from peak | -49.24% | -22.67% | -26.57% |
Average DrawdownAverage peak-to-trough decline | -35.98% | -13.58% | -22.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.79% | 11.41% | +19.38% |
Volatility
CMCL vs. GC=F - Volatility Comparison
Caledonia Mining Corporation Plc (CMCL) has a higher volatility of 15.02% compared to Gold Futures (GC=F) at 6.37%. This indicates that CMCL's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMCL | GC=F | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.02% | 6.37% | +8.65% |
Volatility (6M)Calculated over the trailing 6-month period | 38.60% | 20.23% | +18.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.08% | 28.23% | +35.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.78% | 18.68% | +34.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.47% | 16.68% | +37.79% |
Frequently Asked Questions
CMCL and GC=F have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMCL has higher volatility (15.02%) compared to GC=F (6.37%). In terms of maximum drawdown, CMCL dropped -65.77% vs GC=F's -44.36%.
GC=F currently has the higher Sharpe Ratio (0.81 vs -0.05), 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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