CMCL vs. GLDM

Last updated Jun 23, 2026

CMCL (Caledonia Mining Corporation Plc) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, CMCL returned 15.40%/yr vs 18.61%/yr for GLDM. At a 0.44 correlation, their price movements are largely independent.

Performance

CMCL vs. GLDM - Performance Comparison

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

Returns By Period

In the year-to-date period, CMCL achieves a -20.29% return, which is significantly lower than GLDM's -2.87% return.

CMCL

• 1D: -1.20%
• 1M: -9.61%
• YTD: -20.29%
• 6M: -21.49%
• 1Y: 13.36%
• 3Y*: 22.35%
• 5Y*: 15.40%
• 10Y*: —

GLDM

• 1D: -0.62%
• 1M: -7.05%
• YTD: -2.87%
• 6M: -5.63%
• 1Y: 24.39%
• 3Y*: 29.61%
• 5Y*: 18.61%
• 10Y*: —

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

CMCL vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CMCL Caledonia Mining Corporation Plc	-20.29%	186.75%	-18.90%	2.65%	11.39%	-23.84%	93.29%	67.37%	-35.98%
GLDM SPDR Gold MiniShares Trust	-2.87%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%

Correlation

The correlation between CMCL and GLDM is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	0.44

The correlation between CMCL and GLDM shifts across timeframes, from 0.44 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CMCL vs. GLDM — Risk / Return Rank

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

CMCL

CMCL Risk / Return Rank: 48
CMCL Sharpe Ratio Rank: 49
CMCL Sortino Ratio Rank: 48
CMCL Omega Ratio Rank: 47
CMCL Calmar Ratio Rank: 49
CMCL Martin Ratio Rank: 48

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 23
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 23

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caledonia Mining Corporation Plc (CMCL) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	0.21	0.90	-0.69
Sortino ratio: Return per unit of downside risk	0.70	1.26	-0.56
Omega ratio: Gain probability vs. loss probability	1.09	1.19	-0.10
Calmar ratio: Return relative to maximum drawdown	0.27	1.01	-0.73
Martin ratio: Return relative to average drawdown	0.52	2.74	-2.22

CMCL vs. GLDM - Sharpe Ratio Comparison

The current CMCL Sharpe Ratio is 0.21, which is lower than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CMCL and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CMCL vs. GLDM - Drawdown Comparison

The maximum CMCL drawdown since its inception was -65.77%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for CMCL and GLDM.

Drawdown Indicators

	CMCL	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-65.77%	-24.35%	-41.42%
Max Drawdown (1Y) Largest decline over 1 year	-49.43%	-24.35%	-25.08%
Max Drawdown (3Y) Largest decline over 3 years	-49.43%	-24.35%	-25.08%
Max Drawdown (5Y) Largest decline over 5 years	-50.00%	-24.35%	-25.65%
Current Drawdown Current decline from peak	-44.41%	-22.34%	-22.07%
Average Drawdown Average peak-to-trough decline	-35.80%	-6.31%	-29.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.86%	8.92%	+16.94%

Volatility

CMCL vs. GLDM - Volatility Comparison

Caledonia Mining Corporation Plc (CMCL) has a higher volatility of 15.07% compared to SPDR Gold MiniShares Trust (GLDM) at 8.02%. This indicates that CMCL's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCL	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.07%	8.02%	+7.05%
Volatility (6M) Calculated over the trailing 6-month period	47.04%	24.15%	+22.89%
Volatility (1Y) Calculated over the trailing 1-year period	65.11%	27.34%	+37.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.66%	18.13%	+34.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.55%	17.01%	+37.54%

Dividends

CMCL vs. GLDM - Dividend Comparison

CMCL's dividend yield for the trailing twelve months is around 2.72%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCL Caledonia Mining Corporation Plc	2.72%	2.14%	5.95%	4.59%	4.52%	4.29%	2.11%	3.27%	5.23%	1.86%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCL and GLDM in my portfolio?

CMCL and GLDM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMCL or GLDM?

CMCL has higher volatility (15.07%) compared to GLDM (8.02%). In terms of maximum drawdown, CMCL dropped -65.77% vs GLDM's -24.35%.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs 0.21), 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.