CMCL vs. VOO

Last updated Jul 14, 2026

CMCL (Caledonia Mining Corporation Plc) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, CMCL returned 11.15%/yr vs 13.01%/yr for VOO. At a 0.18 correlation, their price movements are largely independent.

Performance

CMCL vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Caledonia Mining Corporation Plc (CMCL) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMCL achieves a -32.98% return, which is significantly lower than VOO's 10.45% return.

CMCL

• 1D: -2.42%
• 1M: -14.12%
• 6M: -46.25%
• YTD: -32.98%
• 1Y: -15.01%
• 3Y*: 15.95%
• 5Y*: 11.15%
• 10Y*: —

VOO

• 1D: -0.77%
• 1M: 1.25%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.53%
• 3Y*: 20.16%
• 5Y*: 13.01%
• 10Y*: 15.16%

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

CMCL vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCL Caledonia Mining Corporation Plc	-32.98%	186.75%	-18.90%	2.65%	11.39%	-23.84%	93.29%	67.37%	-26.33%	20.43%
VOO Vanguard S&P 500 ETF	10.45%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	10.78%

Correlation

The correlation between CMCL and VOO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017	0.18

Over the past year, CMCL and VOO have become more correlated (0.38) than their long-term average of 0.18, meaning their price movements have been converging.

Return for Risk

CMCL vs. VOO — Risk / Return Rank

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

CMCL

CMCL Risk / Return Rank: 36
CMCL Sharpe Ratio Rank: 35
CMCL Sortino Ratio Rank: 37
CMCL Omega Ratio Rank: 36
CMCL Calmar Ratio Rank: 36
CMCL Martin Ratio Rank: 35

VOO

VOO Risk / Return Rank: 66
VOO Sharpe Ratio Rank: 66
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 61
VOO Martin Ratio Rank: 72

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caledonia Mining Corporation Plc (CMCL) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	1.73	-1.96
Sortino ratio: Return per unit of downside risk	0.10	2.39	-2.28
Omega ratio: Gain probability vs. loss probability	1.01	1.31	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.28	2.43	-2.71
Martin ratio: Return relative to average drawdown	-0.53	10.60	-11.13

CMCL vs. VOO - Sharpe Ratio Comparison

The current CMCL Sharpe Ratio is -0.23, which is lower than the VOO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CMCL and VOO, 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. VOO - Drawdown Comparison

The maximum CMCL drawdown since its inception was -65.77%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CMCL and VOO.

Drawdown Indicators

	CMCL	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-65.77%	-33.99%	-31.78%
Max Drawdown (1Y) Largest decline over 1 year	-53.26%	-8.90%	-44.36%
Max Drawdown (3Y) Largest decline over 3 years	-53.26%	-18.69%	-34.57%
Max Drawdown (5Y) Largest decline over 5 years	-53.26%	-24.52%	-28.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-53.26%	-1.11%	-52.15%
Average Drawdown Average peak-to-trough decline	-35.88%	-3.68%	-32.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.25%	2.04%	+26.21%

Volatility

CMCL vs. VOO - Volatility Comparison

Caledonia Mining Corporation Plc (CMCL) has a higher volatility of 14.68% compared to Vanguard S&P 500 ETF (VOO) at 4.16%. This indicates that CMCL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCL	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	4.16%	+10.52%
Volatility (6M) Calculated over the trailing 6-month period	45.66%	9.97%	+35.69%
Volatility (1Y) Calculated over the trailing 1-year period	65.01%	12.53%	+52.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.76%	16.93%	+35.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.52%	18.00%	+36.52%

Dividends

CMCL vs. VOO - Dividend Comparison

CMCL's dividend yield for the trailing twelve months is around 3.23%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMCL Caledonia Mining Corporation Plc	3.23%	2.14%	5.95%	4.59%	4.52%	4.29%	2.11%	3.27%	5.23%	1.86%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both CMCL and VOO in my portfolio?

CMCL and VOO have a correlation of 0.38, 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 VOO?

CMCL has higher volatility (14.68%) compared to VOO (4.16%). In terms of maximum drawdown, CMCL dropped -65.77% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.73 vs -0.23), 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.