EQX.TO vs. BTO.TO
EQX.TO (Equinox Gold Corp.) and BTO.TO (B2Gold Corp.) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 10 years, EQX.TO returned 8.39%/yr vs 10.25%/yr for BTO.TO. At a 0.45 correlation, their price movements are largely independent.
Performance
EQX.TO vs. BTO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, EQX.TO achieves a -23.42% return, which is significantly lower than BTO.TO's -3.52% return. Over the past 10 years, EQX.TO has underperformed BTO.TO with an annualized return of 8.39%, while BTO.TO has yielded a comparatively higher 10.25% annualized return.
EQX.TO
- 1D
- 2.93%
- 1M
- -25.84%
- YTD
- -23.42%
- 6M
- -26.98%
- 1Y
- 65.42%
- 3Y*
- 33.49%
- 5Y*
- 6.41%
- 10Y*
- 8.39%
BTO.TO
- 1D
- 3.14%
- 1M
- -19.30%
- YTD
- -3.52%
- 6M
- -6.11%
- 1Y
- 19.38%
- 3Y*
- 10.77%
- 5Y*
- 3.79%
- 10Y*
- 10.25%
EQX.TO vs. BTO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EQX.TO Equinox Gold Corp. | -23.42% | 166.44% | 12.42% | 45.37% | -48.25% | -35.00% | 31.83% | 95.88% | -8.93% | -38.46% |
BTO.TO B2Gold Corp. | -3.52% | 79.47% | -10.86% | -8.71% | 0.86% | -27.93% | 39.30% | 30.95% | 2.84% | 21.63% |
Correlation
The correlation between EQX.TO and BTO.TO is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | 0.45 |
Over the past year, EQX.TO and BTO.TO have become more correlated (0.69) than their long-term average of 0.45, meaning their price movements have been converging.
Fundamentals
EQX.TO:
CA$12.17B
BTO.TO:
CA$8.87B
EQX.TO:
$0.94
BTO.TO:
$0.36
EQX.TO:
11.17
BTO.TO:
11.82
EQX.TO:
0.02
BTO.TO:
0.01
EQX.TO:
2.43
BTO.TO:
1.75
EQX.TO:
1.42
BTO.TO:
1.73
EQX.TO:
$2.84B
BTO.TO:
$3.68B
EQX.TO:
$1.21B
BTO.TO:
$2.00B
EQX.TO:
$1.38B
BTO.TO:
$2.11B
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Return for Risk
EQX.TO vs. BTO.TO — Risk / Return Rank
EQX.TO
BTO.TO
EQX.TO vs. BTO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Equinox Gold Corp. (EQX.TO) and B2Gold Corp. (BTO.TO). 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.
| EQX.TO | BTO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 0.54 | +0.86 |
| Martin ratioReturn relative to average drawdown | 4.22 | 1.04 | +3.18 |
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Drawdowns
EQX.TO vs. BTO.TO - Drawdown Comparison
The maximum EQX.TO drawdown since its inception was -81.51%, smaller than the maximum BTO.TO drawdown of -86.80%. Use the drawdown chart below to compare losses from any high point for EQX.TO and BTO.TO.
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Drawdown Indicators
| EQX.TO | BTO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.51% | -86.80% | +5.29% |
Max Drawdown (1Y)Largest decline over 1 year | -46.96% | -36.12% | -10.84% |
Max Drawdown (3Y)Largest decline over 3 years | -46.96% | -36.12% | -10.84% |
Max Drawdown (5Y)Largest decline over 5 years | -69.34% | -44.65% | -24.69% |
Max Drawdown (10Y)Largest decline over 10 years | -80.51% | -62.62% | -17.89% |
Current DrawdownCurrent decline from peak | -42.34% | -29.61% | -12.73% |
Average DrawdownAverage peak-to-trough decline | -52.58% | -36.28% | -16.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.63% | 18.70% | -3.07% |
Volatility
EQX.TO vs. BTO.TO - Volatility Comparison
Equinox Gold Corp. (EQX.TO) has a higher volatility of 22.49% compared to B2Gold Corp. (BTO.TO) at 16.08%. This indicates that EQX.TO's price experiences larger fluctuations and is considered to be riskier than BTO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EQX.TO | BTO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.49% | 16.08% | +6.41% |
Volatility (6M)Calculated over the trailing 6-month period | 47.50% | 43.41% | +4.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.73% | 53.99% | +5.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.04% | 42.12% | +13.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.51% | 45.84% | +10.67% |
Dividends
EQX.TO vs. BTO.TO - Dividend Comparison
EQX.TO's dividend yield for the trailing twelve months is around 0.28%, less than BTO.TO's 1.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BTO.TO B2Gold Corp. | 1.88% | 1.81% | 6.25% | 5.13% | 4.37% | 3.21% | 1.84% | 0.26% |
EQX.TO Equinox Gold Corp. | 0.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
EQX.TO vs. BTO.TO - Financials Comparison
This section allows you to compare key financial metrics between Equinox Gold Corp. and B2Gold Corp.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
EQX.TO vs. BTO.TO - Profitability Comparison
EQX.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported a gross profit of 438.50M and revenue of 861.59M. Therefore, the gross margin over that period was 50.9%.
BTO.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a gross profit of 599.77M and revenue of 1.14B. Therefore, the gross margin over that period was 52.6%.
EQX.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported an operating income of 390.23M and revenue of 861.59M, resulting in an operating margin of 45.3%.
BTO.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported an operating income of 571.05M and revenue of 1.14B, resulting in an operating margin of 50.1%.
EQX.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported a net income of 310.11M and revenue of 861.59M, resulting in a net margin of 36.0%.
BTO.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a net income of 196.66M and revenue of 1.14B, resulting in a net margin of 17.3%.
Frequently Asked Questions
EQX.TO and BTO.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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