EQX vs. BTG
EQX (Equinox Gold Corp.) and BTG (B2Gold Corp.) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 5 years, EQX returned 7.37%/yr vs 3.40%/yr for BTG. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
EQX vs. BTG - Performance Comparison
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Returns By Period
In the year-to-date period, EQX achieves a -26.84% return, which is significantly lower than BTG's -6.05% return.
EQX
- 1D
- -2.47%
- 1M
- -15.50%
- YTD
- -26.84%
- 6M
- -31.06%
- 1Y
- 70.92%
- 3Y*
- 30.71%
- 5Y*
- 7.37%
- 10Y*
- —
BTG
- 1D
- -2.33%
- 1M
- -7.84%
- YTD
- -6.05%
- 6M
- -11.72%
- 1Y
- 17.47%
- 3Y*
- 9.68%
- 5Y*
- 3.40%
- 10Y*
- 8.31%
EQX vs. BTG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EQX Equinox Gold Corp. | -26.84% | 179.68% | 2.66% | 49.09% | -51.48% | -34.62% | 34.29% | 106.43% | -4.97% |
BTG B2Gold Corp. | -6.05% | 88.95% | -18.07% | -7.22% | -5.13% | -26.97% | 42.35% | 37.72% | 19.67% |
Correlation
The correlation between EQX and BTG is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2018 | 0.67 |
The correlation between EQX and BTG has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
Fundamentals
EQX:
$8.46B
BTG:
$6.31B
EQX:
$0.89
BTG:
$0.36
EQX:
11.51
BTG:
11.78
EQX:
0.02
BTG:
0.01
EQX:
3.07
BTG:
1.74
EQX:
1.38
BTG:
1.71
EQX:
$2.29B
BTG:
$3.67B
EQX:
$866.94M
BTG:
$1.89B
EQX:
$1.22B
BTG:
$1.96B
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Return for Risk
EQX vs. BTG — Risk / Return Rank
EQX
BTG
EQX vs. BTG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Equinox Gold Corp. (EQX) and B2Gold Corp. (BTG). 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 | BTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.10 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 0.47 | +1.01 |
| Martin ratioReturn relative to average drawdown | 4.23 | 0.92 | +3.31 |
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Drawdowns
EQX vs. BTG - Drawdown Comparison
The maximum EQX drawdown since its inception was -81.06%, smaller than the maximum BTG drawdown of -85.97%. Use the drawdown chart below to compare losses from any high point for EQX and BTG.
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Drawdown Indicators
| EQX | BTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.06% | -85.97% | +4.91% |
Max Drawdown (1Y)Largest decline over 1 year | -48.02% | -36.97% | -11.05% |
Max Drawdown (3Y)Largest decline over 3 years | -48.02% | -36.97% | -11.05% |
Max Drawdown (5Y)Largest decline over 5 years | -71.57% | -48.92% | -22.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.35% | — |
Current DrawdownCurrent decline from peak | -45.25% | -31.77% | -13.48% |
Average DrawdownAverage peak-to-trough decline | -38.13% | -38.33% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.83% | 19.05% | -2.22% |
Volatility
EQX vs. BTG - Volatility Comparison
Equinox Gold Corp. (EQX) has a higher volatility of 21.68% compared to B2Gold Corp. (BTG) at 16.45%. This indicates that EQX's price experiences larger fluctuations and is considered to be riskier than BTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EQX | BTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.68% | 16.45% | +5.23% |
Volatility (6M)Calculated over the trailing 6-month period | 49.02% | 45.18% | +3.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.16% | 56.02% | +5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.71% | 44.85% | +12.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.59% | 48.29% | +7.30% |
Dividends
EQX vs. BTG - Dividend Comparison
EQX's dividend yield for the trailing twelve months is around 0.29%, less than BTG's 1.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | 1.90% | 1.77% | 6.56% | 5.06% | 4.48% | 4.07% | 1.96% | 0.25% |
EQX Equinox Gold Corp. | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
EQX vs. BTG - 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 vs. BTG - Profitability Comparison
EQX - 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%.
BTG - 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 601.32M and revenue of 1.14B. Therefore, the gross margin over that period was 52.6%.
EQX - 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%.
BTG - 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 572.52M and revenue of 1.14B, resulting in an operating margin of 50.1%.
EQX - 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%.
BTG - 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 197.17M and revenue of 1.14B, resulting in a net margin of 17.3%.
Frequently Asked Questions
EQX and BTG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EQX has higher volatility (21.68%) compared to BTG (16.45%). In terms of maximum drawdown, EQX dropped -81.06% vs BTG's -85.97%.
EQX currently has the higher Sharpe Ratio (1.17 vs 0.31), 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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