GOLD.TO vs. ^TNX

Last updated Jun 25, 2026

GOLD.TO (GoldMining Inc.) is a stock, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 5 years, GOLD.TO returned -7.39%/yr vs 27.01%/yr for ^TNX. At a correlation of -0.16, they often move in opposite directions.

Performance

GOLD.TO vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in GoldMining Inc. (GOLD.TO) and Cboe 10-Year Treasury Note Yield Index (^TNX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOLD.TO is traded in CAD, while ^TNX is traded in USD. To make them comparable, the ^TNX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOLD.TO achieves a -26.74% return, which is significantly lower than ^TNX's 9.72% return.

GOLD.TO

• 1D: 0.00%
• 1M: -19.75%
• YTD: -26.74%
• 6M: -32.26%
• 1Y: 23.53%
• 3Y*: 2.79%
• 5Y*: -7.39%
• 10Y*: —

^TNX

• 1D: -0.33%
• 1M: -0.38%
• YTD: 9.72%
• 6M: 10.51%
• 1Y: 6.13%
• 3Y*: 8.37%
• 5Y*: 27.01%
• 10Y*: 11.93%

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

GOLD.TO vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GOLD.TO GoldMining Inc.	-26.74%	49.57%	-11.54%	-15.58%	0.65%	-44.77%	108.27%	70.51%	-22.00%
^TNX Cboe 10-Year Treasury Note Yield Index	9.72%	-13.12%	28.30%	-2.71%	172.80%	64.80%	-53.35%	-31.50%	-2.31%

Correlation

The correlation between GOLD.TO and ^TNX is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (5Y) Calculated over the trailing 5-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jul 10, 2018	-0.16

Return for Risk

GOLD.TO vs. ^TNX — Risk / Return Rank

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

GOLD.TO

GOLD.TO Risk / Return Rank: 54
GOLD.TO Sharpe Ratio Rank: 56
GOLD.TO Sortino Ratio Rank: 55
GOLD.TO Omega Ratio Rank: 54
GOLD.TO Calmar Ratio Rank: 53
GOLD.TO Martin Ratio Rank: 53

^TNX

^TNX Risk / Return Rank: 15
^TNX Sharpe Ratio Rank: 16
^TNX Sortino Ratio Rank: 14
^TNX Omega Ratio Rank: 14
^TNX Calmar Ratio Rank: 16
^TNX Martin Ratio Rank: 15

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.

GOLD.TO vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GoldMining Inc. (GOLD.TO) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.

	GOLD.TO	^TNX	Difference
Sharpe ratio: Return per unit of total volatility	0.36	0.40	-0.05
Sortino ratio: Return per unit of downside risk	0.94	0.68	+0.26
Omega ratio: Gain probability vs. loss probability	1.12	1.08	+0.04
Calmar ratio: Return relative to maximum drawdown	0.40	0.52	-0.12
Martin ratio: Return relative to average drawdown	0.82	1.05	-0.23

GOLD.TO vs. ^TNX - Sharpe Ratio Comparison

The current GOLD.TO Sharpe Ratio is 0.36, which is comparable to the ^TNX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of GOLD.TO and ^TNX, 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

GOLD.TO vs. ^TNX - Drawdown Comparison

The maximum GOLD.TO drawdown since its inception was -74.14%, smaller than the maximum ^TNX drawdown of -89.94%. Use the drawdown chart below to compare losses from any high point for GOLD.TO and ^TNX.

Drawdown Indicators

	GOLD.TO	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-89.94%	+15.80%
Max Drawdown (1Y) Largest decline over 1 year	-58.56%	-11.93%	-46.63%
Max Drawdown (3Y) Largest decline over 3 years	-58.56%	-28.13%	-30.43%
Max Drawdown (5Y) Largest decline over 5 years	-60.32%	-28.13%	-32.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.97%	—
Current Drawdown Current decline from peak	-66.75%	-9.65%	-57.10%
Average Drawdown Average peak-to-trough decline	-46.29%	-44.75%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.75%	5.88%	+22.87%

Volatility

GOLD.TO vs. ^TNX - Volatility Comparison

GoldMining Inc. (GOLD.TO) has a higher volatility of 21.76% compared to Cboe 10-Year Treasury Note Yield Index (^TNX) at 3.46%. This indicates that GOLD.TO's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.TO	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.76%	3.46%	+18.30%
Volatility (6M) Calculated over the trailing 6-month period	51.18%	11.41%	+39.77%
Volatility (1Y) Calculated over the trailing 1-year period	66.40%	15.39%	+51.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.90%	32.84%	+19.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.04%	48.55%	+6.49%

Frequently Asked Questions

Can I hold both GOLD.TO and ^TNX in my portfolio?

GOLD.TO and ^TNX have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.