HMY vs. CDE

Last updated Jun 3, 2026

HMY (Harmony Gold Mining Company Limited) and CDE (Coeur Mining, Inc.) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 10 years, HMY returned 19.04%/yr vs 8.66%/yr for CDE. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

HMY vs. CDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harmony Gold Mining Company Limited (HMY) and Coeur Mining, Inc. (CDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMY achieves a -9.50% return, which is significantly lower than CDE's 7.75% return. Over the past 10 years, HMY has outperformed CDE with an annualized return of 19.04%, while CDE has yielded a comparatively lower 8.66% annualized return.

HMY

• 1D: 0.34%
• 1M: 13.20%
• YTD: -9.50%
• 6M: -6.24%
• 1Y: 17.15%
• 3Y*: 59.26%
• 5Y*: 30.48%
• 10Y*: 19.04%

CDE

• 1D: -0.67%
• 1M: 8.85%
• YTD: 7.75%
• 6M: 16.08%
• 1Y: 122.61%
• 3Y*: 83.68%
• 5Y*: 14.48%
• 10Y*: 8.66%

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

HMY vs. CDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMY Harmony Gold Mining Company Limited	-9.50%	145.47%	35.39%	82.51%	-16.42%	-10.25%	28.93%	102.79%	-4.28%	-12.94%
CDE Coeur Mining, Inc.	7.75%	211.71%	75.46%	-2.98%	-33.33%	-51.30%	28.09%	80.76%	-40.40%	-17.49%

Correlation

The correlation between HMY and CDE is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 1, 1996	0.55

The correlation between HMY and CDE shifts across timeframes, from 0.55 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS HMY : $41.64 CDE : $1.64
PE Ratio HMY : 0.42 CDE : 11.67
PEG Ratio HMY : 0.00 CDE : 0.10
PS Ratio HMY : 0.07 CDE : 3.64
Total Revenue (TTM) HMY : $150.28B CDE : $2.57B
Gross Profit (TTM) HMY : $57.55B CDE : $909.07M
EBITDA (TTM) HMY : $55.56B CDE : $1.23B

Return for Risk

HMY vs. CDE — Risk / Return Rank

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

HMY

HMY Risk / Return Rank: 50
HMY Sharpe Ratio Rank: 50
HMY Sortino Ratio Rank: 49
HMY Omega Ratio Rank: 48
HMY Calmar Ratio Rank: 52
HMY Martin Ratio Rank: 52

CDE

CDE Risk / Return Rank: 81
CDE Sharpe Ratio Rank: 85
CDE Sortino Ratio Rank: 79
CDE Omega Ratio Rank: 78
CDE Calmar Ratio Rank: 84
CDE Martin Ratio Rank: 80

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.

HMY vs. CDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harmony Gold Mining Company Limited (HMY) and Coeur Mining, Inc. (CDE). 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.

	HMY	CDE	Difference
Sharpe ratio Return per unit of total volatility	0.27	1.78	-1.51
Sortino ratio Return per unit of downside risk	0.82	2.25	-1.44
Omega ratio Gain probability vs. loss probability	1.10	1.30	-0.20
Calmar ratio Return relative to maximum drawdown	0.49	3.41	-2.91
Martin ratio Return relative to average drawdown	1.15	6.67	-5.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMY vs. CDE - Sharpe Ratio Comparison

The current HMY Sharpe Ratio is 0.27, which is lower than the CDE Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of HMY and CDE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HMY	CDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	1.78	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.21	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.13	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	-0.10	+0.16

Drawdowns

HMY vs. CDE - Drawdown Comparison

The maximum HMY drawdown since its inception was -97.04%, roughly equal to the maximum CDE drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for HMY and CDE.

Drawdown Indicators

	HMY	CDE	Difference
Max Drawdown Largest peak-to-trough decline	-97.04%	-99.40%	+2.36%
Max Drawdown (1Y) Largest decline over 1 year	-48.85%	-40.44%	-8.41%
Max Drawdown (3Y) Largest decline over 3 years	-48.85%	-40.44%	-8.41%
Max Drawdown (5Y) Largest decline over 5 years	-62.48%	-81.79%	+19.31%
Max Drawdown (10Y) Largest decline over 10 years	-71.05%	-87.42%	+16.37%
Current Drawdown Current decline from peak	-30.84%	-93.34%	+62.50%
Average Drawdown Average peak-to-trough decline	-52.77%	-81.49%	+28.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.01%	20.65%	+0.36%

Volatility

HMY vs. CDE - Volatility Comparison

Harmony Gold Mining Company Limited (HMY) has a higher volatility of 20.59% compared to Coeur Mining, Inc. (CDE) at 19.40%. This indicates that HMY's price experiences larger fluctuations and is considered to be riskier than CDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMY	CDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.59%	19.40%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	47.24%	53.13%	-5.89%
Volatility (1Y) Calculated over the trailing 1-year period	64.10%	69.59%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.43%	68.16%	-9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.15%	68.72%	-7.57%

Dividends

HMY vs. CDE - Dividend Comparison

HMY's dividend yield for the trailing twelve months is around 2.27%, more than CDE's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CDE Coeur Mining, Inc.	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMY Harmony Gold Mining Company Limited	2.27%	1.07%	1.59%	0.66%	1.14%	2.23%	0.00%	0.00%	0.00%	3.13%	1.37%

Financials

HMY vs. CDE - Profitability Comparison

The chart below illustrates the profitability comparison between Harmony Gold Mining Company Limited and Coeur Mining, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HMY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Harmony Gold Mining Company Limited reported a gross profit of 20.53B and revenue of 46.57B. Therefore, the gross margin over that period was 44.1%.

CDE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Coeur Mining, Inc. reported a gross profit of 0.00 and revenue of 856.19M. Therefore, the gross margin over that period was 0.0%.

HMY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Harmony Gold Mining Company Limited reported an operating income of 19.36B and revenue of 46.57B, resulting in an operating margin of 41.6%.

CDE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Coeur Mining, Inc. reported an operating income of 349.17M and revenue of 856.19M, resulting in an operating margin of 40.8%.

HMY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Harmony Gold Mining Company Limited reported a net income of 9.29B and revenue of 46.57B, resulting in a net margin of 19.9%.

CDE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Coeur Mining, Inc. reported a net income of 246.76M and revenue of 856.19M, resulting in a net margin of 28.8%.

Frequently Asked Questions

Can I hold both HMY and CDE in my portfolio?

HMY and CDE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMY or CDE?

HMY has higher volatility (20.59%) compared to CDE (19.40%). In terms of maximum drawdown, HMY dropped -97.04% vs CDE's -99.40%.

Which has better risk-adjusted returns?

CDE currently has the higher Sharpe Ratio (1.78 vs 0.27), 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.