BTG vs SPY

Comparison between B2gold Corp (BTG, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed BTG, delivering a return of +13.7% compared to +3.3%

BTG vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	BTG(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$8.05B	$735B
Expense Ratio	N/A	0.09%
Max Drawdown	85.97%	56.47%
Sharpe Ratio	1.20	1.76
5Y Beta	0.74	1.00
Industry	Gold	N/A
P/E Ratio	15.14	28.46
Forward P/E	6.72	21.99
PEG Ratio	4.71	N/A
Dividend Yield	1.54%	N/A
5Y Dividends CAGR	-7.79%	5.43%
5Y EPS CAGR	-10.26%	25.20%
Debt to Equity	14.16%	33.33%
Free Cash Flow Yield	5.26%	N/A
P/S Ratio	1.77	3.65
P/B Ratio	1.92	5.50

Market Cap / Net Assets

BTG

$8.05B

Winner

SPY

$735B

Expense Ratio

BTG

N/A

SPY

0.09%

Max Drawdown

BTG

85.97%

Winner

SPY

56.47%

Sharpe Ratio

BTG

1.20

Winner

SPY

1.76

5Y Beta

Winner

BTG

0.74

SPY

1.00

Industry

BTG

Gold

SPY

N/A

P/E Ratio

Winner

BTG

15.14

SPY

28.46

Forward P/E

Winner

BTG

6.72

SPY

21.99

PEG Ratio

BTG

4.71

SPY

N/A

Dividend Yield

BTG

1.54%

SPY

N/A

5Y Dividends CAGR

BTG

-7.79%

Winner

SPY

5.43%

5Y EPS CAGR

BTG

-10.26%

Winner

SPY

25.20%

Debt to Equity

Winner

BTG

14.16%

SPY

33.33%

Free Cash Flow Yield

BTG

5.26%

SPY

N/A

P/S Ratio

Winner

BTG

1.77

SPY

3.65

P/B Ratio

Winner

BTG

1.92

SPY

5.50

BTG vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	BTG	SPY
1 month	-0.61%	+5.60%
3 months	-9.10%	+8.72%
6 months	+20.26%	+10.63%
1 year	+69.42%	+26.62%
5 years(CAGR)	+3.34%	+13.70%
10 years(CAGR)	+11.02%	+15.47%
Max(CAGR)	+8.50%	+8.50%

BTG

-0.61%

Winner

SPY

+5.60%

BTG

-9.10%

Winner

SPY

+8.72%

Winner

BTG

+20.26%

SPY

+10.63%

Winner

BTG

+69.42%

SPY

+26.62%

5Y(CAGR)

BTG

+3.34%

Winner

SPY

+13.70%

10Y(CAGR)

BTG

+11.02%

Winner

SPY

+15.47%

Max(CAGR)

Winner

BTG

+8.50%

SPY

+8.50%

BTG vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	BTG	SPY
2026	+9.08%	+8.50%
2025	+78.02%	+18.00%
2024	-17.05%	+25.59%
2023	-9.96%	+26.72%
2022	-2.86%	-18.64%
2021	-30.96%	+30.52%
2020	+45.22%	+17.28%
2019	+38.18%	+31.09%
2018	-4.89%	-5.24%
2017	+22.53%	+20.78%
2016	+130.10%	+13.59%
2015	-41.04%	+1.31%
2014	-24.30%	+14.56%
2013	-46.37%	+29.00%
2012	+15.17%	+14.17%
2011	+15.86%	+0.85%
2010	+122.79%	+13.14%
2009	+224.08%	+22.67%
2008	-75.00%	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

BTG vs SPY Drawdown Comparison

The maximum drawdown for BTG was -85.97%, occurring on Jan 25, 2016. Recovery took 1982 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current BTG drawdown is -20.96%. The current SPY drawdown is -1.20%.

Rank	BTG	SPY
#1	-85.97% Apr 2, 2012 - Feb 19, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-83.33% Jun 24, 2008 - Apr 9, 2010	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-63.35% Aug 5, 2020 - Oct 16, 2025	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-43.30% Feb 24, 2020 - Apr 22, 2020	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-36.64% Feb 26, 2026 - Mar 20, 2026	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-36.51% Sep 16, 2011 - Mar 12, 2012	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-36.20% Oct 16, 2025 - Feb 24, 2026	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-27.99% Jun 18, 2010 - Sep 20, 2010	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-26.15% May 12, 2010 - Jun 18, 2010	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-20.69% Jun 10, 2011 - Aug 12, 2011	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-20.05% Apr 14, 2011 - Jun 7, 2011	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-18.35% Dec 13, 2010 - Mar 1, 2011	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-14.12% Nov 8, 2010 - Dec 1, 2010	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-13.46% Aug 16, 2011 - Sep 1, 2011	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-12.67% Apr 14, 2010 - May 11, 2010	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between BTG and SPY is 0.67 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.67

-101

Dividend Comparison (1999 - 2026)

BTG vs SPY dividend yield comparison.

Year	BTG	SPY
2026	0.41%	0.24%
2025	1.77%	1.07%
2024	6.56%	1.21%
2023	5.06%	1.40%
2022	4.48%	1.65%
2021	4.07%	1.20%
2020	1.96%	1.52%
2019	0.25%	1.75%
2018	0.00%	2.04%
2017	0.00%	1.80%
2016	0.00%	2.03%
2015	0.00%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%