B vs CMCL: Correlation
How closely do Barrick Mining Corporation (B) and Caledonia Mining Corporation Plc (CMCL) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are B and CMCL?
Over the past 3 years, B and CMCL moved with a correlation of 0.69, which is strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.69 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 1490.1 %².
By 3-year correlation, CMCL places #11 of the 17 assets tracked against B. The last year tells two different stories: B led by 77.7 percentage points, +83.1% for B against +5.4% for CMCL.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
B vs CMCL: side by side
| B (Barrick Mining Corporation) | CMCL (Caledonia Mining Corporation Plc) | |
|---|---|---|
| 1-year return | +83.1% | +5.4% |
| 5-year return | +171.9% | +156.5% |
| Volatility (ann.) | 40.7% | 52.7% |
| Beta vs S&P 500 | 0.87 | 1.10 |
| Max drawdown (3Y) | -33.4% | -55.2% |
| Market cap | $77.9B | $0.5B |
| P/E (trailing) | 12.2 | 7.3 |
| Dividend yield | 1.38% | 2.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | B | CMCL |
|---|---|---|
| 2022 | -6.2% | +11.4% |
| 2023 | +7.9% | +2.6% |
| 2024 | -12.3% | -18.9% |
| 2025 | +186.9% | +183.7% |
| 2026 | +10.0% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are B and CMCL good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between B and CMCL?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.75 over the last year and 0.65 over 5 years.
Is CMCL a good diversifier for B?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/b-vs-cmcl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/b-vs-cmcl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: B correlations · CMCL correlations
