BTG vs CNL: Correlation
Measured on weekly returns over the past three years, B2Gold Corp (BTG) and Collective Mining Ltd. (CNL) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and CNL?
Over the past 3 years, BTG and CNL moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.70 lands near the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 2014.7 %².
Within BTG's tracked universe of 16 assets, CNL comes in at #8 by 3-year correlation. Over the last 12 months BTG came out ahead by 13.9 percentage points (+44.9% against +31.0%).
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.
BTG vs CNL: side by side
| BTG (B2Gold Corp) | CNL (Collective Mining Ltd.) | |
|---|---|---|
| 1-year return | +44.9% | +31.0% |
| 5-year return | +85.7% | +565.6% |
| Volatility (ann.) | 55.7% | 59.9% |
| Beta vs S&P 500 | 1.12 | 0.70 |
| Max drawdown (3Y) | -40.7% | -51.6% |
| Market cap | $7.7B | $1.5B |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTG | CNL |
|---|---|---|
| 2022 | -5.1% | -12.8% |
| 2023 | -7.2% | +67.4% |
| 2024 | -18.1% | +29.6% |
| 2025 | +87.2% | +250.7% |
| 2026 | +30.4% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and CNL good diversifiers for each other?
To a limited degree. At 0.60 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 BTG and CNL?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.70 over the last year and 0.38 over 5 years.
Is CNL a good diversifier for BTG?
To a limited degree. At 0.60 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 0.60 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/btg-vs-cnl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btg-vs-cnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTG correlations · CNL correlations
