BTG vs THM: Correlation
B2Gold Corp (BTG) and International Tower Hill Mines, Ltd. (THM) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and THM?
On 3 years of weekly data the BTG/THM correlation comes out at 0.65, strong. The link has tightened recently: the 1-year correlation (0.76) runs above the 3-year figure (0.65). The 5-year figure is 0.61, and annualized covariance runs at 3229.2 %².
Among the 16 assets we track against BTG, THM ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months THM outperformed by 55.8 percentage points (+44.9% for BTG against +100.7% for THM). Risk is not evenly split, since THM carries 1.6 times the volatility of the other side.
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 THM: side by side
| BTG (B2Gold Corp) | THM (International Tower Hill Mines, Ltd.) | |
|---|---|---|
| 1-year return | +44.9% | +100.7% |
| 5-year return | +85.7% | +222.1% |
| Volatility (ann.) | 55.7% | 89.9% |
| Beta vs S&P 500 | 1.12 | 1.27 |
| Max drawdown (3Y) | -40.7% | -51.5% |
| Market cap | $7.7B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTG | THM |
|---|---|---|
| 2022 | -5.1% | -41.1% |
| 2023 | -7.2% | +37.2% |
| 2024 | -18.1% | -22.0% |
| 2025 | +87.2% | +304.3% |
| 2026 | +30.4% | +48.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and THM good diversifiers for each other?
Only partially. A correlation of 0.65 means BTG and THM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BTG and THM?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.76 over the last year and 0.61 over 5 years.
Is THM a good diversifier for BTG?
Only partially. A correlation of 0.65 means BTG and THM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
A reading of 0.65 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BTG correlations · THM correlations
