Centerra Gold (CGAU)
Market Price (12/24/2025): $15.0 | Market Cap: $3.0 BilSector: Materials | Industry: Gold
Centerra Gold (CGAU)
Market Price (12/24/2025): $15.0Market Cap: $3.0 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.3% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Stock price has recently run up significantly6M Rtn6 month market price return is 116%, 12M Rtn12 month market price return is 172% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 93% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% | Key risksCGAU key risks include [1] the history of asset expropriation following the loss of its Kumtor mine and [2] operational headwinds, Show more. | |
| Low stock price volatilityVol 12M is 45% | ||
| Megatrend and thematic driversMegatrends include Resource Extraction & Processing, and Sustainable Resource Management. Themes include Precious Metals Mining, Resource Efficiency Solutions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.3% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Resource Extraction & Processing, and Sustainable Resource Management. Themes include Precious Metals Mining, Resource Efficiency Solutions, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 116%, 12M Rtn12 month market price return is 172% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 93% |
| Key risksCGAU key risks include [1] the history of asset expropriation following the loss of its Kumtor mine and [2] operational headwinds, Show more. |
Why The Stock Moved
Qualitative Assessment
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Centerra Gold (CGAU) experienced a significant stock price increase of 142.44% in 2025. Several key factors contributed to this upward movement: 1. Mount Milligan Mine Life Extension and Growth Capital: The company announced a pre-feasibility study in September 2025 that extended the Mount Milligan mine's life by approximately 10 years, to 2045. This was supported by a disciplined, fully funded growth capital plan of $186 million, aiming to increase throughput and recovery, and substantially boosting proven and probable gold and copper reserves by 56% and 52% respectively from year-end 2024. The study reaffirmed the mine's strong economics with an after-tax net present value of about $1.5 billion.2. Goldfield Project Development: In August 2025, Centerra Gold completed a technical study for its Goldfield project, which confirmed robust project economics, including an after-tax net present value of $245 million. This project is positioned as a key near-term growth opportunity, with recent optimization and technical enhancements, coupled with strong gold prices, further improving its value and reducing risk.
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Stock Movement Drivers
Fundamental Drivers
The 53.7% change in CGAU stock from 9/23/2025 to 12/23/2025 was primarily driven by a 324.8% change in the company's Net Income Margin (%).| 9232025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 9.78 | 15.03 | 53.67% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1214.16 | 1285.39 | 5.87% |
| Net Income Margin (%) | 6.20% | 26.35% | 324.78% |
| P/E Multiple | 26.76 | 8.98 | -66.43% |
| Shares Outstanding (Mil) | 206.08 | 202.44 | 1.77% |
| Cumulative Contribution | 53.63% |
Market Drivers
9/23/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CGAU | 53.7% | |
| Market (SPY) | 3.7% | 36.9% |
| Sector (XLB) | 1.6% | 34.9% |
Fundamental Drivers
The 115.5% change in CGAU stock from 6/24/2025 to 12/23/2025 was primarily driven by a 616.7% change in the company's Net Income Margin (%).| 6242025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 6.97 | 15.03 | 115.55% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1208.12 | 1285.39 | 6.40% |
| Net Income Margin (%) | 3.68% | 26.35% | 616.73% |
| P/E Multiple | 32.86 | 8.98 | -72.66% |
| Shares Outstanding (Mil) | 209.33 | 202.44 | 3.29% |
| Cumulative Contribution | 115.32% |
Market Drivers
6/24/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CGAU | 115.5% | |
| Market (SPY) | 13.7% | 24.4% |
| Sector (XLB) | 4.9% | 29.6% |
Fundamental Drivers
The 172.3% change in CGAU stock from 12/23/2024 to 12/23/2025 was primarily driven by a 216.9% change in the company's Net Income Margin (%).| 12232024 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5.52 | 15.03 | 172.33% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1252.07 | 1285.39 | 2.66% |
| Net Income Margin (%) | 8.32% | 26.35% | 216.87% |
| P/E Multiple | 11.25 | 8.98 | -20.18% |
| Shares Outstanding (Mil) | 212.31 | 202.44 | 4.65% |
| Cumulative Contribution | 171.74% |
Market Drivers
12/23/2024 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CGAU | 172.3% | |
| Market (SPY) | 16.7% | 19.3% |
| Sector (XLB) | 9.1% | 28.6% |
Fundamental Drivers
The 212.6% change in CGAU stock from 12/24/2022 to 12/23/2025 was primarily driven by a 149.1% change in the company's P/E Multiple.| 12242022 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 4.81 | 15.03 | 212.62% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 892.97 | 1285.39 | 43.95% |
| Net Income Margin (%) | 36.70% | 26.35% | -28.21% |
| P/E Multiple | 3.61 | 8.98 | 149.07% |
| Shares Outstanding (Mil) | 245.87 | 202.44 | 17.66% |
| Cumulative Contribution | 202.86% |
Market Drivers
12/24/2023 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CGAU | 161.3% | |
| Market (SPY) | 48.4% | 25.1% |
| Sector (XLB) | 10.4% | 35.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CGAU Return | -22% | 27% | -30% | 19% | -1% | 170% | 119% |
| Peers Return | 45% | -22% | -2% | 29% | 27% | 145% | 346% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 114% |
Monthly Win Rates [3] | |||||||
| CGAU Win Rate | 17% | 33% | 42% | 50% | 42% | 83% | |
| Peers Win Rate | 52% | 45% | 45% | 55% | 52% | 82% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CGAU Max Drawdown | -37% | 0% | -49% | -10% | -24% | -3% | |
| Peers Max Drawdown | -34% | -33% | -32% | -10% | -20% | -3% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: AEM, KGC, AGI, EGO, BTG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)
How Low Can It Go
| Event | CGAU | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -63.5% | -25.4% |
| % Gain to Breakeven | 173.8% | 34.1% |
| Time to Breakeven | 1,100 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -38.7% | -33.9% |
| % Gain to Breakeven | 63.0% | 51.3% |
| Time to Breakeven | 398 days | 148 days |
| 2008 Global Financial Crisis | ||
| % Loss | -94.3% | -56.8% |
| % Gain to Breakeven | 1654.6% | 131.3% |
| Time to Breakeven | 641 days | 1,480 days |
Compare to B, FNV, FSM, NEM, AEM
In The Past
Centerra Gold's stock fell -63.5% during the 2022 Inflation Shock from a high on 3/10/2022. A -63.5% loss requires a 173.8% gain to breakeven.
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Centerra Gold Inc., a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects include the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt Gold Mine located in Turkey. The company was incorporated in 2002 and is headquartered in Toronto, Canada.
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Here are 1-3 brief analogies to describe Centerra Gold (CGAU):
- A smaller-scale version of gold mining giants like **Barrick Gold** or **Newmont**.
- Like an **ExxonMobil**, but instead of oil and gas, its business is digging up gold.
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- Gold: A precious metal commodity extracted and sold from their mining operations primarily in Canada and Turkey.
- Copper: An industrial metal commodity produced and sold as a significant byproduct from their Mount Milligan mine in Canada.
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Centerra Gold (CGAU) sells its products primarily to other companies rather than individuals. As a gold and copper mining company, its output consists of commodities (gold doré bars and copper/molybdenum concentrates) that are sold into the global market.
Based on Centerra Gold's public filings, including its annual reports (10-K), no single customer accounts for 10% or more of its revenue. Consequently, the company does not disclose specific major customer names or their stock symbols. Instead, it describes the categories of companies that purchase its products:
- Independent third-party refiners: These companies purchase gold doré bars produced by Centerra Gold for further processing, purification, and distribution.
- Independent third-party smelters: These companies purchase copper and molybdenum concentrates from Centerra Gold for processing to extract the pure metals.
- Independent third-party traders: These companies act as intermediaries, buying copper and molybdenum concentrates for onward sale to smelters or other industrial end-users.
Due to the commodity nature of its products and the absence of any single dominant customer, Centerra Gold does not identify specific major customers by name or stock symbol in its public disclosures.
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Paul Tomory, President and Chief Executive Officer
Paul Tomory joined Centerra Gold Inc. in May 2023, bringing over 25 years of experience in mining, engineering, and construction. Before his appointment at Centerra Gold, he served as Executive Vice President and Chief Technical Officer at Kinross Gold Corporation for more than 14 years. He also worked as a consultant at Bain & Company and Golder Associates.
Ryan Snyder, Executive Vice President and Chief Financial Officer
Ryan Snyder became Centerra Gold Inc.'s Executive Vice President and Chief Financial Officer in April 2024, having joined the company in 2022 as Vice President, Finance. He has over 15 years of financial management experience in the mining industry. Prior to Centerra, Mr. Snyder was CFO of Electra Battery Materials Corporation from 2018 to 2022 and CFO of Primero Mining Corporation from 2017 to 2018. He also held key financial roles at various resource companies, including five years in operations finance with Inmet Mining Corporation, and began his career with KPMG in Toronto in 2005.
David Hendriks, Executive Vice President and Chief Operating Officer
David Hendriks joined Centerra Gold Inc. in April 2025 as Executive Vice President and Chief Operating Officer. He is a mining engineer with over 30 years of extensive experience in the industry, having held leadership roles at Calibre Mining and Kinross Gold. Before joining Centerra, he was Senior Vice President of Nicaraguan Operations at Calibre Mining and held senior leadership positions at Kinross Gold, where he managed large-scale gold mining operations in Nevada and Mauritania.
Claudia D'Orazio, Executive Vice President, People, Technology and Supply Chain
Claudia D'Orazio has over 30 years of experience as a Senior Executive, with an extensive background spanning human resources, risk management, internal audit, information technology, supply chain management, integrations, accounting, treasury, and finance. Prior to joining Centerra Gold Inc., she held several executive roles at Pembina Pipeline Corporation. She also held various progressive senior roles with the Royal Bank and KPMG.
Yousef Rehman, Executive Vice President, Legal and Public Affairs
Yousef Rehman serves as the Executive Vice President, Legal and Public Affairs for Centerra Gold Inc.
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Centerra Gold (symbol: CGAU) faces several key risks to its business operations and financial performance.
- Geopolitical and Resource Nationalism Risks: The most significant risk Centerra Gold has faced is the expropriation of its Kumtor mine in Kyrgyzstan by the Kyrgyz government in 2021. This action, driven by environmental and tax claims, led to the loss of a major asset and subsequent legal disputes. While Centerra Gold has since reached an agreement to transfer full ownership of the Kumtor mine to the Kyrgyz government, the history of this event may still influence investor perception regarding geopolitical stability and resource nationalism in other jurisdictions where the company operates.
- Operational Headwinds and Cost Pressures: Centerra Gold is susceptible to operational challenges at its mines, including declining production and rising costs. For instance, the Mount Milligan mine has experienced reduced production due to lower ore grades and recovery rates. Similarly, the Öksüt mine in Turkey has faced increasing All-in Sustaining Costs (AISC) driven by higher production and royalty expenses, compounded by inflationary pressures within Turkey. These factors directly impact the company's profitability and cash flow.
- Commodity Price Volatility: As a gold mining company, Centerra Gold's financial performance is heavily dependent on the fluctuating market price of gold. Although the company has recently benefited from higher gold prices, a significant downturn in gold prices would adversely affect its earnings and stock valuation. Centerra does implement hedging strategies for a portion of its future gold production to mitigate some of this price risk.
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The increasing adoption and acceptance of cryptocurrencies, particularly Bitcoin, as an alternative store of value and hedge against inflation poses an emerging threat. As these digital assets gain further legitimacy and market capitalization, they could divert investor capital that would traditionally flow into physical gold, potentially leading to subdued gold prices and reduced long-term demand for gold mining output. This shift represents a challenge to gold's historical role as a primary safe-haven asset.
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The addressable markets for Centerra Gold's main products are as follows:Gold
The global gold market was valued at approximately USD 291.68 billion in 2024. This market is projected to reach USD 400 billion by the end of 2030, and USD 457.91 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.80% from 2024. Another estimate indicates the global gold market is expected to reach 6.78 kilotons by 2030, with a CAGR of 7.38% from 2025.Copper
The global copper market was estimated at USD 241.88 billion in 2024. Projections indicate it will grow to USD 339.95 billion by 2030, with a CAGR of 6.5% from 2025. Other estimates for the global copper market size in 2024 include USD 236.09 billion, with a forecast to reach USD 362.28 billion by 2032 at a CAGR of 5.6%. Another source states the global copper market was valued at USD 333.15 billion in 2024 and is expected to reach approximately USD 548.20 billion by 2034, expanding at a CAGR of 5.11% from 2025 to 2034.AI Analysis | Feedback
Centerra Gold (CGAU) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its project pipeline and existing operations. Here are 5 expected drivers of future revenue growth for Centerra Gold:- Mount Milligan Mine Life Extension and Increased Production: Centerra Gold's Mount Milligan mine in British Columbia is a significant driver of future revenue growth. A Pre-Feasibility Study (PFS) announced in September 2025 extended the mine's life by approximately 10 years to 2045. The optimized mine plan projects average annual production of approximately 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, representing an approximate 12% increase in output from 2029, alongside a roughly 10% increase in plant throughput.
- Advancement of the Kemess Project: The Kemess gold-copper project in British Columbia is a key potential future revenue source. Centerra Gold is advancing a Preliminary Economic Assessment (PEA), which is expected to be completed in the first quarter of 2026. The company is targeting a potential average annual production of approximately 250,000 gold equivalent ounces from Kemess, aiming to establish it as another long-life gold-copper asset.
- Development and Initial Production from the Goldfield Project: Centerra Gold is progressing with the development of its Goldfield project in Nevada. A technical study completed in August 2025 confirmed robust project economics. First production from Goldfield is targeted by the end of 2028, with an aim to produce approximately 100,000 ounces of gold per year during peak years, contributing a new stream of gold revenue.
- Thompson Creek Mine Restart: The restart of the Thompson Creek molybdenum mine is currently advancing, with approximately 29% of the total capital investment completed as of Q3 2025. This project is anticipated to begin its first production in the second half of 2027, introducing a new revenue stream from molybdenum.
- Öksüt Mine Optimization and Potential Expansion: Centerra Gold has initiated a life of mine optimization study at its Öksüt mine in Turkey. This study focuses on maximizing metal recovery, including the incremental production potential from residual leaching of the heap leach facility and a potential expansion of the pit to access additional mineralization. This optimization could lead to extended or increased gold production within the next 2-3 years.
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Share Repurchases
- Centerra Gold announced a renewed Normal Course Issuer Bid (NCIB) to purchase for cancellation up to 20,129,230 common shares (approximately 9.9% of outstanding shares) from November 10, 2025, to November 9, 2026.
- Under the previous NCIB, which expired on November 6, 2025, the company repurchased 9,613,246 shares at a volume-weighted average price of $9.68 per share.
- For 2025, the board of directors approved up to $75 million for share repurchases, with $64.0 million completed year-to-date as of the third quarter.
Share Issuance
- Centerra Gold has seen a net reduction in outstanding shares over the last few years, indicating no significant share issuances. For example, the number of shares outstanding decreased by 2.94% from 2024 to 2025, following a 1.86% decrease from 2023 to 2024, and a 1.88% decrease from 2022 to 2023.
Outbound Investments
- In July 2025, Centerra Gold acquired a 9.9% stake in Midland Exploration through a private placement.
- Over the past year leading up to July 2025, Centerra also made strategic investments, acquiring 9.9% stakes in other junior gold explorers including Kenorland Minerals, Dryden Gold, Thesis Gold, and Azimut Exploration.
- Centerra acquired the Goldfield project in Nevada in 2022 and has made a final investment decision to build the mine, with production anticipated to commence in 2028.
Capital Expenditures
- Expected sustaining capital expenditures for 2025 are projected to be between $98 million and $120 million, while non-sustaining capital expenditures are expected to be between $140 million and $160 million, primarily for the restart of operations at Thompson Creek.
- The initial capital investment to restart the Thompson Creek Mine, decided in September 2024, is approximately $397 million, which is largely expected to be funded from the cash flows of the Mount Milligan and Öksüt Mines.
- For the Mount Milligan mine's life of mine extension to 2045, approximately $186 million in non-sustaining capital expenditures are planned for a second Tailings Storage Facility, process plant modifications, and new haul trucks, with most of these funds not required until the early-to-mid-2030s.
Trade Ideas
Select ideas related to CGAU. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | DD | DuPont de Nemours | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 8.2% | 8.2% | -0.2% |
| 11212025 | CF | CF Industries | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.4% | -1.4% | -3.1% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 53.6% | 53.6% | 0.0% |
| 11072025 | CDE | Coeur Mining | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 28.6% | 28.6% | -5.7% |
| 10312025 | ATR | AptarGroup | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.8% | 5.8% | -2.5% |
| 08312022 | CGAU | Centerra Gold | Dip Buy | DB | Cash/EquityDip Buyer with High Net Cash % EquityBuying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation | 45.5% | 36.8% | -16.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Centerra Gold
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.42 |
| Mkt Cap | 12.3 |
| Rev LTM | 2,093 |
| Op Inc LTM | 849 |
| FCF LTM | 479 |
| FCF 3Y Avg | 498 |
| CFO LTM | 731 |
| CFO 3Y Avg | 708 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 32.1% |
| Rev Chg 3Y Avg | 25.4% |
| Rev Chg Q | 29.6% |
| QoQ Delta Rev Chg LTM | 6.6% |
| Op Mgn LTM | 39.9% |
| Op Mgn 3Y Avg | 31.2% |
| QoQ Delta Op Mgn LTM | 2.8% |
| CFO/Rev LTM | 44.4% |
| CFO/Rev 3Y Avg | 43.1% |
| FCF/Rev LTM | 21.7% |
| FCF/Rev 3Y Avg | 18.7% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Mount Milligan | 407 | 472 | 506 | 394 |
| Öksüt | 381 | 102 | 199 | 187 |
| Molybdenum | 307 | 276 | 195 | 141 |
| Corporate and other | 0 | 0 | ||
| Total | 1,095 | 850 | 900 | 721 |
| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Öksüt | 230 | 61 | 116 | 134 |
| Mount Milligan | 11 | 100 | 309 | 84 |
| Molybdenum | -65 | 60 | -31 | -89 |
| Corporate and other | -158 | -258 | -60 | -84 |
| Total | 18 | -37 | 334 | 44 |
Price Behavior
Price Behavior
| Market Price | $15.03 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 02/15/2008 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $12.48 | $8.70 |
| DMA Trend | up | up |
| Distance from DMA | 20.5% | 72.7% |
| 3M | 1YR | |
| Volatility | 47.1% | 45.5% |
| Downside Capture | 135.25 | -3.93 |
| Upside Capture | 318.11 | 95.02 |
| Correlation (SPY) | 36.5% | 19.4% |
CGAU Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.42 | 1.23 | 1.05 | 0.65 | 0.45 | 0.67 |
| Up Beta | 2.92 | 1.46 | 1.16 | 0.58 | 0.43 | 0.48 |
| Down Beta | 2.02 | -1.12 | -0.42 | -0.47 | 0.56 | 0.76 |
| Up Capture | 345% | 314% | 340% | 210% | 72% | 66% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 13 | 28 | 43 | 77 | 141 | 389 |
| Down Capture | 180% | 163% | 79% | 47% | 4% | 85% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 6 | 13 | 19 | 45 | 100 | 341 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of CGAU With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| CGAU | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 174.8% | 9.2% | 18.8% | 72.9% | 9.0% | 3.7% | -11.4% |
| Annualized Volatility | 45.2% | 20.0% | 19.5% | 19.2% | 15.3% | 17.2% | 35.0% |
| Sharpe Ratio | 2.36 | 0.33 | 0.76 | 2.72 | 0.36 | 0.05 | -0.14 |
| Correlation With Other Assets | 28.4% | 19.2% | 71.2% | 25.0% | 17.5% | 20.5% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of CGAU With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| CGAU | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 24.9% | 7.2% | 14.8% | 18.9% | 11.8% | 4.7% | 35.5% |
| Annualized Volatility | 53.3% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.61 | 0.29 | 0.70 | 0.98 | 0.51 | 0.16 | 0.62 |
| Correlation With Other Assets | 29.9% | 23.1% | 51.1% | 21.8% | 23.9% | 15.3% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 10-Year Data
| Comparison of CGAU With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| CGAU | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 15.9% | 9.9% | 14.8% | 15.1% | 6.8% | 5.4% | 69.1% |
| Annualized Volatility | 59.2% | 20.8% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.59 | 0.43 | 0.71 | 0.85 | 0.31 | 0.23 | 0.90 |
| Correlation With Other Assets | 24.5% | 18.7% | 47.7% | 18.2% | 21.3% | 15.0% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10282025 | 6-K 9/30/2025 |
| 6302025 | 8062025 | 6-K 6/30/2025 |
| 3312025 | 5062025 | 6-K 3/31/2025 |
| 12312024 | 3282025 | 40-F 12/31/2024 |
| 9302024 | 10312024 | 6-K 9/30/2024 |
| 6302024 | 8012024 | 6-K 6/30/2024 |
| 3312024 | 5142024 | 6-K 3/31/2024 |
| 12312023 | 3282024 | 40-F 12/31/2023 |
| 9302023 | 10312023 | 6-K 9/30/2023 |
| 6302023 | 7312023 | 6-K 6/30/2023 |
| 3312023 | 5152023 | 6-K 3/31/2023 |
| 12312022 | 3302023 | 40-F 12/31/2022 |
| 9302022 | 11072022 | 6-K 9/30/2022 |
| 6302022 | 8102022 | 6-K 6/30/2022 |
| 3312022 | 5042022 | 6-K 3/31/2022 |
| 12312021 | 3222022 | 40-F 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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