Mako Mining (MAKO)
Market Price (8/20/2026): $10.4 | Market Cap: $915.1 MilSector: Materials | Industry: Gold
Mako Mining (MAKO)
Market Price (8/20/2026): $10.4Market Cap: $915.1 MilSector: 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 5.7%, FCF Yield is 6.1% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 82% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% Megatrend and thematic driversMegatrends include Precious Metals & Mining. Themes include Gold Production, Mineral Exploration & Development, and Sustainable Mining Practices. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Key risksMAKO key risks include [1] significant political and jurisdictional exposure related to its primary operations in Nicaragua, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, FCF Yield is 6.1% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 82% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Megatrend and thematic driversMegatrends include Precious Metals & Mining. Themes include Gold Production, Mineral Exploration & Development, and Sustainable Mining Practices. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Key risksMAKO key risks include [1] significant political and jurisdictional exposure related to its primary operations in Nicaragua, Show more. |
Qualitative Assessment
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Mako Mining (MAKO) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Strong Financial Performance and Production Growth: Mako Mining reported robust financial results for fiscal Q1 2026, announced on May 15, 2026, with earnings per share (EPS) of $0.26 on $68.6 million in revenue. The company continued this trend into fiscal Q2 2026 (ended June 30, 2026), reporting record revenue of $62.6 million, net income of $13.9 million ($0.16 per share), and adjusted EBITDA of $31.7 million. Gold sales reached a record 14,610 ounces in fiscal Q2 2026.
2. Significant Project Milestones and Development Funding: On July 7, 2026, Mako announced Proven and Probable Mineral Reserves of 598 Koz Au and 6.30 Moz Ag at its Moss Mine, supporting a post-tax Net Present Value (NPV) of US$254 million over a 15-year life of mine. The company also advanced its Mt. Hamilton project, with pre-development budget approval and a target for the first gold pour by the end of 2027, and progressed the Eagle Mountain Project, anticipating an Environmental Authorization in the second half of 2026 for planned 2028 production. Notably, Mako's $112 million in liquidity is expected to fully fund both development projects without external capital.
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Mako Mining (MAKO) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Strong Financial Performance and Production Growth: Mako Mining reported robust financial results for fiscal Q1 2026, announced on May 15, 2026, with earnings per share (EPS) of $0.26 on $68.6 million in revenue. The company continued this trend into fiscal Q2 2026 (ended June 30, 2026), reporting record revenue of $62.6 million, net income of $13.9 million ($0.16 per share), and adjusted EBITDA of $31.7 million. Gold sales reached a record 14,610 ounces in fiscal Q2 2026.
2. Significant Project Milestones and Development Funding: On July 7, 2026, Mako announced Proven and Probable Mineral Reserves of 598 Koz Au and 6.30 Moz Ag at its Moss Mine, supporting a post-tax Net Present Value (NPV) of US$254 million over a 15-year life of mine. The company also advanced its Mt. Hamilton project, with pre-development budget approval and a target for the first gold pour by the end of 2027, and progressed the Eagle Mountain Project, anticipating an Environmental Authorization in the second half of 2026 for planned 2028 production. Notably, Mako's $112 million in liquidity is expected to fully fund both development projects without external capital.
3. Favorable Macroeconomic Conditions for Gold: The company benefited from a strong gold price environment, achieving an average realized gold price of $4,201 per ounce in fiscal Q2 2026 and $4,541 per ounce year-to-date (YTD) fiscal 2026, which significantly boosted revenue and profitability.
4. Positive Analyst Sentiment: Mako Mining received a "Moderate Buy" consensus rating from Wall Street analysts, with some firms issuing upgrades during the period, contributing to investor confidence. StockInvest.us notably upgraded MKO.V to a "Buy Candidate" on August 4, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 39.4% change in MAKO stock from 4/30/2026 to 8/19/2026 was primarily driven by a 40.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.46 | 10.40 | 39.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 148 | 209 | 40.9% |
| Net Income Margin (%) | 22.7% | 25.1% | 10.5% |
| P/E Multiple | 19.4 | 17.4 | -10.4% |
| Shares Outstanding (Mil) | 88 | 88 | 0.0% |
| Cumulative Contribution | 39.4% |
Market Drivers
4/30/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MAKO | 39.4% | |
| Market (SPY) | 7.0% | 48.1% |
| Sector (XLB) | 2.0% | 51.8% |
Fundamental Drivers
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Market Drivers
1/31/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MAKO | ||
| Market (SPY) | 11.4% | 51.6% |
| Sector (XLB) | 7.1% | 49.3% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MAKO | ||
| Market (SPY) | 22.7% | 51.6% |
| Sector (XLB) | 21.5% | 49.3% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MAKO | ||
| Market (SPY) | 73.9% | 51.6% |
| Sector (XLB) | 29.3% | 49.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MAKO Return | - | - | - | - | - | 62% | 62% |
| Peers Return | -29% | -16% | 14% | 29% | 191% | -9% | 135% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| MAKO Win Rate | - | - | - | - | - | 67% | |
| Peers Win Rate | 40% | 48% | 48% | 48% | 70% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MAKO Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -45% | -51% | -37% | -26% | -27% | -49% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAAS, CDE, AGI, HL, EQX.
[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] 2026 data is for the year up to 8/19/2026 (YTD)
How Low Can It Go
MAKO has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.5% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.5% | -9.5% |
| % Gain to Breakeven | 14.3% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.9% | -12.2% |
| % Gain to Breakeven | 21.7% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
MAKO has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.8% | -6.8% |
| % Gain to Breakeven | 31.2% | 7.3% |
| Time to Breakeven | 171 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.3% | 21.8% |
| Time to Breakeven | 459 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.6% | -53.4% |
| % Gain to Breakeven | 130.3% | 114.4% |
| Time to Breakeven | 701 days | 1085 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Mako Mining (MAKO)
Mako Mining Corp. is a Canadian gold mining company primarily engaged in the acquisition, exploration, development, and operation of gold projects in Central America. Its flagship asset and current operational focus is the high-grade San Albino gold mine, situated in Nueva Segovia, Nicaragua. The company manages the entire mining lifecycle, from identifying valuable gold resources to their extraction and processing.
The core product of Mako Mining is gold and silver dore, which are semi-pure alloys produced from its mining operations. At the San Albino mine, the company utilizes both open-pit and underground mining techniques, with the extracted ore processed through a conventional gravity and carbon-in-leach (CIL) plant to produce the dore bars. Mako also dedicates efforts to regional exploration within its concessions to expand its mineral reserves and extend the economic life of its operations.
Mako Mining sells its gold and silver dore into the global precious metals market, targeting refiners and bullion dealers as its primary customers. The company aims to provide investors with exposure to gold production, emphasizing operational efficiency and resource growth within its established mining jurisdiction.
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Analogies for Mako Mining (MAKO):
- A smaller-scale Barrick Gold, focused on gold production in Nicaragua.
- Like a Newmont for Central American gold mining.
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- Gold: Mako Mining primarily produces gold from its mining operations.
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Mako Mining Corp. (MAKO) is a gold mining company that operates the San Albino gold mine in Nicaragua. As a producer of a commodity (gold), the company typically sells its gold doré or refined gold into the global market.
Due to the nature of commodity sales, Mako Mining does not typically have "major customers" in the traditional sense of a concentrated revenue stream from specific, publicly disclosed entities. Their customers are generally a diverse group of participants in the global gold market, including:
- Gold refiners
- Bullion banks and other financial institutions involved in precious metals trading
- Commodity trading firms
These buyers operate within a liquid and highly diversified market, and Mako Mining's sales are not concentrated with a few key buyers that are publicly identified as major customers.
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Akiba Leisman, Chief Executive Officer
Akiba Leisman serves as the CEO and a Director of Mako Mining Corp., a position he assumed in March 2019. Prior to Mako, he was the Executive Chairman and Interim CEO of Marlin Gold Mining Ltd., where he oversaw the spinout of Sailfish Royalty Corp. and the acquisition of Marlin by Golden Reign Resources Ltd. to form Mako. He co-founded Sailfish Royalty Corp. in 2014 and continues to serve as its Executive Chairman and a Director. Mr. Leisman has also served as President, CEO, and Director of Mako US Corp. and CEO of Goldsource Mines, Inc. His background includes working as a consultant at Wexford Capital LP and as a Senior Analyst at Red Kite Capital Management. Having worked at Wexford Capital LP for nine years and managing several of their portfolio companies, he has a pattern of managing companies backed by private equity firms, as Wexford Capital is a significant shareholder of Mako Mining.
Ezequiel Sirotinsky, Chief Financial Officer & Corporate Secretary
Ezequiel Sirotinsky is the Chief Financial Officer and Corporate Secretary of Mako Mining Corp., appointed effective June 25, 2024. He is a Chartered Professional Accountant with over 25 years of senior-level experience in the mining industry, working across Argentina, Colombia, Nicaragua, and Panama. Mr. Sirotinsky's career includes senior positions with various gold and silver producers such as Calibre Mining, AngloGold Ashanti, and Silver Standard Resources, as well as other mid-tier and junior mining companies. His expertise encompasses IFRS and regulatory financial reporting, treasury management, corporate financing, budgeting and forecasting, tax planning, compliance, and auditing.
Jesse Muñoz, Chief Operating Officer
Jesse Muñoz serves as the Chief Operating Officer of Mako Mining Corp., bringing over 35 years of experience in the domestic and international mining sector. His extensive career includes successful construction and start-up of both surface and underground mine facilities. Mr. Muñoz's diverse background is primarily focused on the processing side of operations, with experience in conventional milling, heap leaching, agglomeration, crushing, refining, and both carbon adsorption and Merrill-Crowe recovery systems. He also has experience in negotiating property acquisitions and developmental strategies in Latin American countries.
Steve Parsons, President
Steve Parsons is the President of Mako Mining Corp. He is a mining and finance professional with over 25 years of experience in mine operations and capital markets. Before joining Mako, Mr. Parsons held positions as CEO of Goldsource Mines, Senior Vice President of Yamana Gold, and Director of Equity Research at National Bank Financial. He also served as a senior analyst at various mining-focused sell-side firms in Canada. Mr. Parsons holds a Bachelor of Applied Science in Mining and Mineral Engineering from Queen's University.
Frank Powell, VP of Exploration
Frank Powell is the VP of Exploration for Mako Mining Corp. He possesses over 39 years of global exploration experience, including 23 years in senior management roles with major and junior gold exploration and mining companies such as Placer Dome, Oro Gold Ltd, and Mako Mining Corp. Mr. Powell's career spans from grass-roots exploration to feasibility studies, where he has successfully led teams in the acquisition, discovery, quantification, and optimization of gold and platinum resources at various projects worldwide.
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Key Risks to Mako Mining
- Jurisdictional and Political Risks: Mako Mining operates primarily in Nicaragua, with additional projects in Guyana and Arizona. The company is exposed to political risks, including potential changes in regulatory frameworks, taxation, or overall political conditions in its operating jurisdictions. This also includes the risk of government expropriation or nationalization of mining operations and the impact of any measures or sanctions imposed by government entities in Nicaragua.
- Gold Price Volatility: As a gold mining company, Mako Mining's financial performance is significantly influenced by fluctuations in the price of gold. A sustained decline in gold prices could lead to compressed margins, reduced cash flow, and overall adverse impacts on the company's financial results.
- Operational Risks and Exploration Uncertainty: Mining operations are inherently complex and subject to various disruptions. Mako Mining faces risks associated with potential economic or technical failures at its projects, the possibility of unexpected costs and expenses, and the inherent uncertainty that exploration efforts will translate into economically viable deposits. Specific operational challenges cited include rising costs and declining grades at core operations, as well as identified material weaknesses in internal control over financial reporting.
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Expected Drivers of Future Revenue Growth for Mako Mining (MAKO)
- Increased Production from the San Albino Mine: Mako Mining's San Albino gold mine in Nicaragua has the capacity to double its processing throughput from 500 tonnes per day (tpd) to 1,000 tpd with minimal capital investment, following a permit amendment received in August 2020. Operating the plant at increased capacity can lead to higher gold production and, consequently, increased revenue.
- Ramp-up and Steady-State Production at the Moss Mine: The Moss Mine in Arizona, acquired by Mako Mining, is in the process of ramping up to steady-state production, which is expected by early 2026. This mine is projected to add significant gold ounces to Mako's overall production profile as it reaches full operational capacity, contributing to revenue growth.
- Development and Commencement of Production at the Mt. Hamilton Project: Mako Mining recently acquired the Mt. Hamilton gold-silver project in Nevada, USA. Pre-construction activities have begun, with full construction anticipated to commence in early Q2 2026. This fully permitted open-pit heap leach project is expected to become a new source of gold and silver production, thereby driving future revenue.
- Advancement Towards Production at the Eagle Mountain Gold Project: The Eagle Mountain Gold Project in Guyana is progressing through its permitting phase, with full operating permits expected by late 2026. Construction is slated for 2026, with production targeted for the second half of 2027. The development of this project represents a significant long-term growth driver through future gold production.
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Share Repurchases
- Mako Mining announced a Normal Course Issuer Bid (NCIB) on December 3, 2025, to repurchase up to 4,350,450 common shares, representing 5% of its issued and outstanding shares, with the program expiring by December 7, 2026.
- For the trailing twelve months (TTM) ended September 2025, the company's Repurchase of Stock amounted to -$1.4 million.
Share Issuance
- On October 28, 2025, Mako Mining completed a brokered private placement, raising gross proceeds of $28.8 million (C$40.3 million).
- Concurrently, a non-brokered private placement with private investment funds managed by Wexford Capital LP generated gross proceeds of $10.7 million (C$15.0 million) on the same date.
- The company's annual additional paid-in capital increased from $12.1 million in December 2022 to $16.3 million in December 2024, reaching $16.0 million by September 2025.
Outbound Investments
- In 2025, Mako Mining acquired the Mt. Hamilton gold project through a $40 million gold stream.
- The company acquired the Eagle Mountain project by acquiring Goldsource Mines in July 2024, and also the Moss Mine in Arizona in late 2024.
Capital Expenditures
- Capital expenditures for the trailing twelve months ended September 2025 totaled -$14.94 million.
- In the 12 months prior to March 2026, capital expenditures were -$20.98 million.
- The company anticipates funding future exploration in Nicaragua, development activities at the Mt. Hamilton Project in Nevada, and ongoing engineering for the Eagle Mountain Project in Guyana using projected free cash flow from its San Albino and Moss Mines.
Peer Outperformance in Gold
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 111.4% | 85.6% | 294.8% | COPR 1038% · TGB 454% · HBM 416% |
| Silver | 6 | 185.2% | 323.4% | 196.5% | HL 280% · SVM 228% · AYA 223% |
| Gold ← | 32 | 65.8% | 219.2% | 164.8% | IAG 800% · OGC 505% · CNL 498% |
| Steel | 13 | 29.1% | 52.2% | 130.1% | HCC 519% · AMR 501% · NWPX 341% |
| Diversified Metals & Mining | 24 | 19.4% | -9.8% | 57.5% | ATLX 227757% · USAR 60605% · FMST 1167% |
| Aluminum | 3 | 98.5% | 128.6% | 55.3% | CENX 306% · KALU 55% · AA 44% |
| Construction Materials | 7 | -12.8% | 34.4% | 49.1% | USLM 322% · CRH 97% · VMC 57% |
| Metal, Glass & Plastic Containers | 10 | 9.1% | 15.9% | 6.6% | KRT 157% · MYE 71% · GEF 67% |
| Paper & Plastic Packaging Products & Materials | 7 | 17.9% | 17.7% | -5.2% | PKG 98% · CCK 14% · SON 8% |
| Specialty Chemicals | 40 | 16.7% | 3.1% | -5.6% | LWLG 875% · ODC 499% · NEU 201% |
| Precious Metals & Minerals | 9 | 53.8% | 159.6% | -10.4% | ASM 714% · PPTA 391% · ELE 123% |
| Commodity Chemicals | 13 | 32.3% | 10.2% | -17.6% | HWKN 246% · MEOH 101% · LXU 61% |
| Diversified Chemicals | 4 | 9.0% | -27.5% | -22.2% | CBT 82% · ASH -4% · CC -40% |
| Fertilizers & Agricultural Chemicals | 10 | 0.5% | -4.8% | -35.8% | CF 197% · CTVA 98% · NTR 41% |
| Paper Products | 3 | -13.0% | -51.9% | -95.4% | CLW -33% · MERC -95% · ITP -96% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 20.73 |
| Mkt Cap | 14.4 |
| Rev LTM | 2,387 |
| Op Inc LTM | 1,058 |
| FCF LTM | 402 |
| FCF 3Y Avg | 194 |
| CFO LTM | 1,031 |
| CFO 3Y Avg | 634 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 78.1% |
| Rev Chg 3Y Avg | 44.9% |
| Rev Chg Q | 57.1% |
| QoQ Delta Rev Chg LTM | 10.3% |
| Op Inc Chg LTM | 162.6% |
| Op Inc Chg 3Y Avg | 365.4% |
| Op Mgn LTM | 39.9% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 43.3% |
| CFO/Rev 3Y Avg | 32.5% |
| FCF/Rev LTM | 28.5% |
| FCF/Rev 3Y Avg | 11.8% |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.17 | 2.45 | 2.39 | -0.39 | -0.09 | -0.29 |
| Up Beta | 2.59 | 2.38 | 2.30 | -0.00 | 0.94 | 1.06 |
| Down Beta | 3.10 | 3.51 | 3.01 | -0.69 | -2.07 | -0.32 |
| Up Capture | 156% | 155% | 209% | 208% | 92% | 9% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 21 | 34 | 50 | 50 | 50 |
| Down Capture | 193% | 233% | 221% | 145% | 96% | 54% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 29 | 35 | 35 | 35 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAKO | |
|---|---|---|---|---|
| MAKO | 73.9% | 60.5% | 2.57 | - |
| Sector ETF (XLB) | 19.1% | 17.7% | 0.83 | 49.3% |
| Equity (SPY) | 20.7% | 12.8% | 1.19 | 51.6% |
| Gold (GLD) | 35.0% | 28.8% | 1.04 | 75.6% |
| Commodities (DBC) | 41.4% | 20.2% | 1.60 | -13.4% |
| Real Estate (VNQ) | 15.3% | 13.9% | 0.78 | 10.7% |
| Bitcoin (BTCUSD) | -44.7% | 42.7% | -1.27 | 41.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAKO | |
|---|---|---|---|---|
| MAKO | 11.7% | 60.5% | 2.57 | - |
| Sector ETF (XLB) | 6.0% | 19.1% | 0.20 | 49.3% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 51.6% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 75.6% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | -13.4% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 10.7% |
| Bitcoin (BTCUSD) | 7.2% | 52.6% | 0.32 | 41.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAKO | |
|---|---|---|---|---|
| MAKO | 5.7% | 60.5% | 2.57 | - |
| Sector ETF (XLB) | 10.1% | 20.7% | 0.43 | 49.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 51.6% |
| Gold (GLD) | 12.5% | 16.2% | 0.63 | 75.6% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | -13.4% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 10.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.0% | 1.00 | 41.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Investor Activity (13F)
Updated Aug 20, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.