Metalla Royalty & Streaming (MTA)
Market Price (7/15/2026): $7.38 | Market Cap: $687.9 MilSector: Materials | Industry: Precious Metals & Minerals
Metalla Royalty & Streaming (MTA)
Market Price (7/15/2026): $7.38Market Cap: $687.9 MilSector: MaterialsIndustry: Precious Metals & Minerals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 106% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% Megatrend and thematic driversMegatrends include Global Economic Resilience. Themes include Precious Metals as Store of Value, and Inflation Protection. | Expensive valuation multiplesP/SPrice/Sales ratio is 52x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 142x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7% Key risksMTA key risks include [1] a historical reliance on dilutive equity financing stemming from past negative cash flow and net losses, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 106% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Megatrend and thematic driversMegatrends include Global Economic Resilience. Themes include Precious Metals as Store of Value, and Inflation Protection. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 52x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 142x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7% |
| Key risksMTA key risks include [1] a historical reliance on dilutive equity financing stemming from past negative cash flow and net losses, Show more. |
Qualitative Assessment
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Metalla Royalty & Streaming (MTA) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Continued Strength in Precious Metal Prices Provided a Supportive Macroeconomic Environment.
Metalla Royalty & Streaming, as a precious metals company, benefited from a robust commodity price environment. While gold and silver experienced some recent pullbacks, they demonstrated significant year-over-year gains. As of July 15, 2026, gold prices were up 20.48% compared to a year ago, despite a 6.90% decline over the prior month. Silver prices, as of July 15, 2026, were 53.93% higher than a year ago, even with a 16.66% decrease over the preceding month. Notably, silver's average price reached $78.42 in May 2026, representing a 3.3% increase over the April average. This strong performance was attributed to tightening physical inventories and a structural mismatch between supply and industrial demand, particularly from sectors like solar installations and electric vehicles, which are expected to support long-term silver prices.
2. Positive Long-Term Outlook Driven by Asset Handbook and Upcoming Cash Flows.
Metalla reinforced its long-term potential with the release of its 2026 Asset Handbook and Annual Letter to Shareholders on June 23, 2026. This handbook detailed the company's portfolio of approximately 100 high-quality gold, silver, and copper production, development, and exploration assets, primarily located in top mining jurisdictions. Management highlighted the "operating leverage, embedded optionality, and long-term compounding potential" of this portfolio. Furthermore, the fiscal Q1 2026 earnings report, released on May 14, 2026, indicated an expectation of initial cash flows from the AK and La Parrilla projects as early as fiscal Q2 2026. These company-specific updates likely contributed to investor confidence despite a significant earnings per share miss for fiscal Q1 2026.
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Metalla Royalty & Streaming (MTA) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Continued Strength in Precious Metal Prices Provided a Supportive Macroeconomic Environment.
Metalla Royalty & Streaming, as a precious metals company, benefited from a robust commodity price environment. While gold and silver experienced some recent pullbacks, they demonstrated significant year-over-year gains. As of July 15, 2026, gold prices were up 20.48% compared to a year ago, despite a 6.90% decline over the prior month. Silver prices, as of July 15, 2026, were 53.93% higher than a year ago, even with a 16.66% decrease over the preceding month. Notably, silver's average price reached $78.42 in May 2026, representing a 3.3% increase over the April average. This strong performance was attributed to tightening physical inventories and a structural mismatch between supply and industrial demand, particularly from sectors like solar installations and electric vehicles, which are expected to support long-term silver prices.
2. Positive Long-Term Outlook Driven by Asset Handbook and Upcoming Cash Flows.
Metalla reinforced its long-term potential with the release of its 2026 Asset Handbook and Annual Letter to Shareholders on June 23, 2026. This handbook detailed the company's portfolio of approximately 100 high-quality gold, silver, and copper production, development, and exploration assets, primarily located in top mining jurisdictions. Management highlighted the "operating leverage, embedded optionality, and long-term compounding potential" of this portfolio. Furthermore, the fiscal Q1 2026 earnings report, released on May 14, 2026, indicated an expectation of initial cash flows from the AK and La Parrilla projects as early as fiscal Q2 2026. These company-specific updates likely contributed to investor confidence despite a significant earnings per share miss for fiscal Q1 2026.
3. Bullish Technical Signals and Favorable Analyst Sentiment.
The stock experienced positive technical momentum during the period, with shares crossing above their 200-day moving average of $7.26 and trading as high as $7.45 per share by June 15, 2026, signaling a bullish trend. This technical breakout was accompanied by a favorable outlook from analysts, who maintain a "Buy" consensus recommendation for MTA. Analysts have set a price target of $9.00, suggesting a potential upside of +26.05% from its price on June 15, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 10.6% change in MTA stock from 3/31/2026 to 7/14/2026 was primarily driven by a 11.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.63 | 7.33 | 10.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 13 | 11.4% |
| P/S Multiple | 52.9 | 52.2 | -1.3% |
| Shares Outstanding (Mil) | 94 | 93 | 0.6% |
| Cumulative Contribution | 10.6% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| MTA | 10.6% | |
| Market (SPY) | 15.6% | 55.9% |
| Sector (XLB) | 1.3% | 47.7% |
Fundamental Drivers
The -5.8% change in MTA stock from 12/31/2025 to 7/14/2026 was primarily driven by a -23.5% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.78 | 7.33 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 13 | 24.0% |
| P/S Multiple | 68.3 | 52.2 | -23.5% |
| Shares Outstanding (Mil) | 93 | 93 | -0.7% |
| Cumulative Contribution | -5.8% |
Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| MTA | -5.8% | |
| Market (SPY) | 10.6% | 59.2% |
| Sector (XLB) | 12.2% | 51.0% |
Fundamental Drivers
The 90.9% change in MTA stock from 6/30/2025 to 7/14/2026 was primarily driven by a 106.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.84 | 7.33 | 90.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 13 | 106.1% |
| P/S Multiple | 55.9 | 52.2 | -6.5% |
| Shares Outstanding (Mil) | 92 | 93 | -0.9% |
| Cumulative Contribution | 90.9% |
Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| MTA | 90.9% | |
| Market (SPY) | 22.7% | 48.3% |
| Sector (XLB) | 17.0% | 43.0% |
Fundamental Drivers
The 68.9% change in MTA stock from 6/30/2023 to 7/14/2026 was primarily driven by a 380.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.34 | 7.33 | 68.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 13 | 380.1% |
| P/S Multiple | 80.5 | 52.2 | -35.1% |
| Shares Outstanding (Mil) | 51 | 93 | -45.8% |
| Cumulative Contribution | 68.9% |
Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| MTA | 68.9% | |
| Market (SPY) | 75.6% | 32.4% |
| Sector (XLB) | 29.0% | 38.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MTA Return | -45% | -29% | -37% | -19% | 210% | -10% | -44% |
| Peers Return | 16% | -7% | -11% | 6% | 122% | -15% | 92% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| MTA Win Rate | 33% | 42% | 42% | 50% | 92% | 43% | |
| Peers Win Rate | 62% | 44% | 35% | 48% | 72% | 34% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| MTA Max Drawdown | -52% | -56% | -55% | -36% | -24% | -33% | |
| Peers Max Drawdown | -24% | -44% | -37% | -26% | -19% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNV, RGLD, TFPM, GROY, VOXR.
[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 7/14/2026 (YTD)
How Low Can It Go
| Event | MTA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.3% | -18.8% |
| % Gain to Breakeven | 22.4% | 23.1% |
| Time to Breakeven | 8 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.5% | -7.8% |
| % Gain to Breakeven | 16.9% | 8.5% |
| Time to Breakeven | 21 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.5% | -9.5% |
| % Gain to Breakeven | 73.8% | 10.5% |
| Time to Breakeven | 652 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.6% | -6.7% |
| % Gain to Breakeven | 11.8% | 7.1% |
| Time to Breakeven | 43 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -50.6% | -24.5% |
| % Gain to Breakeven | 102.6% | 32.4% |
| Time to Breakeven | 1106 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.0% | -33.7% |
| % Gain to Breakeven | 72.5% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
In The Past
Metalla Royalty & Streaming's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MTA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.5% | -9.5% |
| % Gain to Breakeven | 73.8% | 10.5% |
| Time to Breakeven | 652 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -50.6% | -24.5% |
| % Gain to Breakeven | 102.6% | 32.4% |
| Time to Breakeven | 1106 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.0% | -33.7% |
| % Gain to Breakeven | 72.5% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
In The Past
Metalla Royalty & Streaming's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.4% 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 Metalla Royalty & Streaming (MTA)
Metalla Royalty & Streaming Ltd. (MTA) is a precious metals company that employs a unique business model focused on royalties and streams, rather than direct mining operations. The company provides upfront capital to other mining companies, which allows those companies to develop or expand their projects. In exchange for this funding, Metalla acquires rights to future production (streams) or a percentage of the revenue generated from the sale of precious metals (royalties) from the funded mines.
The core "products" or assets for Metalla are these acquired gold and silver royalties and streams. Through a stream, Metalla purchases a fixed percentage of a mine's future gold or silver production at a predetermined low price, while a royalty grants Metalla a percentage of the revenue or production from an operation. This strategy allows Metalla to gain leveraged exposure to gold and silver prices and production growth, without directly managing the operational complexities, capital expenditures, or environmental liabilities typically associated with running a mine.
Metalla's primary partners are mining companies seeking financing for their projects. By acquiring interests in these projects, Metalla participates in the broader precious metals market. The company strategically diversifies its portfolio of royalty and streaming interests across several key mining jurisdictions, including Canada, Australia, Argentina, Mexico, and the United States, aiming to provide a robust and geographically diverse investment in gold and silver production.
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A REIT for precious metals mines.
The landlord of the gold and silver mining industry.
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- Precious Metal Royalties: Rights to a percentage of the revenue or production from a mining operation, primarily focused on gold and silver.
- Precious Metal Streams: Agreements to purchase a portion of future gold and silver production from a mine at a fixed, often discounted, price.
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Brett Heath, Chief Executive Officer, Director
Mr. Heath has over two decades of experience in the royalty sector and public markets, during which he founded and built over $1 billion in value using the royalty model in both public and private markets. He founded Metalla Royalty in 2016 and co-founded Nova Royalty in 2018. He has completed over 50 royalty transactions across various metals with diverse counterparties, including major corporates, private equity, and private interests. Mr. Heath previously served as Chairman & Chief Executive Officer of High Stream Corp. from 2015 to 2016 and was a Founding Principal at Ksir Capital Management LLC from 2009 to 2013.
Saurabh Handa, Chief Financial Officer
Mr. Handa, appointed CFO effective November 1, 2020, brings over 15 years of progressive senior-level experience in the mining sector, encompassing finance, mergers and acquisitions, taxation planning, treasury management, risk management, regulatory compliance, and multi-jurisdictional public company reporting. He has provided consulting services through his own company, Handa Financial Consulting Inc. His prior roles include Chief Financial Officer of Titan Mining Corp., Vice President, Finance of Imperial Metals Corp., Chief Financial Officer of Meryllion Resources Corp., Chief Financial Officer of Yellowhead Mining Inc., and Controller for SouthGobi Resources Ltd. Mr. Handa also serves as a Director and Chair of the Audit Committee for K92 Mining Inc.
Jason Cho, President
Mr. Cho is an accomplished mining executive with over 25 years of broad-based experience in engineering, corporate finance, portfolio management, and corporate development focused on the mining and materials sector. Prior to joining Metalla, he held the position of Chief Strategy Officer with Eldorado Gold from 2013 to 2023, where he was responsible for over $4 billion in M&A, various equity, debt, and project financings, and restructuring. He also spent over fifteen years in investment banking and institutional sales & trading (Merrill Lynch, UBS Securities), proprietary trading (TD Securities), and engineering (AMEC) roles.
Drew Clark, VP Corporate Development
Mr. Clark possesses over fifteen years of experience in the mining sector, serving as a research analyst, investment banker, and corporate development professional. As the first employee hired at Metalla, he was instrumental in expanding the company's portfolio from 18 to over 100 royalties and streams. His corporate development career includes roles at Carlisle Goldfields, which was sold to Alamos Gold, and Premier Royalty Corp., which was acquired by Sandstorm Gold. Mr. Clark was previously VP Corporate Finance at a boutique investment bank, where he focused on royalty and streaming companies.
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- Reliance on Third-Party Operators and Project Performance: Metalla Royalty & Streaming's financial performance is heavily dependent on the operational success, exploration outcomes, and development timelines of the underlying mining projects, which are operated by third-party mining companies. Metalla has no direct control over the day-to-day operations or the environmental, social, and governance (ESG) risks associated with these projects. Delays in project timelines, lower-than-expected production, or operational issues at these mines can directly impact Metalla's revenue and cash flow.
- Fluctuations in Precious Metal Prices: As a company focused on gold, silver, and copper royalties and streams, Metalla's revenue and profitability are directly exposed to the volatility of precious metal prices. Significant downturns in commodity markets could negatively affect the value of its royalty interests and the income generated from them.
- Exploration and Development Risk: A significant portion of Metalla's value is tied to royalties on projects that may be in exploration or development phases and are not yet in full production. There is inherent uncertainty and risk in whether these projects will successfully advance to commercial production, meet anticipated timelines, or achieve projected production levels, which could impact future cash flow expectations.
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The addressable markets for Metalla Royalty & Streaming Ltd.'s main products and services, which primarily involve royalties and streams on gold and silver production, are the global markets for these precious metals.
For **gold**, the global market was valued at approximately USD 291.68 billion in 2024. This market is projected to expand to around USD 400 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.51% between 2025 and 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to reach 7,424.4 tons by 2034, with a CAGR of 4.70% during that period.
For **silver**, the global market size was estimated at USD 87.12 billion in 2024. It is anticipated to grow significantly, reaching USD 202.07 billion by 2033, exhibiting a robust CAGR of 9.86% from 2025 to 2033. Global silver demand is expected to be stable at 1.20 billion ounces in 2025, with industrial fabrication projected to exceed 700 million ounces for the first time.
Metalla Royalty & Streaming Ltd. operates in key precious metal producing regions, including Canada, Australia, Argentina, Mexico, and the United States. These countries are significant contributors to global gold and silver mine production. For instance, in 2023, North America (Canada, United States, and Mexico) collectively produced 500 tonnes of gold. Canada alone ranked as the fourth-largest gold producer globally in 2024, yielding nearly 200 tonnes. Mexico was the top silver producer in 2024, accounting for approximately a quarter of the world's mine output.
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Share Issuance
- In February 2026, Metalla granted an aggregate of 475,700 stock options at an exercise price of C$9.88 per share and 197,800 restricted share units to directors, officers, consultants, and employees.
- On February 4, 2025, Metalla issued 412,088 common shares to Beedie Capital at C$3.64 per share, resulting from the conversion of C$1.5 million in accrued interest under an existing convertible loan facility.
- As part of the Nova Royalty acquisition, completed on December 1, 2023, 2,835,539 Metalla shares were issued upon the conversion of subscription receipts from Beedie Capital.
- On February 23, 2023, Metalla issued 939,355 common shares at US$5.3228 per share to acquire a portfolio of one silver stream and three royalties from Alamos Gold Inc.
Inbound Investments
- Concurrent with the acquisition of Nova Royalty in December 2023, Beedie Capital provided a $65 million investment through an equity subscription and a convertible credit facility.
- Tether purchased a 5.5% equity stake in Metalla Royalty & Streaming in October 2025.
- Hillsdale Investment Management increased its stake by 375% in Q3 2025, acquiring 249,700 shares to bring its position to 316,300 shares valued at approximately $2.02 million.
Outbound Investments
- In December 2023, Metalla completed its largest transaction by merging with Nova Royalty, which expanded its portfolio to include copper assets alongside gold and silver.
- Metalla acquired an additional 0.15% interest in the Net Smelter Return (NSR) royalty on a portion of the Côté Gold Mine and all of the Gosselin project for C$3.4 million on October 31, 2025, increasing its total ownership to 1.5%.
- On February 23, 2023, Metalla acquired a portfolio of one silver stream and three royalties from Alamos Gold Inc. in exchange for 939,355 of its common shares.
Capital Expenditures
- Metalla Royalty & Streaming reported capital expenditures of approximately -$17.27K in the last 12 months (prior to March 17, 2026).
- As a royalty and streaming company, Metalla's primary capital deployment focuses on acquiring royalty and streaming interests rather than traditional mining capital expenditures.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| With Metalla Royalty & Streaming Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.61 |
| Mkt Cap | 3.2 |
| Rev LTM | 242 |
| Op Inc LTM | 140 |
| FCF LTM | -71 |
| FCF 3Y Avg | 24 |
| CFO LTM | 193 |
| CFO 3Y Avg | 132 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 80.9% |
| Rev Chg 3Y Avg | 50.2% |
| Rev Chg Q | 103.7% |
| QoQ Delta Rev Chg LTM | 21.3% |
| Op Inc Chg LTM | 104.0% |
| Op Inc Chg 3Y Avg | 56.1% |
| Op Mgn LTM | 45.4% |
| Op Mgn 3Y Avg | 35.4% |
| QoQ Delta Op Mgn LTM | 4.3% |
| CFO/Rev LTM | 72.7% |
| CFO/Rev 3Y Avg | 65.8% |
| FCF/Rev LTM | -19.4% |
| FCF/Rev 3Y Avg | -19.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Acquiring and managing gold, silver, and copper royalties, streams, and similar production-based | 12 | 6 | 5 | ||
| Aranzazu | 0 | ||||
| Cap-Oeste Sur East property (COSE) | 0 | 1 | |||
| El Realito | 0 | 0 | |||
| Joaquin | 0 | 0 | |||
| La Encantada | 0 | ||||
| Other fixed royalty payments | 0 | 0 | |||
| Wharf | 1 | 1 | |||
| Total | 12 | 6 | 5 | 2 | 3 |
| $ Mil | 2017 | 2016 |
|---|---|---|
| Single segment | 6 | 0 |
| Total | 6 | 0 |
Price Behavior
| Market Price | $7.33 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -19.0% | |
| 50 Days | 200 Days | |
| DMA Price | $7.14 | $7.33 |
| DMA Trend | up | up |
| Distance from DMA | 2.7% | -0.1% |
| 3M | 1YR | |
| Volatility | 58.7% | 54.6% |
| Downside Capture | 388.58 | 243.67 |
| Upside Capture | 284.04 | 259.18 |
| Correlation (SPY) | 61.0% | 49.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.26 | 2.61 | 2.44 | 2.41 | 2.08 | 1.13 |
| Up Beta | 1.84 | 1.70 | 2.03 | 1.85 | 1.86 | 1.02 |
| Down Beta | 1.26 | 2.00 | 2.27 | 2.39 | 1.63 | 1.04 |
| Up Capture | 300% | 385% | 281% | 345% | 556% | 195% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 23 | 34 | 66 | 137 | 357 |
| Down Capture | 253% | 274% | 285% | 213% | 160% | 106% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 17 | 28 | 56 | 109 | 367 |
[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 MTA | |
|---|---|---|---|---|
| MTA | 77.0% | 54.6% | 1.24 | - |
| Sector ETF (XLB) | 12.3% | 17.6% | 0.50 | 45.8% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 49.7% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | 59.2% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | -0.8% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | 14.9% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | 37.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTA | |
|---|---|---|---|---|
| MTA | -4.8% | 53.8% | 0.11 | - |
| Sector ETF (XLB) | 6.4% | 19.1% | 0.23 | 37.8% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 31.2% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 54.4% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | 22.1% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 25.4% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 22.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTA | |
|---|---|---|---|---|
| MTA | 26.9% | 133.6% | 0.54 | - |
| Sector ETF (XLB) | 10.3% | 20.6% | 0.44 | 14.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 12.3% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 22.0% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | 9.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 8.9% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 7.6% |
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Returns Analyses
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 | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 6-K |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/15/2025 | 6-K |
| 12/31/2024 | 03/27/2025 | 40-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/15/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 40-F |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/11/2023 | 6-K |
| 03/31/2023 | 05/12/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| 09/30/2022 | 11/10/2022 | 6-K |
| 06/30/2022 | 08/12/2022 | 6-K |
| 03/31/2022 | 05/13/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 6-K |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/15/2025 | 6-K |
| 12/31/2024 | 03/27/2025 | 40-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/15/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 40-F |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/11/2023 | 6-K |
| 03/31/2023 | 05/12/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| 09/30/2022 | 11/10/2022 | 6-K |
| 06/30/2022 | 08/12/2022 | 6-K |
| 03/31/2022 | 05/13/2022 | 6-K |
| 12/31/2021 | 03/25/2022 | 40-F |
| 09/30/2021 | 11/15/2021 | 6-K |
| 06/30/2021 | 08/13/2021 | 6-K |
| 03/31/2021 | 05/14/2021 | 6-K |
| 12/31/2020 | 03/26/2021 | 40-F |
| 08/31/2020 | 10/09/2020 | 6-K |
| 05/31/2020 | 08/21/2020 | 40-F |
| 02/29/2020 | 04/10/2020 | 6-K |
Investor Activity (13F)
Updated Jul 15, 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 and community-bank filers are excluded.
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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