TRX Gold (TRX)
Market Price (2/27/2026): $1.81 | Market Cap: $533.8 MilSector: Materials | Industry: Gold
TRX Gold (TRX)
Market Price (2/27/2026): $1.81Market Cap: $533.8 MilSector: MaterialsIndustry: Gold
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 59% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26% | Stock price has recently run up significantly6M Rtn6 month market price return is 412%, 12M Rtn12 month market price return is 503% |
| Megatrend and thematic driversMegatrends include Global Resource Demand. Themes include Precious Metals Mining, and Mineral Exploration & Development. | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 142% |
| 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 -5.1% | |
| Key risksTRX key risks include [1] political and regulatory uncertainties tied to operating its Buckreef Gold Project in Tanzania and [2] operational challenges and potential delays in exploration and mill capacity expansion. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 59% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Megatrend and thematic driversMegatrends include Global Resource Demand. Themes include Precious Metals Mining, and Mineral Exploration & Development. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 412%, 12M Rtn12 month market price return is 503% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 142% |
| 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 -5.1% |
| Key risksTRX key risks include [1] political and regulatory uncertainties tied to operating its Buckreef Gold Project in Tanzania and [2] operational challenges and potential delays in exploration and mill capacity expansion. |
Qualitative Assessment
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TRX Gold (TRX) stock has gained about 195% since 10/31/2025 because of the following key factors:
1. Surging Global Gold Prices: A significant macroeconomic tailwind has driven demand for gold, with prices surging 87% since the start of 2025 and trading near all-time highs, briefly touching $5,500 per ounce during the specified period. TRX Gold, being unhedged, has 100% exposure to these rising spot gold prices, directly benefiting its revenue and margins.
2. Record Gold Production and Sales with Strong Financial Performance: TRX Gold achieved record operational results, reporting record gold production and sales in both Q4 2025 and Q1 2026. In Q1 2026 (ended November 30, 2025), the company poured a record 6,597 ounces of gold and sold 6,492 ounces at an average realized price of $3,860 per ounce. This performance generated $25.1 million in revenue, a gross profit of $14.2 million, and a 57% gross margin, showcasing high profitability.
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1. Surging Global Gold Prices: A significant macroeconomic tailwind has driven demand for gold, with prices surging 87% since the start of 2025 and trading near all-time highs, briefly touching $5,500 per ounce during the specified period. TRX Gold, being unhedged, has 100% exposure to these rising spot gold prices, directly benefiting its revenue and margins.
2. Record Gold Production and Sales with Strong Financial Performance: TRX Gold achieved record operational results, reporting record gold production and sales in both Q4 2025 and Q1 2026. In Q1 2026 (ended November 30, 2025), the company poured a record 6,597 ounces of gold and sold 6,492 ounces at an average realized price of $3,860 per ounce. This performance generated $25.1 million in revenue, a gross profit of $14.2 million, and a 57% gross margin, showcasing high profitability.
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Stock Movement Drivers
Fundamental Drivers
The 192.7% change in TRX stock from 10/31/2025 to 2/26/2026 was primarily driven by a 99.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.63 | 1.83 | 192.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 70 | 47.1% |
| P/S Multiple | 3.8 | 7.7 | 99.7% |
| Shares Outstanding (Mil) | 294 | 295 | -0.3% |
| Cumulative Contribution | 192.7% |
Market Drivers
10/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| TRX | 192.7% | |
| Market (SPY) | 1.1% | 35.0% |
| Sector (XLB) | 23.7% | 30.7% |
Fundamental Drivers
The 419.9% change in TRX stock from 7/31/2025 to 2/26/2026 was primarily driven by a 254.7% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.35 | 1.83 | 419.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 70 | 47.1% |
| P/S Multiple | 2.2 | 7.7 | 254.7% |
| Shares Outstanding (Mil) | 294 | 295 | -0.3% |
| Cumulative Contribution | 419.9% |
Market Drivers
7/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| TRX | 419.9% | |
| Market (SPY) | 9.4% | 24.1% |
| Sector (XLB) | 21.4% | 25.0% |
Fundamental Drivers
The 465.3% change in TRX stock from 1/31/2025 to 2/26/2026 was primarily driven by a 260.6% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.32 | 1.83 | 465.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | 70 | 58.5% |
| P/S Multiple | 2.1 | 7.7 | 260.6% |
| Shares Outstanding (Mil) | 292 | 295 | -1.1% |
| Cumulative Contribution | 465.3% |
Market Drivers
1/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| TRX | 465.3% | |
| Market (SPY) | 15.5% | 15.5% |
| Sector (XLB) | 21.1% | 20.5% |
Fundamental Drivers
The 274.2% change in TRX stock from 1/31/2023 to 2/26/2026 was primarily driven by a 182.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.49 | 1.83 | 274.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 70 | 182.9% |
| P/S Multiple | 5.4 | 7.7 | 41.1% |
| Shares Outstanding (Mil) | 276 | 295 | -6.2% |
| Cumulative Contribution | 274.2% |
Market Drivers
1/31/2023 to 2/26/2026| Return | Correlation | |
|---|---|---|
| TRX | 274.2% | |
| Market (SPY) | 75.9% | 12.0% |
| Sector (XLB) | 32.1% | 16.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRX Return | -40% | -15% | 12% | -19% | 200% | 98% | 176% |
| Peers Return | -18% | -12% | 3% | 26% | 204% | 38% | 294% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| TRX Win Rate | 25% | 42% | 42% | 50% | 92% | 100% | |
| Peers Win Rate | 45% | 35% | 43% | 58% | 73% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| TRX Max Drawdown | -45% | -32% | 0% | -25% | -12% | -6% | |
| Peers Max Drawdown | -35% | -33% | -21% | -27% | -1% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AU, IAG, KGC, BTG, SSRM.
[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 2/26/2026 (YTD)
How Low Can It Go
| Event | TRX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -71.9% | -25.4% |
| % Gain to Breakeven | 256.0% | 34.1% |
| Time to Breakeven | 1,324 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -46.0% | -33.9% |
| % Gain to Breakeven | 85.1% | 51.3% |
| Time to Breakeven | 1,870 days | 148 days |
| 2018 Correction | ||
| % Loss | -59.4% | -19.8% |
| % Gain to Breakeven | 146.2% | 24.7% |
| Time to Breakeven | 139 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -74.8% | -56.8% |
| % Gain to Breakeven | 296.6% | 131.3% |
| Time to Breakeven | 694 days | 1,480 days |
Compare to AU, IAG, KGC, BTG, SSRM
In The Past
TRX Gold's stock fell -71.9% during the 2022 Inflation Shock from a high on 2/11/2021. A -71.9% loss requires a 256.0% gain to breakeven.
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About TRX Gold (TRX)
Tanzanian Gold Corporation engages in the acquisition, financing, exploration and development of mineral property interests in the United Republic of Tanzania. The company primarily explores for gold deposits. It holds interests in the Buckreef gold project located in north-central Tanzania. The company was formerly known as Tanzanian Royalty Exploration Corporation and changed its name to Tanzanian Gold Corporation in April 2019. Tanzanian Gold Corporation was incorporated in 1990 and is based in Toronto, Canada.
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Here are 1-3 brief analogies for TRX Gold:
- Barrick Gold for emerging African gold production.
- A smaller Newmont, hyper-focused on its primary gold mine in Tanzania.
- A focused Kinross Gold, developing its flagship project in Africa.
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- Gold: A precious metal extracted from its mining operations.
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TRX Gold (symbol: TRX) sells primarily to other companies. As a gold mining company, its major customers are typically **precious metal refineries** or **bullion dealers** who purchase the gold dore bars or concentrates produced by the mine. These entities then purify, process, and distribute the gold to a broader market, which includes institutional investors, central banks, industrial users, and jewelry manufacturers. Specific customer names are generally not disclosed by mining companies due to commercial confidentiality, but the customer type falls under: * **Precious Metal Refineries:** These companies take the semi-pure gold (dore bars) and refine it to a higher purity (e.g., 99.99%) for sale in the global bullion market. Examples of major global refiners (though not necessarily direct customers of TRX) include Metalor, PAMP, Heraeus, Rand Refinery, and Valcambi. * **Bullion Dealers/Banks:** Some large bullion dealers or banks may also directly purchase gold from miners for their trading operations or to supply their own refinery networks.AI Analysis | Feedback
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```htmlStephen Mullowney Chief Executive Officer, Director
Mr. Mullowney was appointed CEO of TRX Gold in December 2020. He is a former Partner and Managing Director at PricewaterhouseCoopers LLP (PwC), where he led PwC Canada's Deals Mining Group for over ten years. His extensive mining background includes working with miners, governments, and institutional investors globally, assisting them with strategic business, financing, and policy decisions. Prior to PwC, Mr. Mullowney worked in private placements at Manulife Financial and in corporate finance and M&A at National Bank Financial. He is a CA, CPA, CFA, and holds a BBA from Acadia University.
Michael P. Leonard Chief Financial Officer
Mr. Leonard joined TRX Gold Corporation as Chief Financial Officer in March 2021. He has a distinguished career in financial leadership within the gold industry, including over 17 years at Barrick Gold in progressively senior financial leadership positions. His expertise encompasses corporate global finance, investor relations strategy, financial reporting, business planning and optimization, budgeting, forecasting, financial modeling, and financial controls and procedures. Mr. Leonard is a CPA, CA.
Richard Boffey Chief Operating Officer
Mr. Boffey was appointed Chief Operating Officer of TRX Gold in December 2024, bringing over 35 years of operational experience. He has held senior executive positions with several multi-national mining companies. Most recently, he served as General/Country Manager at the Tara Resources Brskovo Mine Project in Montenegro, where he led technical studies, engineering design, project financing, and site preparation. Previously, he was Chief Operating Officer at the Matilda Gold Mine for Blackham Resources in Western Australia, overseeing the recommencement of open pit and underground mining. His experience also includes roles as General Manager at the Khoemacau Copper Mine for Cupric Canyon Capital and General Manager of the Efemcukuru Gold Mine for Eldorado Gold Corporation. Earlier in his career, Mr. Boffey spent 5.5 years at Barrick Gold Corporation as Regional Mining Manager for their Africa Regional Business Unit, and 10 years at Placer Dome Inc.
Khalaf Rashid Senior Vice President, Tanzania
Mr. Rashid is a resident and citizen of Tanzania and holds the position of Senior Vice President, Tanzania. Prior to joining TRX Gold, he held senior executive positions in various sectors including industrials, education, and marketing communications. He possesses a deep understanding of the business and government environment in Tanzania and is committed to private investment that creates positive socio-economic impact for low-income households.
Alex Ho Corporate Controller
Mr. Ho serves as the Corporate Controller for TRX Gold Corporation.
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The key risks to TRX Gold's business are primarily linked to the inherent volatility of the gold market, the complexities of operating in a foreign jurisdiction, and the challenges associated with mining operations and expansion.
- Fluctuations in Gold Prices: TRX Gold's financial performance is significantly affected by changes in the market price of gold. A downturn in gold prices could rapidly reverse recent gains and hinder the company's momentum. This risk is consistently highlighted in the company's disclosures as a major external factor impacting revenue and profitability.
- Political and Regulatory Risks in Tanzania: Operating the Buckreef Gold Project in Tanzania exposes TRX Gold to political, regulatory, and social uncertainties. Risks include potential changes in government legislation and regulation, as well as general economic, competitive, and social uncertainties within the country. Geopolitical risks in the region are also a concern.
- Operational Challenges and Delays: The company faces risks related to the actual results of exploration activities and economic evaluations, changes in costs, mining methods, production profiles, and mine plans. Delays in exploration, development, and construction activities, particularly in expanding mill capacity, are also significant operational challenges that can impact the company's performance.
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TRX Gold Corporation (TRX) operates primarily in gold production and exploration, centered around its Buckreef Gold Project in Tanzania. Therefore, the addressable markets for TRX Gold's main products and services are the global gold mining market and the Tanzanian gold mining market.Global Gold Mining Market:
- The global gold mining market is projected to exceed USD 250 billion in 2025.
- Other estimates value the global gold mining market at approximately USD 215.49 billion in 2024, with projections to reach USD 314.68 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 3.5% from 2025 to 2035.
- Another analysis estimates the global gold mining market size at around USD 267.87 billion in 2024, with a projection to reach USD 402.34 billion by 2034, at a CAGR of approximately 3.9% between 2025 and 2034.
- The market was also valued at USD 213.54 billion in 2025 and is expected to grow to USD 304.14 billion by 2035, with a CAGR of around 3.6% during the period of 2026-2035.
Tanzanian Gold Mining Market:
- Tanzania is a significant player in the gold mining industry, ranking as the 4th largest gold producer in Africa.
- The country accounts for approximately 1% to 1.3% of the total global gold production.
- Tanzania's gold production stands at around 50 tonnes per year.
- Gold exports from Tanzania reached USD 2.743 billion in 2021.
- In 2022/2023, gold exports alone were valued at USD 2.86 billion.
- The Gross Domestic Product (GDP) from mining in Tanzania reached approximately USD 0.923 billion in the fourth quarter of 2024.
- The Tanzanian gold mining market is currently experiencing increased activity, driven by investment in exploration and production projects, with a positive future outlook and significant growth potential.
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TRX Gold (TRX) Expected Revenue Growth Drivers (Next 2-3 Years)
TRX Gold is poised for significant revenue growth over the next two to three years, primarily driven by the expansion and optimization of its Buckreef Gold Project in Tanzania. Key drivers include substantial increases in processing capacity, a strategic transition to higher-grade underground mining, and ongoing exploration aimed at expanding mineral resources. Here are the 3-5 expected drivers of future revenue growth for TRX Gold: * Increased Processing Plant Capacity and Throughput: TRX Gold is actively expanding and upgrading its processing plant at the Buckreef Gold Project. The company is transitioning from an existing 2,000 tonnes per day (TPD) processing plant to a larger facility that will include a 3,000+ TPD circuit for sulphide material and an additional 1,000 TPD circuit for oxide and transition materials. These upgrades are expected to be completed in phases, with overall plant improvements boosting reliability and performance by fiscal 2026 and the full processing circuits by fiscal 2027. This expansion is projected to increase average annual gold production beyond the 62,000 ounces initially outlined in the Preliminary Economic Assessment (PEA). * Transition to Underground Mining: A pivotal driver for future revenue is the planned transition from open-pit mining to higher-grade underground mining at the Buckreef Gold Project over the next 2-3 years. This shift is anticipated to significantly enhance gold production, with the first five years of underground operations projected to yield over 80,000 ounces per year. The underground expansion is a key component of the overall project, with substantial capital allocated for its development. * Higher Gold Grades and Improved Recoveries: The company's focus on transitioning to underground mining and optimizing its processing plant is expected to lead to the extraction of higher-grade ore and improved gold recovery rates. The current grade profile is already showing an increase to over two grams per ton, which directly contributes to higher production levels. Additionally, ongoing plant enhancements, such as the addition of a thickener and upgrades to the elution plant/gold room, aim to further improve gold concentration and reduce losses, thereby increasing the effective gold output and revenue. * Mineral Resource Expansion through Exploration: TRX Gold is committed to ongoing exploration and brownfield drilling at the Buckreef Gold Project, with a specific focus on potential mineral resource expansion at areas like Stamford Bridge, Buckreef Main (northeast and south), Buckreef West, Anfield, and the Eastern Porphyry extension. While the recent PEA did not fully incorporate new exploration discoveries, the company views these zones as having significant "blue sky potential" that could substantially increase the overall mineral resource base and, consequently, future gold production and revenue. * Favorable Gold Prices: While not directly controlled by the company, a sustained favorable gold price environment is a significant external driver of revenue growth. TRX Gold has benefited from high gold prices, which have contributed to record revenues and strong financial performance. Analyst projections and the company's own PEA for the Buckreef expansion consider various gold price scenarios, with higher prices leading to significantly increased net present values for the project. The company has realized strong average gold prices in recent periods.AI Analysis | Feedback
Share Issuance
- In February 2021, TRX Gold, then known as Tanzanian Gold Corporation, completed a registered direct offering of 32,923,078 shares at US$0.65 per share, resulting in net proceeds of approximately US$19.8 million.
- These proceeds were earmarked for the continued development of the Buckreef Gold Project, including capital expenditures, exploration, and general corporate purposes.
Inbound Investments
- A significant inbound investment occurred in February 2021 through an equity raise that generated approximately US$19.8 million in net proceeds from the issuance of common stock and warrants.
Capital Expenditures
- TRX Gold reinvested $14 million of cash flow from operations in fiscal year 2024 to fund the third successful plant expansion, increasing capacity to 2,000 tonnes per day (tpd).
- During the three months ending August 31, 2024 (Q4 2024), the company incurred $5.2 million in cash capital expenditures for infrastructure and development at the Buckreef Gold property, including the 2,000 tpd plant expansion.
- Future growth capital expenditures for expanding the processing plant to a combined 3,000+ tpd sulphide circuit and 1,000 tpd oxide/transition/tailings circuit are estimated at approximately US$30 million, expected to be financed from internally generated cash flow over 18-24 months. A Preliminary Economic Assessment (PEA) from April 2025 further outlines estimated growth capital expenditures of US$89 million over the next four years for underground expansion, process plant improvements, and tailings facility upgrades.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TRX Gold Stock Pre-Market (+7.3%): Momentum from Record Q1 Earnings and Expansion | 01/29/2026 | |
| With TRX Gold Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| 01312026 | IP | International Paper | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 9.4% | 9.4% | 0.0% |
| 01302026 | B | Barrick Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 8.8% | 8.8% | -4.0% |
| 12312025 | AMR | Alpha Metallurgical Resources | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -12.2% | -12.2% | -12.2% |
| 12262025 | EMN | Eastman Chemical | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 18.8% | 18.8% | 0.0% |
| 12122025 | AMCR | Amcor | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 20.2% | 20.2% | -0.5% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.98 |
| Mkt Cap | 11.0 |
| Rev LTM | 2,680 |
| Op Inc LTM | 1,048 |
| FCF LTM | 783 |
| FCF 3Y Avg | 461 |
| CFO LTM | 934 |
| CFO 3Y Avg | 709 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 60.2% |
| Rev Chg 3Y Avg | 28.5% |
| Rev Chg Q | 68.4% |
| QoQ Delta Rev Chg LTM | 14.6% |
| Op Mgn LTM | 39.1% |
| Op Mgn 3Y Avg | 26.6% |
| QoQ Delta Op Mgn LTM | 6.7% |
| CFO/Rev LTM | 34.5% |
| CFO/Rev 3Y Avg | 32.6% |
| FCF/Rev LTM | 29.2% |
| FCF/Rev 3Y Avg | 10.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.0 |
| P/S | 5.6 |
| P/EBIT | 13.9 |
| P/E | 19.6 |
| P/CFO | 12.9 |
| Total Yield | 5.2% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.7% |
| 3M Rtn | 42.6% |
| 6M Rtn | 106.4% |
| 12M Rtn | 271.4% |
| 3Y Rtn | 484.1% |
| 1M Excs Rtn | 14.7% |
| 3M Excs Rtn | 47.6% |
| 6M Excs Rtn | 99.1% |
| 12M Excs Rtn | 269.3% |
| 3Y Excs Rtn | 414.3% |
Price Behavior
Price Behavior
| Market Price | $1.83 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 05/12/2005 | |
| Distance from 52W High | -16.1% | |
| 50 Days | 200 Days | |
| DMA Price | $1.30 | $0.69 |
| DMA Trend | up | up |
| Distance from DMA | 41.1% | 164.6% |
| 3M | 1YR | |
| Volatility | 120.5% | 83.5% |
| Downside Capture | 105.96 | 52.20 |
| Upside Capture | 701.27 | 226.05 |
| Correlation (SPY) | 26.8% | 15.0% |
TRX Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.78 | 1.69 | 2.93 | 1.67 | 0.53 | 0.41 |
| Up Beta | -12.40 | -7.18 | -1.92 | -1.86 | -0.17 | 0.12 |
| Down Beta | 1.20 | 2.30 | 3.64 | 1.76 | 0.83 | 0.76 |
| Up Capture | 1247% | 1030% | 1226% | 1023% | 332% | 33% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 10 | 23 | 35 | 71 | 130 | 362 |
| Down Capture | -189% | -87% | 142% | 81% | 36% | 43% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 10 | 18 | 26 | 53 | 116 | 381 |
[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 TRX | |
|---|---|---|---|---|
| TRX | 486.9% | 83.5% | 2.49 | - |
| Sector ETF (XLB) | 21.4% | 20.7% | 0.83 | 20.4% |
| Equity (SPY) | 17.1% | 19.4% | 0.69 | 15.1% |
| Gold (GLD) | 79.3% | 25.7% | 2.25 | 54.6% |
| Commodities (DBC) | 10.9% | 16.8% | 0.45 | 23.6% |
| Real Estate (VNQ) | 6.6% | 16.6% | 0.21 | 4.0% |
| Bitcoin (BTCUSD) | -23.4% | 45.1% | -0.46 | 15.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRX | |
|---|---|---|---|---|
| TRX | 17.0% | 58.6% | 0.50 | - |
| Sector ETF (XLB) | 9.2% | 18.9% | 0.38 | 19.6% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 16.1% |
| Gold (GLD) | 23.6% | 17.2% | 1.12 | 47.4% |
| Commodities (DBC) | 10.8% | 19.0% | 0.45 | 22.6% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.19 | 10.7% |
| Bitcoin (BTCUSD) | 4.0% | 57.0% | 0.29 | 14.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRX | |
|---|---|---|---|---|
| TRX | 20.3% | 73.4% | 0.57 | - |
| Sector ETF (XLB) | 12.1% | 20.6% | 0.53 | 12.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 9.3% |
| Gold (GLD) | 15.1% | 15.6% | 0.81 | 36.7% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 13.5% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 8.1% |
| Bitcoin (BTCUSD) | 66.3% | 66.8% | 1.06 | 9.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| 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 |
|---|---|---|
| 11/30/2025 | 01/14/2026 | 6-K |
| 08/31/2025 | 12/01/2025 | 40-F |
| 05/31/2025 | 07/15/2025 | 6-K |
| 02/28/2025 | 04/14/2025 | 6-K |
| 11/30/2024 | 01/14/2025 | 6-K |
| 08/31/2024 | 11/29/2024 | 40-F |
| 05/31/2024 | 07/15/2024 | 6-K |
| 02/29/2024 | 04/12/2024 | 6-K |
| 11/30/2023 | 01/16/2024 | 6-K |
| 08/31/2023 | 11/29/2023 | 40-F |
| 05/31/2023 | 07/14/2023 | 6-K |
| 02/28/2023 | 04/13/2023 | 6-K |
| 11/30/2022 | 01/17/2023 | 6-K |
| 08/31/2022 | 11/29/2022 | 40-F |
| 05/31/2022 | 07/15/2022 | 6-K |
| 02/28/2022 | 04/14/2022 | 6-K |
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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