CGAU vs. EWZ
CGAU (Centerra Gold Inc) is a stock, while EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Over the past 5 years, CGAU returned 18.60%/yr vs 6.56%/yr for EWZ. At a 0.31 correlation, their price movements are largely independent.
Performance
CGAU vs. EWZ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CGAU having a 13.53% return and EWZ slightly higher at 14.17%.
CGAU
- 1D
- 0.06%
- 1M
- 3.84%
- 6M
- 6.21%
- YTD
- 13.53%
- 1Y
- 125.65%
- 3Y*
- 41.80%
- 5Y*
- 18.60%
- 10Y*
- —
EWZ
- 1D
- 2.77%
- 1M
- 4.20%
- 6M
- 9.71%
- YTD
- 14.17%
- 1Y
- 36.37%
- 3Y*
- 10.52%
- 5Y*
- 6.56%
- 10Y*
- 6.86%
CGAU vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CGAU Centerra Gold Inc | 13.53% | 159.49% | -1.45% | 19.37% | -32.55% | -14.48% |
EWZ iShares MSCI Brazil ETF | 14.17% | 48.81% | -30.41% | 32.62% | 12.09% | -10.74% |
Correlation
The correlation between CGAU and EWZ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021 | 0.31 |
The correlation between CGAU and EWZ shifts across timeframes, from 0.31 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CGAU vs. EWZ — Risk / Return Rank
CGAU
EWZ
CGAU vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Centerra Gold Inc (CGAU) and iShares MSCI Brazil ETF (EWZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CGAU | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.25 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | 1.85 | +2.58 |
| Martin ratioReturn relative to average drawdown | 11.31 | 4.94 | +6.37 |
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Drawdowns
CGAU vs. EWZ - Drawdown Comparison
The maximum CGAU drawdown since its inception was -63.47%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for CGAU and EWZ.
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Drawdown Indicators
| CGAU | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.47% | -77.25% | +13.78% |
Max Drawdown (1Y)Largest decline over 1 year | -29.50% | -19.27% | -10.23% |
Max Drawdown (3Y)Largest decline over 3 years | -30.24% | -31.36% | +1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -63.47% | -32.24% | -31.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.99% | — |
Current DrawdownCurrent decline from peak | -22.42% | -20.49% | -1.93% |
Average DrawdownAverage peak-to-trough decline | -29.49% | -35.90% | +6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.52% | 7.20% | +4.32% |
Volatility
CGAU vs. EWZ - Volatility Comparison
Centerra Gold Inc (CGAU) has a higher volatility of 15.89% compared to iShares MSCI Brazil ETF (EWZ) at 5.74%. This indicates that CGAU's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGAU | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.89% | 5.74% | +10.15% |
Volatility (6M)Calculated over the trailing 6-month period | 43.07% | 19.70% | +23.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.55% | 24.98% | +27.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.18% | 27.60% | +19.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 33.90% | +14.93% |
Dividends
CGAU vs. EWZ - Dividend Comparison
CGAU's dividend yield for the trailing twelve months is around 1.25%, less than EWZ's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGAU Centerra Gold Inc | 1.25% | 1.39% | 3.59% | 3.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 4.07% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
Frequently Asked Questions
CGAU and EWZ have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGAU has higher volatility (15.89%) compared to EWZ (5.74%). In terms of maximum drawdown, CGAU dropped -63.47% vs EWZ's -77.25%.
CGAU currently has the higher Sharpe Ratio (2.48 vs 1.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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