LUG.TO vs. CGAU

Last updated Jun 3, 2026

LUG.TO (Lundin Gold Inc.) and CGAU (Centerra Gold Inc) are both stocks. Both operate in the Gold industry within the Basic Materials sector. Over the past 5 years, LUG.TO returned 55.77%/yr vs 22.67%/yr for CGAU. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

LUG.TO vs. CGAU - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Lundin Gold Inc. (LUG.TO) and Centerra Gold Inc (CGAU). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LUG.TO is traded in CAD, while CGAU is traded in USD. To make them comparable, the CGAU values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, LUG.TO achieves a -20.29% return, which is significantly lower than CGAU's 23.05% return.

LUG.TO

• 1D: 1.37%
• 1M: -0.73%
• YTD: -20.29%
• 6M: -18.13%
• 1Y: 36.66%
• 3Y*: 81.85%
• 5Y*: 55.77%
• 10Y*: 32.97%

CGAU

• 1D: 1.81%
• 1M: 6.41%
• YTD: 23.05%
• 6M: 32.57%
• 1Y: 136.53%
• 3Y*: 47.13%
• 5Y*: 22.67%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

LUG.TO vs. CGAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
LUG.TO Lundin Gold Inc.	-20.29%	291.32%	91.60%	29.57%	30.62%	-8.44%
CGAU Centerra Gold Inc	23.05%	147.59%	7.02%	16.74%	-27.75%	-17.63%

Correlation

The correlation between LUG.TO and CGAU is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Apr 16, 2021	0.56

The correlation between LUG.TO and CGAU has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.

Fundamentals

Market Cap LUG.TO : CA$21.78B CGAU : $3.51B
EPS LUG.TO : CA$3.77 CGAU : $3.07
PE Ratio LUG.TO : 23.78 CGAU : 5.67
PEG Ratio LUG.TO : 0.32 CGAU : 0.02
PS Ratio LUG.TO : 10.87 CGAU : 2.34
PB Ratio LUG.TO : 15.98 CGAU : 1.67
Total Revenue (TTM) LUG.TO : CA$2.00B CGAU : $1.54B
Gross Profit (TTM) LUG.TO : CA$1.41B CGAU : $524.70M
EBITDA (TTM) LUG.TO : CA$1.43B CGAU : $962.67M

Return for Risk

LUG.TO vs. CGAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LUG.TO

LUG.TO Risk / Return Rank: 62
LUG.TO Sharpe Ratio Rank: 63
LUG.TO Sortino Ratio Rank: 57
LUG.TO Omega Ratio Rank: 57
LUG.TO Calmar Ratio Rank: 64
LUG.TO Martin Ratio Rank: 67

CGAU

CGAU Risk / Return Rank: 90
CGAU Sharpe Ratio Rank: 93
CGAU Sortino Ratio Rank: 86
CGAU Omega Ratio Rank: 87
CGAU Calmar Ratio Rank: 93
CGAU Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LUG.TO vs. CGAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lundin Gold Inc. (LUG.TO) and Centerra Gold Inc (CGAU). 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.

	LUG.TO	CGAU	Difference
Sharpe ratio Return per unit of total volatility	0.67	2.84	-2.17
Sortino ratio Return per unit of downside risk	1.18	2.91	-1.74
Omega ratio Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio Return relative to maximum drawdown	1.23	5.73	-4.50
Martin ratio Return relative to average drawdown	3.22	15.89	-12.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LUG.TO vs. CGAU - Sharpe Ratio Comparison

The current LUG.TO Sharpe Ratio is 0.67, which is lower than the CGAU Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of LUG.TO and CGAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LUG.TO	CGAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	2.84	-2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	0.51	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.37	-0.37

Drawdowns

LUG.TO vs. CGAU - Drawdown Comparison

The maximum LUG.TO drawdown since its inception was -95.00%, which is greater than CGAU's maximum drawdown of -60.71%. Use the drawdown chart below to compare losses from any high point for LUG.TO and CGAU.

Drawdown Indicators

	LUG.TO	CGAU	Difference
Max Drawdown Largest peak-to-trough decline	-95.00%	-60.71%	-34.29%
Max Drawdown (1Y) Largest decline over 1 year	-33.77%	-24.17%	-9.60%
Max Drawdown (3Y) Largest decline over 3 years	-33.77%	-27.48%	-6.29%
Max Drawdown (5Y) Largest decline over 5 years	-38.94%	-60.71%	+21.77%
Max Drawdown (10Y) Largest decline over 10 years	-41.84%	—	—
Current Drawdown Current decline from peak	-29.31%	-15.40%	-13.91%
Average Drawdown Average peak-to-trough decline	-64.97%	-26.70%	-38.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.85%	8.69%	+4.16%

Volatility

LUG.TO vs. CGAU - Volatility Comparison

Lundin Gold Inc. (LUG.TO) has a higher volatility of 17.55% compared to Centerra Gold Inc (CGAU) at 15.32%. This indicates that LUG.TO's price experiences larger fluctuations and is considered to be riskier than CGAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUG.TO	CGAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.55%	15.32%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	40.90%	38.92%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	55.42%	49.06%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.36%	44.35%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.35%	46.44%	-3.09%

Dividends

LUG.TO vs. CGAU - Dividend Comparison

LUG.TO's dividend yield for the trailing twelve months is around 4.92%, more than CGAU's 1.17% yield.

Position	TTM	2025	2024	2023	2022
CGAU Centerra Gold Inc	1.17%	1.39%	3.59%	3.45%	0.00%
LUG.TO Lundin Gold Inc.	4.92%	3.37%	2.69%	3.28%	1.97%

Financials

LUG.TO vs. CGAU - Profitability Comparison

The chart below illustrates the profitability comparison between Lundin Gold Inc. and Centerra Gold Inc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

LUG.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lundin Gold Inc. reported a gross profit of 420.70M and revenue of 567.38M. Therefore, the gross margin over that period was 74.2%.

CGAU - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Centerra Gold Inc reported a gross profit of 182.83M and revenue of 478.59M. Therefore, the gross margin over that period was 38.2%.

LUG.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lundin Gold Inc. reported an operating income of 391.03M and revenue of 567.38M, resulting in an operating margin of 68.9%.

CGAU - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Centerra Gold Inc reported an operating income of 152.54M and revenue of 478.59M, resulting in an operating margin of 31.9%.

LUG.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lundin Gold Inc. reported a net income of 273.33M and revenue of 567.38M, resulting in a net margin of 48.2%.

CGAU - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Centerra Gold Inc reported a net income of 78.33M and revenue of 478.59M, resulting in a net margin of 16.4%.

Frequently Asked Questions

Can I hold both LUG.TO and CGAU in my portfolio?

LUG.TO and CGAU have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.