MSA.TO vs. LUG.TO

Last updated Apr 3, 2026

Compare and contrast key facts about Mineros S.A. (MSA.TO) and Lundin Gold Inc. (LUG.TO).

Performance

MSA.TO vs. LUG.TO - Performance Comparison

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

MSA.TO vs. LUG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSA.TO Mineros S.A.	-10.97%	300.29%	159.66%	7.19%	-31.80%	-0.88%
LUG.TO Lundin Gold Inc.	-0.98%	291.32%	91.60%	29.57%	30.62%	-7.05%

Fundamentals

Market Cap MSA.TO : CA$1.47B LUG.TO : CA$27.05B
EPS MSA.TO : CA$0.49 LUG.TO : CA$3.28
PE Ratio MSA.TO : 10.17 LUG.TO : 33.97
PEG Ratio MSA.TO : 0.07 LUG.TO : 0.45
PS Ratio MSA.TO : 1.84 LUG.TO : 15.09
PB Ratio MSA.TO : 2.86 LUG.TO : 19.86
Total Revenue (TTM) MSA.TO : CA$806.33M LUG.TO : CA$1.79B
Gross Profit (TTM) MSA.TO : CA$324.94M LUG.TO : CA$1.26B
EBITDA (TTM) MSA.TO : CA$327.43M LUG.TO : CA$1.25B

Returns By Period

In the year-to-date period, MSA.TO achieves a -10.97% return, which is significantly lower than LUG.TO's -0.98% return.

MSA.TO

• 1D: -2.16%
• 1M: -24.32%
• YTD: -10.97%
• 6M: 9.86%
• 1Y: 133.05%
• 3Y*: 115.96%
• 5Y*: —
• 10Y*: —

LUG.TO

• 1D: 1.28%
• 1M: -2.66%
• YTD: -0.98%
• 6M: 24.92%
• 1Y: 166.33%
• 3Y*: 97.38%
• 5Y*: 65.86%
• 10Y*: 39.62%

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

Return for Risk

MSA.TO vs. LUG.TO — Risk / Return Rank

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

MSA.TO

MSA.TO Risk / Return Rank: 88
MSA.TO Sharpe Ratio Rank: 93
MSA.TO Sortino Ratio Rank: 87
MSA.TO Omega Ratio Rank: 86
MSA.TO Calmar Ratio Rank: 84
MSA.TO Martin Ratio Rank: 89

LUG.TO

LUG.TO Risk / Return Rank: 93
LUG.TO Sharpe Ratio Rank: 95
LUG.TO Sortino Ratio Rank: 89
LUG.TO Omega Ratio Rank: 90
LUG.TO Calmar Ratio Rank: 95
LUG.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for Mineros S.A. (MSA.TO) and Lundin Gold Inc. (LUG.TO). 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.

	MSA.TO	LUG.TO	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.83	-0.44
Sortino ratio Return per unit of downside risk	2.68	2.82	-0.15
Omega ratio Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio Return relative to maximum drawdown	3.00	6.47	-3.48
Martin ratio Return relative to average drawdown	11.25	18.51	-7.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSA.TO vs. LUG.TO - Sharpe Ratio Comparison

The current MSA.TO Sharpe Ratio is 2.39, which is comparable to the LUG.TO Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of MSA.TO and LUG.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSA.TO	LUG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.83	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.00	+1.04

Correlation

The correlation between MSA.TO and LUG.TO is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSA.TO vs. LUG.TO - Dividend Comparison

MSA.TO's dividend yield for the trailing twelve months is around 2.77%, less than LUG.TO's 4.48% yield.

	TTM	2025	2024	2023	2022
MSA.TO Mineros S.A.	2.77%	2.49%	8.46%	14.31%	13.57%
LUG.TO Lundin Gold Inc.	4.48%	3.37%	2.69%	3.28%	1.97%

Drawdowns

MSA.TO vs. LUG.TO - Drawdown Comparison

The maximum MSA.TO drawdown since its inception was -49.75%, smaller than the maximum LUG.TO drawdown of -95.45%. Use the drawdown chart below to compare losses from any high point for MSA.TO and LUG.TO.

Drawdown Indicators

	MSA.TO	LUG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.75%	-95.45%	+45.70%
Max Drawdown (1Y) Largest decline over 1 year	-40.74%	-25.33%	-15.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.84%	—
Current Drawdown Current decline from peak	-34.13%	-12.19%	-21.94%
Average Drawdown Average peak-to-trough decline	-18.55%	-65.22%	+46.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.86%	8.86%	+2.00%

Volatility

MSA.TO vs. LUG.TO - Volatility Comparison

Mineros S.A. (MSA.TO) and Lundin Gold Inc. (LUG.TO) have volatilities of 19.18% and 18.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSA.TO	LUG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.18%	18.68%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	44.45%	43.71%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	56.13%	59.10%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.95%	45.54%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.95%	43.61%	+9.34%

Financials

MSA.TO vs. LUG.TO - Profitability Comparison

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

MSA.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Mineros S.A. reported a gross profit of 104.08M and revenue of 263.97M. Therefore, the gross margin over that period was 39.4%.

LUG.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Lundin Gold Inc. reported a gross profit of 359.14M and revenue of 534.69M. Therefore, the gross margin over that period was 67.2%.

MSA.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Mineros S.A. reported an operating income of 97.05M and revenue of 263.97M, resulting in an operating margin of 36.8%.

LUG.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Lundin Gold Inc. reported an operating income of 334.43M and revenue of 534.69M, resulting in an operating margin of 62.6%.

MSA.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Mineros S.A. reported a net income of 9.53M and revenue of 263.97M, resulting in a net margin of 3.6%.

LUG.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Lundin Gold Inc. reported a net income of 237.81M and revenue of 534.69M, resulting in a net margin of 44.5%.