NRO.PA vs. LUG.TO

Last updated Jun 5, 2026

NRO.PA (Neurones S.A.) and LUG.TO (Lundin Gold Inc.) are both stocks. NRO.PA operates in Information Technology Services (Technology), while LUG.TO operates in Gold (Basic Materials). Over the past 10 years, NRO.PA returned 9.62%/yr vs 30.88%/yr for LUG.TO. At a 0.05 correlation, their price movements are largely independent.

Performance

NRO.PA vs. LUG.TO - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, NRO.PA achieves a -9.41% return, which is significantly higher than LUG.TO's -22.99% return. Over the past 10 years, NRO.PA has underperformed LUG.TO with an annualized return of 9.62%, while LUG.TO has yielded a comparatively higher 30.88% annualized return.

NRO.PA

• 1D: 2.23%
• 1M: 7.73%
• YTD: -9.41%
• 6M: -12.36%
• 1Y: -14.93%
• 3Y*: 1.98%
• 5Y*: 8.48%
• 10Y*: 9.62%

LUG.TO

• 1D: 0.00%
• 1M: -2.00%
• YTD: -22.99%
• 6M: -19.47%
• 1Y: 28.02%
• 3Y*: 72.69%
• 5Y*: 51.92%
• 10Y*: 30.88%

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

NRO.PA vs. LUG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRO.PA Neurones S.A.	-9.41%	0.74%	3.20%	14.49%	6.17%	73.33%	14.68%	9.29%	-34.21%	29.10%
LUG.TO Lundin Gold Inc.	-24.69%	261.41%	88.12%	28.54%	29.43%	3.22%	22.81%	79.23%	6.37%	-19.25%

Correlation

The correlation between NRO.PA and LUG.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since May 7, 2009	0.05

Return for Risk

NRO.PA vs. LUG.TO — Risk / Return Rank

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

NRO.PA

NRO.PA Risk / Return Rank: 19
NRO.PA Sharpe Ratio Rank: 15
NRO.PA Sortino Ratio Rank: 16
NRO.PA Omega Ratio Rank: 17
NRO.PA Calmar Ratio Rank: 24
NRO.PA Martin Ratio Rank: 24

LUG.TO

LUG.TO Risk / Return Rank: 59
LUG.TO Sharpe Ratio Rank: 60
LUG.TO Sortino Ratio Rank: 56
LUG.TO Omega Ratio Rank: 55
LUG.TO Calmar Ratio Rank: 60
LUG.TO Martin Ratio Rank: 62

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.

NRO.PA vs. LUG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neurones S.A. (NRO.PA) 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.

	NRO.PA	LUG.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	0.51	-1.11
Sortino ratio: Return per unit of downside risk	-0.70	1.01	-1.70
Omega ratio: Gain probability vs. loss probability	0.92	1.13	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.51	0.84	-1.34
Martin ratio: Return relative to average drawdown	-0.88	2.17	-3.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRO.PA vs. LUG.TO - Sharpe Ratio Comparison

The current NRO.PA Sharpe Ratio is -0.60, which is lower than the LUG.TO Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of NRO.PA and LUG.TO, 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

	NRO.PA	LUG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	0.51	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	1.13	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.71	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.29	-0.06

Drawdowns

NRO.PA vs. LUG.TO - Drawdown Comparison

The maximum NRO.PA drawdown since its inception was -77.55%, roughly equal to the maximum LUG.TO drawdown of -76.57%. Use the drawdown chart below to compare losses from any high point for NRO.PA and LUG.TO.

Drawdown Indicators

	NRO.PA	LUG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-77.55%	-76.57%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-29.16%	-33.65%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-32.28%	-33.65%	+1.37%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-33.65%	+1.37%
Max Drawdown (10Y) Largest decline over 10 years	-40.74%	-47.00%	+6.26%
Current Drawdown Current decline from peak	-21.51%	-31.67%	+10.16%
Average Drawdown Average peak-to-trough decline	-24.12%	-32.70%	+8.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.92%	12.92%	+4.00%

Volatility

NRO.PA vs. LUG.TO - Volatility Comparison

The current volatility for Neurones S.A. (NRO.PA) is 6.35%, while Lundin Gold Inc. (LUG.TO) has a volatility of 17.18%. This indicates that NRO.PA experiences smaller price fluctuations and is considered to be less risky than LUG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRO.PA	LUG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	17.18%	-10.83%
Volatility (6M) Calculated over the trailing 6-month period	18.70%	40.29%	-21.59%
Volatility (1Y) Calculated over the trailing 1-year period	24.80%	54.86%	-30.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.13%	46.35%	-21.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	43.45%	-19.04%

Dividends

NRO.PA vs. LUG.TO - Dividend Comparison

NRO.PA's dividend yield for the trailing twelve months is around 3.33%, less than LUG.TO's 5.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LUG.TO Lundin Gold Inc.	5.20%	3.37%	2.69%	3.28%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NRO.PA Neurones S.A.	3.33%	3.02%	2.73%	2.51%	2.55%	5.26%	0.85%	0.29%	0.32%	0.21%	0.27%	0.34%

Financials

Frequently Asked Questions

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

NRO.PA and LUG.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.