SUBC.OL vs. LUG.TO

Last updated Jun 5, 2026

SUBC.OL (Subsea 7 S.A.) and LUG.TO (Lundin Gold Inc.) are both stocks. SUBC.OL operates in Oil & Gas Equipment & Services (Energy), while LUG.TO operates in Gold (Basic Materials). Over the past 10 years, SUBC.OL returned 19.26%/yr vs 32.65%/yr for LUG.TO. At a 0.04 correlation, their price movements are largely independent.

Performance

SUBC.OL vs. LUG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a NOK 10,000 investment in Subsea 7 S.A. (SUBC.OL) and Lundin Gold Inc. (LUG.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SUBC.OL achieves a 62.68% return, which is significantly higher than LUG.TO's -30.97% return. Over the past 10 years, SUBC.OL has underperformed LUG.TO with an annualized return of 19.26%, while LUG.TO has yielded a comparatively higher 32.65% annualized return.

SUBC.OL

• 1D: -1.24%
• 1M: -0.49%
• YTD: 62.68%
• 6M: 68.31%
• 1Y: 91.13%
• 3Y*: 47.00%
• 5Y*: 34.11%
• 10Y*: 19.26%

LUG.TO

• 1D: -1.89%
• 1M: -3.82%
• YTD: -30.97%
• 6M: -27.29%
• 1Y: 18.00%
• 3Y*: 66.64%
• 5Y*: 53.48%
• 10Y*: 32.65%

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

SUBC.OL vs. LUG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUBC.OL Subsea 7 S.A.	62.68%	21.45%	25.84%	35.57%	81.19%	-26.38%	-16.30%	26.21%	-28.38%	16.68%
LUG.TO Lundin Gold Inc.	-30.97%	263.13%	97.58%	37.87%	35.30%	-1.49%	30.72%	77.82%	7.35%	-12.47%

Correlation

The correlation between SUBC.OL and LUG.TO is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 7, 2009	0.05

Return for Risk

SUBC.OL vs. LUG.TO — Risk / Return Rank

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

SUBC.OL

SUBC.OL Risk / Return Rank: 95
SUBC.OL Sharpe Ratio Rank: 95
SUBC.OL Sortino Ratio Rank: 94
SUBC.OL Omega Ratio Rank: 93
SUBC.OL Calmar Ratio Rank: 96
SUBC.OL Martin Ratio Rank: 95

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.

SUBC.OL vs. LUG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Subsea 7 S.A. (SUBC.OL) 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.

	SUBC.OL	LUG.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.22	0.33	+2.89
Sortino ratio: Return per unit of downside risk	3.82	0.80	+3.02
Omega ratio: Gain probability vs. loss probability	1.52	1.10	+0.41
Calmar ratio: Return relative to maximum drawdown	8.20	0.50	+7.70
Martin ratio: Return relative to average drawdown	19.99	1.31	+18.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUBC.OL vs. LUG.TO - Sharpe Ratio Comparison

The current SUBC.OL Sharpe Ratio is 3.22, which is higher than the LUG.TO Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of SUBC.OL 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

	SUBC.OL	LUG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.22	0.33	+2.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.19	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.77	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.33	-0.17

Drawdowns

SUBC.OL vs. LUG.TO - Drawdown Comparison

The maximum SUBC.OL drawdown since its inception was -95.59%, which is greater than LUG.TO's maximum drawdown of -77.75%. Use the drawdown chart below to compare losses from any high point for SUBC.OL and LUG.TO.

Drawdown Indicators

	SUBC.OL	LUG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-77.75%	-17.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-36.21%	+24.91%
Max Drawdown (3Y) Largest decline over 3 years	-33.69%	-36.21%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-33.80%	-36.21%	+2.41%
Max Drawdown (10Y) Largest decline over 10 years	-70.34%	-39.60%	-30.74%
Current Drawdown Current decline from peak	-4.57%	-35.37%	+30.80%
Average Drawdown Average peak-to-trough decline	-37.61%	-31.88%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.61%	13.77%	-9.16%

Volatility

SUBC.OL vs. LUG.TO - Volatility Comparison

The current volatility for Subsea 7 S.A. (SUBC.OL) is 12.36%, while Lundin Gold Inc. (LUG.TO) has a volatility of 17.16%. This indicates that SUBC.OL 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

	SUBC.OL	LUG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.36%	17.16%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	24.32%	40.28%	-15.96%
Volatility (1Y) Calculated over the trailing 1-year period	28.79%	54.92%	-26.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.56%	45.15%	-11.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.97%	42.55%	-5.58%

Dividends

SUBC.OL vs. LUG.TO - Dividend Comparison

SUBC.OL's dividend yield for the trailing twelve months is around 6.13%, more than LUG.TO's 5.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SUBC.OL Subsea 7 S.A.	6.13%	6.40%	3.33%	2.70%	0.88%	3.17%	0.00%	1.43%	5.93%	4.07%

Financials

Frequently Asked Questions

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

SUBC.OL and LUG.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.