ZGLD.SW vs. 8PSG.DE
ZGLD.SW (Swisscanto (CH) Gold ETF EA CHF) and 8PSG.DE (Invesco Physical Gold ETC) are both exchange-traded funds - ZGLD.SW is a Precious Metals fund tracking the Gold Bullion, while 8PSG.DE is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, ZGLD.SW returned 15.03%/yr vs 15.45%/yr for 8PSG.DE. Their correlation of 0.94 suggests significant overlap in exposure. ZGLD.SW charges 0.40%/yr vs 0.12%/yr for 8PSG.DE.
Performance
ZGLD.SW vs. 8PSG.DE - Performance Comparison
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Different Trading Currencies
ZGLD.SW is traded in CHF, while 8PSG.DE is traded in EUR. To make them comparable, the 8PSG.DE values have been converted to CHF using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZGLD.SW achieves a 1.61% return, which is significantly higher than 8PSG.DE's 0.81% return.
ZGLD.SW
- 1D
- -0.86%
- 1M
- -1.33%
- YTD
- 1.61%
- 6M
- 3.70%
- 1Y
- 26.58%
- 3Y*
- 24.75%
- 5Y*
- 15.03%
- 10Y*
- 10.72%
8PSG.DE
- 1D
- -0.89%
- 1M
- -1.15%
- YTD
- 0.81%
- 6M
- 3.92%
- 1Y
- 27.13%
- 3Y*
- 25.28%
- 5Y*
- 15.45%
- 10Y*
- —
ZGLD.SW vs. 8PSG.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZGLD.SW Swisscanto (CH) Gold ETF EA CHF | 1.61% | 45.59% | 35.04% | 3.06% | 0.89% | -1.00% | 8.45% |
8PSG.DE Invesco Physical Gold ETC | 0.81% | 47.33% | 35.96% | 2.78% | 2.31% | -0.91% | 8.47% |
Correlation
The correlation between ZGLD.SW and 8PSG.DE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2020 | 0.94 |
The correlation between ZGLD.SW and 8PSG.DE has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
ZGLD.SW vs. 8PSG.DE — Risk / Return Rank
ZGLD.SW
8PSG.DE
ZGLD.SW vs. 8PSG.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and Invesco Physical Gold ETC (8PSG.DE). 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.
| ZGLD.SW | 8PSG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.65 | -0.05 |
| Martin ratioReturn relative to average drawdown | 4.18 | 4.36 | -0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZGLD.SW | 8PSG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.19 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | 0.96 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.87 | -0.40 |
Drawdowns
ZGLD.SW vs. 8PSG.DE - Drawdown Comparison
The maximum ZGLD.SW drawdown since its inception was -38.49%, which is greater than 8PSG.DE's maximum drawdown of -16.74%. Use the drawdown chart below to compare losses from any high point for ZGLD.SW and 8PSG.DE.
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Drawdown Indicators
| ZGLD.SW | 8PSG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.49% | -16.74% | -21.75% |
Max Drawdown (1Y)Largest decline over 1 year | -16.91% | -16.32% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -16.91% | -16.32% | -0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -16.94% | -16.54% | -0.40% |
Max Drawdown (10Y)Largest decline over 10 years | -16.94% | — | — |
Current DrawdownCurrent decline from peak | -15.57% | -14.80% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -14.22% | -7.16% | -7.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.42% | 6.21% | +0.21% |
Volatility
ZGLD.SW vs. 8PSG.DE - Volatility Comparison
Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and Invesco Physical Gold ETC (8PSG.DE) have volatilities of 5.57% and 5.51%, 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.
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Volatility by Period
| ZGLD.SW | 8PSG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.57% | 5.51% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 19.85% | 19.64% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.01% | 22.74% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 15.94% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.10% | 16.03% | -1.93% |
ZGLD.SW vs. 8PSG.DE - Expense Ratio Comparison
ZGLD.SW has a 0.40% expense ratio, which is higher than 8PSG.DE's 0.12% expense ratio.
Dividends
ZGLD.SW vs. 8PSG.DE - Dividend Comparison
Neither ZGLD.SW nor 8PSG.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, ZGLD.SW and 8PSG.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, 8PSG.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.40% for ZGLD.SW.
ZGLD.SW is categorized as Precious Metals, while 8PSG.DE is Gold. ZGLD.SW tracks Gold Bullion, while 8PSG.DE tracks LBMA Gold Price PM. They also come from different issuers: Swisscanto and Invesco. Their fees differ too: 0.40% for ZGLD.SW and 0.12% for 8PSG.DE.
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