ZGLD.SW vs. GC=F

Last updated Jun 4, 2026

ZGLD.SW (Swisscanto (CH) Gold ETF EA CHF) is Precious Metals fund tracking the Gold Bullion, while GC=F (Gold Futures) is an asset. Over the past 10 years, ZGLD.SW returned 10.72%/yr vs 11.31%/yr for GC=F. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

ZGLD.SW vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGLD.SW is traded in CHF, while GC=F is traded in USD. To make them comparable, the GC=F 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 lower than GC=F's 2.88% return. Over the past 10 years, ZGLD.SW has underperformed GC=F with an annualized return of 10.72%, while GC=F has yielded a comparatively higher 11.31% annualized 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%

GC=F

• 1D: 0.02%
• 1M: -0.37%
• YTD: 2.88%
• 6M: 5.17%
• 1Y: 27.89%
• 3Y*: 25.77%
• 5Y*: 15.75%
• 10Y*: 11.31%

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

ZGLD.SW vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZGLD.SW Swisscanto (CH) Gold ETF EA CHF	1.61%	45.59%	35.04%	3.06%	0.89%	-1.00%	12.95%	16.46%	-1.49%	7.06%
GC=F Gold Futures	2.88%	43.75%	37.53%	3.19%	0.94%	-0.62%	14.08%	16.85%	-1.19%	8.77%

Correlation

The correlation between ZGLD.SW and GC=F is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 28, 2007	0.78

The correlation between ZGLD.SW and GC=F has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

Return for Risk

ZGLD.SW vs. GC=F — Risk / Return Rank

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

ZGLD.SW

ZGLD.SW Risk / Return Rank: 31
ZGLD.SW Sharpe Ratio Rank: 32
ZGLD.SW Sortino Ratio Rank: 29
ZGLD.SW Omega Ratio Rank: 35
ZGLD.SW Calmar Ratio Rank: 32
ZGLD.SW Martin Ratio Rank: 29

GC=F

GC=F Risk / Return Rank: 52
GC=F Sharpe Ratio Rank: 50
GC=F Sortino Ratio Rank: 49
GC=F Omega Ratio Rank: 47
GC=F Calmar Ratio Rank: 52
GC=F Martin Ratio Rank: 60

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.

ZGLD.SW vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and Gold Futures (GC=F). 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	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.06	+0.11
Sortino ratio: Return per unit of downside risk	1.61	1.45	+0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	1.60	1.69	-0.09
Martin ratio: Return relative to average drawdown	4.18	4.25	-0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZGLD.SW vs. GC=F - Sharpe Ratio Comparison

The current ZGLD.SW Sharpe Ratio is 1.18, which is comparable to the GC=F Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of ZGLD.SW and GC=F, 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

	ZGLD.SW	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.06	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.92	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.73	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.45	+0.02

Drawdowns

ZGLD.SW vs. GC=F - Drawdown Comparison

The maximum ZGLD.SW drawdown since its inception was -38.49%, roughly equal to the maximum GC=F drawdown of -37.49%. Use the drawdown chart below to compare losses from any high point for ZGLD.SW and GC=F.

Drawdown Indicators

	ZGLD.SW	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-38.49%	-37.49%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-16.01%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-16.01%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-16.94%	-16.01%	-0.93%
Max Drawdown (10Y) Largest decline over 10 years	-16.94%	-16.01%	-0.93%
Current Drawdown Current decline from peak	-15.57%	-14.39%	-1.18%
Average Drawdown Average peak-to-trough decline	-14.22%	-13.72%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.42%	6.45%	-0.03%

Volatility

ZGLD.SW vs. GC=F - Volatility Comparison

Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) has a higher volatility of 5.57% compared to Gold Futures (GC=F) at 4.77%. This indicates that ZGLD.SW's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.SW	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	4.77%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	21.98%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	25.40%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.68%	17.10%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	15.44%	-1.34%

Frequently Asked Questions

Can I hold both ZGLD.SW and GC=F in my portfolio?

ZGLD.SW and GC=F have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.