ZGLD.SW vs. GLDA.DE

Last updated Jun 4, 2026

ZGLD.SW (Swisscanto (CH) Gold ETF EA CHF) and GLDA.DE (Amundi Physical Gold ETC (C)) are both Precious Metals funds - ZGLD.SW tracks the Gold Bullion while GLDA.DE tracks the Gold. Both are passively managed. Over the past 5 years, ZGLD.SW returned 15.03%/yr vs 15.45%/yr for GLDA.DE. Their correlation of 0.94 suggests significant overlap in exposure. ZGLD.SW charges 0.40%/yr vs 0.12%/yr for GLDA.DE.

Performance

ZGLD.SW vs. GLDA.DE - 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 Amundi Physical Gold ETC (C) (GLDA.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGLD.SW is traded in CHF, while GLDA.DE is traded in EUR. To make them comparable, the GLDA.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 GLDA.DE's 0.83% 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%

GLDA.DE

• 1D: -0.87%
• 1M: -1.12%
• YTD: 0.83%
• 6M: 3.94%
• 1Y: 27.16%
• 3Y*: 25.28%
• 5Y*: 15.45%
• 10Y*: —

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

ZGLD.SW vs. GLDA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZGLD.SW Swisscanto (CH) Gold ETF EA CHF	1.61%	45.59%	35.04%	3.06%	0.89%	-1.00%	12.95%	5.44%
GLDA.DE Amundi Physical Gold ETC (C)	0.83%	47.35%	35.91%	2.75%	2.31%	-0.84%	12.70%	5.67%

Correlation

The correlation between ZGLD.SW and GLDA.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 Jul 10, 2019	0.94

The correlation between ZGLD.SW and GLDA.DE has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

ZGLD.SW vs. GLDA.DE — 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

GLDA.DE

GLDA.DE Risk / Return Rank: 35
GLDA.DE Sharpe Ratio Rank: 36
GLDA.DE Sortino Ratio Rank: 33
GLDA.DE Omega Ratio Rank: 38
GLDA.DE Calmar Ratio Rank: 36
GLDA.DE Martin Ratio Rank: 31

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. GLDA.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 Amundi Physical Gold ETC (C) (GLDA.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	GLDA.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.19	-0.01
Sortino ratio: Return per unit of downside risk	1.61	1.63	-0.03
Omega ratio: Gain probability vs. loss probability	1.23	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.60	1.66	-0.06
Martin ratio: Return relative to average drawdown	4.18	4.37	-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.

ZGLD.SW vs. GLDA.DE - Sharpe Ratio Comparison

The current ZGLD.SW Sharpe Ratio is 1.18, which is comparable to the GLDA.DE Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of ZGLD.SW and GLDA.DE, 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	GLDA.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	0.90	-0.43

Drawdowns

ZGLD.SW vs. GLDA.DE - Drawdown Comparison

The maximum ZGLD.SW drawdown since its inception was -38.49%, which is greater than GLDA.DE's maximum drawdown of -16.75%. Use the drawdown chart below to compare losses from any high point for ZGLD.SW and GLDA.DE.

Drawdown Indicators

	ZGLD.SW	GLDA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-38.49%	-16.75%	-21.74%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-16.29%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-16.29%	-0.62%
Max Drawdown (5Y) Largest decline over 5 years	-16.94%	-16.50%	-0.44%
Max Drawdown (10Y) Largest decline over 10 years	-16.94%	—	—
Current Drawdown Current decline from peak	-15.57%	-14.78%	-0.79%
Average Drawdown Average peak-to-trough decline	-14.22%	-6.73%	-7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.42%	6.21%	+0.21%

Volatility

ZGLD.SW vs. GLDA.DE - Volatility Comparison

Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and Amundi Physical Gold ETC (C) (GLDA.DE) have volatilities of 5.57% and 5.53%, 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

	ZGLD.SW	GLDA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.53%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	19.63%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	22.71%	+0.30%
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%	15.70%	-1.60%

ZGLD.SW vs. GLDA.DE - Expense Ratio Comparison

ZGLD.SW has a 0.40% expense ratio, which is higher than GLDA.DE's 0.12% expense ratio.

Dividends

ZGLD.SW vs. GLDA.DE - Dividend Comparison

Neither ZGLD.SW nor GLDA.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZGLD.SW and GLDA.DE in my portfolio?

With a correlation of 0.97, ZGLD.SW and GLDA.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.

Which ETF is better, ZGLD.SW or GLDA.DE?

On fees, GLDA.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGLD.SW or GLDA.DE?

GLDA.DE is cheaper with a 0.12% expense ratio, compared with 0.40% for ZGLD.SW.

What is the main difference between ZGLD.SW and GLDA.DE?

ZGLD.SW tracks Gold Bullion, while GLDA.DE tracks Gold. They also come from different issuers: Swisscanto and Amundi. Their fees differ too: 0.40% for ZGLD.SW and 0.12% for GLDA.DE.