ZGLD.SW vs. LUG.TO

Last updated Jun 4, 2026

ZGLD.SW (Swisscanto (CH) Gold ETF EA CHF) is Precious Metals fund tracking the Gold Bullion, while LUG.TO (Lundin Gold Inc.) is a stock. Over the past 10 years, ZGLD.SW returned 10.72%/yr vs 28.84%/yr for LUG.TO. At a 0.26 correlation, their price movements are largely independent.

Performance

ZGLD.SW vs. LUG.TO - 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 Lundin Gold Inc. (LUG.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGLD.SW is traded in CHF, while LUG.TO is traded in CAD. To make them comparable, the LUG.TO 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 LUG.TO's -24.12% return. Over the past 10 years, ZGLD.SW has underperformed LUG.TO with an annualized return of 10.72%, while LUG.TO has yielded a comparatively higher 28.84% 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%

LUG.TO

• 1D: -3.14%
• 1M: -2.33%
• YTD: -24.12%
• 6M: -20.30%
• 1Y: 24.01%
• 3Y*: 69.72%
• 5Y*: 46.69%
• 10Y*: 28.84%

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

ZGLD.SW vs. LUG.TO - 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%
LUG.TO Lundin Gold Inc.	-24.12%	258.31%	90.38%	20.65%	23.55%	-1.13%	22.55%	72.29%	2.59%	-11.84%

Correlation

The correlation between ZGLD.SW and LUG.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since May 6, 2009	0.26

Over the past year, ZGLD.SW and LUG.TO have become more correlated (0.51) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

ZGLD.SW vs. LUG.TO — 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

LUG.TO

LUG.TO Risk / Return Rank: 58
LUG.TO Sharpe Ratio Rank: 59
LUG.TO Sortino Ratio Rank: 55
LUG.TO Omega Ratio Rank: 54
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.

ZGLD.SW vs. LUG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) 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.

	ZGLD.SW	LUG.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.44	+0.74
Sortino ratio: Return per unit of downside risk	1.61	0.92	+0.68
Omega ratio: Gain probability vs. loss probability	1.23	1.12	+0.12
Calmar ratio: Return relative to maximum drawdown	1.60	0.73	+0.88
Martin ratio: Return relative to average drawdown	4.18	1.91	+2.27
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. LUG.TO - Sharpe Ratio Comparison

The current ZGLD.SW Sharpe Ratio is 1.18, which is higher than the LUG.TO Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of ZGLD.SW 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

	ZGLD.SW	LUG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	0.44	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	1.01	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.66	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.23	+0.24

Drawdowns

ZGLD.SW vs. LUG.TO - Drawdown Comparison

The maximum ZGLD.SW drawdown since its inception was -38.49%, smaller than the maximum LUG.TO drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for ZGLD.SW and LUG.TO.

Drawdown Indicators

	ZGLD.SW	LUG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.49%	-79.47%	+40.98%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-33.27%	+16.36%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-33.27%	+16.36%
Max Drawdown (5Y) Largest decline over 5 years	-16.94%	-38.22%	+21.28%
Max Drawdown (10Y) Largest decline over 10 years	-16.94%	-47.32%	+30.38%
Current Drawdown Current decline from peak	-15.57%	-30.93%	+15.36%
Average Drawdown Average peak-to-trough decline	-14.22%	-40.51%	+26.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.42%	12.63%	-6.21%

Volatility

ZGLD.SW vs. LUG.TO - Volatility Comparison

The current volatility for Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) is 5.57%, while Lundin Gold Inc. (LUG.TO) has a volatility of 17.31%. This indicates that ZGLD.SW 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

	ZGLD.SW	LUG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	17.31%	-11.74%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	40.18%	-20.33%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	54.80%	-31.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.68%	46.60%	-30.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	43.67%	-29.57%

Dividends

ZGLD.SW vs. LUG.TO - Dividend Comparison

ZGLD.SW has not paid dividends to shareholders, while LUG.TO's dividend yield for the trailing twelve months is around 5.09%.

Position	TTM	2025	2024	2023	2022
LUG.TO Lundin Gold Inc.	5.09%	3.37%	2.69%	3.28%	1.97%
ZGLD.SW Swisscanto (CH) Gold ETF EA CHF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZGLD.SW and LUG.TO in my portfolio?

ZGLD.SW and LUG.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.