ZGLD.SW vs. PHYS

Last updated Jun 4, 2026

ZGLD.SW (Swisscanto (CH) Gold ETF EA CHF) is Precious Metals fund tracking the Gold Bullion, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, ZGLD.SW returned 10.72%/yr vs 10.07%/yr for PHYS. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

ZGLD.SW vs. PHYS - 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 Sprott Physical Gold Trust (PHYS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGLD.SW is traded in CHF, while PHYS is traded in USD. To make them comparable, the PHYS 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 PHYS's 1.35% return. Over the past 10 years, ZGLD.SW has outperformed PHYS with an annualized return of 10.72%, while PHYS has yielded a comparatively lower 10.07% 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%

PHYS

• 1D: -0.49%
• 1M: -0.85%
• YTD: 1.35%
• 6M: 3.24%
• 1Y: 25.91%
• 3Y*: 24.11%
• 5Y*: 14.44%
• 10Y*: 10.07%

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

ZGLD.SW vs. PHYS - 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%
PHYS Sprott Physical Gold Trust	1.35%	43.26%	36.39%	2.86%	-0.47%	-2.03%	13.44%	16.13%	-1.70%	7.99%

Correlation

The correlation between ZGLD.SW and PHYS is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 1, 2010	0.72

The correlation between ZGLD.SW and PHYS shifts across timeframes, from 0.72 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZGLD.SW vs. PHYS — 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

PHYS

PHYS Risk / Return Rank: 70
PHYS Sharpe Ratio Rank: 74
PHYS Sortino Ratio Rank: 65
PHYS Omega Ratio Rank: 70
PHYS Calmar Ratio Rank: 70
PHYS Martin Ratio Rank: 71

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. PHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and Sprott Physical Gold Trust (PHYS). 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	PHYS	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.01	+0.17
Sortino ratio: Return per unit of downside risk	1.61	1.38	+0.23
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	1.60	1.48	+0.12
Martin ratio: Return relative to average drawdown	4.18	3.64	+0.54
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. PHYS - Sharpe Ratio Comparison

The current ZGLD.SW Sharpe Ratio is 1.18, which is comparable to the PHYS Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of ZGLD.SW and PHYS, 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	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.01	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.87	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.68	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.34	+0.13

Drawdowns

ZGLD.SW vs. PHYS - Drawdown Comparison

The maximum ZGLD.SW drawdown since its inception was -38.49%, smaller than the maximum PHYS drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for ZGLD.SW and PHYS.

Drawdown Indicators

	ZGLD.SW	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-38.49%	-40.67%	+2.18%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-17.62%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-17.62%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-16.94%	-17.62%	+0.68%
Max Drawdown (10Y) Largest decline over 10 years	-16.94%	-17.62%	+0.68%
Current Drawdown Current decline from peak	-15.57%	-16.25%	+0.68%
Average Drawdown Average peak-to-trough decline	-14.22%	-17.90%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.42%	7.14%	-0.72%

Volatility

ZGLD.SW vs. PHYS - Volatility Comparison

Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) has a higher volatility of 5.57% compared to Sprott Physical Gold Trust (PHYS) at 5.01%. This indicates that ZGLD.SW's price experiences larger fluctuations and is considered to be riskier than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.SW	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.01%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	22.17%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	25.76%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.68%	16.76%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	14.90%	-0.80%

Dividends

ZGLD.SW vs. PHYS - Dividend Comparison

Neither ZGLD.SW nor PHYS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

ZGLD.SW and PHYS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.