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BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 16, 2026

BMO Gold Bullion ETF aims to replicate the price performance of gold bullion, net of fees and expenses, by investing in long-term holdings of unencumbered gold bullion in 400 troy ounce international bar sizes without active management or speculation on short-term price changes.

Looking to diversify beyond ZGLD.TO? The ETFs below have the lowest correlation with ZGLD.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZGLD.TO.

Best Diversifiers for ZGLD.TO

31 ETFs have low correlation with ZGLD.TO (below 0.3), 2 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
MNY.TO
Purpose Cash Management Fund-0.01——
100
Money MarketZGLD.TO vs MNY.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF-0.00——
78
Energy Equities, Canada EquitiesZGLD.TO vs XEG.TO
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF0.01——
89
Energy Equities, Equal WeightZGLD.TO vs ZEO.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...0.03——
88
Energy Equities, Derivative IncomeZGLD.TO vs ENCL.TO
XFR.TO
iShares Floating Rate Index ETF0.04——
98
Canadian Government BondsZGLD.TO vs XFR.TO
See all 46 diversifiers for ZGLD.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZGLD.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZGLD.TO and solid risk/return profiles. The least correlated is Loblaw Companies Limited (L.TO) (Consumer Defensive) with a 1Y correlation of -0.09, roughly unchanged from -0.04 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
L.TO
Loblaw Companies Limited-0.09-0.04-0.04
68
Consumer Defensive
CNQ.TO
Canadian Natural Resources Limited-0.030.060.06
83
Energy
PPL.TO
Pembina Pipeline Corporation0.01——
92
Energy
FTS.TO
Fortis Inc.0.05——
93
Utilities
RY.TO
Royal Bank of Canada0.10——
99
Financial Services
See all 15 low-correlation stocks for ZGLD.TO

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Diversification Analysis

Build a portfolio that complements ZGLD.TO

Add ZGLD.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with ZGLD.TO