8PSG.DE vs. ZGD.TO

Last updated Jun 5, 2026

8PSG.DE (Invesco Physical Gold ETC) and ZGD.TO (BMO Equal Weight Global Gold Index ETF) are both Gold funds - 8PSG.DE tracks the LBMA Gold Price PM while ZGD.TO tracks the Solactive Equal Weight Global Gold Index. Both are passively managed. Over the past 5 years, 8PSG.DE returned 19.71%/yr vs 28.46%/yr for ZGD.TO. A 0.58 correlation means they provide meaningful diversification when combined. 8PSG.DE charges 0.12%/yr vs 0.60%/yr for ZGD.TO.

Performance

8PSG.DE vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Physical Gold ETC (8PSG.DE) and BMO Equal Weight Global Gold Index ETF (ZGD.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

8PSG.DE is traded in EUR, while ZGD.TO is traded in CAD. To make them comparable, the ZGD.TO values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, 8PSG.DE achieves a 2.72% return, which is significantly lower than ZGD.TO's 7.36% return.

8PSG.DE

• 1D: 0.59%
• 1M: -3.62%
• YTD: 2.72%
• 6M: 6.15%
• 1Y: 31.10%
• 3Y*: 28.02%
• 5Y*: 19.71%
• 10Y*: —

ZGD.TO

• 1D: 0.97%
• 1M: -5.20%
• YTD: 7.36%
• 6M: 14.58%
• 1Y: 76.31%
• 3Y*: 51.24%
• 5Y*: 28.46%
• 10Y*: 17.03%

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

8PSG.DE vs. ZGD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
8PSG.DE Invesco Physical Gold ETC	2.72%	48.98%	34.29%	9.43%	7.00%	3.81%	6.88%
ZGD.TO BMO Equal Weight Global Gold Index ETF	7.36%	149.95%	34.98%	9.30%	-3.19%	-5.34%	33.42%

Correlation

The correlation between 8PSG.DE and ZGD.TO is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 3, 2020	0.58

The correlation between 8PSG.DE and ZGD.TO has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

Return for Risk

8PSG.DE vs. ZGD.TO — Risk / Return Rank

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

8PSG.DE

8PSG.DE Risk / Return Rank: 36
8PSG.DE Sharpe Ratio Rank: 37
8PSG.DE Sortino Ratio Rank: 34
8PSG.DE Omega Ratio Rank: 40
8PSG.DE Calmar Ratio Rank: 37
8PSG.DE Martin Ratio Rank: 32

ZGD.TO

ZGD.TO Risk / Return Rank: 52
ZGD.TO Sharpe Ratio Rank: 56
ZGD.TO Sortino Ratio Rank: 45
ZGD.TO Omega Ratio Rank: 52
ZGD.TO Calmar Ratio Rank: 58
ZGD.TO Martin Ratio Rank: 47

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.

8PSG.DE vs. ZGD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (8PSG.DE) and BMO Equal Weight Global Gold Index ETF (ZGD.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.

	8PSG.DE	ZGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.77	-0.47
Sortino ratio: Return per unit of downside risk	1.75	2.12	-0.36
Omega ratio: Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	1.82	2.66	-0.84
Martin ratio: Return relative to average drawdown	4.60	7.10	-2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

8PSG.DE vs. ZGD.TO - Sharpe Ratio Comparison

The current 8PSG.DE Sharpe Ratio is 1.30, which is comparable to the ZGD.TO Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of 8PSG.DE and ZGD.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

	8PSG.DE	ZGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.77	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	0.78	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.24	+0.80

Drawdowns

8PSG.DE vs. ZGD.TO - Drawdown Comparison

The maximum 8PSG.DE drawdown since its inception was -18.33%, smaller than the maximum ZGD.TO drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for 8PSG.DE and ZGD.TO.

Drawdown Indicators

	8PSG.DE	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.33%	-65.93%	+47.60%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-29.65%	+13.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-29.65%	+13.10%
Max Drawdown (5Y) Largest decline over 5 years	-16.55%	-40.69%	+24.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-53.17%	—
Current Drawdown Current decline from peak	-15.00%	-22.57%	+7.57%
Average Drawdown Average peak-to-trough decline	-6.04%	-31.09%	+25.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.54%	11.08%	-4.54%

Volatility

8PSG.DE vs. ZGD.TO - Volatility Comparison

The current volatility for Invesco Physical Gold ETC (8PSG.DE) is 5.09%, while BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a volatility of 15.17%. This indicates that 8PSG.DE experiences smaller price fluctuations and is considered to be less risky than ZGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	8PSG.DE	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	15.17%	-10.08%
Volatility (6M) Calculated over the trailing 6-month period	20.17%	35.88%	-15.71%
Volatility (1Y) Calculated over the trailing 1-year period	23.14%	44.54%	-21.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	36.47%	-20.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	37.45%	-21.32%

8PSG.DE vs. ZGD.TO - Expense Ratio Comparison

8PSG.DE has a 0.12% expense ratio, which is lower than ZGD.TO's 0.60% expense ratio.

Dividends

8PSG.DE vs. ZGD.TO - Dividend Comparison

8PSG.DE has not paid dividends to shareholders, while ZGD.TO's dividend yield for the trailing twelve months is around 0.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
8PSG.DE Invesco Physical Gold ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZGD.TO BMO Equal Weight Global Gold Index ETF	0.20%	0.22%	0.59%	0.76%	0.77%	0.38%	0.16%	1.20%	0.00%	0.00%	0.32%	0.46%

Frequently Asked Questions

Can I hold both 8PSG.DE and ZGD.TO in my portfolio?

8PSG.DE and ZGD.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 8PSG.DE or ZGD.TO?

On fees, 8PSG.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, 8PSG.DE or ZGD.TO?

8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.60% for ZGD.TO.

What is the main difference between 8PSG.DE and ZGD.TO?

8PSG.DE tracks LBMA Gold Price PM, while ZGD.TO tracks Solactive Equal Weight Global Gold Index. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.12% for 8PSG.DE and 0.60% for ZGD.TO.