8PSG.DE vs. ZGLD.TO
8PSG.DE (Invesco Physical Gold ETC) and ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) are both Gold funds - 8PSG.DE tracks the LBMA Gold Price PM while ZGLD.TO tracks the Gold Bullion. Both are passively managed. Over the past year, 8PSG.DE returned 30.20% vs 29.96% for ZGLD.TO. A 0.78 correlation means they provide meaningful diversification when combined. 8PSG.DE charges 0.12%/yr vs 0.23%/yr for ZGLD.TO.
Performance
8PSG.DE vs. ZGLD.TO - Performance Comparison
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Different Trading Currencies
8PSG.DE is traded in EUR, while ZGLD.TO is traded in CAD. To make them comparable, the ZGLD.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 ZGLD.TO's 5.01% return.
8PSG.DE
- 1D
- 0.59%
- 1M
- -1.59%
- YTD
- 2.72%
- 6M
- 6.38%
- 1Y
- 30.20%
- 3Y*
- 28.02%
- 5Y*
- 19.71%
- 10Y*
- —
ZGLD.TO
- 1D
- 0.56%
- 1M
- -1.09%
- YTD
- 5.01%
- 6M
- 6.56%
- 1Y
- 29.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
8PSG.DE vs. ZGLD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
8PSG.DE Invesco Physical Gold ETC | 2.72% | 48.98% | 25.63% |
ZGLD.TO BMO Gold Bullion ETF (CAD Units) | 5.01% | 43.91% | 26.85% |
Correlation
The correlation between 8PSG.DE and ZGLD.TO is 0.78, 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 | 0.78 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2024 | 0.78 |
The correlation between 8PSG.DE and ZGLD.TO has been stable across timeframes, ranging from 0.78 to 0.78 - a consistent structural relationship.
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Return for Risk
8PSG.DE vs. ZGLD.TO — Risk / Return Rank
8PSG.DE
ZGLD.TO
8PSG.DE vs. ZGLD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (8PSG.DE) and BMO Gold Bullion ETF (CAD Units) (ZGLD.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 | ZGLD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.76 | +0.05 |
| Martin ratioReturn relative to average drawdown | 4.60 | 4.21 | +0.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| 8PSG.DE | ZGLD.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.20 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 1.66 | -0.62 |
Drawdowns
8PSG.DE vs. ZGLD.TO - Drawdown Comparison
The maximum 8PSG.DE drawdown since its inception was -18.33%, which is greater than ZGLD.TO's maximum drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for 8PSG.DE and ZGLD.TO.
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Drawdown Indicators
| 8PSG.DE | ZGLD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -17.09% | -1.24% |
Max Drawdown (1Y)Largest decline over 1 year | -16.55% | -17.09% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.55% | — | — |
Current DrawdownCurrent decline from peak | -15.00% | -15.53% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -6.04% | -3.50% | -2.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 7.14% | -0.60% |
Volatility
8PSG.DE vs. ZGLD.TO - Volatility Comparison
Invesco Physical Gold ETC (8PSG.DE) has a higher volatility of 5.09% compared to BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) at 4.71%. This indicates that 8PSG.DE's price experiences larger fluctuations and is considered to be riskier than ZGLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 8PSG.DE | ZGLD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 4.71% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 20.17% | 21.51% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.14% | 24.99% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.04% | 20.46% | -4.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 20.46% | -4.33% |
8PSG.DE vs. ZGLD.TO - Expense Ratio Comparison
8PSG.DE has a 0.12% expense ratio, which is lower than ZGLD.TO's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
8PSG.DE vs. ZGLD.TO - Dividend Comparison
Neither 8PSG.DE nor ZGLD.TO has paid dividends to shareholders.
Frequently Asked Questions
8PSG.DE and ZGLD.TO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.23% for ZGLD.TO.
8PSG.DE tracks LBMA Gold Price PM, while ZGLD.TO tracks Gold Bullion. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.12% for 8PSG.DE and 0.23% for ZGLD.TO.
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