BWET vs. ZGD.TO

Last updated Jun 13, 2026

BWET (Breakwave Tanker Shipping ETF) and ZGD.TO (BMO Equal Weight Global Gold Index ETF) are both exchange-traded funds - BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index, while ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index. Both are passively managed. Over the past 3 years, BWET returned 115.31%/yr vs 47.32%/yr for ZGD.TO. At a 0.07 correlation, their price movements are largely independent. BWET charges 3.50%/yr vs 0.60%/yr for ZGD.TO.

Performance

BWET vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and BMO Equal Weight Global Gold Index ETF (ZGD.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, BWET achieves a 937.65% return, which is significantly higher than ZGD.TO's -2.26% return.

BWET

• 1D: 4.65%
• 1M: 11.66%
• YTD: 937.65%
• 6M: 693.57%
• 1Y: 1,708.23%
• 3Y*: 115.31%
• 5Y*: —
• 10Y*: —

ZGD.TO

• 1D: 3.08%
• 1M: -18.49%
• YTD: -2.26%
• 6M: -10.13%
• 1Y: 50.26%
• 3Y*: 47.32%
• 5Y*: 22.53%
• 10Y*: 15.15%

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

BWET vs. ZGD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	937.65%	96.22%	-39.21%	14.13%
ZGD.TO BMO Equal Weight Global Gold Index ETF	-2.16%	155.40%	26.71%	-8.86%

Correlation

The correlation between BWET and ZGD.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.07

BWET vs. ZGD.TO - Sectors Allocation Comparison

Sectors	BWET	ZGD.TO
Financial Services	8.6%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BWET vs. ZGD.TO — Risk / Return Rank

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

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 98
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

ZGD.TO

ZGD.TO Risk / Return Rank: 35
ZGD.TO Sharpe Ratio Rank: 36
ZGD.TO Sortino Ratio Rank: 33
ZGD.TO Omega Ratio Rank: 38
ZGD.TO Calmar Ratio Rank: 37
ZGD.TO Martin Ratio Rank: 33

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.

BWET vs. ZGD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BWET	ZGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	19.57	1.06	+18.51
Sortino ratio: Return per unit of downside risk	6.65	1.50	+5.15
Omega ratio: Gain probability vs. loss probability	1.96	1.21	+0.75
Calmar ratio: Return relative to maximum drawdown	63.24	1.45	+61.80
Martin ratio: Return relative to average drawdown	166.97	4.03	+162.94

BWET vs. ZGD.TO - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 19.57, which is higher than the ZGD.TO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of BWET 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.

Drawdowns

BWET vs. ZGD.TO - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, smaller than the maximum ZGD.TO drawdown of -72.09%. Use the drawdown chart below to compare losses from any high point for BWET and ZGD.TO.

Drawdown Indicators

	BWET	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-72.09%	+15.19%
Max Drawdown (1Y) Largest decline over 1 year	-30.64%	-34.91%	+4.27%
Max Drawdown (3Y) Largest decline over 3 years	-56.90%	-34.91%	-21.99%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.46%	—
Current Drawdown Current decline from peak	-5.67%	-29.08%	+23.41%
Average Drawdown Average peak-to-trough decline	-23.91%	-35.46%	+11.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.58%	12.51%	-0.93%

Volatility

BWET vs. ZGD.TO - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 24.78% compared to BMO Equal Weight Global Gold Index ETF (ZGD.TO) at 17.52%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than ZGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.78%	17.52%	+7.26%
Volatility (6M) Calculated over the trailing 6-month period	89.08%	39.25%	+49.83%
Volatility (1Y) Calculated over the trailing 1-year period	99.02%	47.60%	+51.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.53%	37.73%	+32.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.53%	38.23%	+32.30%

BWET vs. ZGD.TO - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than ZGD.TO's 0.60% expense ratio.

Dividends

BWET vs. ZGD.TO - Dividend Comparison

BWET has not paid dividends to shareholders, while ZGD.TO's dividend yield for the trailing twelve months is around 0.22%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWET Breakwave Tanker Shipping ETF	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	0.22%	0.22%	0.56%	0.72%	0.73%	0.36%	0.15%	1.14%	0.00%	0.00%	0.06%	0.09%

Frequently Asked Questions

Can I hold both BWET and ZGD.TO in my portfolio?

BWET and ZGD.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWET or ZGD.TO?

On fees, ZGD.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWET or ZGD.TO?

ZGD.TO is cheaper with a 0.60% expense ratio, compared with 3.50% for BWET.

What is the main difference between BWET and ZGD.TO?

BWET is categorized as Commodities, while ZGD.TO is Gold. BWET tracks Breakwave Wet Freight Futures Index, while ZGD.TO tracks Solactive Equal Weight Global Gold Index. They also come from different issuers: Amplify and BMO. Their fees differ too: 3.50% for BWET and 0.60% for ZGD.TO.