CGXF.TO vs. ZJG.TO

Last updated Jun 4, 2026

CGXF.TO (CI Gold+ Giants Covered Call ETF Common) and ZJG.TO (BMO Junior Gold Index ETF) are both exchange-traded funds - CGXF.TO is a Gold fund actively managed by CI, while ZJG.TO is a Precious Metals fund tracking the Dow Jones North America Select Junior Gold Index. CGXF.TO is actively managed, while ZJG.TO is passively managed. Over the past 10 years, CGXF.TO returned 10.53%/yr vs 15.97%/yr for ZJG.TO. A 0.68 correlation means they provide meaningful diversification when combined. CGXF.TO charges 1.08%/yr vs 0.61%/yr for ZJG.TO.

Performance

CGXF.TO vs. ZJG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Gold+ Giants Covered Call ETF Common (CGXF.TO) and BMO Junior Gold Index ETF (ZJG.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGXF.TO achieves a -2.14% return, which is significantly lower than ZJG.TO's 1.53% return. Over the past 10 years, CGXF.TO has underperformed ZJG.TO with an annualized return of 10.53%, while ZJG.TO has yielded a comparatively higher 15.97% annualized return.

CGXF.TO

• 1D: -2.68%
• 1M: 1.53%
• YTD: -2.14%
• 6M: 2.55%
• 1Y: 44.73%
• 3Y*: 30.89%
• 5Y*: 17.02%
• 10Y*: 10.53%

ZJG.TO

• 1D: -3.57%
• 1M: 0.56%
• YTD: 1.53%
• 6M: 8.52%
• 1Y: 71.02%
• 3Y*: 50.57%
• 5Y*: 26.99%
• 10Y*: 15.97%

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

CGXF.TO vs. ZJG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGXF.TO CI Gold+ Giants Covered Call ETF Common	-2.14%	114.19%	11.88%	1.43%	1.89%	-6.21%	15.23%	20.53%	-18.76%	5.51%
ZJG.TO BMO Junior Gold Index ETF	1.53%	154.66%	36.44%	6.11%	-0.89%	-16.72%	24.40%	42.01%	-18.76%	11.85%

Correlation

The correlation between CGXF.TO and ZJG.TO is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 6, 2011	0.68

Over the past year, CGXF.TO and ZJG.TO have become more correlated (0.94) than their long-term average of 0.68, meaning their price movements have been converging.

CGXF.TO vs. ZJG.TO - Sectors Allocation Comparison

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

Return for Risk

CGXF.TO vs. ZJG.TO — Risk / Return Rank

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

CGXF.TO

CGXF.TO Risk / Return Rank: 31
CGXF.TO Sharpe Ratio Rank: 31
CGXF.TO Sortino Ratio Rank: 29
CGXF.TO Omega Ratio Rank: 33
CGXF.TO Calmar Ratio Rank: 33
CGXF.TO Martin Ratio Rank: 29

ZJG.TO

ZJG.TO Risk / Return Rank: 41
ZJG.TO Sharpe Ratio Rank: 44
ZJG.TO Sortino Ratio Rank: 36
ZJG.TO Omega Ratio Rank: 43
ZJG.TO Calmar Ratio Rank: 45
ZJG.TO Martin Ratio Rank: 36

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.

CGXF.TO vs. ZJG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Gold+ Giants Covered Call ETF Common (CGXF.TO) and BMO Junior Gold Index ETF (ZJG.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.

	CGXF.TO	ZJG.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.54	-0.41
Sortino ratio: Return per unit of downside risk	1.57	1.93	-0.36
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	1.64	2.23	-0.59
Martin ratio: Return relative to average drawdown	4.17	5.52	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGXF.TO vs. ZJG.TO - Sharpe Ratio Comparison

The current CGXF.TO Sharpe Ratio is 1.13, which is comparable to the ZJG.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of CGXF.TO and ZJG.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

	CGXF.TO	ZJG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.54	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.75	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.42	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.17	-0.12

Drawdowns

CGXF.TO vs. ZJG.TO - Drawdown Comparison

The maximum CGXF.TO drawdown since its inception was -88.66%, which is greater than ZJG.TO's maximum drawdown of -81.59%. Use the drawdown chart below to compare losses from any high point for CGXF.TO and ZJG.TO.

Drawdown Indicators

	CGXF.TO	ZJG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-88.66%	-81.59%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-27.39%	-32.02%	+4.63%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-32.02%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	-37.19%	-41.63%	+4.44%
Max Drawdown (10Y) Largest decline over 10 years	-39.68%	-48.58%	+8.90%
Current Drawdown Current decline from peak	-24.36%	-28.35%	+3.99%
Average Drawdown Average peak-to-trough decline	-30.71%	-49.08%	+18.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.76%	12.91%	-2.15%

Volatility

CGXF.TO vs. ZJG.TO - Volatility Comparison

The current volatility for CI Gold+ Giants Covered Call ETF Common (CGXF.TO) is 14.76%, while BMO Junior Gold Index ETF (ZJG.TO) has a volatility of 15.90%. This indicates that CGXF.TO experiences smaller price fluctuations and is considered to be less risky than ZJG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGXF.TO	ZJG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.76%	15.90%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	32.10%	37.93%	-5.83%
Volatility (1Y) Calculated over the trailing 1-year period	39.82%	46.25%	-6.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.85%	36.27%	-5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.30%	38.00%	-7.70%

CGXF.TO vs. ZJG.TO - Expense Ratio Comparison

CGXF.TO has a 1.08% expense ratio, which is higher than ZJG.TO's 0.61% expense ratio.

Dividends

CGXF.TO vs. ZJG.TO - Dividend Comparison

CGXF.TO's dividend yield for the trailing twelve months is around 12.61%, more than ZJG.TO's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGXF.TO CI Gold+ Giants Covered Call ETF Common	12.61%	7.43%	8.09%	8.92%	8.54%	8.59%	11.01%	6.69%	7.97%	6.99%	10.68%	11.75%
ZJG.TO BMO Junior Gold Index ETF	0.12%	0.12%	0.68%	0.90%	0.83%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGXF.TO and ZJG.TO in my portfolio?

With a correlation of 0.94, CGXF.TO and ZJG.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CGXF.TO or ZJG.TO?

On fees, ZJG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CGXF.TO or ZJG.TO?

ZJG.TO is cheaper with a 0.61% expense ratio, compared with 1.08% for CGXF.TO.

What is the main difference between CGXF.TO and ZJG.TO?

CGXF.TO is categorized as Gold, while ZJG.TO is Precious Metals. They also come from different issuers: CI and BMO. Their fees differ too: 1.08% for CGXF.TO and 0.61% for ZJG.TO.