CNR.TO vs. ZGD.TO

Last updated Jun 5, 2026

CNR.TO (Canadian National Railway Company) is a stock, while ZGD.TO (BMO Equal Weight Global Gold Index ETF) is Gold fund tracking the Solactive Equal Weight Global Gold Index. Over the past 10 years, CNR.TO returned 10.02%/yr vs 18.24%/yr for ZGD.TO. At a 0.00 correlation, their price movements are largely independent.

Performance

CNR.TO vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian National Railway Company (CNR.TO) and BMO Equal Weight Global Gold Index ETF (ZGD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNR.TO achieves a 23.20% return, which is significantly higher than ZGD.TO's 7.53% return. Over the past 10 years, CNR.TO has underperformed ZGD.TO with an annualized return of 10.02%, while ZGD.TO has yielded a comparatively higher 18.24% annualized return.

CNR.TO

• 1D: 0.14%
• 1M: 10.90%
• YTD: 23.20%
• 6M: 22.39%
• 1Y: 17.48%
• 3Y*: 4.22%
• 5Y*: 6.30%
• 10Y*: 10.02%

ZGD.TO

• 1D: 1.20%
• 1M: 3.43%
• YTD: 7.53%
• 6M: 13.94%
• 1Y: 84.61%
• 3Y*: 57.12%
• 5Y*: 30.91%
• 10Y*: 18.24%

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

CNR.TO vs. ZGD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNR.TO Canadian National Railway Company	23.20%	-4.60%	-10.53%	5.67%	5.47%	12.88%	21.30%	18.29%	-0.77%	16.60%
ZGD.TO BMO Equal Weight Global Gold Index ETF	7.53%	170.64%	37.48%	10.17%	-2.30%	-12.57%	26.59%	53.72%	-12.09%	-0.73%

Correlation

The correlation between CNR.TO and ZGD.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	0.00

The correlation between CNR.TO and ZGD.TO shifts across timeframes, from 0.00 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CNR.TO vs. ZGD.TO — Risk / Return Rank

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

CNR.TO

CNR.TO Risk / Return Rank: 64
CNR.TO Sharpe Ratio Rank: 68
CNR.TO Sortino Ratio Rank: 59
CNR.TO Omega Ratio Rank: 60
CNR.TO Calmar Ratio Rank: 68
CNR.TO Martin Ratio Rank: 65

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.

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

This table presents a comparison of risk-adjusted performance metrics for Canadian National Railway Company (CNR.TO) 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.

	CNR.TO	ZGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.89	-1.05
Sortino ratio: Return per unit of downside risk	1.20	2.21	-1.01
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	1.43	2.82	-1.40
Martin ratio: Return relative to average drawdown	2.74	7.62	-4.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNR.TO vs. ZGD.TO - Sharpe Ratio Comparison

The current CNR.TO Sharpe Ratio is 0.83, which is lower than the ZGD.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of CNR.TO 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

	CNR.TO	ZGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.89	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.85	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.49	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	0.29	-0.77

Drawdowns

CNR.TO vs. ZGD.TO - Drawdown Comparison

The maximum CNR.TO drawdown since its inception was -99.99%, which is greater than ZGD.TO's maximum drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for CNR.TO and ZGD.TO.

Drawdown Indicators

	CNR.TO	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-60.12%	-39.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.32%	-30.15%	+17.83%
Max Drawdown (3Y) Largest decline over 3 years	-27.25%	-30.15%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-27.25%	-42.75%	+15.50%
Max Drawdown (10Y) Largest decline over 10 years	-27.25%	-51.72%	+24.47%
Current Drawdown Current decline from peak	-99.61%	-21.82%	-77.79%
Average Drawdown Average peak-to-trough decline	-96.74%	-28.33%	-68.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.39%	11.15%	-4.76%

Volatility

CNR.TO vs. ZGD.TO - Volatility Comparison

The current volatility for Canadian National Railway Company (CNR.TO) is 4.37%, while BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a volatility of 15.73%. This indicates that CNR.TO 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

	CNR.TO	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	15.73%	-11.36%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	36.41%	-19.36%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	45.12%	-24.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.12%	36.41%	-16.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	37.35%	-16.59%

Dividends

CNR.TO vs. ZGD.TO - Dividend Comparison

CNR.TO's dividend yield for the trailing twelve months is around 2.15%, more than ZGD.TO's 0.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNR.TO Canadian National Railway Company	2.15%	2.62%	2.32%	1.90%	1.82%	1.58%	1.64%	1.83%	1.80%	1.59%	1.66%	1.62%
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 CNR.TO and ZGD.TO in my portfolio?

CNR.TO and ZGD.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.