GDXU.TO vs. ZGD.TO

Last updated Jul 18, 2026

GDXU.TO (BetaPro Canadian Gold Miners 2x Daily Bull ETF) and ZGD.TO (BMO Equal Weight Global Gold Index ETF) are both exchange-traded funds - GDXU.TO is a Leveraged Equities fund actively managed by Global X, while ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index. GDXU.TO is actively managed, while ZGD.TO is passively managed. Over the past 10 years, GDXU.TO returned 7.93%/yr vs 12.89%/yr for ZGD.TO. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

GDXU.TO vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.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, GDXU.TO achieves a -41.07% return, which is significantly lower than ZGD.TO's -11.00% return. Over the past 10 years, GDXU.TO has underperformed ZGD.TO with an annualized return of 7.93%, while ZGD.TO has yielded a comparatively higher 12.89% annualized return.

GDXU.TO

• 1D: -0.37%
• 1M: -34.20%
• 6M: -53.67%
• YTD: -41.07%
• 1Y: 68.23%
• 3Y*: 64.97%
• 5Y*: 29.33%
• 10Y*: 7.93%

ZGD.TO

• 1D: -0.15%
• 1M: -16.54%
• 6M: -20.44%
• YTD: -11.00%
• 1Y: 40.86%
• 3Y*: 42.73%
• 5Y*: 25.83%
• 10Y*: 12.89%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDXU.TO BetaPro Canadian Gold Miners 2x Daily Bull ETF	-41.07%	432.04%	49.04%	1.08%	-13.97%	-26.64%	17.12%	83.28%	-19.95%	-12.53%
ZGD.TO BMO Equal Weight Global Gold Index ETF	-11.00%	143.74%	37.44%	10.13%	-2.33%	-12.59%	26.58%	53.60%	-12.09%	-0.71%

Correlation

The correlation between GDXU.TO and ZGD.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012	0.78

The correlation between GDXU.TO and ZGD.TO shifts across timeframes, from 0.78 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

GDXU.TO

GDXU.TO Risk / Return Rank: 30
GDXU.TO Sharpe Ratio Rank: 27
GDXU.TO Sortino Ratio Rank: 34
GDXU.TO Omega Ratio Rank: 37
GDXU.TO Calmar Ratio Rank: 27
GDXU.TO Martin Ratio Rank: 24

ZGD.TO

ZGD.TO Risk / Return Rank: 28
ZGD.TO Sharpe Ratio Rank: 28
ZGD.TO Sortino Ratio Rank: 28
ZGD.TO Omega Ratio Rank: 30
ZGD.TO Calmar Ratio Rank: 29
ZGD.TO Martin Ratio Rank: 26

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.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.

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.

	GDXU.TO	ZGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.74	0.84	-0.10
Sortino ratio: Return per unit of downside risk	1.43	1.29	+0.13
Omega ratio: Gain probability vs. loss probability	1.19	1.17	+0.02
Calmar ratio: Return relative to maximum drawdown	1.05	1.16	-0.12
Martin ratio: Return relative to average drawdown	2.34	2.72	-0.38

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

The current GDXU.TO Sharpe Ratio is 0.74, which is comparable to the ZGD.TO Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of GDXU.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.

Drawdowns

GDXU.TO vs. ZGD.TO - Drawdown Comparison

The maximum GDXU.TO drawdown since its inception was -98.01%, which is greater than ZGD.TO's maximum drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for GDXU.TO and ZGD.TO.

Drawdown Indicators

	GDXU.TO	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-98.01%	-60.59%	-37.42%
Max Drawdown (1Y) Largest decline over 1 year	-65.49%	-35.30%	-30.19%
Max Drawdown (3Y) Largest decline over 3 years	-65.49%	-35.30%	-30.19%
Max Drawdown (5Y) Largest decline over 5 years	-65.49%	-42.75%	-22.74%
Max Drawdown (10Y) Largest decline over 10 years	-79.29%	-51.83%	-27.46%
Current Drawdown Current decline from peak	-65.49%	-35.30%	-30.19%
Average Drawdown Average peak-to-trough decline	-78.28%	-28.83%	-49.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.26%	15.08%	+14.18%

Volatility

GDXU.TO vs. ZGD.TO - Volatility Comparison

BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.TO) has a higher volatility of 24.38% compared to BMO Equal Weight Global Gold Index ETF (ZGD.TO) at 13.47%. This indicates that GDXU.TO'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

	GDXU.TO	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.38%	13.47%	+10.91%
Volatility (6M) Calculated over the trailing 6-month period	77.49%	40.35%	+37.14%
Volatility (1Y) Calculated over the trailing 1-year period	93.13%	49.15%	+43.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.63%	37.42%	+31.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.38%	37.68%	+29.70%

Dividends

GDXU.TO vs. ZGD.TO - Dividend Comparison

GDXU.TO has not paid dividends to shareholders, while ZGD.TO's dividend yield for the trailing twelve months is around 0.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXU.TO BetaPro Canadian Gold Miners 2x Daily Bull 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	0.25%	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 GDXU.TO and ZGD.TO in my portfolio?

With a correlation of 0.97, GDXU.TO and ZGD.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.

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

GDXU.TO is categorized as Leveraged Equities, while ZGD.TO is Gold. They also come from different issuers: Global X and BMO.