HUG.TO vs. ZGLD.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Gold ETF (HUG.TO) and BMO Gold Bullion ETF (CAD Units) (ZGLD.TO).

HUG.TO and ZGLD.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HUG.TO is a passively managed fund by Global X that tracks the performance of the Solactive Gold Front Month MD Rolling Futures Index ER. It was launched on Jun 24, 2009. ZGLD.TO is a passively managed fund by BMO that tracks the performance of the Gold Bullion. It was launched on Mar 8, 2024. Both HUG.TO and ZGLD.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HUG.TO vs. ZGLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Gold ETF (HUG.TO) and BMO Gold Bullion ETF (CAD Units) (ZGLD.TO). The values are adjusted to include any dividend payments, if applicable.

HUG.TO vs. ZGLD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HUG.TO Global X Gold ETF	7.30%	57.93%	17.88%
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	10.24%	55.82%	28.23%

Returns By Period

In the year-to-date period, HUG.TO achieves a 7.30% return, which is significantly lower than ZGLD.TO's 10.24% return.

HUG.TO

• 1D: 3.60%
• 1M: -11.44%
• YTD: 7.30%
• 6M: 18.79%
• 1Y: 43.53%
• 3Y*: 29.54%
• 5Y*: 19.17%
• 10Y*: 11.28%

ZGLD.TO

• 1D: 3.69%
• 1M: -9.21%
• YTD: 10.24%
• 6M: 21.20%
• 1Y: 44.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HUG.TO vs. ZGLD.TO - Expense Ratio Comparison

HUG.TO has a 0.54% expense ratio, which is higher than ZGLD.TO's 0.23% expense ratio.

HUG.TO

Global X Gold ETF

ZGLD.TO

BMO Gold Bullion ETF (CAD Units)

Return for Risk

HUG.TO vs. ZGLD.TO — Risk / Return Rank

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

HUG.TO

HUG.TO Risk / Return Rank: 80
HUG.TO Sharpe Ratio Rank: 82
HUG.TO Sortino Ratio Rank: 79
HUG.TO Omega Ratio Rank: 78
HUG.TO Calmar Ratio Rank: 83
HUG.TO Martin Ratio Rank: 79

ZGLD.TO

ZGLD.TO Risk / Return Rank: 86
ZGLD.TO Sharpe Ratio Rank: 87
ZGLD.TO Sortino Ratio Rank: 85
ZGLD.TO Omega Ratio Rank: 85
ZGLD.TO Calmar Ratio Rank: 89
ZGLD.TO Martin Ratio Rank: 86

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.

HUG.TO vs. ZGLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold ETF (HUG.TO) 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.

	HUG.TO	ZGLD.TO	Difference
Sharpe ratio Return per unit of total volatility	1.58	1.73	-0.15
Sortino ratio Return per unit of downside risk	2.02	2.20	-0.18
Omega ratio Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio Return relative to maximum drawdown	2.36	2.75	-0.39
Martin ratio Return relative to average drawdown	8.51	9.61	-1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HUG.TO vs. ZGLD.TO - Sharpe Ratio Comparison

The current HUG.TO Sharpe Ratio is 1.58, which is comparable to the ZGLD.TO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of HUG.TO and ZGLD.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HUG.TO	ZGLD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	1.73	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	2.28	-1.82

Correlation

The correlation between HUG.TO and ZGLD.TO is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HUG.TO vs. ZGLD.TO - Dividend Comparison

Neither HUG.TO nor ZGLD.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

HUG.TO vs. ZGLD.TO - Drawdown Comparison

The maximum HUG.TO drawdown since its inception was -47.99%, which is greater than ZGLD.TO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for HUG.TO and ZGLD.TO.

Drawdown Indicators

	HUG.TO	ZGLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-17.23%	-30.76%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-17.23%	-2.04%
Max Drawdown (5Y) Largest decline over 5 years	-22.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.66%	—	—
Current Drawdown Current decline from peak	-13.85%	-10.60%	-3.25%
Average Drawdown Average peak-to-trough decline	-23.04%	-2.59%	-20.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	4.94%	+0.41%

Volatility

HUG.TO vs. ZGLD.TO - Volatility Comparison

Global X Gold ETF (HUG.TO) and BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) have volatilities of 10.58% and 10.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HUG.TO	ZGLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.58%	10.81%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	24.01%	22.99%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	27.70%	26.02%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	20.69%	-2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.38%	20.69%	-4.31%