SBT.TO vs. ZGLD.TO

Last updated Jun 4, 2026

SBT.TO (Purpose Silver Bullion Fund) and ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) are both exchange-traded funds - SBT.TO is a Silver fund tracking the LBMA Silver Price, while ZGLD.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past year, SBT.TO returned 105.34% vs 33.90% for ZGLD.TO. At a 0.49 correlation, their price movements are largely independent. SBT.TO charges 0.36%/yr vs 0.23%/yr for ZGLD.TO.

Performance

SBT.TO vs. ZGLD.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, SBT.TO achieves a 2.24% return, which is significantly lower than ZGLD.TO's 4.35% return.

SBT.TO

• 1D: -2.53%
• 1M: 0.38%
• YTD: 2.24%
• 6M: 24.07%
• 1Y: 105.34%
• 3Y*: 42.09%
• 5Y*: 18.84%
• 10Y*: 13.84%

ZGLD.TO

• 1D: -0.70%
• 1M: 0.41%
• YTD: 4.35%
• 6M: 5.03%
• 1Y: 33.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
SBT.TO Purpose Silver Bullion Fund	2.24%	137.07%	16.00%
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	4.35%	55.82%	28.23%

Correlation

The correlation between SBT.TO and ZGLD.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 12, 2024	0.50

The correlation between SBT.TO and ZGLD.TO shifts across timeframes, from 0.49 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

SBT.TO

SBT.TO Risk / Return Rank: 46
SBT.TO Sharpe Ratio Rank: 52
SBT.TO Sortino Ratio Rank: 39
SBT.TO Omega Ratio Rank: 55
SBT.TO Calmar Ratio Rank: 50
SBT.TO Martin Ratio Rank: 34

ZGLD.TO

ZGLD.TO Risk / Return Rank: 36
ZGLD.TO Sharpe Ratio Rank: 37
ZGLD.TO Sortino Ratio Rank: 33
ZGLD.TO Omega Ratio Rank: 41
ZGLD.TO Calmar Ratio Rank: 40
ZGLD.TO Martin Ratio Rank: 32

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.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.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.

	SBT.TO	ZGLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.35	+0.44
Sortino ratio: Return per unit of downside risk	2.02	1.79	+0.24
Omega ratio: Gain probability vs. loss probability	1.34	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	2.48	1.98	+0.51
Martin ratio: Return relative to average drawdown	5.33	4.85	+0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current SBT.TO Sharpe Ratio is 1.80, which is higher than the ZGLD.TO Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of SBT.TO and ZGLD.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

	SBT.TO	ZGLD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.35	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	1.91	-1.70

Drawdowns

SBT.TO vs. ZGLD.TO - Drawdown Comparison

The maximum SBT.TO drawdown since its inception was -47.82%, 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 SBT.TO and ZGLD.TO.

Drawdown Indicators

	SBT.TO	ZGLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.82%	-17.23%	-30.59%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-17.23%	-25.46%
Max Drawdown (3Y) Largest decline over 3 years	-42.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	—	—
Current Drawdown Current decline from peak	-37.47%	-15.38%	-22.09%
Average Drawdown Average peak-to-trough decline	-16.92%	-3.37%	-13.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.84%	7.00%	+12.84%

Volatility

SBT.TO vs. ZGLD.TO - Volatility Comparison

Purpose Silver Bullion Fund (SBT.TO) has a higher volatility of 17.19% compared to BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) at 5.27%. This indicates that SBT.TO's price experiences larger fluctuations and is considered to be riskier than ZGLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBT.TO	ZGLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.19%	5.27%	+11.92%
Volatility (6M) Calculated over the trailing 6-month period	57.92%	21.46%	+36.46%
Volatility (1Y) Calculated over the trailing 1-year period	59.01%	25.17%	+33.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.64%	20.58%	+16.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.58%	20.58%	+46.00%

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

SBT.TO has a 0.36% expense ratio, which is higher than ZGLD.TO's 0.23% expense ratio.

Dividends

SBT.TO vs. ZGLD.TO - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SBT.TO and ZGLD.TO in my portfolio?

SBT.TO and ZGLD.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBT.TO or ZGLD.TO?

On fees, ZGLD.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBT.TO or ZGLD.TO?

ZGLD.TO is cheaper with a 0.23% expense ratio, compared with 0.36% for SBT.TO.

What is the main difference between SBT.TO and ZGLD.TO?

SBT.TO is categorized as Silver, while ZGLD.TO is Gold. SBT.TO tracks LBMA Silver Price, while ZGLD.TO tracks Gold Bullion. They also come from different issuers: Purpose Investments and BMO. Their fees differ too: 0.36% for SBT.TO and 0.23% for ZGLD.TO.