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SVR-C.TO vs. ZGD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SVR-C.TO vs. ZGD.TO

Last updated Jun 4, 2026

SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) and ZGD.TO (BMO Equal Weight Global Gold Index ETF) are both exchange-traded funds - SVR-C.TO is a Silver fund tracking the LBMA Silver Price, while ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index. Both are passively managed. Over the past 10 years, SVR-C.TO returned 16.32%/yr vs 18.07%/yr for ZGD.TO. At a 0.46 correlation, their price movements are largely independent. SVR-C.TO charges 0.66%/yr vs 0.60%/yr for ZGD.TO.

Performance

SVR-C.TO vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) and BMO Equal Weight Global Gold Index ETF (ZGD.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SVR-C.TO achieves a 3.58% return, which is significantly lower than ZGD.TO's 6.26% return. Over the past 10 years, SVR-C.TO has underperformed ZGD.TO with an annualized return of 16.32%, while ZGD.TO has yielded a comparatively higher 18.07% annualized return.

SVR-C.TO

1D
-2.08%
1M
2.36%
YTD
3.58%
6M
23.35%
1Y
112.17%
3Y*
46.44%
5Y*
24.24%
10Y*
16.32%

ZGD.TO

1D
-3.34%
1M
2.10%
YTD
6.26%
6M
13.53%
1Y
83.82%
3Y*
55.62%
5Y*
30.59%
10Y*
18.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SVR-C.TO vs. ZGD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SVR-C.TO
iShares Silver Bullion ETF (Non-Hedged)		3.58%132.91%30.61%-2.65%9.31%-12.72%43.88%9.28%-2.35%-2.30%
ZGD.TO
BMO Equal Weight Global Gold Index ETF		6.26%170.64%37.48%10.17%-2.30%-12.57%26.59%53.72%-12.09%-0.73%

Correlation

The correlation between SVR-C.TO and ZGD.TO is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.53

Correlation (10Y)
Calculated over the trailing 10-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2012

0.46

Over the past year, SVR-C.TO and ZGD.TO have become more correlated (0.70) than their long-term average of 0.46, meaning their price movements have been converging.

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iShares Silver Bullion ETF (Non-Hedged)

BMO Equal Weight Global Gold Index ETF

Often compared with SVR-C.TO:
SVR-C.TO vs. SVR.TOSVR-C.TO vs. PSLV.TOSVR-C.TO vs. MNS.TOSVR-C.TO vs. SBT.TOSVR-C.TO vs. HUG.TOSVR-C.TO vs. CGL.TOSVR-C.TO vs. GDX
Often compared with ZGD.TO:
ZGD.TO vs. XGD.TOZGD.TO vs. GLDZGD.TO vs. AMAX.TOZGD.TO vs. ZMT.TOZGD.TO vs. GDXUZGD.TO vs. SGDMZGD.TO vs. RGPM.NEO

Return for Risk

SVR-C.TO vs. ZGD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SVR-C.TO
SVR-C.TO Risk / Return Rank: 5050
Overall Rank
SVR-C.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SVR-C.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
SVR-C.TO Omega Ratio Rank: 5858
Omega Ratio Rank
SVR-C.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
SVR-C.TO Martin Ratio Rank: 3737
Martin Ratio Rank
ZGD.TO
ZGD.TO Risk / Return Rank: 4949
Overall Rank
ZGD.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
ZGD.TO Sortino Ratio Rank: 4343
Sortino Ratio Rank
ZGD.TO Omega Ratio Rank: 5050
Omega Ratio Rank
ZGD.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
ZGD.TO Martin Ratio Rank: 4646
Martin Ratio Rank
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.

SVR-C.TO vs. ZGD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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.

SVR-C.TOZGD.TODifference
Sharpe ratioReturn per unit of total volatility
1.99
1.87

+0.12

Sortino ratioReturn per unit of downside risk
2.13
2.20

-0.06

Omega ratioGain probability vs. loss probability

1.36

1.32

+0.04

Calmar ratioReturn relative to maximum drawdown

2.72

2.79

-0.08

Martin ratioReturn relative to average drawdown

5.83

7.60

-1.77

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVR-C.TO vs. ZGD.TO - Sharpe Ratio Comparison

The current SVR-C.TO Sharpe Ratio is 1.99, which is comparable to the ZGD.TO Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of SVR-C.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.

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Sharpe Ratios by Period

SVR-C.TOZGD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

1.87

+0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.85

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.49

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.29

-0.06

Drawdowns

SVR-C.TO vs. ZGD.TO - Drawdown Comparison

The maximum SVR-C.TO drawdown since its inception was -61.14%, roughly equal to the maximum ZGD.TO drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for SVR-C.TO and ZGD.TO.

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Drawdown Indicators

SVR-C.TOZGD.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.14%

-60.12%

-1.02%

Max Drawdown (1Y)

Largest decline over 1 year

-41.54%

-30.15%

-11.39%

Max Drawdown (3Y)

Largest decline over 3 years

-41.54%

-30.15%

-11.39%

Max Drawdown (5Y)

Largest decline over 5 years

-41.54%

-42.75%

+1.21%

Max Drawdown (10Y)

Largest decline over 10 years

-41.54%

-51.72%

+10.18%

Current Drawdown

Current decline from peak

-35.92%

-22.75%

-13.17%

Average Drawdown

Average peak-to-trough decline

-35.58%

-28.33%

-7.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

19.30%

11.06%

+8.24%

Volatility

SVR-C.TO vs. ZGD.TO - Volatility Comparison

iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) and BMO Equal Weight Global Gold Index ETF (ZGD.TO) have volatilities of 16.01% and 15.70%, 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.

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Volatility by Period

SVR-C.TOZGD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.01%

15.70%

+0.31%

Volatility (6M)

Calculated over the trailing 6-month period

55.45%

36.43%

+19.02%

Volatility (1Y)

Calculated over the trailing 1-year period

56.72%

45.11%

+11.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.57%

36.41%

+0.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.57%

37.35%

-3.78%

SVR-C.TO vs. ZGD.TO - Expense Ratio Comparison

SVR-C.TO has a 0.66% expense ratio, which is higher than ZGD.TO's 0.60% expense ratio.

Dividends

SVR-C.TO vs. ZGD.TO - Dividend Comparison

SVR-C.TO has not paid dividends to shareholders, while ZGD.TO's dividend yield for the trailing twelve months is around 0.21%.

PositionTTM20252024202320222021202020192018201720162015
SVR-C.TO
iShares Silver Bullion ETF (Non-Hedged)		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		0.21%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

SVR-C.TO and ZGD.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZGD.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZGD.TO is cheaper with a 0.60% expense ratio, compared with 0.66% for SVR-C.TO.

SVR-C.TO is categorized as Silver, while ZGD.TO is Gold. SVR-C.TO tracks LBMA Silver Price, while ZGD.TO tracks Solactive Equal Weight Global Gold Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.66% for SVR-C.TO and 0.60% for ZGD.TO.

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