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THE.TO vs. ZGLD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

THE.TO vs. ZGLD.TO

Last updated Jun 25, 2026

THE.TO (TD International Equity CAD Hedged Index ETF) and ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) are both exchange-traded funds - THE.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index, while ZGLD.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past year, THE.TO returned 25.19% vs 24.23% for ZGLD.TO. At a 0.14 correlation, their price movements are largely independent.

Performance

THE.TO vs. ZGLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD International Equity CAD Hedged Index ETF (THE.TO) and BMO Gold Bullion ETF (CAD Units) (ZGLD.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, THE.TO achieves a 10.71% return, which is significantly higher than ZGLD.TO's -4.14% return.

THE.TO

1D
0.00%
1M
2.08%
YTD
10.71%
6M
10.53%
1Y
25.19%
3Y*
17.14%
5Y*
11.89%
10Y*
11.78%

ZGLD.TO

1D
-2.92%
1M
-9.00%
YTD
-4.14%
6M
-7.44%
1Y
24.23%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
THE.TO
TD International Equity CAD Hedged Index ETF		10.71%21.73%3.68%
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)		-4.14%55.82%29.42%

Correlation

The correlation between THE.TO and ZGLD.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2024

0.14

The correlation between THE.TO and ZGLD.TO shifts across timeframes, from 0.14 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

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TD International Equity CAD Hedged Index ETF

BMO Gold Bullion ETF (CAD Units)

Often compared with THE.TO:
THE.TO vs. QDXH.TOTHE.TO vs. TCSH.TOTHE.TO vs. KNGX.TOTHE.TO vs. VXM.TOTHE.TO vs. TEQT.TOTHE.TO vs. ZLB.TOTHE.TO vs. FLVI.NEO
Often compared with ZGLD.TO:
ZGLD.TO vs. CGL-C.TOZGLD.TO vs. KILO.TOZGLD.TO vs. MNT.TOZGLD.TO vs. XGD.TOZGLD.TO vs. PHYS.TOZGLD.TO vs. VALT.TOZGLD.TO vs. XEQT.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
THE.TO
THE.TO Risk / Return Rank: 6868
Overall Rank
THE.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
THE.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
THE.TO Omega Ratio Rank: 7272
Omega Ratio Rank
THE.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
THE.TO Martin Ratio Rank: 6565
Martin Ratio Rank
ZGLD.TO
ZGLD.TO Risk / Return Rank: 2626
Overall Rank
ZGLD.TO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
ZGLD.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
ZGLD.TO Omega Ratio Rank: 3030
Omega Ratio Rank
ZGLD.TO Calmar Ratio Rank: 2525
Calmar Ratio Rank
ZGLD.TO Martin Ratio Rank: 2424
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.

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

This table presents a comparison of risk-adjusted performance metrics for TD International Equity CAD Hedged Index ETF (THE.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.

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.

THE.TOZGLD.TODifference
Sharpe ratioReturn per unit of total volatility
1.98
0.92

+1.06

Sortino ratioReturn per unit of downside risk
2.85
1.31

+1.54

Omega ratioGain probability vs. loss probability

1.37

1.19

+0.18

Calmar ratioReturn relative to maximum drawdown

2.67

1.09

+1.58

Martin ratioReturn relative to average drawdown

10.38

2.91

+7.47

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

The current THE.TO Sharpe Ratio is 1.98, which is higher than the ZGLD.TO Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of THE.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.

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Drawdowns

THE.TO vs. ZGLD.TO - Drawdown Comparison

The maximum THE.TO drawdown since its inception was -32.08%, which is greater than ZGLD.TO's maximum drawdown of -22.27%. Use the drawdown chart below to compare losses from any high point for THE.TO and ZGLD.TO.

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Drawdown Indicators

THE.TOZGLD.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.08%

-22.27%

-9.81%

Max Drawdown (1Y)

Largest decline over 1 year

-9.47%

-22.27%

+12.80%

Max Drawdown (3Y)

Largest decline over 3 years

-14.69%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-15.55%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-32.08%

—

—

Current Drawdown

Current decline from peak

-1.56%

-22.27%

+20.71%

Average Drawdown

Average peak-to-trough decline

-3.71%

-3.76%

+0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.43%

8.35%

-5.92%

Volatility

THE.TO vs. ZGLD.TO - Volatility Comparison

The current volatility for TD International Equity CAD Hedged Index ETF (THE.TO) is 4.19%, while BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a volatility of 8.87%. This indicates that THE.TO experiences smaller price fluctuations and is considered to be less risky than ZGLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

THE.TOZGLD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.19%

8.87%

-4.68%

Volatility (6M)

Calculated over the trailing 6-month period

10.64%

22.95%

-12.31%

Volatility (1Y)

Calculated over the trailing 1-year period

12.81%

26.47%

-13.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.27%

21.08%

-6.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

21.08%

-3.86%

Dividends

THE.TO vs. ZGLD.TO - Dividend Comparison

THE.TO's dividend yield for the trailing twelve months is around 2.35%, while ZGLD.TO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
THE.TO
TD International Equity CAD Hedged Index ETF		2.35%2.57%2.73%2.65%3.46%2.20%2.47%2.52%3.52%2.87%2.10%
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

THE.TO and ZGLD.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

THE.TO is categorized as International Equity, while ZGLD.TO is Gold. THE.TO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index, while ZGLD.TO tracks Gold Bullion. They also come from different issuers: TD and BMO.

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