USA.TO vs. ZGD.TO

Last updated Jun 4, 2026

USA.TO (Americas Gold and Silver Corporation) is a stock, while ZGD.TO (BMO Equal Weight Global Gold Index ETF) is Gold fund tracking the Solactive Equal Weight Global Gold Index. Over the past 10 years, USA.TO returned -2.15%/yr vs 18.07%/yr for ZGD.TO. At a 0.46 correlation, their price movements are largely independent.

Performance

USA.TO vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Americas Gold and Silver Corporation (USA.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, USA.TO achieves a 16.62% return, which is significantly higher than ZGD.TO's 6.26% return. Over the past 10 years, USA.TO has underperformed ZGD.TO with an annualized return of -2.15%, while ZGD.TO has yielded a comparatively higher 18.07% annualized return.

USA.TO

• 1D: -7.34%
• 1M: 2.88%
• YTD: 16.62%
• 6M: 30.32%
• 1Y: 212.76%
• 3Y*: 79.27%
• 5Y*: 9.56%
• 10Y*: -2.15%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USA.TO Americas Gold and Silver Corporation	16.62%	402.86%	69.70%	-57.14%	-24.51%	-75.00%	0.25%	82.51%	-51.31%	30.86%
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 USA.TO and ZGD.TO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	0.46

Over the past year, USA.TO and ZGD.TO have become more correlated (0.71) than their long-term average of 0.46, meaning their price movements have been converging.

Return for Risk

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

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

USA.TO

USA.TO Risk / Return Rank: 84
USA.TO Sharpe Ratio Rank: 77
USA.TO Sortino Ratio Rank: 86
USA.TO Omega Ratio Rank: 92
USA.TO Calmar Ratio Rank: 85
USA.TO Martin Ratio Rank: 82

ZGD.TO

ZGD.TO Risk / Return Rank: 49
ZGD.TO Sharpe Ratio Rank: 54
ZGD.TO Sortino Ratio Rank: 43
ZGD.TO Omega Ratio Rank: 50
ZGD.TO Calmar Ratio Rank: 55
ZGD.TO Martin Ratio Rank: 46

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.

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

This table presents a comparison of risk-adjusted performance metrics for Americas Gold and Silver Corporation (USA.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.

	USA.TO	ZGD.TO	Difference
Sharpe ratio Return per unit of total volatility	1.26	1.87	-0.60
Sortino ratio Return per unit of downside risk	2.86	2.20	+0.66
Omega ratio Gain probability vs. loss probability	1.48	1.32	+0.16
Calmar ratio Return relative to maximum drawdown	3.57	2.79	+0.77
Martin ratio Return relative to average drawdown	7.29	7.60	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current USA.TO Sharpe Ratio is 1.26, which is lower than the ZGD.TO Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of USA.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.

Sharpe Ratios by Period

	USA.TO	ZGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	1.87	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.85	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	0.49	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.29	-0.35

Drawdowns

USA.TO vs. ZGD.TO - Drawdown Comparison

The maximum USA.TO drawdown since its inception was -99.42%, which is greater than ZGD.TO's maximum drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for USA.TO and ZGD.TO.

Drawdown Indicators

	USA.TO	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-99.42%	-60.12%	-39.30%
Max Drawdown (1Y) Largest decline over 1 year	-60.06%	-30.15%	-29.91%
Max Drawdown (3Y) Largest decline over 3 years	-60.06%	-30.15%	-29.91%
Max Drawdown (5Y) Largest decline over 5 years	-86.67%	-42.75%	-43.92%
Max Drawdown (10Y) Largest decline over 10 years	-95.33%	-51.72%	-43.61%
Current Drawdown Current decline from peak	-93.16%	-22.75%	-70.41%
Average Drawdown Average peak-to-trough decline	-82.01%	-28.33%	-53.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.32%	11.06%	+18.26%

Volatility

USA.TO vs. ZGD.TO - Volatility Comparison

Americas Gold and Silver Corporation (USA.TO) has a higher volatility of 28.95% compared to BMO Equal Weight Global Gold Index ETF (ZGD.TO) at 15.70%. This indicates that USA.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

	USA.TO	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.95%	15.70%	+13.25%
Volatility (6M) Calculated over the trailing 6-month period	66.34%	36.43%	+29.91%
Volatility (1Y) Calculated over the trailing 1-year period	170.37%	45.11%	+125.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.69%	36.41%	+61.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.49%	37.35%	+45.14%

Dividends

USA.TO vs. ZGD.TO - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USA.TO Americas Gold and Silver Corporation	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

Can I hold both USA.TO and ZGD.TO in my portfolio?

USA.TO and ZGD.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.