VALT.TO vs. ZGD.TO

Last updated Jul 25, 2026

VALT.TO (CI Gold Bullion ETF) and ZGD.TO (BMO Equal Weight Global Gold Index ETF) are both Gold funds - VALT.TO tracks the No Index (Physical Commodity) while ZGD.TO tracks the Solactive Equal Weight Global Gold Index. Both are passively managed. Over the past 5 years, VALT.TO returned 16.17%/yr vs 28.36%/yr for ZGD.TO. A 0.60 correlation means they provide meaningful diversification when combined. VALT.TO charges 0.17%/yr vs 0.60%/yr for ZGD.TO.

Performance

VALT.TO vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Gold Bullion ETF (VALT.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, VALT.TO achieves a -6.93% return, which is significantly lower than ZGD.TO's -5.14% return.

VALT.TO

• 1D: 0.19%
• 1M: 1.59%
• 6M: -19.64%
• YTD: -6.93%
• 1Y: 17.76%
• 3Y*: 25.22%
• 5Y*: 16.17%
• 10Y*: —
• ALL TIME*: 13.95%

ZGD.TO

• 1D: 0.51%
• 1M: 1.34%
• 6M: -23.28%
• YTD: -5.14%
• 1Y: 47.27%
• 3Y*: 47.06%
• 5Y*: 28.36%
• 10Y*: 13.88%
• ALL TIME*: 9.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VALT.TO CI Gold Bullion ETF	CA$185.75K	CA$223.40K	CA$363.49K
ZGD.TO BMO Equal Weight Global Gold Index ETF	CA$1.15M	CA$3.42M	CA$4.67M

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

	2026 (YTD)	2025	2024	2023	2022	2021
VALT.TO CI Gold Bullion ETF	-6.93%	60.46%	25.58%	12.35%	0.92%	-3.19%
ZGD.TO BMO Equal Weight Global Gold Index ETF	-5.14%	143.74%	37.44%	10.13%	-2.33%	-10.08%

Correlation

The correlation between VALT.TO and ZGD.TO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.60

The correlation between VALT.TO and ZGD.TO shifts across timeframes, from 0.60 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

VALT.TO

VALT.TO Risk / Return Rank: 25
VALT.TO Sharpe Ratio Rank: 27
VALT.TO Sortino Ratio Rank: 26
VALT.TO Omega Ratio Rank: 29
VALT.TO Calmar Ratio Rank: 23
VALT.TO Martin Ratio Rank: 22

ZGD.TO

ZGD.TO Risk / Return Rank: 38
ZGD.TO Sharpe Ratio Rank: 39
ZGD.TO Sortino Ratio Rank: 38
ZGD.TO Omega Ratio Rank: 42
ZGD.TO Calmar Ratio Rank: 38
ZGD.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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion ETF (VALT.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.

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.

	VALT.TO	ZGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.63	0.96	-0.33
Sortino ratio: Return per unit of downside risk	0.97	1.42	-0.45
Omega ratio: Gain probability vs. loss probability	1.14	1.19	-0.06
Calmar ratio: Return relative to maximum drawdown	0.66	1.35	-0.69
Martin ratio: Return relative to average drawdown	1.48	3.02	-1.54

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

The current VALT.TO Sharpe Ratio is 0.63, which is lower than the ZGD.TO Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of VALT.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.

Drawdowns

VALT.TO vs. ZGD.TO - Drawdown Comparison

The maximum VALT.TO drawdown since its inception was -27.07%, smaller than the maximum ZGD.TO drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for VALT.TO and ZGD.TO.

Drawdown Indicators

	VALT.TO	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.07%	-60.59%	+33.52%
Max Drawdown (1Y) Largest decline over 1 year	-27.07%	-35.30%	+8.23%
Max Drawdown (3Y) Largest decline over 3 years	-27.07%	-35.30%	+8.23%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-42.75%	+15.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.83%	—
Current Drawdown Current decline from peak	-25.75%	-31.04%	+5.29%
Average Drawdown Average peak-to-trough decline	-6.25%	-28.84%	+22.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.03%	15.71%	-3.68%

Volatility

VALT.TO vs. ZGD.TO - Volatility Comparison

The current volatility for CI Gold Bullion ETF (VALT.TO) is 6.20%, while BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a volatility of 13.87%. This indicates that VALT.TO experiences smaller price fluctuations and is considered to be less risky than ZGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALT.TO	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	13.87%	-7.67%
Volatility (6M) Calculated over the trailing 6-month period	24.23%	40.48%	-16.25%
Volatility (1Y) Calculated over the trailing 1-year period	28.23%	49.52%	-21.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	37.55%	-18.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	37.65%	-19.44%

VALT.TO vs. ZGD.TO - Expense Ratio Comparison

VALT.TO has a 0.17% expense ratio, which is lower than ZGD.TO's 0.60% expense ratio.

Dividends

VALT.TO vs. ZGD.TO - Dividend Comparison

VALT.TO has not paid dividends to shareholders, while ZGD.TO's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VALT.TO CI Gold Bullion ETF	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	0.23%	0.22%	0.56%	0.72%	0.73%	0.36%	0.15%	1.14%	0.00%	0.00%	0.06%	0.09%

Frequently Asked Questions

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

VALT.TO and ZGD.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VALT.TO or ZGD.TO?

On fees, VALT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VALT.TO or ZGD.TO?

VALT.TO is cheaper with a 0.17% expense ratio, compared with 0.60% for ZGD.TO.

What is the main difference between VALT.TO and ZGD.TO?

VALT.TO tracks No Index (Physical Commodity), while ZGD.TO tracks Solactive Equal Weight Global Gold Index. They also come from different issuers: CI Global Asset Management and BMO. Their fees differ too: 0.17% for VALT.TO and 0.60% for ZGD.TO.