WSHR.NEO vs. ZGLD.TO

Last updated Jun 5, 2026

WSHR.NEO (Wealthsimple Shariah World Equity Index ETF) and ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) are both exchange-traded funds - WSHR.NEO is a Global Equities fund tracking the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index, while ZGLD.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past year, WSHR.NEO returned 9.08% vs 34.43% for ZGLD.TO. At a 0.11 correlation, their price movements are largely independent. WSHR.NEO charges 0.56%/yr vs 0.23%/yr for ZGLD.TO.

Performance

WSHR.NEO vs. ZGLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Wealthsimple Shariah World Equity Index ETF (WSHR.NEO) 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, WSHR.NEO achieves a 5.97% return, which is significantly higher than ZGLD.TO's 5.17% return.

WSHR.NEO

• 1D: 0.27%
• 1M: 3.61%
• YTD: 5.97%
• 6M: 4.74%
• 1Y: 9.08%
• 3Y*: 9.32%
• 5Y*: 7.02%
• 10Y*: —

ZGLD.TO

• 1D: 0.79%
• 1M: 0.33%
• YTD: 5.17%
• 6M: 5.85%
• 1Y: 34.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WSHR.NEO vs. ZGLD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WSHR.NEO Wealthsimple Shariah World Equity Index ETF	5.97%	5.34%	6.42%
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	5.17%	55.82%	28.23%

Correlation

The correlation between WSHR.NEO and ZGLD.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 12, 2024	0.11

Return for Risk

WSHR.NEO vs. ZGLD.TO — Risk / Return Rank

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

WSHR.NEO

WSHR.NEO Risk / Return Rank: 24
WSHR.NEO Sharpe Ratio Rank: 24
WSHR.NEO Sortino Ratio Rank: 23
WSHR.NEO Omega Ratio Rank: 24
WSHR.NEO Calmar Ratio Rank: 23
WSHR.NEO Martin Ratio Rank: 26

ZGLD.TO

ZGLD.TO Risk / Return Rank: 39
ZGLD.TO Sharpe Ratio Rank: 40
ZGLD.TO Sortino Ratio Rank: 35
ZGLD.TO Omega Ratio Rank: 43
ZGLD.TO Calmar Ratio Rank: 41
ZGLD.TO Martin Ratio Rank: 33

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.

WSHR.NEO vs. ZGLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wealthsimple Shariah World Equity Index ETF (WSHR.NEO) 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.

	WSHR.NEO	ZGLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.38	-0.55
Sortino ratio: Return per unit of downside risk	1.19	1.81	-0.62
Omega ratio: Gain probability vs. loss probability	1.16	1.27	-0.12
Calmar ratio: Return relative to maximum drawdown	1.02	2.01	-0.99
Martin ratio: Return relative to average drawdown	3.39	4.89	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WSHR.NEO vs. ZGLD.TO - Sharpe Ratio Comparison

The current WSHR.NEO Sharpe Ratio is 0.82, which is lower than the ZGLD.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of WSHR.NEO 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

	WSHR.NEO	ZGLD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	1.38	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.93	-1.22

Drawdowns

WSHR.NEO vs. ZGLD.TO - Drawdown Comparison

The maximum WSHR.NEO drawdown since its inception was -20.86%, 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 WSHR.NEO and ZGLD.TO.

Drawdown Indicators

	WSHR.NEO	ZGLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-17.23%	-3.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-17.23%	+8.27%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.86%	—	—
Current Drawdown Current decline from peak	-0.93%	-14.72%	+13.79%
Average Drawdown Average peak-to-trough decline	-4.81%	-3.39%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	7.06%	-4.37%

Volatility

WSHR.NEO vs. ZGLD.TO - Volatility Comparison

The current volatility for Wealthsimple Shariah World Equity Index ETF (WSHR.NEO) is 2.21%, while BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a volatility of 5.26%. This indicates that WSHR.NEO 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.

Volatility by Period

	WSHR.NEO	ZGLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	5.26%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	21.46%	-13.66%
Volatility (1Y) Calculated over the trailing 1-year period	11.10%	25.16%	-14.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.13%	20.57%	-9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	20.57%	-9.46%

WSHR.NEO vs. ZGLD.TO - Expense Ratio Comparison

WSHR.NEO has a 0.56% expense ratio, which is higher than ZGLD.TO's 0.23% expense ratio.

Dividends

WSHR.NEO vs. ZGLD.TO - Dividend Comparison

WSHR.NEO's dividend yield for the trailing twelve months is around 1.32%, while ZGLD.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
WSHR.NEO Wealthsimple Shariah World Equity Index ETF	1.32%	1.34%	1.31%	1.34%	2.58%	0.44%
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

WSHR.NEO and ZGLD.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WSHR.NEO 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, WSHR.NEO or ZGLD.TO?

ZGLD.TO is cheaper with a 0.23% expense ratio, compared with 0.56% for WSHR.NEO.

What is the main difference between WSHR.NEO and ZGLD.TO?

WSHR.NEO is categorized as Global Equities, while ZGLD.TO is Gold. WSHR.NEO tracks Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index, while ZGLD.TO tracks Gold Bullion. They also come from different issuers: Mackenzie and BMO. Their fees differ too: 0.56% for WSHR.NEO and 0.23% for ZGLD.TO.