XCSR.TO vs. ZGLD.TO

Last updated Jun 5, 2026

XCSR.TO (iShares ESG Advanced MSCI Canada Index ETF) and ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) are both exchange-traded funds - XCSR.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while ZGLD.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past year, XCSR.TO returned 32.34% vs 34.43% for ZGLD.TO. At a 0.26 correlation, their price movements are largely independent. XCSR.TO charges 0.17%/yr vs 0.23%/yr for ZGLD.TO.

Performance

XCSR.TO vs. ZGLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) 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, XCSR.TO achieves a 7.96% return, which is significantly higher than ZGLD.TO's 5.17% return.

XCSR.TO

• 1D: 1.26%
• 1M: 6.36%
• YTD: 7.96%
• 6M: 7.56%
• 1Y: 32.34%
• 3Y*: 25.22%
• 5Y*: 13.66%
• 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)

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

	2026 (YTD)	2025	2024
XCSR.TO iShares ESG Advanced MSCI Canada Index ETF	7.96%	35.35%	19.66%
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	5.17%	55.82%	28.23%

Correlation

The correlation between XCSR.TO and ZGLD.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 12, 2024	0.26

Return for Risk

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

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

XCSR.TO

XCSR.TO Risk / Return Rank: 64
XCSR.TO Sharpe Ratio Rank: 66
XCSR.TO Sortino Ratio Rank: 63
XCSR.TO Omega Ratio Rank: 64
XCSR.TO Calmar Ratio Rank: 60
XCSR.TO Martin Ratio Rank: 65

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI Canada Index ETF (XCSR.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.

	XCSR.TO	ZGLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.38	+0.78
Sortino ratio: Return per unit of downside risk	2.89	1.81	+1.08
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	2.92	2.01	+0.91
Martin ratio: Return relative to average drawdown	11.63	4.89	+6.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XCSR.TO Sharpe Ratio is 2.15, which is higher than the ZGLD.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XCSR.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.

Sharpe Ratios by Period

	XCSR.TO	ZGLD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	1.38	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.93	-1.84

Drawdowns

XCSR.TO vs. ZGLD.TO - Drawdown Comparison

The maximum XCSR.TO drawdown since its inception was -23.56%, 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 XCSR.TO and ZGLD.TO.

Drawdown Indicators

	XCSR.TO	ZGLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-17.23%	-6.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-17.23%	+6.11%
Max Drawdown (3Y) Largest decline over 3 years	-12.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.56%	—	—
Current Drawdown Current decline from peak	0.00%	-14.72%	+14.72%
Average Drawdown Average peak-to-trough decline	-5.12%	-3.39%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	7.06%	-4.27%

Volatility

XCSR.TO vs. ZGLD.TO - Volatility Comparison

The current volatility for iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) is 4.09%, while BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a volatility of 5.26%. This indicates that XCSR.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.

Volatility by Period

	XCSR.TO	ZGLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	5.26%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	21.46%	-8.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	25.16%	-10.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	20.57%	-6.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1,367.87%	20.57%	+1,347.30%

XCSR.TO vs. ZGLD.TO - Expense Ratio Comparison

XCSR.TO has a 0.17% expense ratio, which is lower than ZGLD.TO's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XCSR.TO vs. ZGLD.TO - Dividend Comparison

XCSR.TO's dividend yield for the trailing twelve months is around 1.63%, while ZGLD.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
XCSR.TO iShares ESG Advanced MSCI Canada Index ETF	1.63%	1.73%	2.20%	2.61%	2.78%	1.53%	0.81%
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

XCSR.TO and ZGLD.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCSR.TO or ZGLD.TO?

On fees, XCSR.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, XCSR.TO or ZGLD.TO?

XCSR.TO is cheaper with a 0.17% expense ratio, compared with 0.23% for ZGLD.TO.

What is the main difference between XCSR.TO and ZGLD.TO?

XCSR.TO is categorized as Canada Equities, while ZGLD.TO is Gold. XCSR.TO tracks Morningstar Canada GR CAD, while ZGLD.TO tracks Gold Bullion. They also come from different issuers: iShares and BMO. Their fees differ too: 0.17% for XCSR.TO and 0.23% for ZGLD.TO.