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XGD.TO vs. ZJG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XGD.TO vs. ZJG.TO

Last updated Jun 4, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and ZJG.TO (BMO Junior Gold Index ETF) are both Precious Metals funds - XGD.TO tracks the Morningstar Gbl Gold GR CAD while ZJG.TO tracks the Dow Jones North America Select Junior Gold Index. Both are passively managed. Over the past 10 years, XGD.TO returned 14.79%/yr vs 15.97%/yr for ZJG.TO. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.61% expense ratio.

Performance

XGD.TO vs. ZJG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Gold Index ETF (XGD.TO) and BMO Junior Gold Index ETF (ZJG.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, XGD.TO achieves a 3.35% return, which is significantly higher than ZJG.TO's 1.53% return. Over the past 10 years, XGD.TO has underperformed ZJG.TO with an annualized return of 14.79%, while ZJG.TO has yielded a comparatively higher 15.97% annualized return.

XGD.TO

1D
-2.80%
1M
1.62%
YTD
3.35%
6M
8.72%
1Y
67.78%
3Y*
43.11%
5Y*
22.30%
10Y*
14.79%

ZJG.TO

1D
-3.57%
1M
0.56%
YTD
1.53%
6M
8.52%
1Y
71.02%
3Y*
50.57%
5Y*
26.99%
10Y*
15.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XGD.TO vs. ZJG.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XGD.TO
iShares S&P/TSX Global Gold Index ETF		3.35%144.45%19.63%3.91%-3.10%-5.81%21.10%40.18%-4.10%0.96%
ZJG.TO
BMO Junior Gold Index ETF		1.53%154.66%36.44%6.11%-0.89%-16.72%24.40%42.01%-18.76%11.85%

Correlation

The correlation between XGD.TO and ZJG.TO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.80

Correlation (5Y)
Calculated over the trailing 5-year period

0.81

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2010

0.88

The correlation between XGD.TO and ZJG.TO shifts across timeframes, from 0.80 (3 years) to 0.95 (1 year), reflecting how their relationship changes across market environments.

XGD.TO vs. ZJG.TO - Sectors Allocation Comparison

Sectors
XGD.TO
ZJG.TO

Basic Materials

100.0%
100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

XGD.TO
100.0%
ZJG.TO
100.0%

Communication Services

XGD.TO

-

ZJG.TO

-

Consumer Cyclical

XGD.TO

-

ZJG.TO

-

Consumer Defensive

XGD.TO

-

ZJG.TO

-

Energy

XGD.TO

-

ZJG.TO

-

Financial Services

XGD.TO

-

ZJG.TO

-

Healthcare

XGD.TO

-

ZJG.TO

-

Industrials

XGD.TO

-

ZJG.TO

-

Real Estate

XGD.TO

-

ZJG.TO

-

Technology

XGD.TO

-

ZJG.TO

-

Utilities

XGD.TO

-

ZJG.TO

-

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iShares S&P/TSX Global Gold Index ETF

BMO Junior Gold Index ETF

Often compared with XGD.TO:
XGD.TO vs. CGL.TOXGD.TO vs. GLDXGD.TO vs. ZGD.TOXGD.TO vs. MNT.TOXGD.TO vs. BRK-BXGD.TO vs. ZGLD.TOXGD.TO vs. ZGLD.SW
Often compared with ZJG.TO:
ZJG.TO vs. ZGD.TOZJG.TO vs. ZGLD.TOZJG.TO vs. SGDJZJG.TO vs. XMA.TOZJG.TO vs. KNT.TOZJG.TO vs. RINGZJG.TO vs. HUZ.TO

Return for Risk

XGD.TO vs. ZJG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XGD.TO
XGD.TO Risk / Return Rank: 4242
Overall Rank
XGD.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XGD.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
XGD.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XGD.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
XGD.TO Martin Ratio Rank: 3939
Martin Ratio Rank
ZJG.TO
ZJG.TO Risk / Return Rank: 4141
Overall Rank
ZJG.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZJG.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
ZJG.TO Omega Ratio Rank: 4343
Omega Ratio Rank
ZJG.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
ZJG.TO Martin Ratio Rank: 3636
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.

XGD.TO vs. ZJG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Gold Index ETF (XGD.TO) and BMO Junior Gold Index ETF (ZJG.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.

XGD.TOZJG.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
1.54

+0.05

Sortino ratioReturn per unit of downside risk
1.97
1.93

+0.04

Omega ratioGain probability vs. loss probability

1.28

1.28

0.00

Calmar ratioReturn relative to maximum drawdown

2.35

2.23

+0.12

Martin ratioReturn relative to average drawdown

6.22

5.52

+0.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XGD.TO vs. ZJG.TO - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.59, which is comparable to the ZJG.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of XGD.TO and ZJG.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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Sharpe Ratios by Period

XGD.TOZJG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

1.54

+0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.75

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.42

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.17

+0.08

Drawdowns

XGD.TO vs. ZJG.TO - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.55%, smaller than the maximum ZJG.TO drawdown of -81.59%. Use the drawdown chart below to compare losses from any high point for XGD.TO and ZJG.TO.

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Drawdown Indicators

XGD.TOZJG.TODifference

Max Drawdown

Largest peak-to-trough decline

-72.55%

-81.59%

+9.04%

Max Drawdown (1Y)

Largest decline over 1 year

-28.95%

-32.02%

+3.07%

Max Drawdown (3Y)

Largest decline over 3 years

-28.95%

-32.02%

+3.07%

Max Drawdown (5Y)

Largest decline over 5 years

-40.82%

-41.63%

+0.81%

Max Drawdown (10Y)

Largest decline over 10 years

-46.96%

-48.58%

+1.62%

Current Drawdown

Current decline from peak

-23.49%

-28.35%

+4.86%

Average Drawdown

Average peak-to-trough decline

-28.30%

-49.08%

+20.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.93%

12.91%

-1.98%

Volatility

XGD.TO vs. ZJG.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Global Gold Index ETF (XGD.TO) is 14.43%, while BMO Junior Gold Index ETF (ZJG.TO) has a volatility of 15.90%. This indicates that XGD.TO experiences smaller price fluctuations and is considered to be less risky than ZJG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XGD.TOZJG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.43%

15.90%

-1.47%

Volatility (6M)

Calculated over the trailing 6-month period

34.40%

37.93%

-3.53%

Volatility (1Y)

Calculated over the trailing 1-year period

42.86%

46.25%

-3.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.64%

36.27%

-3.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.38%

38.00%

-4.62%

XGD.TO vs. ZJG.TO - Expense Ratio Comparison

Both XGD.TO and ZJG.TO have an expense ratio of 0.61%.

Dividends

XGD.TO vs. ZJG.TO - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.60%, more than ZJG.TO's 0.12% yield.

PositionTTM20252024202320222021202020192018201720162015
XGD.TO
iShares S&P/TSX Global Gold Index ETF		0.60%0.62%0.93%1.49%1.80%1.38%0.35%0.54%0.25%0.14%0.09%0.57%
ZJG.TO
BMO Junior Gold Index ETF		0.12%0.12%0.68%0.90%0.83%0.36%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.95, XGD.TO and ZJG.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.61% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

XGD.TO and ZJG.TO have the same expense ratio: 0.61% per year.

XGD.TO tracks Morningstar Gbl Gold GR CAD, while ZJG.TO tracks Dow Jones North America Select Junior Gold Index. They also come from different issuers: iShares and BMO.

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