ZEB.TO vs. ZGD.TO

Last updated Jun 4, 2026

ZEB.TO (BMO Equal Weight Banks Index ETF) and ZGD.TO (BMO Equal Weight Global Gold Index ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index. Both are passively managed. Over the past 10 years, ZEB.TO returned 15.82%/yr vs 18.07%/yr for ZGD.TO. At a 0.03 correlation, their price movements are largely independent. ZEB.TO charges 0.25%/yr vs 0.60%/yr for ZGD.TO.

Performance

ZEB.TO vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Banks Index ETF (ZEB.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, ZEB.TO achieves a 19.22% return, which is significantly higher than ZGD.TO's 6.26% return. Over the past 10 years, ZEB.TO has underperformed ZGD.TO with an annualized return of 15.82%, while ZGD.TO has yielded a comparatively higher 18.07% annualized return.

ZEB.TO

• 1D: -0.43%
• 1M: 5.51%
• YTD: 19.22%
• 6M: 24.72%
• 1Y: 60.22%
• 3Y*: 32.73%
• 5Y*: 18.18%
• 10Y*: 15.82%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZEB.TO BMO Equal Weight Banks Index ETF	19.22%	43.43%	24.58%	10.87%	-10.38%	39.38%	3.52%	16.06%	-8.85%	14.26%
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 ZEB.TO and ZGD.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	0.03

Over the past year, ZEB.TO and ZGD.TO have become more correlated (0.30) than their long-term average of 0.03, meaning their price movements have been converging.

ZEB.TO vs. ZGD.TO - Sectors Allocation Comparison

Sectors	ZEB.TO	ZGD.TO
Financial Services	100.0%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

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

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

ZEB.TO

ZEB.TO Risk / Return Rank: 96
ZEB.TO Sharpe Ratio Rank: 97
ZEB.TO Sortino Ratio Rank: 97
ZEB.TO Omega Ratio Rank: 97
ZEB.TO Calmar Ratio Rank: 94
ZEB.TO Martin Ratio Rank: 95

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Banks Index ETF (ZEB.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.

	ZEB.TO	ZGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.79	1.87	+2.93
Sortino ratio: Return per unit of downside risk	6.54	2.20	+4.34
Omega ratio: Gain probability vs. loss probability	1.90	1.32	+0.58
Calmar ratio: Return relative to maximum drawdown	7.17	2.79	+4.38
Martin ratio: Return relative to average drawdown	30.84	7.60	+23.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZEB.TO Sharpe Ratio is 4.79, which is higher than the ZGD.TO Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of ZEB.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

	ZEB.TO	ZGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.79	1.87	+2.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.35	0.85	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.49	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.29	+0.60

Drawdowns

ZEB.TO vs. ZGD.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, smaller than the maximum ZGD.TO drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and ZGD.TO.

Drawdown Indicators

	ZEB.TO	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.69%	-60.12%	+20.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-30.15%	+21.71%
Max Drawdown (3Y) Largest decline over 3 years	-14.80%	-30.15%	+15.35%
Max Drawdown (5Y) Largest decline over 5 years	-25.97%	-42.75%	+16.78%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-51.72%	+12.03%
Current Drawdown Current decline from peak	-2.00%	-22.75%	+20.75%
Average Drawdown Average peak-to-trough decline	-5.65%	-28.33%	+22.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	11.06%	-9.10%

Volatility

ZEB.TO vs. ZGD.TO - Volatility Comparison

The current volatility for BMO Equal Weight Banks Index ETF (ZEB.TO) is 4.89%, while BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a volatility of 15.70%. This indicates that ZEB.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

	ZEB.TO	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	15.70%	-10.81%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	36.43%	-25.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	45.11%	-32.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	36.41%	-22.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	37.35%	-20.44%

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

ZEB.TO has a 0.25% expense ratio, which is lower than ZGD.TO's 0.60% expense ratio.

Dividends

ZEB.TO vs. ZGD.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.54%, more than ZGD.TO's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZEB.TO BMO Equal Weight Banks Index ETF	2.54%	2.95%	3.98%	4.75%	4.29%	3.13%	4.15%	3.65%	3.64%	3.02%	3.19%	3.70%
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 ZEB.TO and ZGD.TO in my portfolio?

ZEB.TO and ZGD.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.60% for ZGD.TO.

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

ZEB.TO is categorized as Financials Equities, while ZGD.TO is Gold. ZEB.TO tracks Solactive Equal Weight Canada Banks Index, while ZGD.TO tracks Solactive Equal Weight Global Gold Index. Their fees differ too: 0.25% for ZEB.TO and 0.60% for ZGD.TO.