ZGD.TO vs. ^GSPC

Last updated Jun 4, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) is Gold fund tracking the Solactive Equal Weight Global Gold Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, ZGD.TO returned 18.07%/yr vs 14.52%/yr for ^GSPC. At a correlation of -0.02, they often move in opposite directions.

Performance

ZGD.TO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Global Gold Index ETF (ZGD.TO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGD.TO is traded in CAD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZGD.TO achieves a 6.26% return, which is significantly lower than ^GSPC's 12.12% return. Over the past 10 years, ZGD.TO has outperformed ^GSPC with an annualized return of 18.07%, while ^GSPC has yielded a comparatively lower 14.52% annualized return.

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%

^GSPC

• 1D: 0.00%
• 1M: 7.35%
• YTD: 12.12%
• 6M: 10.22%
• 1Y: 28.58%
• 3Y*: 22.37%
• 5Y*: 15.58%
• 10Y*: 14.52%

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

ZGD.TO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
^GSPC S&P 500 Index	11.75%	11.05%	33.90%	21.49%	-13.70%	25.75%	14.29%	22.54%	1.71%	11.82%

Correlation

The correlation between ZGD.TO and ^GSPC is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	-0.02

The correlation between ZGD.TO and ^GSPC shifts across timeframes, from -0.02 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZGD.TO vs. ^GSPC — Risk / Return Rank

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

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

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

ZGD.TO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Global Gold Index ETF (ZGD.TO) and S&P 500 Index (^GSPC). 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.

	ZGD.TO	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.46	-0.59
Sortino ratio: Return per unit of downside risk	2.20	3.32	-1.12
Omega ratio: Gain probability vs. loss probability	1.32	1.47	-0.15
Calmar ratio: Return relative to maximum drawdown	2.79	3.24	-0.45
Martin ratio: Return relative to average drawdown	7.60	12.23	-4.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZGD.TO vs. ^GSPC - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.87, which is comparable to the ^GSPC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ZGD.TO and ^GSPC, 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

	ZGD.TO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.46	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	1.05	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.89	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.99	-0.70

Drawdowns

ZGD.TO vs. ^GSPC - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.12%, which is greater than ^GSPC's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and ^GSPC.

Drawdown Indicators

	ZGD.TO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-60.12%	-27.59%	-32.53%
Max Drawdown (1Y) Largest decline over 1 year	-30.15%	-8.86%	-21.29%
Max Drawdown (3Y) Largest decline over 3 years	-30.15%	-19.23%	-10.92%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	-22.60%	-20.15%
Max Drawdown (10Y) Largest decline over 10 years	-51.72%	-27.59%	-24.13%
Current Drawdown Current decline from peak	-22.75%	0.00%	-22.75%
Average Drawdown Average peak-to-trough decline	-28.33%	-3.51%	-24.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.06%	2.34%	+8.72%

Volatility

ZGD.TO vs. ^GSPC - Volatility Comparison

BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a higher volatility of 15.70% compared to S&P 500 Index (^GSPC) at 2.69%. This indicates that ZGD.TO's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.70%	2.69%	+13.01%
Volatility (6M) Calculated over the trailing 6-month period	36.43%	8.85%	+27.58%
Volatility (1Y) Calculated over the trailing 1-year period	45.11%	11.70%	+33.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.41%	14.99%	+21.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.35%	16.33%	+21.02%

Frequently Asked Questions

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

ZGD.TO and ^GSPC have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.