ZGD.TO vs. ^GSPC
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 15.13%/yr vs 14.84%/yr for ^GSPC. At a 0.05 correlation, their price movements are largely independent.
Performance
ZGD.TO vs. ^GSPC - Performance Comparison
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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 -1.70% return, which is significantly lower than ^GSPC's 11.24% return. Both investments have delivered pretty close results over the past 10 years, with ZGD.TO having a 15.13% annualized return and ^GSPC not far behind at 14.84%.
ZGD.TO
- 1D
- -4.74%
- 1M
- -6.76%
- YTD
- -1.70%
- 6M
- -15.79%
- 1Y
- 51.48%
- 3Y*
- 51.89%
- 5Y*
- 28.34%
- 10Y*
- 15.13%
^GSPC
- 1D
- -1.55%
- 1M
- 1.29%
- YTD
- 11.24%
- 6M
- 9.77%
- 1Y
- 25.97%
- 3Y*
- 22.19%
- 5Y*
- 14.72%
- 10Y*
- 14.84%
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 | -1.70% | 143.74% | 37.44% | 10.13% | -2.33% | -12.59% | 26.58% | 53.60% | -12.09% | -0.71% |
^GSPC S&P 500 Index | 11.24% | 11.07% | 33.75% | 21.28% | -14.34% | 26.83% | 13.50% | 23.57% | 1.65% | 11.33% |
Correlation
The correlation between ZGD.TO and ^GSPC 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 (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012 | 0.05 |
Over the past year, ZGD.TO and ^GSPC have become more correlated (0.33) than their long-term average of 0.05, meaning their price movements have been converging.
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Return for Risk
ZGD.TO vs. ^GSPC — Risk / Return Rank
ZGD.TO
^GSPC
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZGD.TO | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 2.84 | -1.30 |
| Martin ratioReturn relative to average drawdown | 4.01 | 10.55 | -6.54 |
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Drawdowns
ZGD.TO vs. ^GSPC - Drawdown Comparison
The maximum ZGD.TO drawdown since its inception was -60.59%, which is greater than ^GSPC's maximum drawdown of -48.87%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and ^GSPC.
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Drawdown Indicators
| ZGD.TO | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.59% | -48.87% | -11.72% |
Max Drawdown (1Y)Largest decline over 1 year | -33.55% | -9.17% | -24.38% |
Max Drawdown (3Y)Largest decline over 3 years | -33.55% | -19.59% | -13.96% |
Max Drawdown (5Y)Largest decline over 5 years | -42.75% | -23.14% | -19.61% |
Max Drawdown (10Y)Largest decline over 10 years | -51.83% | -27.97% | -23.86% |
Current DrawdownCurrent decline from peak | -28.54% | -1.55% | -26.99% |
Average DrawdownAverage peak-to-trough decline | -28.83% | -9.65% | -19.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.87% | 2.47% | +10.40% |
Volatility
ZGD.TO vs. ^GSPC - Volatility Comparison
BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a higher volatility of 17.36% compared to S&P 500 Index (^GSPC) at 5.21%. 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.
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Volatility by Period
| ZGD.TO | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.36% | 5.21% | +12.15% |
Volatility (6M)Calculated over the trailing 6-month period | 40.03% | 10.35% | +29.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.21% | 12.96% | +35.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.10% | 17.97% | +19.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.62% | 19.16% | +18.46% |
Frequently Asked Questions
ZGD.TO and ^GSPC 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.
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