ZGD.TO vs. BWET

Last updated Jun 13, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, ZGD.TO returned 49.58%/yr vs 118.54%/yr for BWET. At a 0.05 correlation, their price movements are largely independent. ZGD.TO charges 0.60%/yr vs 3.50%/yr for BWET.

Performance

ZGD.TO vs. BWET - 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 Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGD.TO is traded in CAD, while BWET is traded in USD. To make them comparable, the BWET 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 -0.17% return, which is significantly lower than BWET's 958.70% return.

ZGD.TO

• 1D: 3.38%
• 1M: -15.42%
• YTD: -0.17%
• 6M: -8.75%
• 1Y: 52.12%
• 3Y*: 49.58%
• 5Y*: 26.15%
• 10Y*: 16.15%

BWET

• 1D: 4.84%
• 1M: 13.84%
• YTD: 958.70%
• 6M: 704.90%
• 1Y: 1,758.22%
• 3Y*: 118.54%
• 5Y*: —
• 10Y*: —

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

ZGD.TO vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZGD.TO BMO Equal Weight Global Gold Index ETF	-0.17%	143.74%	37.44%	-11.03%
BWET Breakwave Tanker Shipping ETF	958.70%	87.26%	-34.06%	10.87%

Correlation

The correlation between ZGD.TO and BWET is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.05

ZGD.TO vs. BWET - Sectors Allocation Comparison

Sectors	ZGD.TO	BWET
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	8.6%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ZGD.TO vs. BWET — 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: 35
ZGD.TO Sharpe Ratio Rank: 36
ZGD.TO Sortino Ratio Rank: 33
ZGD.TO Omega Ratio Rank: 38
ZGD.TO Calmar Ratio Rank: 37
ZGD.TO Martin Ratio Rank: 33

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 98
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

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. BWET - 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 Breakwave Tanker Shipping ETF (BWET). 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	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.14	19.98	-18.84
Sortino ratio: Return per unit of downside risk	1.57	6.70	-5.13
Omega ratio: Gain probability vs. loss probability	1.22	1.97	-0.75
Calmar ratio: Return relative to maximum drawdown	1.61	63.86	-62.25
Martin ratio: Return relative to average drawdown	4.41	170.29	-165.89

ZGD.TO vs. BWET - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.14, which is lower than the BWET Sharpe Ratio of 19.98. The chart below compares the historical Sharpe Ratios of ZGD.TO and BWET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZGD.TO vs. BWET - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.59%, which is greater than BWET's maximum drawdown of -53.68%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and BWET.

Drawdown Indicators

	ZGD.TO	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-60.59%	-53.68%	-6.91%
Max Drawdown (1Y) Largest decline over 1 year	-33.55%	-31.06%	-2.49%
Max Drawdown (3Y) Largest decline over 3 years	-33.55%	-53.68%	+20.13%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.83%	—	—
Current Drawdown Current decline from peak	-27.42%	-4.27%	-23.15%
Average Drawdown Average peak-to-trough decline	-28.83%	-22.65%	-6.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.24%	11.63%	+0.61%

Volatility

ZGD.TO vs. BWET - Volatility Comparison

The current volatility for BMO Equal Weight Global Gold Index ETF (ZGD.TO) is 17.50%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 25.07%. This indicates that ZGD.TO experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.50%	25.07%	-7.57%
Volatility (6M) Calculated over the trailing 6-month period	39.20%	89.31%	-50.11%
Volatility (1Y) Calculated over the trailing 1-year period	47.33%	99.28%	-51.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.92%	70.67%	-33.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.61%	70.67%	-33.06%

ZGD.TO vs. BWET - Expense Ratio Comparison

ZGD.TO has a 0.60% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

ZGD.TO vs. BWET - Dividend Comparison

ZGD.TO's dividend yield for the trailing twelve months is around 0.22%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZGD.TO BMO Equal Weight Global Gold Index ETF	0.22%	0.22%	0.56%	0.72%	0.73%	0.36%	0.15%	1.14%	0.00%	0.00%	0.06%	0.09%

Frequently Asked Questions

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

ZGD.TO and BWET have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZGD.TO or BWET?

On fees, ZGD.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGD.TO or BWET?

ZGD.TO is cheaper with a 0.60% expense ratio, compared with 3.50% for BWET.

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

ZGD.TO is categorized as Gold, while BWET is Commodities. ZGD.TO tracks Solactive Equal Weight Global Gold Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: BMO and Amplify. Their fees differ too: 0.60% for ZGD.TO and 3.50% for BWET.