ZGD.TO vs. GBUG

Last updated Jun 4, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and GBUG (Sprott Active Gold & Silver Miners ETF) are both Gold funds. ZGD.TO is passively managed, while GBUG is actively managed. Over the past year, ZGD.TO returned 83.82% vs 63.78% for GBUG. Their correlation of 0.93 suggests significant overlap in exposure. ZGD.TO charges 0.60%/yr vs 0.89%/yr for GBUG.

Performance

ZGD.TO vs. GBUG - 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 Sprott Active Gold & Silver Miners ETF (GBUG). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGD.TO is traded in CAD, while GBUG is traded in USD. To make them comparable, the GBUG 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 higher than GBUG's -1.35% 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%

GBUG

• 1D: -3.47%
• 1M: 1.71%
• YTD: -1.35%
• 6M: 6.28%
• 1Y: 63.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZGD.TO vs. GBUG - Yearly Performance Comparison

	2026 (YTD)	2025
ZGD.TO BMO Equal Weight Global Gold Index ETF	6.26%	124.08%
GBUG Sprott Active Gold & Silver Miners ETF	-1.35%	112.09%

Correlation

The correlation between ZGD.TO and GBUG is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.93

The correlation between ZGD.TO and GBUG has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

Return for Risk

ZGD.TO vs. GBUG — 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

GBUG

GBUG Risk / Return Rank: 35
GBUG Sharpe Ratio Rank: 36
GBUG Sortino Ratio Rank: 32
GBUG Omega Ratio Rank: 36
GBUG Calmar Ratio Rank: 39
GBUG Martin Ratio Rank: 33

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. GBUG - 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 Sprott Active Gold & Silver Miners ETF (GBUG). 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	GBUG	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.38	+0.48
Sortino ratio: Return per unit of downside risk	2.20	1.79	+0.41
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	2.79	2.02	+0.77
Martin ratio: Return relative to average drawdown	7.60	5.27	+2.33
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. GBUG - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.87, which is higher than the GBUG Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of ZGD.TO and GBUG, 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	GBUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.38	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.72	-1.43

Drawdowns

ZGD.TO vs. GBUG - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.12%, which is greater than GBUG's maximum drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and GBUG.

Drawdown Indicators

	ZGD.TO	GBUG	Difference
Max Drawdown Largest peak-to-trough decline	-60.12%	-31.70%	-28.42%
Max Drawdown (1Y) Largest decline over 1 year	-30.15%	-31.70%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-30.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.72%	—	—
Current Drawdown Current decline from peak	-22.75%	-25.45%	+2.70%
Average Drawdown Average peak-to-trough decline	-28.33%	-7.44%	-20.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.06%	12.14%	-1.08%

Volatility

ZGD.TO vs. GBUG - Volatility Comparison

BMO Equal Weight Global Gold Index ETF (ZGD.TO) and Sprott Active Gold & Silver Miners ETF (GBUG) have volatilities of 15.70% and 15.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	GBUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.70%	15.17%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	36.43%	38.13%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	45.11%	46.29%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.41%	45.54%	-9.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.35%	45.54%	-8.19%

ZGD.TO vs. GBUG - Expense Ratio Comparison

ZGD.TO has a 0.60% expense ratio, which is lower than GBUG's 0.89% expense ratio.

Dividends

ZGD.TO vs. GBUG - Dividend Comparison

ZGD.TO's dividend yield for the trailing twelve months is around 0.21%, less than GBUG's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBUG Sprott Active Gold & Silver Miners ETF	1.60%	1.56%	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	0.21%	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 ZGD.TO and GBUG in my portfolio?

With a correlation of 0.93, ZGD.TO and GBUG 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.

Which ETF is better, ZGD.TO or GBUG?

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 GBUG?

ZGD.TO is cheaper with a 0.60% expense ratio, compared with 0.89% for GBUG.

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

They also come from different issuers: BMO and Sprott. Their fees differ too: 0.60% for ZGD.TO and 0.89% for GBUG.