ZGD.TO vs. GDXU

Last updated Aug 6, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) are both exchange-traded funds - ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index, while GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, ZGD.TO returned 31.07%/yr vs -2.91%/yr for GDXU. Their correlation of 0.83 means they have usually moved in the same direction. ZGD.TO charges 0.60%/yr vs 0.95%/yr for GDXU.

Performance

ZGD.TO vs. GDXU - 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 MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGD.TO is traded in CAD, while GDXU is traded in USD. To make them comparable, the GDXU 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 5.82% return, which is significantly higher than GDXU's -54.84% return.

ZGD.TO

• 1D: 6.90%
• 1M: 3.62%
• 6M: -6.91%
• YTD: 5.82%
• 1Y: 56.74%
• 3Y*: 56.14%
• 5Y*: 31.07%
• 10Y*: 14.39%
• ALL TIME*: 9.89%

GDXU

• 1D: 22.61%
• 1M: 9.12%
• 6M: -65.63%
• YTD: -54.84%
• 1Y: 29.04%
• 3Y*: 50.04%
• 5Y*: -2.91%
• 10Y*: —
• ALL TIME*: -12.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	CA$174.09M	CA$166.08M	CA$234.72M
ZGD.TO BMO Equal Weight Global Gold Index ETF	CA$697.04K	CA$1.58M	CA$4.11M

ZGD.TO vs. GDXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZGD.TO BMO Equal Weight Global Gold Index ETF	5.82%	143.74%	37.44%	10.13%	-2.33%	-12.59%	2.10%
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-54.84%	755.54%	-11.71%	-23.23%	-60.46%	-54.96%	2.98%

Correlation

The correlation between ZGD.TO and GDXU is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.83

The correlation between ZGD.TO and GDXU has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

ZGD.TO vs. GDXU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZGD.TO

ZGD.TO Risk / Return Rank: 38
ZGD.TO Sharpe Ratio Rank: 40
ZGD.TO Sortino Ratio Rank: 38
ZGD.TO Omega Ratio Rank: 40
ZGD.TO Calmar Ratio Rank: 40
ZGD.TO Martin Ratio Rank: 32

GDXU

GDXU Risk / Return Rank: 21
GDXU Sharpe Ratio Rank: 14
GDXU Sortino Ratio Rank: 30
GDXU Omega Ratio Rank: 32
GDXU Calmar Ratio Rank: 15
GDXU Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZGD.TO vs. GDXU - 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 MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU). 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	GDXU	Difference
Sharpe ratio: Return per unit of total volatility	1.14	0.20	+0.94
Sortino ratio: Return per unit of downside risk	1.60	1.31	+0.28
Omega ratio: Gain probability vs. loss probability	1.22	1.17	+0.04
Calmar ratio: Return relative to maximum drawdown	1.62	0.34	+1.28
Martin ratio: Return relative to average drawdown	3.45	0.59	+2.86

ZGD.TO vs. GDXU - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.14, which is higher than the GDXU Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of ZGD.TO and GDXU, 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. GDXU - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.59%, smaller than the maximum GDXU drawdown of -94.06%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and GDXU.

Drawdown Indicators

	ZGD.TO	GDXU	Difference
Max Drawdown Largest peak-to-trough decline	-60.59%	-94.06%	+33.47%
Max Drawdown (1Y) Largest decline over 1 year	-35.30%	-86.73%	+51.43%
Max Drawdown (3Y) Largest decline over 3 years	-35.30%	-86.73%	+51.43%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	-90.63%	+47.88%
Max Drawdown (10Y) Largest decline over 10 years	-51.40%	—	—
Current Drawdown Current decline from peak	-23.06%	-78.88%	+55.82%
Average Drawdown Average peak-to-trough decline	-28.84%	-69.42%	+40.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.48%	49.18%	-32.70%

Volatility

ZGD.TO vs. GDXU - Volatility Comparison

The current volatility for BMO Equal Weight Global Gold Index ETF (ZGD.TO) is 16.32%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 41.64%. This indicates that ZGD.TO experiences smaller price fluctuations and is considered to be less risky than GDXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	GDXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.32%	41.64%	-25.32%
Volatility (6M) Calculated over the trailing 6-month period	39.46%	118.14%	-78.68%
Volatility (1Y) Calculated over the trailing 1-year period	50.54%	148.74%	-98.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.82%	114.09%	-76.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.74%	112.03%	-74.29%

ZGD.TO vs. GDXU - Expense Ratio Comparison

ZGD.TO has a 0.60% expense ratio, which is lower than GDXU's 0.95% expense ratio.

Dividends

ZGD.TO vs. GDXU - Dividend Comparison

ZGD.TO's dividend yield for the trailing twelve months is around 0.21%, while GDXU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	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	0.21%	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 GDXU in my portfolio?

With a correlation of 0.92, ZGD.TO and GDXU 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 GDXU?

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 GDXU?

ZGD.TO is cheaper with a 0.60% expense ratio, compared with 0.95% for GDXU.

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

ZGD.TO is categorized as Gold, while GDXU is Leveraged Equities. ZGD.TO tracks Solactive Equal Weight Global Gold Index, while GDXU tracks S-Network MicroSectors Gold Miners Index. Their fees differ too: 0.60% for ZGD.TO and 0.95% for GDXU.