ZGD.TO vs. SGDM

Last updated Jun 4, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and SGDM (Sprott Gold Miners ETF) are both exchange-traded funds - ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index, while SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index. Both are passively managed. Over the past 10 years, ZGD.TO returned 18.07%/yr vs 13.45%/yr for SGDM. Their correlation of 0.80 suggests significant overlap in exposure. ZGD.TO charges 0.60%/yr vs 0.50%/yr for SGDM.

Performance

ZGD.TO vs. SGDM - 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 Gold Miners ETF (SGDM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGD.TO is traded in CAD, while SGDM is traded in USD. To make them comparable, the SGDM 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 SGDM's 2.70% return. Over the past 10 years, ZGD.TO has outperformed SGDM with an annualized return of 18.07%, while SGDM has yielded a comparatively lower 13.45% 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%

SGDM

• 1D: -2.46%
• 1M: 2.96%
• YTD: 2.70%
• 6M: 7.69%
• 1Y: 58.98%
• 3Y*: 40.58%
• 5Y*: 22.02%
• 10Y*: 13.45%

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

ZGD.TO vs. SGDM - 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%
SGDM Sprott Gold Miners ETF	2.70%	141.84%	21.78%	0.09%	-1.69%	-9.97%	19.79%	37.18%	-7.95%	3.42%

Correlation

The correlation between ZGD.TO and SGDM 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 (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014	0.80

The correlation between ZGD.TO and SGDM shifts across timeframes, from 0.80 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.

ZGD.TO vs. SGDM - Sectors Allocation Comparison

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

Return for Risk

ZGD.TO vs. SGDM — 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

SGDM

SGDM Risk / Return Rank: 34
SGDM Sharpe Ratio Rank: 35
SGDM Sortino Ratio Rank: 30
SGDM Omega Ratio Rank: 35
SGDM Calmar Ratio Rank: 38
SGDM Martin Ratio Rank: 32

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. SGDM - 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 Gold Miners ETF (SGDM). 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	SGDM	Difference
Sharpe ratio Return per unit of total volatility	1.87	1.36	+0.51
Sortino ratio Return per unit of downside risk	2.20	1.75	+0.45
Omega ratio Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio Return relative to maximum drawdown	2.79	1.99	+0.81
Martin ratio Return relative to average drawdown	7.60	5.09	+2.52
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. SGDM - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.87, which is higher than the SGDM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of ZGD.TO and SGDM, 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	SGDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.36	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.67	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.39	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.34	-0.06

Drawdowns

ZGD.TO vs. SGDM - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.12%, which is greater than SGDM's maximum drawdown of -49.14%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and SGDM.

Drawdown Indicators

	ZGD.TO	SGDM	Difference
Max Drawdown Largest peak-to-trough decline	-60.12%	-49.14%	-10.98%
Max Drawdown (1Y) Largest decline over 1 year	-30.15%	-29.80%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-30.15%	-29.80%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	-40.08%	-2.67%
Max Drawdown (10Y) Largest decline over 10 years	-51.72%	-49.14%	-2.58%
Current Drawdown Current decline from peak	-22.75%	-24.72%	+1.97%
Average Drawdown Average peak-to-trough decline	-28.33%	-24.11%	-4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.06%	11.63%	-0.57%

Volatility

ZGD.TO vs. SGDM - Volatility Comparison

BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a higher volatility of 15.70% compared to Sprott Gold Miners ETF (SGDM) at 14.21%. This indicates that ZGD.TO's price experiences larger fluctuations and is considered to be riskier than SGDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	SGDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.70%	14.21%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	36.43%	35.73%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	45.11%	43.58%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.41%	33.29%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.35%	34.94%	+2.41%

ZGD.TO vs. SGDM - Expense Ratio Comparison

ZGD.TO has a 0.60% expense ratio, which is higher than SGDM's 0.50% expense ratio.

Dividends

ZGD.TO vs. SGDM - Dividend Comparison

ZGD.TO's dividend yield for the trailing twelve months is around 0.21%, less than SGDM's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGDM Sprott Gold Miners ETF	1.03%	1.04%	1.04%	1.39%	1.42%	1.33%	0.30%	0.25%	0.50%	0.58%	0.02%	1.47%
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 SGDM in my portfolio?

With a correlation of 0.93, ZGD.TO and SGDM 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 SGDM?

On fees, SGDM is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGD.TO or SGDM?

SGDM is cheaper with a 0.50% expense ratio, compared with 0.60% for ZGD.TO.

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

ZGD.TO is categorized as Gold, while SGDM is Materials. ZGD.TO tracks Solactive Equal Weight Global Gold Index, while SGDM tracks Solactive Gold Miners Custom Factors Index. They also come from different issuers: BMO and Sprott. Their fees differ too: 0.60% for ZGD.TO and 0.50% for SGDM.