ZGD.TO vs. SGDM

Last updated Aug 6, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and SGDM (Sprott Gold Miners ETF) are both Gold funds - ZGD.TO tracks the Solactive Equal Weight Global Gold Index while SGDM tracks the Solactive Gold Miners Custom Factors Index. Both are passively managed. Over the past 10 years, ZGD.TO returned 14.39%/yr vs 11.04%/yr for SGDM. Their 0.78 correlation means they have sometimes moved together and sometimes differently. 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 5.82% return, which is significantly higher than SGDM's 1.85% return. Over the past 10 years, ZGD.TO has outperformed SGDM with an annualized return of 14.39%, while SGDM has yielded a comparatively lower 11.04% annualized 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%

SGDM

• 1D: 7.28%
• 1M: 3.60%
• 6M: -10.71%
• YTD: 1.85%
• 1Y: 47.92%
• 3Y*: 43.96%
• 5Y*: 24.21%
• 10Y*: 11.04%
• ALL TIME*: 12.09%

*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)
SGDM Sprott Gold Miners ETF	CA$2.76M	CA$2.72M	CA$4.08M
ZGD.TO BMO Equal Weight Global Gold Index ETF	CA$697.04K	CA$1.58M	CA$4.11M

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	5.82%	143.74%	37.44%	10.13%	-2.33%	-12.59%	26.58%	53.60%	-12.09%	-0.71%
SGDM Sprott Gold Miners ETF	1.85%	141.89%	21.64%	-0.09%	-2.41%	-9.20%	18.95%	38.32%	-8.01%	2.98%

Correlation

The correlation between ZGD.TO and SGDM is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.78

The correlation between ZGD.TO and SGDM shifts across timeframes, from 0.78 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZGD.TO vs. SGDM — 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

SGDM

SGDM Risk / Return Rank: 32
SGDM Sharpe Ratio Rank: 33
SGDM Sortino Ratio Rank: 32
SGDM Omega Ratio Rank: 34
SGDM Calmar Ratio Rank: 31
SGDM Martin Ratio Rank: 27

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. 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.

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	SGDM	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.00	+0.14
Sortino ratio: Return per unit of downside risk	1.60	1.45	+0.15
Omega ratio: Gain probability vs. loss probability	1.22	1.20	+0.02
Calmar ratio: Return relative to maximum drawdown	1.62	1.31	+0.30
Martin ratio: Return relative to average drawdown	3.45	2.78	+0.67

ZGD.TO vs. SGDM - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.14, which is comparable to the SGDM Sharpe Ratio of 1.00. 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.

Drawdowns

ZGD.TO vs. SGDM - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.59%, which is greater than SGDM's maximum drawdown of -48.82%. 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	-60.59%	-48.82%	-11.77%
Max Drawdown (1Y) Largest decline over 1 year	-35.30%	-36.70%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-35.30%	-36.70%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	-40.94%	-1.81%
Max Drawdown (10Y) Largest decline over 10 years	-51.40%	-48.61%	-2.79%
Current Drawdown Current decline from peak	-23.06%	-25.46%	+2.40%
Average Drawdown Average peak-to-trough decline	-28.84%	-24.31%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.48%	17.30%	-0.82%

Volatility

ZGD.TO vs. SGDM - Volatility Comparison

BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a higher volatility of 16.32% compared to Sprott Gold Miners ETF (SGDM) at 13.50%. 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	16.32%	13.50%	+2.82%
Volatility (6M) Calculated over the trailing 6-month period	39.46%	37.20%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	50.54%	48.19%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.82%	37.06%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.74%	37.63%	+0.11%

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 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGDM Sprott Gold Miners ETF	1.05%	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%	0.56%	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 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 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.