ZGD.TO vs. SMH

Last updated Jun 13, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, ZGD.TO returned 16.15%/yr vs 38.68%/yr for SMH. At a 0.06 correlation, their price movements are largely independent. ZGD.TO charges 0.60%/yr vs 0.35%/yr for SMH.

Performance

ZGD.TO vs. SMH - 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 VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGD.TO is traded in CAD, while SMH is traded in USD. To make them comparable, the SMH 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 SMH's 75.82% return. Over the past 10 years, ZGD.TO has underperformed SMH with an annualized return of 16.15%, while SMH has yielded a comparatively higher 38.68% annualized 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%

SMH

• 1D: 2.02%
• 1M: 10.59%
• YTD: 75.82%
• 6M: 78.31%
• 1Y: 141.88%
• 3Y*: 62.51%
• 5Y*: 42.51%
• 10Y*: 38.68%

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

ZGD.TO vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZGD.TO BMO Equal Weight Global Gold Index ETF	-0.17%	143.74%	37.44%	10.13%	-2.33%	-12.59%	26.58%	53.60%	-12.09%	-0.71%
SMH VanEck Semiconductor ETF	75.64%	42.36%	50.88%	69.25%	-29.32%	42.06%	51.84%	57.67%	-1.41%	29.10%

Correlation

The correlation between ZGD.TO and SMH is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012	0.06

Over the past year, ZGD.TO and SMH have become more correlated (0.28) than their long-term average of 0.06, meaning their price movements have been converging.

ZGD.TO vs. SMH - Sectors Allocation Comparison

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

Return for Risk

ZGD.TO vs. SMH — 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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - 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 VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.14	4.29	-3.14
Sortino ratio: Return per unit of downside risk	1.57	4.42	-2.86
Omega ratio: Gain probability vs. loss probability	1.22	1.62	-0.39
Calmar ratio: Return relative to maximum drawdown	1.61	10.42	-8.81
Martin ratio: Return relative to average drawdown	4.41	36.73	-32.33

ZGD.TO vs. SMH - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.14, which is lower than the SMH Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of ZGD.TO and SMH, 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. SMH - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.59%, smaller than the maximum SMH drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and SMH.

Drawdown Indicators

	ZGD.TO	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-60.59%	-65.72%	+5.13%
Max Drawdown (1Y) Largest decline over 1 year	-33.55%	-13.69%	-19.86%
Max Drawdown (3Y) Largest decline over 3 years	-33.55%	-33.72%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	-41.26%	-1.49%
Max Drawdown (10Y) Largest decline over 10 years	-51.83%	-41.26%	-10.57%
Current Drawdown Current decline from peak	-27.42%	-1.81%	-25.61%
Average Drawdown Average peak-to-trough decline	-28.83%	-19.94%	-8.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.24%	3.88%	+8.36%

Volatility

ZGD.TO vs. SMH - Volatility Comparison

BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a higher volatility of 17.50% compared to VanEck Semiconductor ETF (SMH) at 16.36%. This indicates that ZGD.TO's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.50%	16.36%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	39.20%	27.95%	+11.25%
Volatility (1Y) Calculated over the trailing 1-year period	47.33%	33.30%	+14.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.92%	36.05%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.61%	33.59%	+4.02%

ZGD.TO vs. SMH - Expense Ratio Comparison

ZGD.TO has a 0.60% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

ZGD.TO vs. SMH - Dividend Comparison

ZGD.TO's dividend yield for the trailing twelve months is around 0.22%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
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 SMH in my portfolio?

ZGD.TO and SMH have a correlation of 0.28, 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 SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGD.TO or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.60% for ZGD.TO.

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

ZGD.TO is categorized as Gold, while SMH is Semiconductors. ZGD.TO tracks Solactive Equal Weight Global Gold Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: BMO and VanEck. Their fees differ too: 0.60% for ZGD.TO and 0.35% for SMH.