ZGD.TO vs. VALT-U.TO

Last updated Jul 15, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and VALT-U.TO (CI Gold Bullion ETF (US$ Series)) are both Gold funds. ZGD.TO is passively managed, while VALT-U.TO is actively managed. Over the past 5 years, ZGD.TO returned 26.57%/yr vs 20.48%/yr for VALT-U.TO. At a 0.42 correlation, their price movements are largely independent.

Performance

ZGD.TO vs. VALT-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Global Gold Index ETF (ZGD.TO) and CI Gold Bullion ETF (US$ Series) (VALT-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGD.TO is traded in CAD, while VALT-U.TO is traded in USD. To make them comparable, the VALT-U.TO 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 -5.86% return, which is significantly lower than VALT-U.TO's -2.68% return.

ZGD.TO

• 1D: 0.92%
• 1M: -5.70%
• 6M: -15.26%
• YTD: -5.86%
• 1Y: 46.81%
• 3Y*: 45.94%
• 5Y*: 26.57%
• 10Y*: 13.45%

VALT-U.TO

• 1D: 1.69%
• 1M: -2.15%
• 6M: -9.76%
• YTD: -2.68%
• 1Y: 25.69%
• 3Y*: 30.79%
• 5Y*: 20.48%
• 10Y*: —

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

ZGD.TO vs. VALT-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZGD.TO BMO Equal Weight Global Gold Index ETF	-5.86%	143.74%	37.44%	10.13%	-2.33%	-8.47%
VALT-U.TO CI Gold Bullion ETF (US$ Series)	-2.68%	57.87%	36.96%	10.73%	5.35%	-0.94%

Correlation

The correlation between ZGD.TO and VALT-U.TO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.42

Over the past year, ZGD.TO and VALT-U.TO have become more correlated (0.73) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

ZGD.TO vs. VALT-U.TO — 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: 32
ZGD.TO Sharpe Ratio Rank: 33
ZGD.TO Sortino Ratio Rank: 32
ZGD.TO Omega Ratio Rank: 34
ZGD.TO Calmar Ratio Rank: 34
ZGD.TO Martin Ratio Rank: 29

VALT-U.TO

VALT-U.TO Risk / Return Rank: 21
VALT-U.TO Sharpe Ratio Rank: 19
VALT-U.TO Sortino Ratio Rank: 22
VALT-U.TO Omega Ratio Rank: 31
VALT-U.TO Calmar Ratio Rank: 18
VALT-U.TO Martin Ratio Rank: 17

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. VALT-U.TO - 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 CI Gold Bullion ETF (US$ Series) (VALT-U.TO). 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	VALT-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.63	+0.33
Sortino ratio: Return per unit of downside risk	1.42	1.13	+0.28
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	1.40	0.72	+0.68
Martin ratio: Return relative to average drawdown	3.21	1.69	+1.52

ZGD.TO vs. VALT-U.TO - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 0.96, which is higher than the VALT-U.TO Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of ZGD.TO and VALT-U.TO, 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. VALT-U.TO - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.59%, which is greater than VALT-U.TO's maximum drawdown of -36.22%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and VALT-U.TO.

Drawdown Indicators

	ZGD.TO	VALT-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-60.59%	-36.22%	-24.37%
Max Drawdown (1Y) Largest decline over 1 year	-33.55%	-36.22%	+2.67%
Max Drawdown (3Y) Largest decline over 3 years	-33.55%	-36.22%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	-36.22%	-6.53%
Max Drawdown (10Y) Largest decline over 10 years	-51.83%	—	—
Current Drawdown Current decline from peak	-31.56%	-35.13%	+3.57%
Average Drawdown Average peak-to-trough decline	-28.83%	-5.79%	-23.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.61%	15.28%	-0.67%

Volatility

ZGD.TO vs. VALT-U.TO - Volatility Comparison

BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a higher volatility of 15.29% compared to CI Gold Bullion ETF (US$ Series) (VALT-U.TO) at 7.03%. This indicates that ZGD.TO's price experiences larger fluctuations and is considered to be riskier than VALT-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	VALT-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.29%	7.03%	+8.26%
Volatility (6M) Calculated over the trailing 6-month period	40.14%	38.73%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	48.94%	41.29%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.40%	23.09%	+14.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.66%	22.46%	+15.20%

Dividends

ZGD.TO vs. VALT-U.TO - Dividend Comparison

ZGD.TO's dividend yield for the trailing twelve months is around 0.23%, while VALT-U.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VALT-U.TO CI Gold Bullion ETF (US$ Series)	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	0.23%	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 VALT-U.TO in my portfolio?

ZGD.TO and VALT-U.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZGD.TO and VALT-U.TO?

They also come from different issuers: BMO and CI.