ZGD.TO vs. XBM.TO

Last updated Jun 24, 2026

ZGD.TO (BMO Equal Weight Global Gold Index ETF) and XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) are both exchange-traded funds - ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index, while XBM.TO is a Energy Equities fund tracking the Morningstar Can Natural Resource NR CAD. Both are passively managed. Over the past 10 years, ZGD.TO returned 15.13%/yr vs 18.31%/yr for XBM.TO. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.60% expense ratio.

Performance

ZGD.TO vs. XBM.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 iShares S&P/TSX Global Base Metals Index ETF (XBM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZGD.TO achieves a -1.70% return, which is significantly lower than XBM.TO's 22.09% return. Over the past 10 years, ZGD.TO has underperformed XBM.TO with an annualized return of 15.13%, while XBM.TO has yielded a comparatively higher 18.31% annualized return.

ZGD.TO

• 1D: -4.74%
• 1M: -6.76%
• YTD: -1.70%
• 6M: -15.79%
• 1Y: 51.48%
• 3Y*: 51.89%
• 5Y*: 28.34%
• 10Y*: 15.13%

XBM.TO

• 1D: -5.23%
• 1M: -2.36%
• YTD: 22.09%
• 6M: 20.03%
• 1Y: 88.34%
• 3Y*: 25.21%
• 5Y*: 17.05%
• 10Y*: 18.31%

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

ZGD.TO vs. XBM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZGD.TO BMO Equal Weight Global Gold Index ETF	-1.70%	143.74%	37.44%	10.13%	-2.33%	-12.59%	26.58%	53.60%	-12.09%	-0.71%
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	22.09%	50.69%	5.96%	2.84%	3.63%	27.94%	31.53%	9.95%	-22.42%	32.48%

Correlation

The correlation between ZGD.TO and XBM.TO is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012	0.29

Over the past year, ZGD.TO and XBM.TO have become more correlated (0.64) than their long-term average of 0.29, meaning their price movements have been converging.

Return for Risk

ZGD.TO vs. XBM.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: 31
ZGD.TO Sharpe Ratio Rank: 31
ZGD.TO Sortino Ratio Rank: 29
ZGD.TO Omega Ratio Rank: 32
ZGD.TO Calmar Ratio Rank: 32
ZGD.TO Martin Ratio Rank: 30

XBM.TO

XBM.TO Risk / Return Rank: 71
XBM.TO Sharpe Ratio Rank: 77
XBM.TO Sortino Ratio Rank: 61
XBM.TO Omega Ratio Rank: 65
XBM.TO Calmar Ratio Rank: 76
XBM.TO Martin Ratio Rank: 74

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. XBM.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 iShares S&P/TSX Global Base Metals Index ETF (XBM.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	XBM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.33	-1.26
Sortino ratio: Return per unit of downside risk	1.51	2.73	-1.22
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.54	3.72	-2.18
Martin ratio: Return relative to average drawdown	4.01	13.34	-9.32

ZGD.TO vs. XBM.TO - Sharpe Ratio Comparison

The current ZGD.TO Sharpe Ratio is 1.07, which is lower than the XBM.TO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of ZGD.TO and XBM.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. XBM.TO - Drawdown Comparison

The maximum ZGD.TO drawdown since its inception was -60.59%, smaller than the maximum XBM.TO drawdown of -67.53%. Use the drawdown chart below to compare losses from any high point for ZGD.TO and XBM.TO.

Drawdown Indicators

	ZGD.TO	XBM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-60.59%	-67.53%	+6.94%
Max Drawdown (1Y) Largest decline over 1 year	-33.55%	-23.88%	-9.67%
Max Drawdown (3Y) Largest decline over 3 years	-33.55%	-37.45%	+3.90%
Max Drawdown (5Y) Largest decline over 5 years	-42.75%	-40.57%	-2.18%
Max Drawdown (10Y) Largest decline over 10 years	-51.83%	-57.25%	+5.42%
Current Drawdown Current decline from peak	-28.54%	-14.64%	-13.90%
Average Drawdown Average peak-to-trough decline	-28.83%	-26.06%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.87%	6.65%	+6.22%

Volatility

ZGD.TO vs. XBM.TO - Volatility Comparison

BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a higher volatility of 17.36% compared to iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) at 15.96%. This indicates that ZGD.TO's price experiences larger fluctuations and is considered to be riskier than XBM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGD.TO	XBM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.36%	15.96%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	40.03%	32.60%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	48.21%	38.06%	+10.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.10%	33.59%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.62%	32.80%	+4.82%

ZGD.TO vs. XBM.TO - Expense Ratio Comparison

Both ZGD.TO and XBM.TO have an expense ratio of 0.60%.

Dividends

ZGD.TO vs. XBM.TO - Dividend Comparison

ZGD.TO's dividend yield for the trailing twelve months is around 0.22%, less than XBM.TO's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	0.70%	0.86%	1.25%	2.09%	4.78%	3.05%	1.81%	3.73%	3.38%	1.65%	2.41%	5.75%
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 XBM.TO in my portfolio?

ZGD.TO and XBM.TO have a correlation of 0.64, 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 XBM.TO?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGD.TO or XBM.TO?

ZGD.TO and XBM.TO have the same expense ratio: 0.60% per year.

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

ZGD.TO is categorized as Gold, while XBM.TO is Energy Equities. ZGD.TO tracks Solactive Equal Weight Global Gold Index, while XBM.TO tracks Morningstar Can Natural Resource NR CAD. They also come from different issuers: BMO and iShares.