ZGI.TO vs. FHG.TO

Last updated Jul 16, 2026

ZGI.TO (BMO Global Infrastructure Index ETF) and FHG.TO (First Trust AlphaDEX U.S. Industrials Sector Index ETF) are both Industrials Equities funds - ZGI.TO tracks the Dow Jones Brookfield Global Infrastructure North American Listed Index while FHG.TO tracks the StrataQuant Industrials Index. Both are passively managed. Over the past 10 years, ZGI.TO returned 8.52%/yr vs 13.82%/yr for FHG.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

ZGI.TO vs. FHG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Global Infrastructure Index ETF (ZGI.TO) and First Trust AlphaDEX U.S. Industrials Sector Index ETF (FHG.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZGI.TO achieves a 17.33% return, which is significantly higher than FHG.TO's 13.37% return. Over the past 10 years, ZGI.TO has underperformed FHG.TO with an annualized return of 8.52%, while FHG.TO has yielded a comparatively higher 13.82% annualized return.

ZGI.TO

• 1D: -1.04%
• 1M: 1.47%
• 6M: 15.40%
• YTD: 17.33%
• 1Y: 17.58%
• 3Y*: 15.07%
• 5Y*: 10.65%
• 10Y*: 8.52%

FHG.TO

• 1D: 0.89%
• 1M: -0.52%
• 6M: 4.59%
• YTD: 13.37%
• 1Y: 19.43%
• 3Y*: 16.34%
• 5Y*: 11.58%
• 10Y*: 13.82%

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

ZGI.TO vs. FHG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZGI.TO BMO Global Infrastructure Index ETF	17.33%	1.01%	25.45%	-0.64%	4.56%	26.89%	-10.43%	25.26%	-0.75%	2.97%
FHG.TO First Trust AlphaDEX U.S. Industrials Sector Index ETF	13.37%	2.40%	26.33%	23.13%	-11.70%	27.10%	7.70%	29.30%	-11.05%	15.22%

Correlation

The correlation between ZGI.TO and FHG.TO is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Oct 30, 2014	0.16

The correlation between ZGI.TO and FHG.TO shifts across timeframes, from -0.00 (1 year) to 0.21 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZGI.TO vs. FHG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZGI.TO

ZGI.TO Risk / Return Rank: 52
ZGI.TO Sharpe Ratio Rank: 49
ZGI.TO Sortino Ratio Rank: 48
ZGI.TO Omega Ratio Rank: 44
ZGI.TO Calmar Ratio Rank: 65
ZGI.TO Martin Ratio Rank: 53

FHG.TO

FHG.TO Risk / Return Rank: 35
FHG.TO Sharpe Ratio Rank: 33
FHG.TO Sortino Ratio Rank: 38
FHG.TO Omega Ratio Rank: 34
FHG.TO Calmar Ratio Rank: 35
FHG.TO Martin Ratio Rank: 37

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.

ZGI.TO vs. FHG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Global Infrastructure Index ETF (ZGI.TO) and First Trust AlphaDEX U.S. Industrials Sector Index ETF (FHG.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.

	ZGI.TO	FHG.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.01	+0.38
Sortino ratio: Return per unit of downside risk	2.00	1.69	+0.32
Omega ratio: Gain probability vs. loss probability	1.24	1.20	+0.04
Calmar ratio: Return relative to maximum drawdown	2.66	1.50	+1.16
Martin ratio: Return relative to average drawdown	7.31	4.69	+2.62

ZGI.TO vs. FHG.TO - Sharpe Ratio Comparison

The current ZGI.TO Sharpe Ratio is 1.39, which is higher than the FHG.TO Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of ZGI.TO and FHG.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

ZGI.TO vs. FHG.TO - Drawdown Comparison

The maximum ZGI.TO drawdown since its inception was -34.76%, smaller than the maximum FHG.TO drawdown of -38.86%. Use the drawdown chart below to compare losses from any high point for ZGI.TO and FHG.TO.

Drawdown Indicators

	ZGI.TO	FHG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.76%	-38.86%	+4.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	-13.01%	+6.36%
Max Drawdown (3Y) Largest decline over 3 years	-10.07%	-25.15%	+15.08%
Max Drawdown (5Y) Largest decline over 5 years	-16.61%	-25.15%	+8.54%
Max Drawdown (10Y) Largest decline over 10 years	-34.76%	-38.86%	+4.10%
Current Drawdown Current decline from peak	-1.65%	-3.09%	+1.44%
Average Drawdown Average peak-to-trough decline	-4.37%	-6.06%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	4.16%	-1.75%

Volatility

ZGI.TO vs. FHG.TO - Volatility Comparison

The current volatility for BMO Global Infrastructure Index ETF (ZGI.TO) is 4.39%, while First Trust AlphaDEX U.S. Industrials Sector Index ETF (FHG.TO) has a volatility of 5.00%. This indicates that ZGI.TO experiences smaller price fluctuations and is considered to be less risky than FHG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGI.TO	FHG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	5.00%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	14.93%	-4.74%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	19.24%	-6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.39%	18.90%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	19.79%	-3.81%

Dividends

ZGI.TO vs. FHG.TO - Dividend Comparison

ZGI.TO's dividend yield for the trailing twelve months is around 2.25%, more than FHG.TO's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHG.TO First Trust AlphaDEX U.S. Industrials Sector Index ETF	0.57%	0.40%	1.09%	0.77%	1.33%	0.34%	1.11%	0.57%	1.36%	0.54%	0.24%	0.58%
ZGI.TO BMO Global Infrastructure Index ETF	2.25%	2.77%	2.82%	3.33%	3.01%	3.06%	3.75%	2.85%	2.99%	2.59%	2.60%	2.97%

Frequently Asked Questions

Can I hold both ZGI.TO and FHG.TO in my portfolio?

ZGI.TO and FHG.TO have a correlation of -0.00, 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 ZGI.TO and FHG.TO?

ZGI.TO tracks Dow Jones Brookfield Global Infrastructure North American Listed Index, while FHG.TO tracks StrataQuant Industrials Index. They also come from different issuers: BMO and First Trust.