ZGLD.SW vs. XEMD

Last updated Jun 4, 2026

ZGLD.SW (Swisscanto (CH) Gold ETF EA CHF) and XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) are both exchange-traded funds - ZGLD.SW is a Precious Metals fund tracking the Gold Bullion, while XEMD is a Emerging Markets Bonds fund tracking the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, ZGLD.SW returned 24.75%/yr vs 6.20%/yr for XEMD. At a 0.15 correlation, their price movements are largely independent. ZGLD.SW charges 0.40%/yr vs 0.29%/yr for XEMD.

Performance

ZGLD.SW vs. XEMD - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZGLD.SW is traded in CHF, while XEMD is traded in USD. To make them comparable, the XEMD values have been converted to CHF using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZGLD.SW achieves a 1.61% return, which is significantly lower than XEMD's 2.46% return.

ZGLD.SW

• 1D: -0.86%
• 1M: -1.33%
• YTD: 1.61%
• 6M: 3.70%
• 1Y: 26.58%
• 3Y*: 24.75%
• 5Y*: 15.03%
• 10Y*: 10.72%

XEMD

• 1D: 0.24%
• 1M: 2.12%
• YTD: 2.46%
• 6M: 2.20%
• 1Y: 7.42%
• 3Y*: 6.20%
• 5Y*: —
• 10Y*: —

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

ZGLD.SW vs. XEMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZGLD.SW Swisscanto (CH) Gold ETF EA CHF	1.61%	45.59%	35.04%	3.06%	-3.11%
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	2.46%	-0.41%	17.34%	0.39%	-1.38%

Correlation

The correlation between ZGLD.SW and XEMD is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 1, 2022	0.15

The correlation between ZGLD.SW and XEMD shifts across timeframes, from 0.04 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZGLD.SW vs. XEMD — Risk / Return Rank

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

ZGLD.SW

ZGLD.SW Risk / Return Rank: 31
ZGLD.SW Sharpe Ratio Rank: 32
ZGLD.SW Sortino Ratio Rank: 29
ZGLD.SW Omega Ratio Rank: 35
ZGLD.SW Calmar Ratio Rank: 32
ZGLD.SW Martin Ratio Rank: 29

XEMD

XEMD Risk / Return Rank: 79
XEMD Sharpe Ratio Rank: 79
XEMD Sortino Ratio Rank: 86
XEMD Omega Ratio Rank: 83
XEMD Calmar Ratio Rank: 68
XEMD Martin Ratio Rank: 78

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.

ZGLD.SW vs. XEMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). 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.

	ZGLD.SW	XEMD	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.95	+0.23
Sortino ratio: Return per unit of downside risk	1.61	1.34	+0.26
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.06
Calmar ratio: Return relative to maximum drawdown	1.60	1.55	+0.05
Martin ratio: Return relative to average drawdown	4.18	4.86	-0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZGLD.SW vs. XEMD - Sharpe Ratio Comparison

The current ZGLD.SW Sharpe Ratio is 1.18, which is comparable to the XEMD Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of ZGLD.SW and XEMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZGLD.SW	XEMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	0.95	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.49	-0.02

Drawdowns

ZGLD.SW vs. XEMD - Drawdown Comparison

The maximum ZGLD.SW drawdown since its inception was -38.49%, which is greater than XEMD's maximum drawdown of -12.96%. Use the drawdown chart below to compare losses from any high point for ZGLD.SW and XEMD.

Drawdown Indicators

	ZGLD.SW	XEMD	Difference
Max Drawdown Largest peak-to-trough decline	-38.49%	-12.96%	-25.53%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-4.81%	-12.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-12.96%	-3.95%
Max Drawdown (5Y) Largest decline over 5 years	-16.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.94%	—	—
Current Drawdown Current decline from peak	-15.57%	-0.77%	-14.80%
Average Drawdown Average peak-to-trough decline	-14.22%	-3.55%	-10.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.42%	1.53%	+4.89%

Volatility

ZGLD.SW vs. XEMD - Volatility Comparison

Swisscanto (CH) Gold ETF EA CHF (ZGLD.SW) has a higher volatility of 5.57% compared to BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) at 1.41%. This indicates that ZGLD.SW's price experiences larger fluctuations and is considered to be riskier than XEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.SW	XEMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	1.41%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	5.85%	+14.00%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	7.95%	+15.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.68%	9.15%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	9.15%	+4.95%

ZGLD.SW vs. XEMD - Expense Ratio Comparison

ZGLD.SW has a 0.40% expense ratio, which is higher than XEMD's 0.29% expense ratio.

Dividends

ZGLD.SW vs. XEMD - Dividend Comparison

ZGLD.SW has not paid dividends to shareholders, while XEMD's dividend yield for the trailing twelve months is around 5.82%.

Position	TTM	2025	2024	2023	2022
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	5.82%	6.15%	6.30%	6.19%	3.08%
ZGLD.SW Swisscanto (CH) Gold ETF EA CHF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZGLD.SW and XEMD in my portfolio?

ZGLD.SW and XEMD have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZGLD.SW or XEMD?

On fees, XEMD is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGLD.SW or XEMD?

XEMD is cheaper with a 0.29% expense ratio, compared with 0.40% for ZGLD.SW.

What is the main difference between ZGLD.SW and XEMD?

ZGLD.SW is categorized as Precious Metals, while XEMD is Emerging Markets Bonds. ZGLD.SW tracks Gold Bullion, while XEMD tracks JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. They also come from different issuers: Swisscanto and BondBloxx. Their fees differ too: 0.40% for ZGLD.SW and 0.29% for XEMD.