ZGLD.TO vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and S&P 500 Index (^GSPC).

ZGLD.TO is a passively managed fund by BMO that tracks the performance of the Gold Bullion. It was launched on Mar 8, 2024.

Performance

ZGLD.TO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

ZGLD.TO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	10.24%	55.82%	28.23%
^GSPC S&P 500 Index	-3.34%	11.05%	22.58%

Different Trading Currencies

ZGLD.TO is traded in CAD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZGLD.TO achieves a 10.24% return, which is significantly higher than ^GSPC's -3.34% return.

ZGLD.TO

• 1D: 3.69%
• 1M: -9.21%
• YTD: 10.24%
• 6M: 21.20%
• 1Y: 44.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 2.80%
• 1M: -3.22%
• YTD: -3.34%
• 6M: -2.48%
• 1Y: 12.46%
• 3Y*: 17.80%
• 5Y*: 12.48%
• 10Y*: 12.91%

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

Return for Risk

ZGLD.TO vs. ^GSPC — Risk / Return Rank

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

ZGLD.TO

ZGLD.TO Risk / Return Rank: 86
ZGLD.TO Sharpe Ratio Rank: 87
ZGLD.TO Sortino Ratio Rank: 85
ZGLD.TO Omega Ratio Rank: 85
ZGLD.TO Calmar Ratio Rank: 89
ZGLD.TO Martin Ratio Rank: 86

^GSPC

^GSPC Risk / Return Rank: 74
^GSPC Sharpe Ratio Rank: 69
^GSPC Sortino Ratio Rank: 68
^GSPC Omega Ratio Rank: 76
^GSPC Calmar Ratio Rank: 73
^GSPC Martin Ratio Rank: 85

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.TO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and S&P 500 Index (^GSPC). 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.TO	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.73	0.69	+1.04
Sortino ratio Return per unit of downside risk	2.20	1.06	+1.14
Omega ratio Gain probability vs. loss probability	1.33	1.17	+0.16
Calmar ratio Return relative to maximum drawdown	2.75	1.14	+1.61
Martin ratio Return relative to average drawdown	9.61	4.22	+5.40
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.TO vs. ^GSPC - Sharpe Ratio Comparison

The current ZGLD.TO Sharpe Ratio is 1.73, which is higher than the ^GSPC Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of ZGLD.TO and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZGLD.TO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	0.69	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.28	0.91	+1.37

Correlation

The correlation between ZGLD.TO and ^GSPC is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Drawdowns

ZGLD.TO vs. ^GSPC - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -17.23%, smaller than the maximum ^GSPC drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for ZGLD.TO and ^GSPC.

Drawdown Indicators

	ZGLD.TO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-56.78%	+39.55%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-12.14%	-5.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-10.60%	-6.45%	-4.15%
Average Drawdown Average peak-to-trough decline	-2.59%	-10.75%	+8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.94%	2.57%	+2.37%

Volatility

ZGLD.TO vs. ^GSPC - Volatility Comparison

BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a higher volatility of 10.81% compared to S&P 500 Index (^GSPC) at 5.28%. This indicates that ZGLD.TO's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.TO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.81%	5.28%	+5.53%
Volatility (6M) Calculated over the trailing 6-month period	22.99%	9.61%	+13.38%
Volatility (1Y) Calculated over the trailing 1-year period	26.02%	18.14%	+7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	14.99%	+5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	16.33%	+4.36%