ZGLD.TO vs. ^GSPC

Last updated Jun 4, 2026

ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) is Gold fund tracking the Gold Bullion, while ^GSPC (S&P 500 Index) is an index. Over the past year, ZGLD.TO returned 33.90% vs 28.58% for ^GSPC. At a 0.02 correlation, their price movements are largely independent.

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.

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 4.35% return, which is significantly lower than ^GSPC's 12.12% return.

ZGLD.TO

• 1D: -0.70%
• 1M: 0.41%
• YTD: 4.35%
• 6M: 5.03%
• 1Y: 33.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.00%
• 1M: 7.35%
• YTD: 12.12%
• 6M: 10.22%
• 1Y: 28.58%
• 3Y*: 22.37%
• 5Y*: 15.58%
• 10Y*: 14.52%

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

ZGLD.TO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	4.35%	55.82%	28.23%
^GSPC S&P 500 Index	11.75%	11.05%	22.58%

Correlation

The correlation between ZGLD.TO and ^GSPC is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Mar 12, 2024	0.02

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: 36
ZGLD.TO Sharpe Ratio Rank: 37
ZGLD.TO Sortino Ratio Rank: 33
ZGLD.TO Omega Ratio Rank: 41
ZGLD.TO Calmar Ratio Rank: 40
ZGLD.TO Martin Ratio Rank: 32

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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	1.35	2.46	-1.10
Sortino ratio: Return per unit of downside risk	1.79	3.32	-1.53
Omega ratio: Gain probability vs. loss probability	1.27	1.47	-0.20
Calmar ratio: Return relative to maximum drawdown	1.98	3.24	-1.27
Martin ratio: Return relative to average drawdown	4.85	12.23	-7.38
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 1.35, which is lower than the ^GSPC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ZGLD.TO and ^GSPC, 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.TO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.46	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.91	0.99	+0.92

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%	-27.59%	+10.36%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-8.86%	-8.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.59%	—
Current Drawdown Current decline from peak	-15.38%	0.00%	-15.38%
Average Drawdown Average peak-to-trough decline	-3.37%	-3.51%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.00%	2.34%	+4.66%

Volatility

ZGLD.TO vs. ^GSPC - Volatility Comparison

BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a higher volatility of 5.27% compared to S&P 500 Index (^GSPC) at 2.69%. 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	5.27%	2.69%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	21.46%	8.85%	+12.61%
Volatility (1Y) Calculated over the trailing 1-year period	25.17%	11.70%	+13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	14.99%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	16.33%	+4.25%

Frequently Asked Questions

Can I hold both ZGLD.TO and ^GSPC in my portfolio?

ZGLD.TO and ^GSPC have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.