ZGLD.TO vs. ^GSPC

Last updated Jun 25, 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 24.23% vs 25.01% for ^GSPC. At a 0.09 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 -4.14% return, which is significantly lower than ^GSPC's 11.53% return.

ZGLD.TO

• 1D: -2.92%
• 1M: -9.00%
• YTD: -4.14%
• 6M: -7.44%
• 1Y: 24.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.26%
• 1M: 1.56%
• YTD: 11.53%
• 6M: 10.21%
• 1Y: 25.01%
• 3Y*: 22.30%
• 5Y*: 14.66%
• 10Y*: 14.87%

*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)	-4.14%	55.82%	29.42%
^GSPC S&P 500 Index	11.53%	11.07%	21.11%

Correlation

The correlation between ZGLD.TO and ^GSPC is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.09

The correlation between ZGLD.TO and ^GSPC shifts across timeframes, from 0.09 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

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: 26
ZGLD.TO Sharpe Ratio Rank: 27
ZGLD.TO Sortino Ratio Rank: 25
ZGLD.TO Omega Ratio Rank: 30
ZGLD.TO Calmar Ratio Rank: 25
ZGLD.TO Martin Ratio Rank: 24

^GSPC

^GSPC Risk / Return Rank: 60
^GSPC Sharpe Ratio Rank: 57
^GSPC Sortino Ratio Rank: 56
^GSPC Omega Ratio Rank: 59
^GSPC Calmar Ratio Rank: 55
^GSPC Martin Ratio Rank: 72

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.

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.

	ZGLD.TO	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.95	-1.03
Sortino ratio: Return per unit of downside risk	1.31	2.71	-1.40
Omega ratio: Gain probability vs. loss probability	1.19	1.34	-0.15
Calmar ratio: Return relative to maximum drawdown	1.09	2.74	-1.65
Martin ratio: Return relative to average drawdown	2.91	10.16	-7.25

ZGLD.TO vs. ^GSPC - Sharpe Ratio Comparison

The current ZGLD.TO Sharpe Ratio is 0.92, which is lower than the ^GSPC Sharpe Ratio of 1.95. 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.

Drawdowns

ZGLD.TO vs. ^GSPC - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -22.27%, smaller than the maximum ^GSPC drawdown of -48.87%. 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	-22.27%	-48.87%	+26.60%
Max Drawdown (1Y) Largest decline over 1 year	-22.27%	-9.17%	-13.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.97%	—
Current Drawdown Current decline from peak	-22.27%	-1.29%	-20.98%
Average Drawdown Average peak-to-trough decline	-3.76%	-9.65%	+5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	2.47%	+5.88%

Volatility

ZGLD.TO vs. ^GSPC - Volatility Comparison

BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a higher volatility of 8.87% compared to S&P 500 Index (^GSPC) at 5.19%. 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	8.87%	5.19%	+3.68%
Volatility (6M) Calculated over the trailing 6-month period	22.95%	10.32%	+12.63%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	12.90%	+13.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.08%	17.97%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	19.15%	+1.93%

Frequently Asked Questions

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

ZGLD.TO and ^GSPC have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.