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ZGLD.TO vs. DBC
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZGLD.TO vs. DBC

Last updated Apr 2, 2026

Compare and contrast key facts about BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and Invesco DB Commodity Index Tracking Fund (DBC).

ZGLD.TO and DBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZGLD.TO is a passively managed fund by BMO that tracks the performance of the Gold Bullion. It was launched on Mar 8, 2024. DBC is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Diversified Commodity Index Excess Return. It was launched on Feb 3, 2006. Both ZGLD.TO and DBC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZGLD.TO vs. DBC - 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 Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

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ZGLD.TO vs. DBC - Yearly Performance Comparison

2026 (YTD)20252024
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)		11.93%55.82%28.23%
DBC
Invesco DB Commodity Index Tracking Fund		29.89%3.15%7.43%
Different Trading Currencies

ZGLD.TO is traded in CAD, while DBC is traded in USD. To make them comparable, the DBC 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 11.93% return, which is significantly lower than DBC's 31.22% return.

ZGLD.TO

1D
1.53%
1M
-9.24%
YTD
11.93%
6M
22.61%
1Y
48.02%
3Y*
—
5Y*
—
10Y*
—

DBC

1D
0.00%
1M
14.09%
YTD
31.22%
6M
32.79%
1Y
29.27%
3Y*
12.75%
5Y*
16.91%
10Y*
10.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Gold Bullion ETF (CAD Units)

Invesco DB Commodity Index Tracking Fund

Often compared with ZGLD.TO:
ZGLD.TO vs. CGL-C.TOZGLD.TO vs. KILO.TOZGLD.TO vs. MNT.TOZGLD.TO vs. PHYS.TOZGLD.TO vs. XGD.TOZGLD.TO vs. XEQT.TOZGLD.TO vs. VALT.TO
Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. BCDDBC vs. USCI

ZGLD.TO vs. DBC - Expense Ratio Comparison

ZGLD.TO has a 0.23% expense ratio, which is lower than DBC's 0.85% expense ratio.

DBC
Invesco DB Commodity Index Tracking Fund
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)

Return for Risk

ZGLD.TO vs. DBC — 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: 8585
Overall Rank
ZGLD.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZGLD.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZGLD.TO Omega Ratio Rank: 8585
Omega Ratio Rank
ZGLD.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
ZGLD.TO Martin Ratio Rank: 8282
Martin Ratio Rank
DBC
DBC Risk / Return Rank: 8181
Overall Rank
DBC Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 8484
Sortino Ratio Rank
DBC Omega Ratio Rank: 7878
Omega Ratio Rank
DBC Calmar Ratio Rank: 8888
Calmar Ratio Rank
DBC Martin Ratio Rank: 7070
Martin Ratio Rank
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. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and Invesco DB Commodity Index Tracking Fund (DBC). 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.TODBCDifference

Sharpe ratio

Return per unit of total volatility

1.86

1.60

+0.25

Sortino ratio

Return per unit of downside risk

2.33

2.17

+0.15

Omega ratio

Gain probability vs. loss probability

1.35

1.29

+0.06

Calmar ratio

Return relative to maximum drawdown

2.72

2.39

+0.33

Martin ratio

Return relative to average drawdown

9.45

5.53

+3.92

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. DBC - Sharpe Ratio Comparison

The current ZGLD.TO Sharpe Ratio is 1.86, which is comparable to the DBC Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of ZGLD.TO and DBC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZGLD.TODBCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.86

1.60

+0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.97

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.68

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.32

0.27

+2.05

Correlation

The correlation between ZGLD.TO and DBC is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZGLD.TO vs. DBC - Dividend Comparison

ZGLD.TO has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.59%.

TTM20252024202320222021202020192018
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DBC
Invesco DB Commodity Index Tracking Fund		2.59%3.33%5.22%4.94%0.59%0.00%0.00%1.59%1.30%

Drawdowns

ZGLD.TO vs. DBC - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -17.23%, smaller than the maximum DBC drawdown of -50.34%. Use the drawdown chart below to compare losses from any high point for ZGLD.TO and DBC.

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Drawdown Indicators

ZGLD.TODBCDifference

Max Drawdown

Largest peak-to-trough decline

-17.23%

-76.36%

+59.13%

Max Drawdown (1Y)

Largest decline over 1 year

-17.23%

-10.99%

-6.24%

Max Drawdown (5Y)

Largest decline over 5 years

—

-27.34%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.71%

—

Current Drawdown

Current decline from peak

-9.24%

-25.80%

+16.56%

Average Drawdown

Average peak-to-trough decline

-2.61%

-46.42%

+43.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.96%

4.27%

+0.69%

Volatility

ZGLD.TO vs. DBC - Volatility Comparison

BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a higher volatility of 10.15% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 8.12%. This indicates that ZGLD.TO's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZGLD.TODBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.15%

8.12%

+2.03%

Volatility (6M)

Calculated over the trailing 6-month period

23.03%

13.19%

+9.84%

Volatility (1Y)

Calculated over the trailing 1-year period

26.00%

18.35%

+7.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.69%

17.50%

+3.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.69%

15.95%

+4.74%