ZGLD.TO vs. GLDX.TO

Last updated Jun 25, 2026

ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) and GLDX.TO (Global X Gold Producers Index ETF) are both Gold funds - ZGLD.TO tracks the Gold Bullion while GLDX.TO tracks the Mirae Asset North American Listed Gold Producers Index. Both are passively managed. Over the past year, ZGLD.TO returned 24.23% vs 58.23% for GLDX.TO. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

ZGLD.TO vs. GLDX.TO - 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 Global X Gold Producers Index ETF (GLDX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZGLD.TO achieves a -4.14% return, which is significantly higher than GLDX.TO's -11.90% return.

ZGLD.TO

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

GLDX.TO

• 1D: -4.64%
• 1M: -14.02%
• YTD: -11.90%
• 6M: -15.15%
• 1Y: 58.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZGLD.TO vs. GLDX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	-4.14%	55.82%	1.19%
GLDX.TO Global X Gold Producers Index ETF	-11.90%	178.05%	-10.27%

Correlation

The correlation between ZGLD.TO and GLDX.TO is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.72

The correlation between ZGLD.TO and GLDX.TO has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

ZGLD.TO vs. GLDX.TO — 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

GLDX.TO

GLDX.TO Risk / Return Rank: 36
GLDX.TO Sharpe Ratio Rank: 38
GLDX.TO Sortino Ratio Rank: 34
GLDX.TO Omega Ratio Rank: 38
GLDX.TO Calmar Ratio Rank: 37
GLDX.TO Martin Ratio Rank: 32

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. GLDX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and Global X Gold Producers Index ETF (GLDX.TO). 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	GLDX.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.21	-0.29
Sortino ratio: Return per unit of downside risk	1.31	1.66	-0.35
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.09	1.66	-0.57
Martin ratio: Return relative to average drawdown	2.91	4.29	-1.38

ZGLD.TO vs. GLDX.TO - Sharpe Ratio Comparison

The current ZGLD.TO Sharpe Ratio is 0.92, which is comparable to the GLDX.TO Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of ZGLD.TO and GLDX.TO, 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. GLDX.TO - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -22.27%, smaller than the maximum GLDX.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for ZGLD.TO and GLDX.TO.

Drawdown Indicators

	ZGLD.TO	GLDX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.27%	-35.22%	+12.95%
Max Drawdown (1Y) Largest decline over 1 year	-22.27%	-35.22%	+12.95%
Current Drawdown Current decline from peak	-22.27%	-34.05%	+11.78%
Average Drawdown Average peak-to-trough decline	-3.76%	-7.39%	+3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	13.63%	-5.28%

Volatility

ZGLD.TO vs. GLDX.TO - Volatility Comparison

The current volatility for BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) is 8.87%, while Global X Gold Producers Index ETF (GLDX.TO) has a volatility of 17.03%. This indicates that ZGLD.TO experiences smaller price fluctuations and is considered to be less risky than GLDX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.TO	GLDX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.87%	17.03%	-8.16%
Volatility (6M) Calculated over the trailing 6-month period	22.95%	38.85%	-15.90%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	48.52%	-22.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.08%	44.60%	-23.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	44.60%	-23.52%

Dividends

ZGLD.TO vs. GLDX.TO - Dividend Comparison

ZGLD.TO has not paid dividends to shareholders, while GLDX.TO's dividend yield for the trailing twelve months is around 1.10%.

Position	TTM	2025	2024
GLDX.TO Global X Gold Producers Index ETF	1.10%	0.97%	0.08%
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	0.00%	0.00%	0.00%

Frequently Asked Questions

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

ZGLD.TO and GLDX.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZGLD.TO and GLDX.TO?

ZGLD.TO tracks Gold Bullion, while GLDX.TO tracks Mirae Asset North American Listed Gold Producers Index. They also come from different issuers: BMO and Global X.