ZGLD.TO vs. XFR.TO

Last updated Jun 25, 2026

ZGLD.TO (BMO Gold Bullion ETF (CAD Units)) and XFR.TO (iShares Floating Rate Index ETF) are both exchange-traded funds - ZGLD.TO is a Gold fund tracking the Gold Bullion, while XFR.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past year, ZGLD.TO returned 24.23% vs 2.86% for XFR.TO. At a 0.05 correlation, their price movements are largely independent. ZGLD.TO charges 0.23%/yr vs 0.14%/yr for XFR.TO.

Performance

ZGLD.TO vs. XFR.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 iShares Floating Rate Index ETF (XFR.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 lower than XFR.TO's 1.15% return.

ZGLD.TO

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

XFR.TO

• 1D: 0.00%
• 1M: 0.20%
• YTD: 1.15%
• 6M: 1.23%
• 1Y: 2.86%
• 3Y*: 3.93%
• 5Y*: 3.23%
• 10Y*: 2.25%

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

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

	2026 (YTD)	2025	2024
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	-4.14%	55.82%	29.42%
XFR.TO iShares Floating Rate Index ETF	1.15%	3.33%	3.68%

Correlation

The correlation between ZGLD.TO and XFR.TO is 0.04, 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	0.04
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.05

Return for Risk

ZGLD.TO vs. XFR.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

XFR.TO

XFR.TO Risk / Return Rank: 98
XFR.TO Sharpe Ratio Rank: 97
XFR.TO Sortino Ratio Rank: 98
XFR.TO Omega Ratio Rank: 97
XFR.TO Calmar Ratio Rank: 99
XFR.TO Martin Ratio Rank: 99

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. XFR.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 iShares Floating Rate Index ETF (XFR.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	XFR.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	3.97	-3.05
Sortino ratio: Return per unit of downside risk	1.31	6.65	-5.34
Omega ratio: Gain probability vs. loss probability	1.19	1.93	-0.74
Calmar ratio: Return relative to maximum drawdown	1.09	28.76	-27.66
Martin ratio: Return relative to average drawdown	2.91	84.45	-81.53

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

The current ZGLD.TO Sharpe Ratio is 0.92, which is lower than the XFR.TO Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of ZGLD.TO and XFR.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. XFR.TO - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -22.27%, which is greater than XFR.TO's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for ZGLD.TO and XFR.TO.

Drawdown Indicators

	ZGLD.TO	XFR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.27%	-4.12%	-18.15%
Max Drawdown (1Y) Largest decline over 1 year	-22.27%	-0.10%	-22.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-4.12%	—
Current Drawdown Current decline from peak	-22.27%	-0.05%	-22.22%
Average Drawdown Average peak-to-trough decline	-3.76%	-0.06%	-3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	0.03%	+8.32%

Volatility

ZGLD.TO vs. XFR.TO - Volatility Comparison

BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a higher volatility of 8.87% compared to iShares Floating Rate Index ETF (XFR.TO) at 0.25%. This indicates that ZGLD.TO's price experiences larger fluctuations and is considered to be riskier than XFR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.TO	XFR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.87%	0.25%	+8.62%
Volatility (6M) Calculated over the trailing 6-month period	22.95%	0.49%	+22.46%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	0.72%	+25.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.08%	0.85%	+20.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	1.86%	+19.22%

ZGLD.TO vs. XFR.TO - Expense Ratio Comparison

ZGLD.TO has a 0.23% expense ratio, which is higher than XFR.TO's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZGLD.TO vs. XFR.TO - Dividend Comparison

ZGLD.TO has not paid dividends to shareholders, while XFR.TO's dividend yield for the trailing twelve months is around 2.77%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XFR.TO iShares Floating Rate Index ETF	2.77%	3.23%	4.93%	4.91%	1.84%	0.30%	1.07%	1.99%	1.64%	0.92%	0.65%	0.95%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

ZGLD.TO and XFR.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZGLD.TO or XFR.TO?

On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGLD.TO or XFR.TO?

XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.23% for ZGLD.TO.

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

ZGLD.TO is categorized as Gold, while XFR.TO is Canadian Government Bonds. ZGLD.TO tracks Gold Bullion, while XFR.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.23% for ZGLD.TO and 0.14% for XFR.TO.