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

ZGLD.TO vs. ZEO.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and BMO Equal Weight Oil & Gas Index ETF (ZEO.TO).

ZGLD.TO and ZEO.TO 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. ZEO.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Canada Oil & Gas Index. It was launched on Oct 20, 2009. Both ZGLD.TO and ZEO.TO 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. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)20252024
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)		10.24%55.82%28.23%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		31.54%12.35%11.94%

Returns By Period

In the year-to-date period, ZGLD.TO achieves a 10.24% return, which is significantly lower than ZEO.TO's 31.54% return.

ZGLD.TO

1D
3.69%
1M
-9.21%
YTD
10.24%
6M
21.20%
1Y
44.65%
3Y*
—
5Y*
—
10Y*
—

ZEO.TO

1D
-0.72%
1M
11.04%
YTD
31.54%
6M
30.73%
1Y
39.53%
3Y*
25.68%
5Y*
27.86%
10Y*
11.55%
*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)

BMO Equal Weight Oil & Gas Index ETF

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Often compared with ZEO.TO:
ZEO.TO vs. XEG.TOZEO.TO vs. NRGY.TOZEO.TO vs. XLEZEO.TO vs. ENCC.TOZEO.TO vs. VOOZEO.TO vs. HXT.TOZEO.TO vs. VFV.TO

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

ZGLD.TO has a 0.23% expense ratio, which is lower than ZEO.TO's 0.60% expense ratio.

ZEO.TO
BMO Equal Weight Oil & Gas Index ETF
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)

Return for Risk

ZGLD.TO vs. ZEO.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: 8686
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: 8989
Calmar Ratio Rank
ZGLD.TO Martin Ratio Rank: 8686
Martin Ratio Rank
ZEO.TO
ZEO.TO Risk / Return Rank: 8787
Overall Rank
ZEO.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
ZEO.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZEO.TO Omega Ratio Rank: 9292
Omega Ratio Rank
ZEO.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
ZEO.TO Martin Ratio Rank: 8080
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. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.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.

ZGLD.TOZEO.TODifference

Sharpe ratio

Return per unit of total volatility

1.73

2.04

-0.31

Sortino ratio

Return per unit of downside risk

2.20

2.49

-0.29

Omega ratio

Gain probability vs. loss probability

1.33

1.40

-0.08

Calmar ratio

Return relative to maximum drawdown

2.75

2.33

+0.42

Martin ratio

Return relative to average drawdown

9.61

8.63

+0.98

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. ZEO.TO - Sharpe Ratio Comparison

The current ZGLD.TO Sharpe Ratio is 1.73, which is comparable to the ZEO.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ZGLD.TO and ZEO.TO, 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.TOZEO.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.73

2.04

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.34

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.43

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.28

0.00

+2.28

Correlation

The correlation between ZGLD.TO and ZEO.TO is 0.15, 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. ZEO.TO - Dividend Comparison

ZGLD.TO has not paid dividends to shareholders, while ZEO.TO's dividend yield for the trailing twelve months is around 2.71%.

TTM20252024202320222021202020192018201720162015
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%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		2.71%3.42%3.86%4.82%4.69%3.27%5.54%3.55%3.57%2.46%2.50%4.09%

Drawdowns

ZGLD.TO vs. ZEO.TO - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -17.23%, smaller than the maximum ZEO.TO drawdown of -100.25%. Use the drawdown chart below to compare losses from any high point for ZGLD.TO and ZEO.TO.

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Drawdown Indicators

ZGLD.TOZEO.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.23%

-100.25%

+83.02%

Max Drawdown (1Y)

Largest decline over 1 year

-17.23%

-17.62%

+0.39%

Max Drawdown (5Y)

Largest decline over 5 years

—

-22.59%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-72.03%

—

Current Drawdown

Current decline from peak

-10.60%

-0.85%

-9.75%

Average Drawdown

Average peak-to-trough decline

-2.59%

-49.97%

+47.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.94%

4.75%

+0.19%

Volatility

ZGLD.TO vs. ZEO.TO - Volatility Comparison

BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a higher volatility of 10.81% compared to BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) at 3.66%. This indicates that ZGLD.TO's price experiences larger fluctuations and is considered to be riskier than ZEO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZGLD.TOZEO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.81%

3.66%

+7.15%

Volatility (6M)

Calculated over the trailing 6-month period

22.99%

11.59%

+11.40%

Volatility (1Y)

Calculated over the trailing 1-year period

26.02%

19.50%

+6.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.69%

20.93%

-0.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.69%

27.23%

-6.54%