ZGLD.TO vs. ZJG.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and BMO Junior Gold Index ETF (ZJG.TO).

ZGLD.TO and ZJG.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. ZJG.TO is a passively managed fund by BMO that tracks the performance of the Dow Jones North America Select Junior Gold Index. It was launched on Jan 19, 2010. Both ZGLD.TO and ZJG.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. ZJG.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 Junior Gold Index ETF (ZJG.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	10.24%	55.82%	28.23%
ZJG.TO BMO Junior Gold Index ETF	12.15%	154.66%	36.68%

Returns By Period

In the year-to-date period, ZGLD.TO achieves a 10.24% return, which is significantly lower than ZJG.TO's 12.15% return.

ZGLD.TO

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

ZJG.TO

• 1D: 8.29%
• 1M: -20.41%
• YTD: 12.15%
• 6M: 28.29%
• 1Y: 119.13%
• 3Y*: 53.40%
• 5Y*: 31.70%
• 10Y*: 20.60%

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

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

ZGLD.TO has a 0.23% expense ratio, which is lower than ZJG.TO's 0.61% expense ratio.

ZJG.TO

BMO Junior Gold Index ETF

ZGLD.TO

BMO Gold Bullion ETF (CAD Units)

Return for Risk

ZGLD.TO vs. ZJG.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: 86
ZGLD.TO Sharpe Ratio Rank: 87
ZGLD.TO Sortino Ratio Rank: 85
ZGLD.TO Omega Ratio Rank: 85
ZGLD.TO Calmar Ratio Rank: 89
ZGLD.TO Martin Ratio Rank: 86

ZJG.TO

ZJG.TO Risk / Return Rank: 94
ZJG.TO Sharpe Ratio Rank: 96
ZJG.TO Sortino Ratio Rank: 92
ZJG.TO Omega Ratio Rank: 93
ZJG.TO Calmar Ratio Rank: 94
ZJG.TO Martin Ratio Rank: 93

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. ZJG.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 Junior Gold Index ETF (ZJG.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.TO	ZJG.TO	Difference
Sharpe ratio Return per unit of total volatility	1.73	2.62	-0.90
Sortino ratio Return per unit of downside risk	2.20	2.78	-0.58
Omega ratio Gain probability vs. loss probability	1.33	1.41	-0.09
Calmar ratio Return relative to maximum drawdown	2.75	3.75	-1.00
Martin ratio Return relative to average drawdown	9.61	13.39	-3.78
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. ZJG.TO - Sharpe Ratio Comparison

The current ZGLD.TO Sharpe Ratio is 1.73, which is lower than the ZJG.TO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of ZGLD.TO and ZJG.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.

Sharpe Ratios by Period

	ZGLD.TO	ZJG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.62	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.28	0.19	+2.09

Correlation

The correlation between ZGLD.TO and ZJG.TO is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZGLD.TO vs. ZJG.TO - Dividend Comparison

ZGLD.TO has not paid dividends to shareholders, while ZJG.TO's dividend yield for the trailing twelve months is around 0.10%.

	TTM	2025	2024	2023	2022	2021
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZJG.TO BMO Junior Gold Index ETF	0.10%	0.12%	0.68%	0.90%	0.83%	0.36%

Drawdowns

ZGLD.TO vs. ZJG.TO - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -17.23%, smaller than the maximum ZJG.TO drawdown of -81.59%. Use the drawdown chart below to compare losses from any high point for ZGLD.TO and ZJG.TO.

Drawdown Indicators

	ZGLD.TO	ZJG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-81.59%	+64.36%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-32.02%	+14.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.58%	—
Current Drawdown Current decline from peak	-10.60%	-20.85%	+10.25%
Average Drawdown Average peak-to-trough decline	-2.59%	-49.37%	+46.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.94%	8.98%	-4.04%

Volatility

ZGLD.TO vs. ZJG.TO - Volatility Comparison

The current volatility for BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) is 10.81%, while BMO Junior Gold Index ETF (ZJG.TO) has a volatility of 18.91%. This indicates that ZGLD.TO experiences smaller price fluctuations and is considered to be less risky than ZJG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.TO	ZJG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.81%	18.91%	-8.10%
Volatility (6M) Calculated over the trailing 6-month period	22.99%	39.13%	-16.14%
Volatility (1Y) Calculated over the trailing 1-year period	26.02%	45.65%	-19.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	35.72%	-15.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	38.46%	-17.77%