ZGLD.TO vs. ZUQ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO).

ZGLD.TO and ZUQ.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. ZUQ.TO is a passively managed fund by BMO that tracks the performance of the MSCI USA Quality Index. It was launched on Nov 4, 2014. Both ZGLD.TO and ZUQ.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. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
ZGLD.TO BMO Gold Bullion ETF (CAD Units)	10.24%	55.82%	28.23%
ZUQ.TO BMO MSCI USA High Quality Index ETF	-2.48%	5.78%	19.00%

Returns By Period

In the year-to-date period, ZGLD.TO achieves a 10.24% return, which is significantly higher than ZUQ.TO's -2.48% return.

ZGLD.TO

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

ZUQ.TO

• 1D: 2.62%
• 1M: -4.65%
• YTD: -2.48%
• 6M: -4.05%
• 1Y: 6.41%
• 3Y*: 18.54%
• 5Y*: 12.98%
• 10Y*: 14.91%

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

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

ZGLD.TO has a 0.23% expense ratio, which is lower than ZUQ.TO's 0.33% expense ratio.

ZUQ.TO

BMO MSCI USA High Quality Index ETF

ZGLD.TO

BMO Gold Bullion ETF (CAD Units)

Return for Risk

ZGLD.TO vs. ZUQ.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

ZUQ.TO

ZUQ.TO Risk / Return Rank: 26
ZUQ.TO Sharpe Ratio Rank: 24
ZUQ.TO Sortino Ratio Rank: 24
ZUQ.TO Omega Ratio Rank: 25
ZUQ.TO Calmar Ratio Rank: 31
ZUQ.TO Martin Ratio Rank: 28

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. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.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	ZUQ.TO	Difference
Sharpe ratio Return per unit of total volatility	1.73	0.36	+1.37
Sortino ratio Return per unit of downside risk	2.20	0.61	+1.59
Omega ratio Gain probability vs. loss probability	1.33	1.09	+0.23
Calmar ratio Return relative to maximum drawdown	2.75	0.69	+2.06
Martin ratio Return relative to average drawdown	9.61	2.07	+7.54
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. ZUQ.TO - Sharpe Ratio Comparison

The current ZGLD.TO Sharpe Ratio is 1.73, which is higher than the ZUQ.TO Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of ZGLD.TO and ZUQ.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	ZUQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	0.36	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.28	0.88	+1.40

Correlation

The correlation between ZGLD.TO and ZUQ.TO is 0.02, 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. ZUQ.TO - Dividend Comparison

ZGLD.TO has not paid dividends to shareholders, while ZUQ.TO's dividend yield for the trailing twelve months is around 0.48%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZUQ.TO BMO MSCI USA High Quality Index ETF	0.48%	0.46%	0.57%	0.86%	0.99%	0.80%	0.96%	0.96%	1.07%	1.16%	1.00%	0.88%

Drawdowns

ZGLD.TO vs. ZUQ.TO - Drawdown Comparison

The maximum ZGLD.TO drawdown since its inception was -17.23%, smaller than the maximum ZUQ.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZGLD.TO and ZUQ.TO.

Drawdown Indicators

	ZGLD.TO	ZUQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-26.94%	+9.71%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-11.04%	-6.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.94%	—
Current Drawdown Current decline from peak	-10.60%	-8.17%	-2.43%
Average Drawdown Average peak-to-trough decline	-2.59%	-4.64%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.94%	3.73%	+1.21%

Volatility

ZGLD.TO vs. ZUQ.TO - Volatility Comparison

BMO Gold Bullion ETF (CAD Units) (ZGLD.TO) has a higher volatility of 10.81% compared to BMO MSCI USA High Quality Index ETF (ZUQ.TO) at 5.03%. This indicates that ZGLD.TO's price experiences larger fluctuations and is considered to be riskier than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLD.TO	ZUQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.81%	5.03%	+5.78%
Volatility (6M) Calculated over the trailing 6-month period	22.99%	10.29%	+12.70%
Volatility (1Y) Calculated over the trailing 1-year period	26.02%	17.98%	+8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	16.40%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	17.54%	+3.15%