ZGLH.TO vs. ZCN.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Gold Bullion Hedged to CAD ETF (ZGLH.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO).

ZGLH.TO and ZCN.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZGLH.TO is an actively managed fund by BMO. It was launched on Mar 8, 2024. ZCN.TO is a passively managed fund by BMO that tracks the performance of the S&P/TSX Capped Composite Index. It was launched on May 29, 2009.

Performance

ZGLH.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Gold Bullion Hedged to CAD ETF (ZGLH.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

ZGLH.TO vs. ZCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZGLH.TO BMO Gold Bullion Hedged to CAD ETF	7.81%	61.24%	18.72%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	3.87%	31.51%	16.56%

Returns By Period

In the year-to-date period, ZGLH.TO achieves a 7.81% return, which is significantly higher than ZCN.TO's 3.87% return.

ZGLH.TO

• 1D: 4.00%
• 1M: -11.16%
• YTD: 7.81%
• 6M: 19.83%
• 1Y: 46.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCN.TO

• 1D: 2.58%
• 1M: -4.34%
• YTD: 3.87%
• 6M: 10.37%
• 1Y: 34.66%
• 3Y*: 21.07%
• 5Y*: 14.77%
• 10Y*: 12.59%

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

ZGLH.TO vs. ZCN.TO - Expense Ratio Comparison

ZGLH.TO has a 0.23% expense ratio, which is higher than ZCN.TO's 0.06% 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%.

ZGLH.TO

BMO Gold Bullion Hedged to CAD ETF

ZCN.TO

BMO S&P/TSX Capped Composite Index ETF

Return for Risk

ZGLH.TO vs. ZCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZGLH.TO

ZGLH.TO Risk / Return Rank: 82
ZGLH.TO Sharpe Ratio Rank: 85
ZGLH.TO Sortino Ratio Rank: 81
ZGLH.TO Omega Ratio Rank: 81
ZGLH.TO Calmar Ratio Rank: 83
ZGLH.TO Martin Ratio Rank: 81

ZCN.TO

ZCN.TO Risk / Return Rank: 94
ZCN.TO Sharpe Ratio Rank: 95
ZCN.TO Sortino Ratio Rank: 94
ZCN.TO Omega Ratio Rank: 95
ZCN.TO Calmar Ratio Rank: 92
ZCN.TO Martin Ratio Rank: 95

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.

ZGLH.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Gold Bullion Hedged to CAD ETF (ZGLH.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.

	ZGLH.TO	ZCN.TO	Difference
Sharpe ratio Return per unit of total volatility	1.71	2.28	-0.57
Sortino ratio Return per unit of downside risk	2.15	2.88	-0.73
Omega ratio Gain probability vs. loss probability	1.32	1.45	-0.14
Calmar ratio Return relative to maximum drawdown	2.48	3.23	-0.75
Martin ratio Return relative to average drawdown	9.14	14.59	-5.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZGLH.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current ZGLH.TO Sharpe Ratio is 1.71, which is comparable to the ZCN.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ZGLH.TO and ZCN.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

	ZGLH.TO	ZCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.28	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	0.66	+1.26

Correlation

The correlation between ZGLH.TO and ZCN.TO is 0.22, 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

ZGLH.TO vs. ZCN.TO - Dividend Comparison

ZGLH.TO has not paid dividends to shareholders, while ZCN.TO's dividend yield for the trailing twelve months is around 2.16%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZGLH.TO BMO Gold Bullion Hedged to CAD ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.16%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.71%	2.84%	3.33%

Drawdowns

ZGLH.TO vs. ZCN.TO - Drawdown Comparison

The maximum ZGLH.TO drawdown since its inception was -19.51%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for ZGLH.TO and ZCN.TO.

Drawdown Indicators

	ZGLH.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.51%	-37.18%	+17.67%
Max Drawdown (1Y) Largest decline over 1 year	-19.51%	-11.02%	-8.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	-13.47%	-4.89%	-8.58%
Average Drawdown Average peak-to-trough decline	-2.71%	-4.80%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	2.44%	+2.86%

Volatility

ZGLH.TO vs. ZCN.TO - Volatility Comparison

BMO Gold Bullion Hedged to CAD ETF (ZGLH.TO) has a higher volatility of 11.24% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 5.93%. This indicates that ZGLH.TO's price experiences larger fluctuations and is considered to be riskier than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGLH.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	5.93%	+5.31%
Volatility (6M) Calculated over the trailing 6-month period	23.59%	10.88%	+12.71%
Volatility (1Y) Calculated over the trailing 1-year period	27.19%	15.29%	+11.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.13%	13.02%	+9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.13%	14.96%	+7.17%