ZJG.TO vs. GLCL.TO

Last updated Jun 5, 2026

ZJG.TO (BMO Junior Gold Index ETF) and GLCL.TO (Global X Enhanced Gold Producer Equity Covered Call ETF) are both exchange-traded funds - ZJG.TO is a Precious Metals fund tracking the Dow Jones North America Select Junior Gold Index, while GLCL.TO is a Gold fund tracking the Mirae Asset North American Listed Gold Producers Index. Both are passively managed. Over the past year, ZJG.TO returned 73.05% vs 79.44% for GLCL.TO. Their correlation of 0.92 suggests significant overlap in exposure. ZJG.TO charges 0.61%/yr vs 0.85%/yr for GLCL.TO.

Performance

ZJG.TO vs. GLCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Junior Gold Index ETF (ZJG.TO) and Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZJG.TO achieves a 3.21% return, which is significantly higher than GLCL.TO's -0.20% return.

ZJG.TO

• 1D: 1.65%
• 1M: 2.45%
• YTD: 3.21%
• 6M: 9.69%
• 1Y: 73.05%
• 3Y*: 51.42%
• 5Y*: 27.40%
• 10Y*: 16.00%

GLCL.TO

• 1D: 1.87%
• 1M: 3.78%
• YTD: -0.20%
• 6M: 5.56%
• 1Y: 79.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
ZJG.TO BMO Junior Gold Index ETF	3.21%	91.11%
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	-0.20%	104.93%

Correlation

The correlation between ZJG.TO and GLCL.TO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.92

The correlation between ZJG.TO and GLCL.TO has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

ZJG.TO vs. GLCL.TO — Risk / Return Rank

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

ZJG.TO

ZJG.TO Risk / Return Rank: 43
ZJG.TO Sharpe Ratio Rank: 46
ZJG.TO Sortino Ratio Rank: 39
ZJG.TO Omega Ratio Rank: 45
ZJG.TO Calmar Ratio Rank: 47
ZJG.TO Martin Ratio Rank: 37

GLCL.TO

GLCL.TO Risk / Return Rank: 43
GLCL.TO Sharpe Ratio Rank: 45
GLCL.TO Sortino Ratio Rank: 38
GLCL.TO Omega Ratio Rank: 46
GLCL.TO Calmar Ratio Rank: 47
GLCL.TO Martin Ratio Rank: 39

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.

ZJG.TO vs. GLCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Junior Gold Index ETF (ZJG.TO) and Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.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.

	ZJG.TO	GLCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.56	+0.02
Sortino ratio: Return per unit of downside risk	1.96	1.95	+0.01
Omega ratio: Gain probability vs. loss probability	1.28	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	2.29	2.29	0.00
Martin ratio: Return relative to average drawdown	5.63	5.95	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJG.TO vs. GLCL.TO - Sharpe Ratio Comparison

The current ZJG.TO Sharpe Ratio is 1.59, which is comparable to the GLCL.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ZJG.TO and GLCL.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.

Sharpe Ratios by Period

	ZJG.TO	GLCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.56	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	1.83	-1.66

Drawdowns

ZJG.TO vs. GLCL.TO - Drawdown Comparison

The maximum ZJG.TO drawdown since its inception was -81.59%, which is greater than GLCL.TO's maximum drawdown of -35.08%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and GLCL.TO.

Drawdown Indicators

	ZJG.TO	GLCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-81.59%	-35.08%	-46.51%
Max Drawdown (1Y) Largest decline over 1 year	-32.02%	-35.08%	+3.06%
Max Drawdown (3Y) Largest decline over 3 years	-32.02%	—	—
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	-27.16%	-27.84%	+0.68%
Average Drawdown Average peak-to-trough decline	-49.08%	-8.52%	-40.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.03%	13.43%	-0.40%

Volatility

ZJG.TO vs. GLCL.TO - Volatility Comparison

The current volatility for BMO Junior Gold Index ETF (ZJG.TO) is 15.98%, while Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) has a volatility of 18.33%. This indicates that ZJG.TO experiences smaller price fluctuations and is considered to be less risky than GLCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJG.TO	GLCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.98%	18.33%	-2.35%
Volatility (6M) Calculated over the trailing 6-month period	37.88%	42.30%	-4.42%
Volatility (1Y) Calculated over the trailing 1-year period	46.27%	51.34%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.27%	51.47%	-15.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.99%	51.47%	-13.48%

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

ZJG.TO has a 0.61% expense ratio, which is lower than GLCL.TO's 0.85% expense ratio.

Dividends

ZJG.TO vs. GLCL.TO - Dividend Comparison

ZJG.TO's dividend yield for the trailing twelve months is around 0.11%, less than GLCL.TO's 9.92% yield.

Position	TTM	2025	2024	2023	2022	2021
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	9.92%	4.34%	0.00%	0.00%	0.00%	0.00%
ZJG.TO BMO Junior Gold Index ETF	0.11%	0.12%	0.68%	0.90%	0.83%	0.36%

Frequently Asked Questions

Can I hold both ZJG.TO and GLCL.TO in my portfolio?

With a correlation of 0.92, ZJG.TO and GLCL.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ZJG.TO or GLCL.TO?

On fees, ZJG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZJG.TO or GLCL.TO?

ZJG.TO is cheaper with a 0.61% expense ratio, compared with 0.85% for GLCL.TO.

What is the main difference between ZJG.TO and GLCL.TO?

ZJG.TO is categorized as Precious Metals, while GLCL.TO is Gold. ZJG.TO tracks Dow Jones North America Select Junior Gold Index, while GLCL.TO tracks Mirae Asset North American Listed Gold Producers Index. They also come from different issuers: BMO and Global X. Their fees differ too: 0.61% for ZJG.TO and 0.85% for GLCL.TO.