ZJG.TO vs. GLDX.TO
ZJG.TO (BMO Junior Gold Index ETF) and GLDX.TO (Global X Gold Producers Index ETF) are both Gold funds - ZJG.TO tracks the Dow Jones North America Select Junior Gold Index while GLDX.TO tracks the Mirae Asset North American Listed Gold Producers Index. Both are passively managed. Over the past year, ZJG.TO returned 56.98% vs 58.23% for GLDX.TO. Their correlation of 0.88 suggests significant overlap in exposure.
Performance
ZJG.TO vs. GLDX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZJG.TO achieves a -8.98% return, which is significantly higher than GLDX.TO's -11.90% return.
ZJG.TO
- 1D
- -4.09%
- 1M
- -13.33%
- YTD
- -8.98%
- 6M
- -12.26%
- 1Y
- 56.98%
- 3Y*
- 49.43%
- 5Y*
- 26.70%
- 10Y*
- 13.28%
GLDX.TO
- 1D
- -4.64%
- 1M
- -14.02%
- YTD
- -11.90%
- 6M
- -15.15%
- 1Y
- 58.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZJG.TO vs. GLDX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZJG.TO BMO Junior Gold Index ETF | -8.98% | 154.66% | -4.85% |
GLDX.TO Global X Gold Producers Index ETF | -11.90% | 178.05% | -10.27% |
Correlation
The correlation between ZJG.TO and GLDX.TO is 0.95, 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 | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024 | 0.88 |
The correlation between ZJG.TO and GLDX.TO has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.
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Return for Risk
ZJG.TO vs. GLDX.TO — Risk / Return Rank
ZJG.TO
GLDX.TO
ZJG.TO vs. GLDX.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 Gold Producers Index ETF (GLDX.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZJG.TO | GLDX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.66 | -0.14 |
| Martin ratioReturn relative to average drawdown | 3.82 | 4.29 | -0.47 |
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Drawdowns
ZJG.TO vs. GLDX.TO - Drawdown Comparison
The maximum ZJG.TO drawdown since its inception was -81.59%, which is greater than GLDX.TO's maximum drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and GLDX.TO.
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Drawdown Indicators
| ZJG.TO | GLDX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.59% | -35.22% | -46.37% |
Max Drawdown (1Y)Largest decline over 1 year | -37.55% | -35.22% | -2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -37.55% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -41.63% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.58% | — | — |
Current DrawdownCurrent decline from peak | -35.76% | -34.05% | -1.71% |
Average DrawdownAverage peak-to-trough decline | -49.00% | -7.39% | -41.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.96% | 13.63% | +1.33% |
Volatility
ZJG.TO vs. GLDX.TO - Volatility Comparison
BMO Junior Gold Index ETF (ZJG.TO) has a higher volatility of 17.97% compared to Global X Gold Producers Index ETF (GLDX.TO) at 17.03%. This indicates that ZJG.TO's price experiences larger fluctuations and is considered to be riskier than GLDX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZJG.TO | GLDX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.97% | 17.03% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 40.62% | 38.85% | +1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.93% | 48.52% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.93% | 44.60% | -7.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.23% | 44.60% | -6.37% |
Dividends
ZJG.TO vs. GLDX.TO - Dividend Comparison
ZJG.TO's dividend yield for the trailing twelve months is around 0.13%, less than GLDX.TO's 1.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GLDX.TO Global X Gold Producers Index ETF | 1.10% | 0.97% | 0.08% | 0.00% | 0.00% | 0.00% |
ZJG.TO BMO Junior Gold Index ETF | 0.13% | 0.12% | 0.68% | 0.90% | 0.83% | 0.36% |
Frequently Asked Questions
With a correlation of 0.95, ZJG.TO and GLDX.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.
ZJG.TO tracks Dow Jones North America Select Junior Gold Index, while GLDX.TO tracks Mirae Asset North American Listed Gold Producers Index. They also come from different issuers: BMO and Global X.
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