ZJG.TO vs. HGGG.TO

Last updated Jun 25, 2026

ZJG.TO (BMO Junior Gold Index ETF) and HGGG.TO (Harvest Global Gold Giants Index ETF) are both Gold funds - ZJG.TO tracks the Dow Jones North America Select Junior Gold Index while HGGG.TO tracks the Solactive Global Gold Giants Index TR. Both are passively managed. Over the past 5 years, ZJG.TO returned 26.70%/yr vs 24.11%/yr for HGGG.TO. A 0.63 correlation means they provide meaningful diversification when combined. ZJG.TO charges 0.61%/yr vs 0.40%/yr for HGGG.TO.

Performance

ZJG.TO vs. HGGG.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 Harvest Global Gold Giants Index ETF (HGGG.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 -8.98% return, which is significantly higher than HGGG.TO's -12.03% 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%

HGGG.TO

• 1D: -4.58%
• 1M: -9.32%
• YTD: -12.03%
• 6M: -14.44%
• 1Y: 58.39%
• 3Y*: 46.09%
• 5Y*: 24.11%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZJG.TO BMO Junior Gold Index ETF	-8.98%	154.66%	36.44%	6.11%	-0.89%	-16.72%	24.40%	44.59%
HGGG.TO Harvest Global Gold Giants Index ETF	-12.03%	170.60%	26.04%	4.17%	-4.68%	-15.67%	31.47%	24.47%

Correlation

The correlation between ZJG.TO and HGGG.TO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019	0.63

Over the past year, ZJG.TO and HGGG.TO have become more correlated (0.89) than their long-term average of 0.63, meaning their price movements have been converging.

Return for Risk

ZJG.TO vs. HGGG.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: 34
ZJG.TO Sharpe Ratio Rank: 36
ZJG.TO Sortino Ratio Rank: 33
ZJG.TO Omega Ratio Rank: 37
ZJG.TO Calmar Ratio Rank: 34
ZJG.TO Martin Ratio Rank: 30

HGGG.TO

HGGG.TO Risk / Return Rank: 37
HGGG.TO Sharpe Ratio Rank: 40
HGGG.TO Sortino Ratio Rank: 37
HGGG.TO Omega Ratio Rank: 40
HGGG.TO Calmar Ratio Rank: 36
HGGG.TO Martin Ratio Rank: 32

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. HGGG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Junior Gold Index ETF (ZJG.TO) and Harvest Global Gold Giants Index ETF (HGGG.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	HGGG.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.27	-0.10
Sortino ratio: Return per unit of downside risk	1.61	1.76	-0.14
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.01
Calmar ratio: Return relative to maximum drawdown	1.52	1.62	-0.09
Martin ratio: Return relative to average drawdown	3.82	4.18	-0.36

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

The current ZJG.TO Sharpe Ratio is 1.17, which is comparable to the HGGG.TO Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of ZJG.TO and HGGG.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.

Drawdowns

ZJG.TO vs. HGGG.TO - Drawdown Comparison

The maximum ZJG.TO drawdown since its inception was -81.59%, which is greater than HGGG.TO's maximum drawdown of -52.29%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and HGGG.TO.

Drawdown Indicators

	ZJG.TO	HGGG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-81.59%	-52.29%	-29.30%
Max Drawdown (1Y) Largest decline over 1 year	-37.55%	-36.32%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	-36.32%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	-41.63%	-39.14%	-2.49%
Max Drawdown (10Y) Largest decline over 10 years	-48.58%	—	—
Current Drawdown Current decline from peak	-35.76%	-34.03%	-1.73%
Average Drawdown Average peak-to-trough decline	-49.00%	-20.54%	-28.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.96%	14.01%	+0.95%

Volatility

ZJG.TO vs. HGGG.TO - Volatility Comparison

BMO Junior Gold Index ETF (ZJG.TO) has a higher volatility of 17.97% compared to Harvest Global Gold Giants Index ETF (HGGG.TO) at 16.65%. This indicates that ZJG.TO's price experiences larger fluctuations and is considered to be riskier than HGGG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJG.TO	HGGG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.97%	16.65%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	40.62%	37.68%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	48.93%	46.11%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	33.52%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.23%	33.27%	+4.96%

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

ZJG.TO has a 0.61% expense ratio, which is higher than HGGG.TO's 0.40% expense ratio.

Dividends

ZJG.TO vs. HGGG.TO - Dividend Comparison

ZJG.TO's dividend yield for the trailing twelve months is around 0.13%, while HGGG.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HGGG.TO Harvest Global Gold Giants Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.65%	0.54%
ZJG.TO BMO Junior Gold Index ETF	0.13%	0.12%	0.68%	0.90%	0.83%	0.36%	0.00%	0.00%

Frequently Asked Questions

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

ZJG.TO and HGGG.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HGGG.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HGGG.TO is cheaper with a 0.40% expense ratio, compared with 0.61% for ZJG.TO.

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

ZJG.TO tracks Dow Jones North America Select Junior Gold Index, while HGGG.TO tracks Solactive Global Gold Giants Index TR. They also come from different issuers: BMO and Harvest. Their fees differ too: 0.61% for ZJG.TO and 0.40% for HGGG.TO.