ZJG.TO vs. HGY.TO
ZJG.TO (BMO Junior Gold Index ETF) and HGY.TO (Global X Gold Yield ETF) are both Gold funds. ZJG.TO is passively managed, while HGY.TO is actively managed. Over the past 10 years, ZJG.TO returned 13.28%/yr vs 5.99%/yr for HGY.TO. A 0.58 correlation means they provide meaningful diversification when combined. ZJG.TO charges 0.61%/yr vs 0.86%/yr for HGY.TO.
Performance
ZJG.TO vs. HGY.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ZJG.TO having a -8.98% return and HGY.TO slightly lower at -9.29%. Over the past 10 years, ZJG.TO has outperformed HGY.TO with an annualized return of 13.28%, while HGY.TO has yielded a comparatively lower 5.99% annualized 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%
HGY.TO
- 1D
- -3.32%
- 1M
- -14.36%
- YTD
- -9.29%
- 6M
- -11.52%
- 1Y
- 11.76%
- 3Y*
- 20.10%
- 5Y*
- 11.82%
- 10Y*
- 5.99%
ZJG.TO vs. HGY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZJG.TO BMO Junior Gold Index ETF | -8.98% | 154.66% | 36.44% | 6.11% | -0.89% | -16.72% | 24.40% | 42.04% | -18.77% | 11.85% |
HGY.TO Global X Gold Yield ETF | -9.29% | 48.66% | 21.36% | 9.51% | -3.64% | -7.21% | 15.27% | 11.16% | -5.75% | 5.87% |
Correlation
The correlation between ZJG.TO and HGY.TO is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012 | 0.58 |
Over the past year, ZJG.TO and HGY.TO have become more correlated (0.79) than their long-term average of 0.58, meaning their price movements have been converging.
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Return for Risk
ZJG.TO vs. HGY.TO — Risk / Return Rank
ZJG.TO
HGY.TO
ZJG.TO vs. HGY.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 Yield ETF (HGY.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 | HGY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 0.49 | +1.04 |
| Martin ratioReturn relative to average drawdown | 3.82 | 1.46 | +2.36 |
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Drawdowns
ZJG.TO vs. HGY.TO - Drawdown Comparison
The maximum ZJG.TO drawdown since its inception was -81.59%, which is greater than HGY.TO's maximum drawdown of -48.61%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and HGY.TO.
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Drawdown Indicators
| ZJG.TO | HGY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.59% | -48.61% | -32.98% |
Max Drawdown (1Y)Largest decline over 1 year | -37.55% | -24.27% | -13.28% |
Max Drawdown (3Y)Largest decline over 3 years | -37.55% | -24.27% | -13.28% |
Max Drawdown (5Y)Largest decline over 5 years | -41.63% | -24.27% | -17.36% |
Max Drawdown (10Y)Largest decline over 10 years | -48.58% | -25.23% | -23.35% |
Current DrawdownCurrent decline from peak | -35.76% | -24.27% | -11.49% |
Average DrawdownAverage peak-to-trough decline | -49.00% | -30.64% | -18.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.96% | 8.07% | +6.89% |
Volatility
ZJG.TO vs. HGY.TO - Volatility Comparison
BMO Junior Gold Index ETF (ZJG.TO) has a higher volatility of 17.97% compared to Global X Gold Yield ETF (HGY.TO) at 9.51%. This indicates that ZJG.TO's price experiences larger fluctuations and is considered to be riskier than HGY.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 | HGY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.97% | 9.51% | +8.46% |
Volatility (6M)Calculated over the trailing 6-month period | 40.62% | 22.58% | +18.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.93% | 25.10% | +23.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.93% | 16.03% | +20.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.23% | 15.68% | +22.55% |
ZJG.TO vs. HGY.TO - Expense Ratio Comparison
ZJG.TO has a 0.61% expense ratio, which is lower than HGY.TO's 0.86% expense ratio.
Dividends
ZJG.TO vs. HGY.TO - Dividend Comparison
ZJG.TO's dividend yield for the trailing twelve months is around 0.13%, less than HGY.TO's 6.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HGY.TO Global X Gold Yield ETF | 6.84% | 4.92% | 5.32% | 6.10% | 3.72% | 2.93% | 2.86% | 2.09% | 2.33% | 2.31% | 2.69% | 3.07% |
ZJG.TO BMO Junior Gold Index ETF | 0.13% | 0.12% | 0.68% | 0.90% | 0.83% | 0.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZJG.TO and HGY.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ZJG.TO is cheaper with a 0.61% expense ratio, compared with 0.86% for HGY.TO.
They also come from different issuers: BMO and Global X. Their fees differ too: 0.61% for ZJG.TO and 0.86% for HGY.TO.
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