ZJG.TO vs. RING

Last updated Jun 24, 2026

ZJG.TO (BMO Junior Gold Index ETF) and RING (iShares MSCI Global Gold Miners ETF) are both Gold funds - ZJG.TO tracks the Dow Jones North America Select Junior Gold Index while RING tracks the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, ZJG.TO returned 13.76%/yr vs 14.04%/yr for RING. Their correlation of 0.82 suggests significant overlap in exposure. ZJG.TO charges 0.61%/yr vs 0.39%/yr for RING.

Performance

ZJG.TO vs. RING - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Junior Gold Index ETF (ZJG.TO) and iShares MSCI Global Gold Miners ETF (RING). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZJG.TO is traded in CAD, while RING is traded in USD. To make them comparable, the RING values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZJG.TO achieves a -5.10% return, which is significantly higher than RING's -5.43% return. Both investments have delivered pretty close results over the past 10 years, with ZJG.TO having a 13.76% annualized return and RING not far ahead at 14.04%.

ZJG.TO

• 1D: -4.57%
• 1M: -6.41%
• YTD: -5.10%
• 6M: -10.19%
• 1Y: 58.88%
• 3Y*: 51.52%
• 5Y*: 27.58%
• 10Y*: 13.76%

RING

• 1D: -4.65%
• 1M: -6.72%
• YTD: -5.43%
• 6M: -10.49%
• 1Y: 56.94%
• 3Y*: 48.41%
• 5Y*: 24.25%
• 10Y*: 14.04%

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

ZJG.TO vs. RING - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZJG.TO BMO Junior Gold Index ETF	-5.10%	154.66%	36.44%	6.11%	-0.89%	-16.72%	24.40%	42.04%	-18.77%	11.85%
RING iShares MSCI Global Gold Miners ETF	-5.43%	152.63%	25.80%	9.62%	-10.04%	-7.51%	22.02%	43.74%	-5.84%	2.77%

Correlation

The correlation between ZJG.TO and RING is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.82

The correlation between ZJG.TO and RING shifts across timeframes, from 0.75 (3 years) to 0.90 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZJG.TO vs. RING — 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: 36
ZJG.TO Calmar Ratio Rank: 34
ZJG.TO Martin Ratio Rank: 30

RING

RING Risk / Return Rank: 30
RING Sharpe Ratio Rank: 32
RING Sortino Ratio Rank: 29
RING Omega Ratio Rank: 32
RING Calmar Ratio Rank: 30
RING Martin Ratio Rank: 29

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. RING - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Junior Gold Index ETF (ZJG.TO) and iShares MSCI Global Gold Miners ETF (RING). 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	RING	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.19	+0.02
Sortino ratio: Return per unit of downside risk	1.65	1.62	+0.04
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	1.58	1.66	-0.09
Martin ratio: Return relative to average drawdown	3.99	4.36	-0.37

ZJG.TO vs. RING - Sharpe Ratio Comparison

The current ZJG.TO Sharpe Ratio is 1.21, which is comparable to the RING Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of ZJG.TO and RING, 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. RING - Drawdown Comparison

The maximum ZJG.TO drawdown since its inception was -81.59%, which is greater than RING's maximum drawdown of -72.69%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and RING.

Drawdown Indicators

	ZJG.TO	RING	Difference
Max Drawdown Largest peak-to-trough decline	-81.59%	-72.69%	-8.90%
Max Drawdown (1Y) Largest decline over 1 year	-37.55%	-34.41%	-3.14%
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	-34.41%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-41.63%	-43.95%	+2.32%
Max Drawdown (10Y) Largest decline over 10 years	-48.58%	-51.01%	+2.43%
Current Drawdown Current decline from peak	-33.02%	-29.86%	-3.16%
Average Drawdown Average peak-to-trough decline	-49.01%	-37.10%	-11.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.80%	13.09%	+1.71%

Volatility

ZJG.TO vs. RING - Volatility Comparison

BMO Junior Gold Index ETF (ZJG.TO) and iShares MSCI Global Gold Miners ETF (RING) have volatilities of 17.64% and 17.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJG.TO	RING	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.64%	17.18%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	40.57%	40.05%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	48.74%	48.08%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.89%	37.31%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.21%	37.23%	+0.98%

ZJG.TO vs. RING - Expense Ratio Comparison

ZJG.TO has a 0.61% expense ratio, which is higher than RING's 0.39% expense ratio.

Dividends

ZJG.TO vs. RING - Dividend Comparison

ZJG.TO's dividend yield for the trailing twelve months is around 0.12%, less than RING's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RING iShares MSCI Global Gold Miners ETF	1.35%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%
ZJG.TO BMO Junior Gold Index ETF	0.12%	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

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

With a correlation of 0.90, ZJG.TO and RING 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 RING?

On fees, RING is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZJG.TO or RING?

RING is cheaper with a 0.39% expense ratio, compared with 0.61% for ZJG.TO.

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

ZJG.TO tracks Dow Jones North America Select Junior Gold Index, while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.61% for ZJG.TO and 0.39% for RING.