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ZJG.TO vs. RING
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZJG.TO vs. RING

Last updated Jun 4, 2026

ZJG.TO (BMO Junior Gold Index ETF) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - ZJG.TO is a Precious Metals fund tracking the Dow Jones North America Select Junior Gold Index, while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, ZJG.TO returned 15.97%/yr vs 15.44%/yr for RING. Their correlation of 0.85 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.

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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

The year-to-date returns for both investments are quite close, with ZJG.TO having a 1.53% return and RING slightly higher at 1.58%. Both investments have delivered pretty close results over the past 10 years, with ZJG.TO having a 15.97% annualized return and RING not far behind at 15.44%.

ZJG.TO

1D
-3.57%
1M
0.56%
YTD
1.53%
6M
8.52%
1Y
71.02%
3Y*
50.57%
5Y*
26.99%
10Y*
15.97%

RING

1D
-2.67%
1M
1.32%
YTD
1.58%
6M
7.08%
1Y
70.04%
3Y*
48.78%
5Y*
23.36%
10Y*
15.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZJG.TO vs. RING - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZJG.TO
BMO Junior Gold Index ETF		1.53%154.66%36.44%6.11%-0.89%-16.72%24.40%42.01%-18.76%11.85%
RING
iShares MSCI Global Gold Miners ETF		1.58%152.58%25.94%9.82%-9.37%-8.30%22.87%42.55%-5.78%3.22%

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

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

0.85

The correlation between ZJG.TO and RING shifts across timeframes, from 0.77 (3 years) to 0.90 (1 year), reflecting how their relationship changes across market environments.

ZJG.TO vs. RING - Sectors Allocation Comparison

Sectors
ZJG.TO
RING

Basic Materials

100.0%
100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

ZJG.TO
100.0%
RING
100.0%

Communication Services

ZJG.TO

-

RING

-

Consumer Cyclical

ZJG.TO

-

RING

-

Consumer Defensive

ZJG.TO

-

RING

-

Energy

ZJG.TO

-

RING

-

Financial Services

ZJG.TO

-

RING

-

Healthcare

ZJG.TO

-

RING

-

Industrials

ZJG.TO

-

RING

-

Real Estate

ZJG.TO

-

RING

-

Technology

ZJG.TO

-

RING

-

Utilities

ZJG.TO

-

RING

-

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BMO Junior Gold Index ETF

iShares MSCI Global Gold Miners ETF

Often compared with ZJG.TO:
ZJG.TO vs. ZGD.TOZJG.TO vs. ZGLD.TOZJG.TO vs. XGD.TOZJG.TO vs. SGDJZJG.TO vs. XMA.TOZJG.TO vs. KNT.TOZJG.TO vs. HUZ.TO
Often compared with RING:
RING vs. GDXRING vs. GLDRING vs. SLVPRING vs. AUMIRING vs. GOLDRING vs. FGDLRING vs. SPY

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: 4141
Overall Rank
ZJG.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZJG.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
ZJG.TO Omega Ratio Rank: 4343
Omega Ratio Rank
ZJG.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
ZJG.TO Martin Ratio Rank: 3636
Martin Ratio Rank
RING
RING Risk / Return Rank: 3939
Overall Rank
RING Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
RING Sortino Ratio Rank: 3535
Sortino Ratio Rank
RING Omega Ratio Rank: 3939
Omega Ratio Rank
RING Calmar Ratio Rank: 4545
Calmar Ratio Rank
RING Martin Ratio Rank: 3737
Martin Ratio Rank
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.

ZJG.TORINGDifference
Sharpe ratioReturn per unit of total volatility
1.54
1.58

-0.03

Sortino ratioReturn per unit of downside risk
1.93
1.95

-0.02

Omega ratioGain probability vs. loss probability

1.28

1.27

+0.01

Calmar ratioReturn relative to maximum drawdown

2.23

2.37

-0.14

Martin ratioReturn relative to average drawdown

5.52

6.19

-0.67

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. RING - Sharpe Ratio Comparison

The current ZJG.TO Sharpe Ratio is 1.54, which is comparable to the RING Sharpe Ratio of 1.58. 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.

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Sharpe Ratios by Period

ZJG.TORINGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

1.58

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.75

0.69

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.45

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

0.18

0.00

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 -72.63%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and RING.

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Drawdown Indicators

ZJG.TORINGDifference

Max Drawdown

Largest peak-to-trough decline

-81.59%

-72.63%

-8.96%

Max Drawdown (1Y)

Largest decline over 1 year

-32.02%

-29.70%

-2.32%

Max Drawdown (3Y)

Largest decline over 3 years

-32.02%

-29.70%

-2.32%

Max Drawdown (5Y)

Largest decline over 5 years

-41.63%

-43.44%

+1.81%

Max Drawdown (10Y)

Largest decline over 10 years

-48.58%

-50.48%

+1.90%

Current Drawdown

Current decline from peak

-28.35%

-24.30%

-4.05%

Average Drawdown

Average peak-to-trough decline

-49.08%

-37.00%

-12.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.91%

11.35%

+1.56%

Volatility

ZJG.TO vs. RING - Volatility Comparison

BMO Junior Gold Index ETF (ZJG.TO) has a higher volatility of 15.90% compared to iShares MSCI Global Gold Miners ETF (RING) at 14.79%. This indicates that ZJG.TO's price experiences larger fluctuations and is considered to be riskier than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZJG.TORINGDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.90%

14.79%

+1.11%

Volatility (6M)

Calculated over the trailing 6-month period

37.93%

36.22%

+1.71%

Volatility (1Y)

Calculated over the trailing 1-year period

46.25%

44.68%

+1.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.27%

34.00%

+2.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.00%

34.61%

+3.39%

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 0.83% yield.

PositionTTM20252024202320222021202020192018201720162015
RING
iShares MSCI Global Gold Miners ETF		0.83%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

ZJG.TO and RING have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

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

ZJG.TO is categorized as Precious Metals, while RING is Gold. 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.

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