ZJG.TO vs. VDY.TO

Last updated Jun 25, 2026

ZJG.TO (BMO Junior Gold Index ETF) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both exchange-traded funds - ZJG.TO is a Gold fund tracking the Dow Jones North America Select Junior Gold Index, while VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index. Both are passively managed. Over the past 10 years, ZJG.TO returned 13.28%/yr vs 14.65%/yr for VDY.TO. At a 0.06 correlation, their price movements are largely independent. ZJG.TO charges 0.61%/yr vs 0.22%/yr for VDY.TO.

Performance

ZJG.TO vs. VDY.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 Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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 lower than VDY.TO's 23.93% return. Over the past 10 years, ZJG.TO has underperformed VDY.TO with an annualized return of 13.28%, while VDY.TO has yielded a comparatively higher 14.65% 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%

VDY.TO

• 1D: -0.85%
• 1M: 1.98%
• YTD: 23.93%
• 6M: 22.69%
• 1Y: 49.88%
• 3Y*: 28.93%
• 5Y*: 17.92%
• 10Y*: 14.65%

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

ZJG.TO vs. VDY.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%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	23.93%	29.21%	21.44%	8.41%	-0.23%	36.60%	-1.37%	21.42%	-10.09%	8.32%

Correlation

The correlation between ZJG.TO and VDY.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	0.06

The correlation between ZJG.TO and VDY.TO shifts across timeframes, from 0.06 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZJG.TO vs. VDY.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

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 99
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

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. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Junior Gold Index ETF (ZJG.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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	VDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.17	5.98	-4.81
Sortino ratio: Return per unit of downside risk	1.61	8.51	-6.89
Omega ratio: Gain probability vs. loss probability	1.22	2.19	-0.97
Calmar ratio: Return relative to maximum drawdown	1.52	16.07	-14.55
Martin ratio: Return relative to average drawdown	3.82	65.40	-61.58

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

The current ZJG.TO Sharpe Ratio is 1.17, which is lower than the VDY.TO Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of ZJG.TO and VDY.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. VDY.TO - Drawdown Comparison

The maximum ZJG.TO drawdown since its inception was -81.59%, which is greater than VDY.TO's maximum drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and VDY.TO.

Drawdown Indicators

	ZJG.TO	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-81.59%	-39.21%	-42.38%
Max Drawdown (1Y) Largest decline over 1 year	-37.55%	-3.12%	-34.43%
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	-10.38%	-27.17%
Max Drawdown (5Y) Largest decline over 5 years	-41.63%	-16.17%	-25.46%
Max Drawdown (10Y) Largest decline over 10 years	-48.58%	-39.21%	-9.37%
Current Drawdown Current decline from peak	-35.76%	-0.85%	-34.91%
Average Drawdown Average peak-to-trough decline	-49.00%	-4.46%	-44.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.96%	0.77%	+14.19%

Volatility

ZJG.TO vs. VDY.TO - Volatility Comparison

BMO Junior Gold Index ETF (ZJG.TO) has a higher volatility of 17.97% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.02%. This indicates that ZJG.TO's price experiences larger fluctuations and is considered to be riskier than VDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJG.TO	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.97%	3.02%	+14.95%
Volatility (6M) Calculated over the trailing 6-month period	40.62%	6.93%	+33.69%
Volatility (1Y) Calculated over the trailing 1-year period	48.93%	8.38%	+40.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	11.56%	+25.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.23%	15.92%	+22.31%

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

ZJG.TO has a 0.61% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

Dividends

ZJG.TO vs. VDY.TO - Dividend Comparison

ZJG.TO's dividend yield for the trailing twelve months is around 0.13%, less than VDY.TO's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	3.07%	3.59%	4.37%	4.64%	4.42%	3.46%	4.59%	4.25%	4.44%	3.42%	3.25%	4.11%
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

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

ZJG.TO and VDY.TO have a correlation of 0.25, 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 VDY.TO?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.61% for ZJG.TO.

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

ZJG.TO is categorized as Gold, while VDY.TO is Dividend. ZJG.TO tracks Dow Jones North America Select Junior Gold Index, while VDY.TO tracks FTSE Canada High Dividend Yield Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.61% for ZJG.TO and 0.22% for VDY.TO.