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

ZJG.TO vs. XMA.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Junior Gold Index ETF (ZJG.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO).

ZJG.TO and XMA.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZJG.TO is a passively managed fund by BMO that tracks the performance of the Dow Jones North America Select Junior Gold Index. It was launched on Jan 19, 2010. XMA.TO is a passively managed fund by iShares that tracks the performance of the S&P/TSX Capped Materials TR. It was launched on Dec 19, 2005. Both ZJG.TO and XMA.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZJG.TO vs. XMA.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 iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
ZJG.TO
BMO Junior Gold Index ETF		12.15%154.66%36.44%6.11%-0.89%-16.72%24.40%42.01%-18.76%11.85%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		10.45%99.21%20.72%-2.04%1.35%3.31%19.73%24.63%-10.46%7.07%

Returns By Period

In the year-to-date period, ZJG.TO achieves a 12.15% return, which is significantly higher than XMA.TO's 10.45% return. Over the past 10 years, ZJG.TO has outperformed XMA.TO with an annualized return of 20.60%, while XMA.TO has yielded a comparatively lower 16.34% annualized return.

ZJG.TO

1D
8.29%
1M
-20.41%
YTD
12.15%
6M
28.29%
1Y
119.13%
3Y*
53.40%
5Y*
31.70%
10Y*
20.60%

XMA.TO

1D
6.30%
1M
-16.60%
YTD
10.45%
6M
23.41%
1Y
83.21%
3Y*
34.16%
5Y*
23.21%
10Y*
16.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Junior Gold Index ETF

iShares S&P/TSX Capped Materials Index ETF

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Often compared with XMA.TO:
XMA.TO vs. XGD.TOXMA.TO vs. XIC.TOXMA.TO vs. XIT.TOXMA.TO vs. ZUT.TOXMA.TO vs. VFV.TOXMA.TO vs. XEQT.TOXMA.TO vs. XETM.TO

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

ZJG.TO has a 0.61% expense ratio, which is higher than XMA.TO's 0.60% expense ratio.

ZJG.TO
BMO Junior Gold Index ETF
XMA.TO
iShares S&P/TSX Capped Materials Index ETF

Return for Risk

ZJG.TO vs. XMA.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: 9494
Overall Rank
ZJG.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZJG.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
ZJG.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZJG.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZJG.TO Martin Ratio Rank: 9393
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 9292
Overall Rank
XMA.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 9292
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 9292
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. XMA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Junior Gold Index ETF (ZJG.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.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.

ZJG.TOXMA.TODifference

Sharpe ratio

Return per unit of total volatility

2.62

2.28

+0.34

Sortino ratio

Return per unit of downside risk

2.78

2.55

+0.23

Omega ratio

Gain probability vs. loss probability

1.41

1.39

+0.02

Calmar ratio

Return relative to maximum drawdown

3.75

3.13

+0.62

Martin ratio

Return relative to average drawdown

13.39

12.52

+0.87

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. XMA.TO - Sharpe Ratio Comparison

The current ZJG.TO Sharpe Ratio is 2.62, which is comparable to the XMA.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ZJG.TO and XMA.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZJG.TOXMA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

2.28

+0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.89

0.87

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.62

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

-0.98

+1.17

Correlation

The correlation between ZJG.TO and XMA.TO is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZJG.TO vs. XMA.TO - Dividend Comparison

ZJG.TO's dividend yield for the trailing twelve months is around 0.10%, less than XMA.TO's 0.36% yield.

TTM20252024202320222021202020192018201720162015
ZJG.TO
BMO Junior Gold Index ETF		0.10%0.12%0.68%0.90%0.83%0.36%0.00%0.00%0.00%0.00%0.00%0.00%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.36%0.41%0.83%1.26%1.24%0.87%0.63%0.62%0.72%0.42%0.82%1.90%

Drawdowns

ZJG.TO vs. XMA.TO - Drawdown Comparison

The maximum ZJG.TO drawdown since its inception was -81.59%, smaller than the maximum XMA.TO drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and XMA.TO.

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Drawdown Indicators

ZJG.TOXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-81.59%

-100.00%

+18.41%

Max Drawdown (1Y)

Largest decline over 1 year

-32.02%

-26.96%

-5.06%

Max Drawdown (5Y)

Largest decline over 5 years

-41.63%

-33.06%

-8.57%

Max Drawdown (10Y)

Largest decline over 10 years

-48.58%

-33.06%

-15.52%

Current Drawdown

Current decline from peak

-20.85%

-99.99%

+79.14%

Average Drawdown

Average peak-to-trough decline

-49.37%

-100.00%

+50.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.98%

6.75%

+2.23%

Volatility

ZJG.TO vs. XMA.TO - Volatility Comparison

BMO Junior Gold Index ETF (ZJG.TO) has a higher volatility of 18.91% compared to iShares S&P/TSX Capped Materials Index ETF (XMA.TO) at 15.77%. This indicates that ZJG.TO's price experiences larger fluctuations and is considered to be riskier than XMA.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.TOXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

18.91%

15.77%

+3.14%

Volatility (6M)

Calculated over the trailing 6-month period

39.13%

31.17%

+7.96%

Volatility (1Y)

Calculated over the trailing 1-year period

45.65%

36.66%

+8.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.72%

26.90%

+8.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.46%

26.57%

+11.89%