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

ZJG.TO vs. ZDV.TO

Last updated Jun 5, 2026

ZJG.TO (BMO Junior Gold Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZJG.TO is a Precious Metals fund tracking the Dow Jones North America Select Junior Gold Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZJG.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZJG.TO returned 16.00%/yr vs 11.00%/yr for ZDV.TO. At a 0.15 correlation, their price movements are largely independent. ZJG.TO charges 0.61%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZJG.TO vs. ZDV.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 BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZJG.TO achieves a 3.21% return, which is significantly lower than ZDV.TO's 19.98% return. Over the past 10 years, ZJG.TO has outperformed ZDV.TO with an annualized return of 16.00%, while ZDV.TO has yielded a comparatively lower 11.00% annualized return.

ZJG.TO

1D
1.65%
1M
2.45%
YTD
3.21%
6M
9.69%
1Y
73.05%
3Y*
51.42%
5Y*
27.40%
10Y*
16.00%

ZDV.TO

1D
1.20%
1M
5.35%
YTD
19.98%
6M
13.61%
1Y
33.16%
3Y*
21.12%
5Y*
14.00%
10Y*
11.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZJG.TO
BMO Junior Gold Index ETF		3.21%154.66%36.44%6.11%-0.89%-16.72%24.40%42.01%-18.76%11.85%
ZDV.TO
BMO Canadian Dividend ETF		19.98%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%7.38%

Correlation

The correlation between ZJG.TO and ZDV.TO is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

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

0.36

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

0.15

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.15

Over the past year, ZJG.TO and ZDV.TO have become more correlated (0.51) than their long-term average of 0.15, meaning their price movements have been converging.

ZJG.TO vs. ZDV.TO - Sectors Allocation Comparison

Sectors
ZJG.TO
ZDV.TO

Basic Materials

100.0%
10.6%

Communication Services

-

5.7%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Energy

-

27.2%

Financial Services

-

35.2%

Healthcare

-

0.9%

Industrials

-

2.7%

Real Estate

-

4.1%

Technology

-

-

Utilities

-

10.1%

Basic Materials

ZJG.TO
100.0%
ZDV.TO
10.6%

Communication Services

ZJG.TO

-

ZDV.TO
5.7%

Consumer Cyclical

ZJG.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZJG.TO

-

ZDV.TO
2.2%

Energy

ZJG.TO

-

ZDV.TO
27.2%

Financial Services

ZJG.TO

-

ZDV.TO
35.2%

Healthcare

ZJG.TO

-

ZDV.TO
0.9%

Industrials

ZJG.TO

-

ZDV.TO
2.7%

Real Estate

ZJG.TO

-

ZDV.TO
4.1%

Technology

ZJG.TO

-

ZDV.TO

-

Utilities

ZJG.TO

-

ZDV.TO
10.1%

Compare stocks, funds, or ETFs

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BMO Junior Gold Index ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

ZJG.TO vs. ZDV.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: 4343
Overall Rank
ZJG.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ZJG.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZJG.TO Omega Ratio Rank: 4545
Omega Ratio Rank
ZJG.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
ZJG.TO Martin Ratio Rank: 3737
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8989
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8989
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. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Junior Gold Index ETF (ZJG.TO) and BMO Canadian Dividend ETF (ZDV.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.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
3.14

-1.55

Sortino ratioReturn per unit of downside risk
1.96
3.60

-1.63

Omega ratioGain probability vs. loss probability

1.28

1.70

-0.42

Calmar ratioReturn relative to maximum drawdown

2.29

5.01

-2.72

Martin ratioReturn relative to average drawdown

5.63

19.47

-13.84

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. ZDV.TO - Sharpe Ratio Comparison

The current ZJG.TO Sharpe Ratio is 1.59, which is lower than the ZDV.TO Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of ZJG.TO and ZDV.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.

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Sharpe Ratios by Period

ZJG.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

3.14

-1.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.76

1.29

-0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.73

-0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.18

0.69

-0.51

Drawdowns

ZJG.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZJG.TO drawdown since its inception was -81.59%, which is greater than ZDV.TO's maximum drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZJG.TO and ZDV.TO.

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Drawdown Indicators

ZJG.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-81.59%

-43.21%

-38.38%

Max Drawdown (1Y)

Largest decline over 1 year

-32.02%

-6.65%

-25.37%

Max Drawdown (3Y)

Largest decline over 3 years

-32.02%

-9.04%

-22.98%

Max Drawdown (5Y)

Largest decline over 5 years

-41.63%

-16.72%

-24.91%

Max Drawdown (10Y)

Largest decline over 10 years

-48.58%

-43.21%

-5.37%

Current Drawdown

Current decline from peak

-27.16%

0.00%

-27.16%

Average Drawdown

Average peak-to-trough decline

-49.08%

-5.12%

-43.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.03%

1.71%

+11.32%

Volatility

ZJG.TO vs. ZDV.TO - Volatility Comparison

BMO Junior Gold Index ETF (ZJG.TO) has a higher volatility of 15.98% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.67%. This indicates that ZJG.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.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.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

15.98%

2.67%

+13.31%

Volatility (6M)

Calculated over the trailing 6-month period

37.88%

9.75%

+28.13%

Volatility (1Y)

Calculated over the trailing 1-year period

46.27%

10.63%

+35.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.27%

10.95%

+25.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.99%

15.11%

+22.88%

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

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

Dividends

ZJG.TO vs. ZDV.TO - Dividend Comparison

ZJG.TO's dividend yield for the trailing twelve months is around 0.11%, less than ZDV.TO's 2.65% yield.

PositionTTM20252024202320222021202020192018201720162015
ZDV.TO
BMO Canadian Dividend ETF		2.65%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%
ZJG.TO
BMO Junior Gold Index ETF		0.11%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 ZDV.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

ZJG.TO is categorized as Precious Metals, while ZDV.TO is Canada Equities. Their fees differ too: 0.61% for ZJG.TO and 0.39% for ZDV.TO.

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