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ZMI.TO vs. ZGD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMI.TO vs. ZGD.TO

Last updated Jun 5, 2026

ZMI.TO (BMO Monthly Income ETF) and ZGD.TO (BMO Equal Weight Global Gold Index ETF) are both exchange-traded funds - ZMI.TO is a Diversified Portfolio fund actively managed by BMO, while ZGD.TO is a Gold fund tracking the Solactive Equal Weight Global Gold Index. ZMI.TO is actively managed, while ZGD.TO is passively managed. Over the past 10 years, ZMI.TO returned 6.61%/yr vs 18.24%/yr for ZGD.TO. At a 0.10 correlation, their price movements are largely independent. ZMI.TO charges 0.18%/yr vs 0.60%/yr for ZGD.TO.

Performance

ZMI.TO vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Monthly Income ETF (ZMI.TO) and BMO Equal Weight Global Gold Index ETF (ZGD.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, ZMI.TO achieves a 9.38% return, which is significantly higher than ZGD.TO's 7.53% return. Over the past 10 years, ZMI.TO has underperformed ZGD.TO with an annualized return of 6.61%, while ZGD.TO has yielded a comparatively higher 18.24% annualized return.

ZMI.TO

1D
0.30%
1M
4.20%
YTD
9.38%
6M
6.03%
1Y
16.07%
3Y*
12.51%
5Y*
7.80%
10Y*
6.61%

ZGD.TO

1D
1.20%
1M
3.43%
YTD
7.53%
6M
13.94%
1Y
84.61%
3Y*
57.12%
5Y*
30.91%
10Y*
18.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMI.TO vs. ZGD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZMI.TO
BMO Monthly Income ETF		9.38%7.88%13.43%9.00%-5.89%11.25%2.40%13.37%-2.52%4.84%
ZGD.TO
BMO Equal Weight Global Gold Index ETF		7.53%170.64%37.48%10.17%-2.30%-12.57%26.59%53.72%-12.09%-0.73%

Correlation

The correlation between ZMI.TO and ZGD.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

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

0.25

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

0.24

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

0.12

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2012

0.10

Over the past year, ZMI.TO and ZGD.TO have become more correlated (0.32) than their long-term average of 0.10, meaning their price movements have been converging.

ZMI.TO vs. ZGD.TO - Sectors Allocation Comparison

Sectors
ZMI.TO
ZGD.TO

Financial Services

20.1%

-

Technology

16.4%

-

Energy

13.4%

-

Healthcare

9.8%

-

Communication Services

7.4%

-

Consumer Defensive

7.3%

-

Industrials

6.0%

-

Utilities

5.8%

-

Consumer Cyclical

5.4%

-

Basic Materials

5.3%
100.0%

Real Estate

3.1%

-

Financial Services

ZMI.TO
20.1%
ZGD.TO

-

Technology

ZMI.TO
16.4%
ZGD.TO

-

Energy

ZMI.TO
13.4%
ZGD.TO

-

Healthcare

ZMI.TO
9.8%
ZGD.TO

-

Communication Services

ZMI.TO
7.4%
ZGD.TO

-

Consumer Defensive

ZMI.TO
7.3%
ZGD.TO

-

Industrials

ZMI.TO
6.0%
ZGD.TO

-

Utilities

ZMI.TO
5.8%
ZGD.TO

-

Consumer Cyclical

ZMI.TO
5.4%
ZGD.TO

-

Basic Materials

ZMI.TO
5.3%
ZGD.TO
100.0%

Real Estate

ZMI.TO
3.1%
ZGD.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Monthly Income ETF

BMO Equal Weight Global Gold Index ETF

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Often compared with ZGD.TO:
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Return for Risk

ZMI.TO vs. ZGD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMI.TO
ZMI.TO Risk / Return Rank: 7070
Overall Rank
ZMI.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 6262
Martin Ratio Rank
ZGD.TO
ZGD.TO Risk / Return Rank: 5252
Overall Rank
ZGD.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
ZGD.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
ZGD.TO Omega Ratio Rank: 5252
Omega Ratio Rank
ZGD.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
ZGD.TO Martin Ratio Rank: 4747
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.

ZMI.TO vs. ZGD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and BMO Equal Weight Global Gold Index ETF (ZGD.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.

ZMI.TOZGD.TODifference
Sharpe ratioReturn per unit of total volatility
2.27
1.89

+0.39

Sortino ratioReturn per unit of downside risk
2.99
2.21

+0.78

Omega ratioGain probability vs. loss probability

1.47

1.32

+0.15

Calmar ratioReturn relative to maximum drawdown

3.40

2.82

+0.58

Martin ratioReturn relative to average drawdown

11.09

7.62

+3.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMI.TO vs. ZGD.TO - Sharpe Ratio Comparison

The current ZMI.TO Sharpe Ratio is 2.27, which is comparable to the ZGD.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ZMI.TO and ZGD.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

ZMI.TOZGD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.27

1.89

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

0.85

+0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.49

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.29

+0.48

Drawdowns

ZMI.TO vs. ZGD.TO - Drawdown Comparison

The maximum ZMI.TO drawdown since its inception was -26.65%, smaller than the maximum ZGD.TO drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and ZGD.TO.

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Drawdown Indicators

ZMI.TOZGD.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.65%

-60.12%

+33.47%

Max Drawdown (1Y)

Largest decline over 1 year

-4.75%

-30.15%

+25.40%

Max Drawdown (3Y)

Largest decline over 3 years

-8.81%

-30.15%

+21.34%

Max Drawdown (5Y)

Largest decline over 5 years

-12.65%

-42.75%

+30.10%

Max Drawdown (10Y)

Largest decline over 10 years

-26.65%

-51.72%

+25.07%

Current Drawdown

Current decline from peak

0.00%

-21.82%

+21.82%

Average Drawdown

Average peak-to-trough decline

-2.12%

-28.33%

+26.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

11.15%

-9.70%

Volatility

ZMI.TO vs. ZGD.TO - Volatility Comparison

The current volatility for BMO Monthly Income ETF (ZMI.TO) is 2.26%, while BMO Equal Weight Global Gold Index ETF (ZGD.TO) has a volatility of 15.73%. This indicates that ZMI.TO experiences smaller price fluctuations and is considered to be less risky than ZGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZMI.TOZGD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.26%

15.73%

-13.47%

Volatility (6M)

Calculated over the trailing 6-month period

5.81%

36.41%

-30.60%

Volatility (1Y)

Calculated over the trailing 1-year period

7.10%

45.12%

-38.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.43%

36.41%

-28.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.87%

37.35%

-28.48%

ZMI.TO vs. ZGD.TO - Expense Ratio Comparison

ZMI.TO has a 0.18% expense ratio, which is lower than ZGD.TO's 0.60% expense ratio.

Dividends

ZMI.TO vs. ZGD.TO - Dividend Comparison

ZMI.TO's dividend yield for the trailing twelve months is around 3.92%, more than ZGD.TO's 0.20% yield.

PositionTTM20252024202320222021202020192018201720162015
ZGD.TO
BMO Equal Weight Global Gold Index ETF		0.20%0.22%0.59%0.76%0.77%0.38%0.16%1.20%0.00%0.00%0.32%0.46%
ZMI.TO
BMO Monthly Income ETF		3.92%4.54%4.68%4.94%4.49%3.71%4.21%4.24%4.58%4.06%3.89%3.89%

Frequently Asked Questions

ZMI.TO and ZGD.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.60% for ZGD.TO.

ZMI.TO is categorized as Diversified Portfolio, while ZGD.TO is Gold. Their fees differ too: 0.18% for ZMI.TO and 0.60% for ZGD.TO.

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