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ZVC.TO vs. XGD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZVC.TO vs. XGD.TO

Last updated Jun 4, 2026

ZVC.TO (BMO MSCI Canada Value Index ETF) and XGD.TO (iShares S&P/TSX Global Gold Index ETF) are both exchange-traded funds - ZVC.TO is a Large Cap Value Equities fund tracking the MSCI Canada Enhanced Value Capped Index, while XGD.TO is a Precious Metals fund tracking the Morningstar Gbl Gold GR CAD. Both are passively managed. Over the past 5 years, ZVC.TO returned 16.44%/yr vs 22.30%/yr for XGD.TO. At a 0.21 correlation, their price movements are largely independent. ZVC.TO charges 0.40%/yr vs 0.61%/yr for XGD.TO.

Performance

ZVC.TO vs. XGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI Canada Value Index ETF (ZVC.TO) and iShares S&P/TSX Global Gold Index ETF (XGD.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, ZVC.TO achieves a 16.23% return, which is significantly higher than XGD.TO's 3.35% return.

ZVC.TO

1D
-0.32%
1M
4.99%
YTD
16.23%
6M
18.05%
1Y
43.80%
3Y*
23.40%
5Y*
16.44%
10Y*
—

XGD.TO

1D
-2.80%
1M
1.62%
YTD
3.35%
6M
8.72%
1Y
67.78%
3Y*
43.11%
5Y*
22.30%
10Y*
14.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZVC.TO vs. XGD.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ZVC.TO
BMO MSCI Canada Value Index ETF		16.23%30.30%15.38%11.07%2.23%31.46%-3.94%10.02%-5.80%
XGD.TO
iShares S&P/TSX Global Gold Index ETF		3.35%144.45%19.63%3.91%-3.10%-5.81%21.10%40.18%-2.91%

Correlation

The correlation between ZVC.TO and XGD.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.38

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

0.32

Correlation (All Time)
Calculated using the full available price history since Jan 10, 2018

0.21

Over the past year, ZVC.TO and XGD.TO have become more correlated (0.44) than their long-term average of 0.21, meaning their price movements have been converging.

ZVC.TO vs. XGD.TO - Sectors Allocation Comparison

Sectors
ZVC.TO
XGD.TO

Financial Services

37.6%

-

Energy

19.2%

-

Basic Materials

15.5%
100.0%

Industrials

9.9%

-

Technology

8.2%

-

Consumer Cyclical

4.2%

-

Consumer Defensive

2.5%

-

Utilities

2.0%

-

Communication Services

0.7%

-

Real Estate

0.2%

-

Healthcare

-

-

Financial Services

ZVC.TO
37.6%
XGD.TO

-

Energy

ZVC.TO
19.2%
XGD.TO

-

Basic Materials

ZVC.TO
15.5%
XGD.TO
100.0%

Industrials

ZVC.TO
9.9%
XGD.TO

-

Technology

ZVC.TO
8.2%
XGD.TO

-

Consumer Cyclical

ZVC.TO
4.2%
XGD.TO

-

Consumer Defensive

ZVC.TO
2.5%
XGD.TO

-

Utilities

ZVC.TO
2.0%
XGD.TO

-

Communication Services

ZVC.TO
0.7%
XGD.TO

-

Real Estate

ZVC.TO
0.2%
XGD.TO

-

Healthcare

ZVC.TO

-

XGD.TO

-

Compare stocks, funds, or ETFs

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BMO MSCI Canada Value Index ETF

iShares S&P/TSX Global Gold Index ETF

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Often compared with XGD.TO:
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Return for Risk

ZVC.TO vs. XGD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZVC.TO
ZVC.TO Risk / Return Rank: 9696
Overall Rank
ZVC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZVC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
ZVC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZVC.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZVC.TO Martin Ratio Rank: 9696
Martin Ratio Rank
XGD.TO
XGD.TO Risk / Return Rank: 4242
Overall Rank
XGD.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XGD.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
XGD.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XGD.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
XGD.TO Martin Ratio Rank: 3939
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.

ZVC.TO vs. XGD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Canada Value Index ETF (ZVC.TO) and iShares S&P/TSX Global Gold Index ETF (XGD.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.

ZVC.TOXGD.TODifference
Sharpe ratioReturn per unit of total volatility
4.27
1.59

+2.68

Sortino ratioReturn per unit of downside risk
5.80
1.97

+3.83

Omega ratioGain probability vs. loss probability

1.82

1.28

+0.53

Calmar ratioReturn relative to maximum drawdown

7.20

2.35

+4.85

Martin ratioReturn relative to average drawdown

35.91

6.22

+29.69

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

ZVC.TO vs. XGD.TO - Sharpe Ratio Comparison

The current ZVC.TO Sharpe Ratio is 4.27, which is higher than the XGD.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of ZVC.TO and XGD.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

ZVC.TOXGD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.27

1.59

+2.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.23

0.69

+0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.45

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.25

+0.45

Drawdowns

ZVC.TO vs. XGD.TO - Drawdown Comparison

The maximum ZVC.TO drawdown since its inception was -41.00%, smaller than the maximum XGD.TO drawdown of -72.55%. Use the drawdown chart below to compare losses from any high point for ZVC.TO and XGD.TO.

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Drawdown Indicators

ZVC.TOXGD.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.00%

-72.55%

+31.55%

Max Drawdown (1Y)

Largest decline over 1 year

-6.11%

-28.95%

+22.84%

Max Drawdown (3Y)

Largest decline over 3 years

-13.34%

-28.95%

+15.61%

Max Drawdown (5Y)

Largest decline over 5 years

-16.17%

-40.82%

+24.65%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.96%

—

Current Drawdown

Current decline from peak

-0.32%

-23.49%

+23.17%

Average Drawdown

Average peak-to-trough decline

-4.92%

-28.30%

+23.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.22%

10.93%

-9.71%

Volatility

ZVC.TO vs. XGD.TO - Volatility Comparison

The current volatility for BMO MSCI Canada Value Index ETF (ZVC.TO) is 3.20%, while iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a volatility of 14.43%. This indicates that ZVC.TO experiences smaller price fluctuations and is considered to be less risky than XGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZVC.TOXGD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.20%

14.43%

-11.23%

Volatility (6M)

Calculated over the trailing 6-month period

8.14%

34.40%

-26.26%

Volatility (1Y)

Calculated over the trailing 1-year period

10.32%

42.86%

-32.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.46%

32.64%

-19.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.30%

33.38%

-16.08%

ZVC.TO vs. XGD.TO - Expense Ratio Comparison

ZVC.TO has a 0.40% expense ratio, which is lower than XGD.TO's 0.61% expense ratio.

Dividends

ZVC.TO vs. XGD.TO - Dividend Comparison

ZVC.TO's dividend yield for the trailing twelve months is around 1.95%, more than XGD.TO's 0.60% yield.

PositionTTM20252024202320222021202020192018201720162015
XGD.TO
iShares S&P/TSX Global Gold Index ETF		0.60%0.62%0.93%1.49%1.80%1.38%0.35%0.54%0.25%0.14%0.09%0.57%
ZVC.TO
BMO MSCI Canada Value Index ETF		1.95%2.23%2.87%3.32%2.96%2.41%3.30%2.66%2.67%0.00%0.00%0.00%

Frequently Asked Questions

ZVC.TO and XGD.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZVC.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZVC.TO is cheaper with a 0.40% expense ratio, compared with 0.61% for XGD.TO.

ZVC.TO is categorized as Large Cap Value Equities, while XGD.TO is Precious Metals. ZVC.TO tracks MSCI Canada Enhanced Value Capped Index, while XGD.TO tracks Morningstar Gbl Gold GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.40% for ZVC.TO and 0.61% for XGD.TO.

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