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

AEM vs. XGD.TO

Last updated Jun 13, 2026

AEM (Agnico Eagle Mines Limited) is a stock, while XGD.TO (iShares S&P/TSX Global Gold Index ETF) is Precious Metals fund tracking the S&P/TSX Global Gold Index. Over the past 10 years, AEM returned 14.70%/yr vs 13.23%/yr for XGD.TO. Their correlation of 0.84 suggests significant overlap in exposure.

Performance

AEM vs. XGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Agnico Eagle Mines Limited (AEM) 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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Different Trading Currencies

AEM is traded in USD, while XGD.TO is traded in CAD. To make them comparable, the XGD.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AEM achieves a -3.66% return, which is significantly higher than XGD.TO's -4.25% return. Over the past 10 years, AEM has outperformed XGD.TO with an annualized return of 14.70%, while XGD.TO has yielded a comparatively lower 13.23% annualized return.

AEM

1D
3.09%
1M
-16.80%
YTD
-3.66%
6M
-2.93%
1Y
34.46%
3Y*
50.92%
5Y*
20.78%
10Y*
14.70%

XGD.TO

1D
2.69%
1M
-16.52%
YTD
-4.25%
6M
-3.04%
1Y
55.75%
3Y*
39.72%
5Y*
17.61%
10Y*
13.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AEM vs. XGD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AEM
Agnico Eagle Mines Limited		-3.66%119.53%46.04%8.98%1.08%-22.81%17.39%54.18%-11.51%10.92%
XGD.TO
iShares S&P/TSX Global Gold Index ETF		-4.25%156.14%10.29%6.44%-8.90%-5.76%24.05%46.20%-11.54%8.29%

Correlation

The correlation between AEM and XGD.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.89

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

0.88

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

0.86

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

0.84

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.84

The correlation between AEM and XGD.TO has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

Agnico Eagle Mines Limited

iShares S&P/TSX Global Gold Index ETF

Often compared with AEM:
AEM vs. NEMAEM vs. GOLDAEM vs. WPMAEM vs. GDXAEM vs. PAASAEM vs. FNVAEM vs. GFI
Often compared with XGD.TO:
XGD.TO vs. CGL.TOXGD.TO vs. GLDXGD.TO vs. ZGD.TOXGD.TO vs. MNT.TOXGD.TO vs. BRK-BXGD.TO vs. ZGLD.TOXGD.TO vs. ZGLD.SW

Return for Risk

AEM vs. XGD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AEM
AEM Risk / Return Rank: 6464
Overall Rank
AEM Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
AEM Sortino Ratio Rank: 6161
Sortino Ratio Rank
AEM Omega Ratio Rank: 6262
Omega Ratio Rank
AEM Calmar Ratio Rank: 6161
Calmar Ratio Rank
AEM Martin Ratio Rank: 6565
Martin Ratio Rank
XGD.TO
XGD.TO Risk / Return Rank: 4040
Overall Rank
XGD.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
XGD.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
XGD.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XGD.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XGD.TO Martin Ratio Rank: 3636
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.

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

This table presents a comparison of risk-adjusted performance metrics for Agnico Eagle Mines Limited (AEM) 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.

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.

AEMXGD.TODifference
Sharpe ratioReturn per unit of total volatility
0.79
1.26

-0.47

Sortino ratioReturn per unit of downside risk
1.22
1.67

-0.45

Omega ratioGain probability vs. loss probability

1.16

1.24

-0.07

Calmar ratioReturn relative to maximum drawdown

0.88

1.63

-0.75

Martin ratioReturn relative to average drawdown

2.48

4.60

-2.12

AEM vs. XGD.TO - Sharpe Ratio Comparison

The current AEM Sharpe Ratio is 0.79, which is lower than the XGD.TO Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of AEM 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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Drawdowns

AEM vs. XGD.TO - Drawdown Comparison

The maximum AEM drawdown since its inception was -90.49%, which is greater than XGD.TO's maximum drawdown of -80.30%. Use the drawdown chart below to compare losses from any high point for AEM and XGD.TO.

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Drawdown Indicators

AEMXGD.TODifference

Max Drawdown

Largest peak-to-trough decline

-90.49%

-80.30%

-10.19%

Max Drawdown (1Y)

Largest decline over 1 year

-39.39%

-34.40%

-4.99%

Max Drawdown (3Y)

Largest decline over 3 years

-39.39%

-34.40%

-4.99%

Max Drawdown (5Y)

Largest decline over 5 years

-45.03%

-44.90%

-0.13%

Max Drawdown (10Y)

Largest decline over 10 years

-53.86%

-47.12%

-6.74%

Current Drawdown

Current decline from peak

-35.35%

-29.21%

-6.14%

Average Drawdown

Average peak-to-trough decline

-46.65%

-40.83%

-5.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.93%

12.14%

+1.79%

Volatility

AEM vs. XGD.TO - Volatility Comparison

The current volatility for Agnico Eagle Mines Limited (AEM) is 15.31%, while iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a volatility of 16.16%. This indicates that AEM 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

AEMXGD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

15.31%

16.16%

-0.85%

Volatility (6M)

Calculated over the trailing 6-month period

36.02%

36.18%

-0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

44.06%

44.61%

-0.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.06%

33.65%

+3.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.35%

34.19%

+3.16%

Dividends

AEM vs. XGD.TO - Dividend Comparison

AEM's dividend yield for the trailing twelve months is around 1.05%, more than XGD.TO's 0.64% yield.

PositionTTM20252024202320222021202020192018201720162015
AEM
Agnico Eagle Mines Limited		1.05%0.94%2.05%2.92%3.08%2.63%2.36%0.89%1.09%0.89%0.86%1.22%
XGD.TO
iShares S&P/TSX Global Gold Index ETF		0.64%0.62%0.93%1.49%1.77%1.38%0.35%0.54%0.25%0.14%0.10%0.57%

Frequently Asked Questions

AEM and XGD.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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