AVES vs. CGL-C.TO
AVES (Avantis Emerging Markets Value ETF) and CGL-C.TO (iShares Gold Bullion ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD). AVES is actively managed, while CGL-C.TO is passively managed. Over the past 3 years, AVES returned 19.19%/yr vs 28.82%/yr for CGL-C.TO. At a 0.15 correlation, their price movements are largely independent. AVES charges 0.36%/yr vs 0.55%/yr for CGL-C.TO.
Performance
AVES vs. CGL-C.TO - Performance Comparison
Loading charts...
Different Trading Currencies
AVES is traded in USD, while CGL-C.TO is traded in CAD. To make them comparable, the CGL-C.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AVES achieves a 15.51% return, which is significantly higher than CGL-C.TO's -2.68% return.
AVES
- 1D
- 0.32%
- 1M
- 0.12%
- YTD
- 15.51%
- 6M
- 18.20%
- 1Y
- 31.51%
- 3Y*
- 19.19%
- 5Y*
- —
- 10Y*
- —
CGL-C.TO
- 1D
- -0.00%
- 1M
- -10.30%
- YTD
- -2.68%
- 6M
- -2.36%
- 1Y
- 23.97%
- 3Y*
- 28.82%
- 5Y*
- 16.71%
- 10Y*
- 11.89%
AVES vs. CGL-C.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 15.51% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
CGL-C.TO iShares Gold Bullion ETF | -2.58% | 62.99% | 26.68% | 12.82% | -0.22% | 4.26% |
Correlation
The correlation between AVES and CGL-C.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.15 |
The correlation between AVES and CGL-C.TO shifts across timeframes, from 0.15 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AVES vs. CGL-C.TO — Risk / Return Rank
AVES
CGL-C.TO
AVES vs. CGL-C.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and iShares Gold Bullion ETF (CGL-C.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.
| AVES | CGL-C.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.19 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 0.99 | +1.33 |
| Martin ratioReturn relative to average drawdown | 8.40 | 2.87 | +5.53 |
Loading charts...
Drawdowns
AVES vs. CGL-C.TO - Drawdown Comparison
The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum CGL-C.TO drawdown of -42.11%. Use the drawdown chart below to compare losses from any high point for AVES and CGL-C.TO.
Loading charts...
Drawdown Indicators
| AVES | CGL-C.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -42.11% | +14.71% |
Max Drawdown (1Y)Largest decline over 1 year | -12.90% | -24.32% | +11.42% |
Max Drawdown (3Y)Largest decline over 3 years | -18.50% | -24.32% | +5.82% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.32% | — |
Current DrawdownCurrent decline from peak | -2.45% | -21.86% | +19.41% |
Average DrawdownAverage peak-to-trough decline | -7.70% | -18.51% | +10.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 8.37% | -4.81% |
Volatility
AVES vs. CGL-C.TO - Volatility Comparison
Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.89% compared to iShares Gold Bullion ETF (CGL-C.TO) at 7.57%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than CGL-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AVES | CGL-C.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 7.57% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 15.88% | 22.90% | -7.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 26.70% | -8.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.20% | 18.22% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.20% | 16.73% | +0.47% |
AVES vs. CGL-C.TO - Expense Ratio Comparison
AVES has a 0.36% expense ratio, which is lower than CGL-C.TO's 0.55% expense ratio.
Dividends
AVES vs. CGL-C.TO - Dividend Comparison
AVES's dividend yield for the trailing twelve months is around 3.53%, while CGL-C.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 3.53% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% |
CGL-C.TO iShares Gold Bullion ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AVES and CGL-C.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AVES is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AVES is cheaper with a 0.36% expense ratio, compared with 0.55% for CGL-C.TO.
AVES is categorized as Emerging Markets Equities, while CGL-C.TO is Gold. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.36% for AVES and 0.55% for CGL-C.TO.
Find the right allocation for AVES and CGL-C.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer