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CAR-UN.TO vs. CGL-C.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CAR-UN.TO vs. CGL-C.TO

Last updated Jun 16, 2026

CAR-UN.TO (Canadian Apartment Properties Real Estate Investment Trust) is a stock, while CGL-C.TO (iShares Gold Bullion ETF) is Gold fund tracking the LBMA Gold Price (CAD). Over the past 10 years, CAR-UN.TO returned 4.34%/yr vs 13.01%/yr for CGL-C.TO. At a 0.04 correlation, their price movements are largely independent.

Performance

CAR-UN.TO vs. CGL-C.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) and iShares Gold Bullion ETF (CGL-C.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, CAR-UN.TO achieves a -2.25% return, which is significantly lower than CGL-C.TO's 1.94% return. Over the past 10 years, CAR-UN.TO has underperformed CGL-C.TO with an annualized return of 4.34%, while CGL-C.TO has yielded a comparatively higher 13.01% annualized return.

CAR-UN.TO

1D
-1.03%
1M
6.53%
YTD
-2.25%
6M
-2.28%
1Y
-19.38%
3Y*
-7.85%
5Y*
-6.74%
10Y*
4.34%

CGL-C.TO

1D
2.56%
1M
-3.33%
YTD
1.94%
6M
1.69%
1Y
28.64%
3Y*
31.98%
5Y*
21.21%
10Y*
13.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CAR-UN.TO vs. CGL-C.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CAR-UN.TO
Canadian Apartment Properties Real Estate Investment Trust		-2.25%-12.32%-9.85%17.89%-26.56%22.96%-2.97%22.93%22.52%23.53%
CGL-C.TO
iShares Gold Bullion ETF		1.94%55.55%37.41%10.13%6.11%-4.85%21.75%11.98%6.86%4.31%

Correlation

The correlation between CAR-UN.TO and CGL-C.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.07

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

0.09

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

0.05

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

0.06

Correlation (All Time)
Calculated using the full available price history since Jan 24, 2012

0.04

Compare stocks, funds, or ETFs

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

Canadian Apartment Properties Real Estate Investment Trust

iShares Gold Bullion ETF

Often compared with CAR-UN.TO:
CAR-UN.TO vs. KMP-UN.TOCAR-UN.TO vs. SRU-UN.TOCAR-UN.TO vs. BEI-UN.TOCAR-UN.TO vs. AP-UN.TOCAR-UN.TO vs. GWO.TOCAR-UN.TO vs. ^GSPCCAR-UN.TO vs. VFV.TO
Often compared with CGL-C.TO:
CGL-C.TO vs. CGL.TOCGL-C.TO vs. MNT.TOCGL-C.TO vs. GLDCGL-C.TO vs. PHYS.TOCGL-C.TO vs. ZGLD.TOCGL-C.TO vs. ABX.TOCGL-C.TO vs. XMD.TO

Return for Risk

CAR-UN.TO vs. CGL-C.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CAR-UN.TO
CAR-UN.TO Risk / Return Rank: 1010
Overall Rank
CAR-UN.TO Sharpe Ratio Rank: 44
Sharpe Ratio Rank
CAR-UN.TO Sortino Ratio Rank: 66
Sortino Ratio Rank
CAR-UN.TO Omega Ratio Rank: 88
Omega Ratio Rank
CAR-UN.TO Calmar Ratio Rank: 1515
Calmar Ratio Rank
CAR-UN.TO Martin Ratio Rank: 1515
Martin Ratio Rank
CGL-C.TO
CGL-C.TO Risk / Return Rank: 3232
Overall Rank
CGL-C.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
CGL-C.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
CGL-C.TO Omega Ratio Rank: 3636
Omega Ratio Rank
CGL-C.TO Calmar Ratio Rank: 2929
Calmar Ratio Rank
CGL-C.TO Martin Ratio Rank: 2929
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.

CAR-UN.TO vs. CGL-C.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) 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.

CAR-UN.TOCGL-C.TODifference
Sharpe ratioReturn per unit of total volatility
-1.09
1.10

-2.19

Sortino ratioReturn per unit of downside risk
-1.46
1.50

-2.96

Omega ratioGain probability vs. loss probability

0.84

1.22

-0.39

Calmar ratioReturn relative to maximum drawdown

-0.72

1.30

-2.02

Martin ratioReturn relative to average drawdown

-1.20

3.69

-4.89

CAR-UN.TO vs. CGL-C.TO - Sharpe Ratio Comparison

The current CAR-UN.TO Sharpe Ratio is -1.09, which is lower than the CGL-C.TO Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of CAR-UN.TO and CGL-C.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

CAR-UN.TO vs. CGL-C.TO - Drawdown Comparison

The maximum CAR-UN.TO drawdown since its inception was -41.12%, which is greater than CGL-C.TO's maximum drawdown of -30.01%. Use the drawdown chart below to compare losses from any high point for CAR-UN.TO and CGL-C.TO.

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Drawdown Indicators

CAR-UN.TOCGL-C.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.12%

-30.01%

-11.11%

Max Drawdown (1Y)

Largest decline over 1 year

-26.88%

-22.11%

-4.77%

Max Drawdown (3Y)

Largest decline over 3 years

-38.75%

-22.11%

-16.64%

Max Drawdown (5Y)

Largest decline over 5 years

-39.29%

-22.11%

-17.18%

Max Drawdown (10Y)

Largest decline over 10 years

-39.29%

-22.78%

-16.51%

Current Drawdown

Current decline from peak

-35.33%

-17.33%

-18.00%

Average Drawdown

Average peak-to-trough decline

-12.05%

-10.72%

-1.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.24%

7.79%

+8.45%

Volatility

CAR-UN.TO vs. CGL-C.TO - Volatility Comparison

The current volatility for Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) is 6.14%, while iShares Gold Bullion ETF (CGL-C.TO) has a volatility of 8.08%. This indicates that CAR-UN.TO experiences smaller price fluctuations and is considered to be less risky than CGL-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CAR-UN.TOCGL-C.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.14%

8.08%

-1.94%

Volatility (6M)

Calculated over the trailing 6-month period

13.49%

22.58%

-9.09%

Volatility (1Y)

Calculated over the trailing 1-year period

17.94%

26.24%

-8.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.14%

17.24%

+3.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.05%

15.67%

+5.38%

Dividends

CAR-UN.TO vs. CGL-C.TO - Dividend Comparison

CAR-UN.TO's dividend yield for the trailing twelve months is around 4.43%, while CGL-C.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CAR-UN.TO
Canadian Apartment Properties Real Estate Investment Trust		4.43%4.29%3.45%2.97%3.40%2.35%2.76%2.59%2.96%3.42%3.94%4.50%
CGL-C.TO
iShares Gold Bullion ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CAR-UN.TO and CGL-C.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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