CG.TO vs. GLD

Last updated Jun 4, 2026

CG.TO (Centerra Gold Inc.) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, CG.TO returned 21.14%/yr vs 13.94%/yr for GLD. At a 0.42 correlation, their price movements are largely independent.

Performance

CG.TO vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Centerra Gold Inc. (CG.TO) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, CG.TO achieves a 18.45% return, which is significantly higher than GLD's 4.23% return. Over the past 10 years, CG.TO has outperformed GLD with an annualized return of 21.14%, while GLD has yielded a comparatively lower 13.94% annualized return.

CG.TO

• 1D: -3.36%
• 1M: 2.69%
• YTD: 18.45%
• 6M: 27.69%
• 1Y: 127.98%
• 3Y*: 56.65%
• 5Y*: 34.38%
• 10Y*: 21.14%

GLD

• 1D: -0.58%
• 1M: 0.31%
• YTD: 4.23%
• 6M: 5.02%
• 1Y: 33.74%
• 3Y*: 32.62%
• 5Y*: 21.53%
• 10Y*: 13.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CG.TO vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CG.TO Centerra Gold Inc.	18.45%	148.18%	26.83%	33.01%	-18.21%	-25.14%	56.55%	76.28%	-9.01%	2.38%
GLD SPDR Gold Shares	4.23%	56.17%	37.54%	10.21%	6.30%	-5.02%	22.71%	12.06%	6.38%	5.63%

Correlation

The correlation between CG.TO and GLD is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.42

Over the past year, CG.TO and GLD have become more correlated (0.63) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

CG.TO vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CG.TO

CG.TO Risk / Return Rank: 90
CG.TO Sharpe Ratio Rank: 93
CG.TO Sortino Ratio Rank: 85
CG.TO Omega Ratio Rank: 87
CG.TO Calmar Ratio Rank: 92
CG.TO Martin Ratio Rank: 92

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

CG.TO vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Centerra Gold Inc. (CG.TO) and SPDR Gold Shares (GLD). 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.

	CG.TO	GLD	Difference
Sharpe ratio: Return per unit of total volatility	2.67	1.34	+1.33
Sortino ratio: Return per unit of downside risk	2.78	1.75	+1.03
Omega ratio: Gain probability vs. loss probability	1.39	1.27	+0.12
Calmar ratio: Return relative to maximum drawdown	5.34	1.96	+3.38
Martin ratio: Return relative to average drawdown	14.70	4.81	+9.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CG.TO vs. GLD - Sharpe Ratio Comparison

The current CG.TO Sharpe Ratio is 2.67, which is higher than the GLD Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of CG.TO and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CG.TO	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	1.34	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.28	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.91	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.65	-0.45

Drawdowns

CG.TO vs. GLD - Drawdown Comparison

The maximum CG.TO drawdown since its inception was -93.96%, which is greater than GLD's maximum drawdown of -33.56%. Use the drawdown chart below to compare losses from any high point for CG.TO and GLD.

Drawdown Indicators

	CG.TO	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-93.96%	-33.56%	-60.40%
Max Drawdown (1Y) Largest decline over 1 year	-24.10%	-17.28%	-6.82%
Max Drawdown (3Y) Largest decline over 3 years	-27.57%	-17.28%	-10.29%
Max Drawdown (5Y) Largest decline over 5 years	-57.12%	-17.47%	-39.65%
Max Drawdown (10Y) Largest decline over 10 years	-63.87%	-22.85%	-41.02%
Current Drawdown Current decline from peak	-18.36%	-15.45%	-2.91%
Average Drawdown Average peak-to-trough decline	-42.10%	-11.64%	-30.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.75%	7.04%	+1.71%

Volatility

CG.TO vs. GLD - Volatility Comparison

Centerra Gold Inc. (CG.TO) has a higher volatility of 15.28% compared to SPDR Gold Shares (GLD) at 5.37%. This indicates that CG.TO's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CG.TO	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.28%	5.37%	+9.91%
Volatility (6M) Calculated over the trailing 6-month period	38.15%	21.82%	+16.33%
Volatility (1Y) Calculated over the trailing 1-year period	48.22%	25.39%	+22.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.08%	16.86%	+27.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.64%	15.40%	+31.24%

Dividends

CG.TO vs. GLD - Dividend Comparison

CG.TO's dividend yield for the trailing twelve months is around 1.20%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CG.TO Centerra Gold Inc.	1.20%	1.42%	20.54%	16.50%	16.83%	12.72%	8.01%	0.00%	0.00%	0.00%	1.91%	2.43%
GLD SPDR Gold Shares	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

Can I hold both CG.TO and GLD in my portfolio?

CG.TO and GLD have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.