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

CGL-C.TO vs. AQN

Last updated Jun 16, 2026

CGL-C.TO (iShares Gold Bullion ETF) is Gold fund tracking the LBMA Gold Price (CAD), while AQN (Algonquin Power & Utilities Corp) is a stock. Over the past 10 years, CGL-C.TO returned 13.01%/yr vs 1.60%/yr for AQN. At a 0.02 correlation, their price movements are largely independent.

Performance

CGL-C.TO vs. AQN - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Gold Bullion ETF (CGL-C.TO) and Algonquin Power & Utilities Corp (AQN). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, CGL-C.TO achieves a 1.94% return, which is significantly higher than AQN's 0.54% return. Over the past 10 years, CGL-C.TO has outperformed AQN with an annualized return of 13.01%, while AQN has yielded a comparatively lower 1.60% annualized return.

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%

AQN

1D
0.95%
1M
6.17%
YTD
0.54%
6M
4.46%
1Y
9.96%
3Y*
-3.80%
5Y*
-10.58%
10Y*
1.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CGL-C.TO vs. AQN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
AQN
Algonquin Power & Utilities Corp		0.54%38.19%-18.67%0.47%-48.66%-8.29%18.66%40.93%2.68%28.29%

Correlation

The correlation between CGL-C.TO and AQN is 0.10, 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

0.10

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

0.13

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

0.07

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

0.04

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

0.02

The correlation between CGL-C.TO and AQN shifts across timeframes, from 0.02 (all time) to 0.13 (3 years), 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.

iShares Gold Bullion ETF

Algonquin Power & Utilities Corp

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
Often compared with AQN:
AQN vs. NPI.TOAQN vs. CNQAQN vs. CRSRAQN vs. PZA.TOAQN vs. NEEAQN vs. ^GSPCAQN vs. VOO

Return for Risk

CGL-C.TO vs. AQN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
AQN
AQN Risk / Return Rank: 5050
Overall Rank
AQN Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
AQN Sortino Ratio Rank: 4545
Sortino Ratio Rank
AQN Omega Ratio Rank: 4747
Omega Ratio Rank
AQN Calmar Ratio Rank: 5252
Calmar Ratio Rank
AQN Martin Ratio Rank: 5353
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.

CGL-C.TO vs. AQN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CGL-C.TO) and Algonquin Power & Utilities Corp (AQN). 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.

CGL-C.TOAQNDifference
Sharpe ratioReturn per unit of total volatility
1.10
0.41

+0.69

Sortino ratioReturn per unit of downside risk
1.50
0.73

+0.77

Omega ratioGain probability vs. loss probability

1.22

1.10

+0.12

Calmar ratioReturn relative to maximum drawdown

1.30

0.61

+0.69

Martin ratioReturn relative to average drawdown

3.69

1.43

+2.27

CGL-C.TO vs. AQN - Sharpe Ratio Comparison

The current CGL-C.TO Sharpe Ratio is 1.10, which is higher than the AQN Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of CGL-C.TO and AQN, 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

CGL-C.TO vs. AQN - Drawdown Comparison

The maximum CGL-C.TO drawdown since its inception was -30.01%, smaller than the maximum AQN drawdown of -65.80%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and AQN.

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Drawdown Indicators

CGL-C.TOAQNDifference

Max Drawdown

Largest peak-to-trough decline

-30.01%

-65.80%

+35.79%

Max Drawdown (1Y)

Largest decline over 1 year

-22.11%

-16.45%

-5.66%

Max Drawdown (3Y)

Largest decline over 3 years

-22.11%

-40.36%

+18.25%

Max Drawdown (5Y)

Largest decline over 5 years

-22.11%

-63.60%

+41.49%

Max Drawdown (10Y)

Largest decline over 10 years

-22.78%

-65.80%

+43.02%

Current Drawdown

Current decline from peak

-17.33%

-50.19%

+32.86%

Average Drawdown

Average peak-to-trough decline

-10.72%

-16.81%

+6.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.79%

7.00%

+0.79%

Volatility

CGL-C.TO vs. AQN - Volatility Comparison

iShares Gold Bullion ETF (CGL-C.TO) has a higher volatility of 8.08% compared to Algonquin Power & Utilities Corp (AQN) at 5.65%. This indicates that CGL-C.TO's price experiences larger fluctuations and is considered to be riskier than AQN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CGL-C.TOAQNDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.08%

5.65%

+2.43%

Volatility (6M)

Calculated over the trailing 6-month period

22.58%

18.69%

+3.89%

Volatility (1Y)

Calculated over the trailing 1-year period

26.24%

24.43%

+1.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.24%

31.23%

-13.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.67%

28.89%

-13.22%

Dividends

CGL-C.TO vs. AQN - Dividend Comparison

CGL-C.TO has not paid dividends to shareholders, while AQN's dividend yield for the trailing twelve months is around 4.33%.

PositionTTM20252024202320222021202020192018201720162015
AQN
Algonquin Power & Utilities Corp		4.33%4.23%7.80%6.87%10.94%4.62%3.68%3.90%4.99%4.18%4.88%4.77%
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

CGL-C.TO and AQN have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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