CGL-C.TO vs. AVES
CGL-C.TO (iShares Gold Bullion ETF) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD), while AVES is a Emerging Markets Equities fund actively managed by Avantis. CGL-C.TO is passively managed, while AVES is actively managed. Over the past 3 years, CGL-C.TO returned 30.79%/yr vs 20.98%/yr for AVES. At a 0.14 correlation, their price movements are largely independent. CGL-C.TO charges 0.55%/yr vs 0.36%/yr for AVES.
Performance
CGL-C.TO vs. AVES - Performance Comparison
Loading charts...
Different Trading Currencies
CGL-C.TO is traded in CAD, while AVES is traded in USD. To make them comparable, the AVES 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 -0.61% return, which is significantly lower than AVES's 17.85% return.
CGL-C.TO
- 1D
- 0.29%
- 1M
- -7.80%
- YTD
- -0.61%
- 6M
- -0.87%
- 1Y
- 25.43%
- 3Y*
- 30.79%
- 5Y*
- 20.15%
- 10Y*
- 12.86%
AVES
- 1D
- 0.50%
- 1M
- 2.08%
- YTD
- 17.85%
- 6M
- 19.89%
- 1Y
- 35.15%
- 3Y*
- 20.98%
- 5Y*
- —
- 10Y*
- —
CGL-C.TO vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | -0.61% | 55.55% | 37.41% | 10.13% | 6.11% | 4.81% |
AVES Avantis Emerging Markets Value ETF | 17.85% | 24.54% | 13.35% | 14.01% | -10.72% | 0.88% |
Correlation
The correlation between CGL-C.TO and AVES is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.14 |
The correlation between CGL-C.TO and AVES shifts across timeframes, from 0.14 (all time) to 0.27 (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
CGL-C.TO vs. AVES — Risk / Return Rank
CGL-C.TO
AVES
CGL-C.TO vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CGL-C.TO) and Avantis Emerging Markets Value ETF (AVES). 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.TO | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.33 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 2.80 | -1.58 |
| Martin ratioReturn relative to average drawdown | 3.49 | 9.56 | -6.07 |
Loading charts...
Drawdowns
CGL-C.TO vs. AVES - Drawdown Comparison
The maximum CGL-C.TO drawdown since its inception was -30.01%, which is greater than AVES's maximum drawdown of -21.75%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and AVES.
Loading charts...
Drawdown Indicators
| CGL-C.TO | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.01% | -21.75% | -8.26% |
Max Drawdown (1Y)Largest decline over 1 year | -22.11% | -11.74% | -10.37% |
Max Drawdown (3Y)Largest decline over 3 years | -22.11% | -14.55% | -7.56% |
Max Drawdown (5Y)Largest decline over 5 years | -22.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.78% | — | — |
Current DrawdownCurrent decline from peak | -19.39% | -1.37% | -18.02% |
Average DrawdownAverage peak-to-trough decline | -10.71% | -5.28% | -5.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 3.44% | +4.27% |
Volatility
CGL-C.TO vs. AVES - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CGL-C.TO) is 7.53%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 8.95%. This indicates that CGL-C.TO experiences smaller price fluctuations and is considered to be less risky than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CGL-C.TO | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.53% | 8.95% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 22.46% | 16.12% | +6.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.11% | 18.56% | +7.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.20% | 18.17% | -0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.65% | 18.17% | -2.52% |
CGL-C.TO vs. AVES - Expense Ratio Comparison
CGL-C.TO has a 0.55% expense ratio, which is higher than AVES's 0.36% expense ratio.
Dividends
CGL-C.TO vs. AVES - Dividend Comparison
CGL-C.TO has not paid dividends to shareholders, while AVES's dividend yield for the trailing twelve months is around 3.53%.
| 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
CGL-C.TO and AVES have a correlation of 0.27, 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.
CGL-C.TO is categorized as Gold, while AVES is Emerging Markets Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.55% for CGL-C.TO and 0.36% for AVES.
Find the right allocation for CGL-C.TO and AVES
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