CGL-C.TO vs. GLDX.TO
CGL-C.TO (iShares Gold Bullion ETF) and GLDX.TO (Global X Gold Producers Index ETF) are both Gold funds - CGL-C.TO tracks the LBMA Gold Price (CAD) while GLDX.TO tracks the Mirae Asset North American Listed Gold Producers Index. Both are passively managed. Over the past year, CGL-C.TO returned 23.69% vs 58.23% for GLDX.TO. A 0.74 correlation means they provide meaningful diversification when combined.
Performance
CGL-C.TO vs. GLDX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGL-C.TO achieves a -4.25% return, which is significantly higher than GLDX.TO's -11.90% return.
CGL-C.TO
- 1D
- -2.94%
- 1M
- -10.10%
- YTD
- -4.25%
- 6M
- -7.52%
- 1Y
- 23.69%
- 3Y*
- 30.05%
- 5Y*
- 20.25%
- 10Y*
- 12.02%
GLDX.TO
- 1D
- -4.64%
- 1M
- -14.02%
- YTD
- -11.90%
- 6M
- -15.15%
- 1Y
- 58.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CGL-C.TO vs. GLDX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | -4.25% | 55.55% | 0.73% |
GLDX.TO Global X Gold Producers Index ETF | -11.90% | 178.05% | -10.27% |
Correlation
The correlation between CGL-C.TO and GLDX.TO is 0.76, 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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024 | 0.74 |
The correlation between CGL-C.TO and GLDX.TO has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.
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Return for Risk
CGL-C.TO vs. GLDX.TO — Risk / Return Rank
CGL-C.TO
GLDX.TO
CGL-C.TO vs. GLDX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CGL-C.TO) and Global X Gold Producers Index ETF (GLDX.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.
| CGL-C.TO | GLDX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.66 | -0.60 |
| Martin ratioReturn relative to average drawdown | 2.83 | 4.29 | -1.46 |
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Drawdowns
CGL-C.TO vs. GLDX.TO - Drawdown Comparison
The maximum CGL-C.TO drawdown since its inception was -30.01%, smaller than the maximum GLDX.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and GLDX.TO.
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Drawdown Indicators
| CGL-C.TO | GLDX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.01% | -35.22% | +5.21% |
Max Drawdown (1Y)Largest decline over 1 year | -22.35% | -35.22% | +12.87% |
Max Drawdown (3Y)Largest decline over 3 years | -22.35% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.35% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.78% | — | — |
Current DrawdownCurrent decline from peak | -22.35% | -34.05% | +11.70% |
Average DrawdownAverage peak-to-trough decline | -10.73% | -7.39% | -3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 13.63% | -5.23% |
Volatility
CGL-C.TO vs. GLDX.TO - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CGL-C.TO) is 8.27%, while Global X Gold Producers Index ETF (GLDX.TO) has a volatility of 17.03%. This indicates that CGL-C.TO experiences smaller price fluctuations and is considered to be less risky than GLDX.TO 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.TO | GLDX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 17.03% | -8.76% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 38.85% | -16.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.48% | 48.52% | -22.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 44.60% | -27.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.57% | 44.60% | -29.03% |
Dividends
CGL-C.TO vs. GLDX.TO - Dividend Comparison
CGL-C.TO has not paid dividends to shareholders, while GLDX.TO's dividend yield for the trailing twelve months is around 1.10%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | 0.00% | 0.00% | 0.00% |
GLDX.TO Global X Gold Producers Index ETF | 1.10% | 0.97% | 0.08% |
Frequently Asked Questions
CGL-C.TO and GLDX.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGL-C.TO tracks LBMA Gold Price (CAD), while GLDX.TO tracks Mirae Asset North American Listed Gold Producers Index. They also come from different issuers: iShares and Global X.
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