CGL-C.TO vs. HGY.TO
CGL-C.TO (iShares Gold Bullion ETF) and HGY.TO (Global X Gold Yield ETF) are both Gold funds. CGL-C.TO is passively managed, while HGY.TO is actively managed. Over the past 10 years, CGL-C.TO returned 12.02%/yr vs 5.99%/yr for HGY.TO. A 0.70 correlation means they provide meaningful diversification when combined. CGL-C.TO charges 0.55%/yr vs 0.86%/yr for HGY.TO.
Performance
CGL-C.TO vs. HGY.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 HGY.TO's -9.29% return. Over the past 10 years, CGL-C.TO has outperformed HGY.TO with an annualized return of 12.02%, while HGY.TO has yielded a comparatively lower 5.99% annualized 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%
HGY.TO
- 1D
- -3.32%
- 1M
- -14.36%
- YTD
- -9.29%
- 6M
- -11.52%
- 1Y
- 11.76%
- 3Y*
- 20.10%
- 5Y*
- 11.82%
- 10Y*
- 5.99%
CGL-C.TO vs. HGY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | -4.25% | 55.55% | 37.41% | 10.13% | 6.11% | -4.85% | 21.75% | 11.98% | 6.86% | 4.31% |
HGY.TO Global X Gold Yield ETF | -9.29% | 48.66% | 21.36% | 9.51% | -3.64% | -7.21% | 15.27% | 11.16% | -5.75% | 5.87% |
Correlation
The correlation between CGL-C.TO and HGY.TO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012 | 0.70 |
Over the past year, CGL-C.TO and HGY.TO have become more correlated (0.95) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
CGL-C.TO vs. HGY.TO — Risk / Return Rank
CGL-C.TO
HGY.TO
CGL-C.TO vs. HGY.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 Yield ETF (HGY.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 | HGY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.11 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 0.49 | +0.58 |
| Martin ratioReturn relative to average drawdown | 2.83 | 1.46 | +1.37 |
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Drawdowns
CGL-C.TO vs. HGY.TO - Drawdown Comparison
The maximum CGL-C.TO drawdown since its inception was -30.01%, smaller than the maximum HGY.TO drawdown of -48.61%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and HGY.TO.
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Drawdown Indicators
| CGL-C.TO | HGY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.01% | -48.61% | +18.60% |
Max Drawdown (1Y)Largest decline over 1 year | -22.35% | -24.27% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -22.35% | -24.27% | +1.92% |
Max Drawdown (5Y)Largest decline over 5 years | -22.35% | -24.27% | +1.92% |
Max Drawdown (10Y)Largest decline over 10 years | -22.78% | -25.23% | +2.45% |
Current DrawdownCurrent decline from peak | -22.35% | -24.27% | +1.92% |
Average DrawdownAverage peak-to-trough decline | -10.73% | -30.64% | +19.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 8.07% | +0.33% |
Volatility
CGL-C.TO vs. HGY.TO - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CGL-C.TO) is 8.27%, while Global X Gold Yield ETF (HGY.TO) has a volatility of 9.51%. This indicates that CGL-C.TO experiences smaller price fluctuations and is considered to be less risky than HGY.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 | HGY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 9.51% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 22.58% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.48% | 25.10% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 16.03% | +1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.57% | 15.68% | -0.11% |
CGL-C.TO vs. HGY.TO - Expense Ratio Comparison
CGL-C.TO has a 0.55% expense ratio, which is lower than HGY.TO's 0.86% expense ratio.
Dividends
CGL-C.TO vs. HGY.TO - Dividend Comparison
CGL-C.TO has not paid dividends to shareholders, while HGY.TO's dividend yield for the trailing twelve months is around 6.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HGY.TO Global X Gold Yield ETF | 6.84% | 4.92% | 5.32% | 6.10% | 3.72% | 2.93% | 2.86% | 2.09% | 2.33% | 2.31% | 2.69% | 3.07% |
Frequently Asked Questions
With a correlation of 0.95, CGL-C.TO and HGY.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, CGL-C.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGL-C.TO is cheaper with a 0.55% expense ratio, compared with 0.86% for HGY.TO.
They also come from different issuers: iShares and Global X. Their fees differ too: 0.55% for CGL-C.TO and 0.86% for HGY.TO.
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