CGL-C.TO vs. VALT-U.TO
CGL-C.TO (iShares Gold Bullion ETF) and VALT-U.TO (CI Gold Bullion ETF (US$ Series)) are both Gold funds. CGL-C.TO is passively managed, while VALT-U.TO is actively managed. Over the past 5 years, CGL-C.TO returned 19.02%/yr vs 19.56%/yr for VALT-U.TO. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
CGL-C.TO vs. VALT-U.TO - Performance Comparison
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Different Trading Currencies
CGL-C.TO is traded in CAD, while VALT-U.TO is traded in USD. To make them comparable, the VALT-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with CGL-C.TO having a -5.13% return and VALT-U.TO slightly higher at -5.00%.
CGL-C.TO
- 1D
- 0.64%
- 1M
- -5.91%
- 6M
- -12.10%
- YTD
- -5.13%
- 1Y
- 21.70%
- 3Y*
- 28.52%
- 5Y*
- 19.02%
- 10Y*
- 11.83%
VALT-U.TO
- 1D
- 0.27%
- 1M
- -6.43%
- 6M
- -11.66%
- YTD
- -5.00%
- 1Y
- 22.96%
- 3Y*
- 28.97%
- 5Y*
- 19.56%
- 10Y*
- —
CGL-C.TO vs. VALT-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | -5.13% | 55.55% | 37.41% | 10.13% | 6.11% | -1.98% |
VALT-U.TO CI Gold Bullion ETF (US$ Series) | -5.00% | 57.87% | 36.96% | 10.73% | 5.35% | -0.94% |
Correlation
The correlation between CGL-C.TO and VALT-U.TO is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021 | 0.51 |
Over the past year, CGL-C.TO and VALT-U.TO have become more correlated (0.87) than their long-term average of 0.51, meaning their price movements have been converging.
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Return for Risk
CGL-C.TO vs. VALT-U.TO — Risk / Return Rank
CGL-C.TO
VALT-U.TO
CGL-C.TO vs. VALT-U.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CGL-C.TO) and CI Gold Bullion ETF (US$ Series) (VALT-U.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 | VALT-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 0.63 | +0.29 |
| Martin ratioReturn relative to average drawdown | 2.19 | 1.46 | +0.72 |
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Drawdowns
CGL-C.TO vs. VALT-U.TO - Drawdown Comparison
The maximum CGL-C.TO drawdown since its inception was -30.01%, smaller than the maximum VALT-U.TO drawdown of -36.84%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and VALT-U.TO.
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Drawdown Indicators
| CGL-C.TO | VALT-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.01% | -36.84% | +6.83% |
Max Drawdown (1Y)Largest decline over 1 year | -23.55% | -36.84% | +13.29% |
Max Drawdown (3Y)Largest decline over 3 years | -23.55% | -36.84% | +13.29% |
Max Drawdown (5Y)Largest decline over 5 years | -23.55% | -36.84% | +13.29% |
Max Drawdown (10Y)Largest decline over 10 years | -23.55% | — | — |
Current DrawdownCurrent decline from peak | -23.06% | -36.67% | +13.61% |
Average DrawdownAverage peak-to-trough decline | -10.78% | -5.85% | -4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.95% | 15.79% | -5.84% |
Volatility
CGL-C.TO vs. VALT-U.TO - Volatility Comparison
iShares Gold Bullion ETF (CGL-C.TO) has a higher volatility of 6.84% compared to CI Gold Bullion ETF (US$ Series) (VALT-U.TO) at 6.19%. This indicates that CGL-C.TO's price experiences larger fluctuations and is considered to be riskier than VALT-U.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 | VALT-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.84% | 6.19% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 22.86% | 38.76% | -15.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.83% | 41.34% | -14.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.44% | 23.09% | -5.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.62% | 22.45% | -6.83% |
Dividends
CGL-C.TO vs. VALT-U.TO - Dividend Comparison
Neither CGL-C.TO nor VALT-U.TO has paid dividends to shareholders.
Frequently Asked Questions
CGL-C.TO and VALT-U.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: iShares and CI.
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