CGL-C.TO vs. VCN.TO

Last updated Jun 13, 2026

CGL-C.TO (iShares Gold Bullion ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD), while VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. Both are passively managed. Over the past 10 years, CGL-C.TO returned 12.86%/yr vs 12.80%/yr for VCN.TO. At a 0.02 correlation, their price movements are largely independent. CGL-C.TO charges 0.55%/yr vs 0.06%/yr for VCN.TO.

Performance

CGL-C.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Gold Bullion ETF (CGL-C.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGL-C.TO achieves a -0.61% return, which is significantly lower than VCN.TO's 10.85% return. Both investments have delivered pretty close results over the past 10 years, with CGL-C.TO having a 12.86% annualized return and VCN.TO not far behind at 12.80%.

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%

VCN.TO

• 1D: 0.72%
• 1M: 2.14%
• YTD: 10.85%
• 6M: 11.65%
• 1Y: 33.96%
• 3Y*: 23.86%
• 5Y*: 14.96%
• 10Y*: 12.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGL-C.TO iShares Gold Bullion ETF	-0.61%	55.55%	37.41%	10.13%	6.11%	-4.85%	21.75%	11.98%	6.86%	4.31%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	10.85%	31.00%	22.16%	12.29%	-5.76%	25.65%	4.83%	22.09%	-9.09%	8.44%

Correlation

The correlation between CGL-C.TO and VCN.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Aug 13, 2013	0.02

Over the past year, CGL-C.TO and VCN.TO have become more correlated (0.44) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

CGL-C.TO vs. VCN.TO — 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: 31
CGL-C.TO Sharpe Ratio Rank: 32
CGL-C.TO Sortino Ratio Rank: 29
CGL-C.TO Omega Ratio Rank: 35
CGL-C.TO Calmar Ratio Rank: 28
CGL-C.TO Martin Ratio Rank: 28

VCN.TO

VCN.TO Risk / Return Rank: 86
VCN.TO Sharpe Ratio Rank: 89
VCN.TO Sortino Ratio Rank: 86
VCN.TO Omega Ratio Rank: 87
VCN.TO Calmar Ratio Rank: 81
VCN.TO Martin Ratio Rank: 88

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. VCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CGL-C.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.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	VCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.03	2.59	-1.56
Sortino ratio: Return per unit of downside risk	1.43	3.35	-1.92
Omega ratio: Gain probability vs. loss probability	1.21	1.47	-0.25
Calmar ratio: Return relative to maximum drawdown	1.22	3.68	-2.46
Martin ratio: Return relative to average drawdown	3.49	16.98	-13.49

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

The current CGL-C.TO Sharpe Ratio is 1.03, which is lower than the VCN.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of CGL-C.TO and VCN.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CGL-C.TO vs. VCN.TO - Drawdown Comparison

The maximum CGL-C.TO drawdown since its inception was -30.01%, smaller than the maximum VCN.TO drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and VCN.TO.

Drawdown Indicators

	CGL-C.TO	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.01%	-37.32%	+7.31%
Max Drawdown (1Y) Largest decline over 1 year	-22.11%	-9.11%	-13.00%
Max Drawdown (3Y) Largest decline over 3 years	-22.11%	-12.24%	-9.87%
Max Drawdown (5Y) Largest decline over 5 years	-22.11%	-16.12%	-5.99%
Max Drawdown (10Y) Largest decline over 10 years	-22.78%	-37.32%	+14.54%
Current Drawdown Current decline from peak	-19.39%	-0.85%	-18.54%
Average Drawdown Average peak-to-trough decline	-10.71%	-3.89%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	1.97%	+5.74%

Volatility

CGL-C.TO vs. VCN.TO - Volatility Comparison

iShares Gold Bullion ETF (CGL-C.TO) has a higher volatility of 7.53% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.44%. This indicates that CGL-C.TO's price experiences larger fluctuations and is considered to be riskier than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGL-C.TO	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	4.44%	+3.09%
Volatility (6M) Calculated over the trailing 6-month period	22.46%	10.63%	+11.83%
Volatility (1Y) Calculated over the trailing 1-year period	26.11%	12.94%	+13.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	13.10%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	14.99%	+0.66%

CGL-C.TO vs. VCN.TO - Expense Ratio Comparison

CGL-C.TO has a 0.55% expense ratio, which is higher than VCN.TO's 0.06% expense ratio.

Dividends

CGL-C.TO vs. VCN.TO - Dividend Comparison

CGL-C.TO has not paid dividends to shareholders, while VCN.TO's dividend yield for the trailing twelve months is around 2.00%.

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%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.00%	2.27%	2.71%	3.00%	3.17%	2.49%	2.72%	2.88%	2.83%	2.29%	2.36%	2.68%

Frequently Asked Questions

Can I hold both CGL-C.TO and VCN.TO in my portfolio?

CGL-C.TO and VCN.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CGL-C.TO or VCN.TO?

On fees, VCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CGL-C.TO or VCN.TO?

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.55% for CGL-C.TO.

What is the main difference between CGL-C.TO and VCN.TO?

CGL-C.TO is categorized as Gold, while VCN.TO is Canada Equities. CGL-C.TO tracks LBMA Gold Price (CAD), while VCN.TO tracks FTSE Canada All Cap Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.55% for CGL-C.TO and 0.06% for VCN.TO.