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CGL-C.TO vs. XAW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CGL-C.TO vs. XAW.TO

Last updated Jun 5, 2026

CGL-C.TO (iShares Gold Bullion ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - CGL-C.TO is a Precious Metals fund tracking the Gold, while XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index. Both are passively managed. Over the past 10 years, CGL-C.TO returned 13.90%/yr vs 13.26%/yr for XAW.TO. At a correlation of -0.05, they often move in opposite directions. CGL-C.TO charges 0.55%/yr vs 0.22%/yr for XAW.TO.

Performance

CGL-C.TO vs. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CGL-C.TO achieves a 4.95% return, which is significantly lower than XAW.TO's 14.15% return. Both investments have delivered pretty close results over the past 10 years, with CGL-C.TO having a 13.90% annualized return and XAW.TO not far behind at 13.26%.

CGL-C.TO

1D
0.54%
1M
0.13%
YTD
4.95%
6M
5.44%
1Y
33.77%
3Y*
32.37%
5Y*
21.43%
10Y*
13.90%

XAW.TO

1D
0.40%
1M
6.30%
YTD
14.15%
6M
12.98%
1Y
31.14%
3Y*
21.98%
5Y*
14.05%
10Y*
13.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CGL-C.TO
iShares Gold Bullion ETF		4.95%55.55%37.41%10.13%6.11%-4.85%21.75%11.98%6.86%4.31%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		14.15%15.87%26.31%18.45%-11.84%18.38%12.37%19.82%-2.28%16.10%

Correlation

The correlation between CGL-C.TO and XAW.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

-0.00

Correlation (10Y)
Calculated over the trailing 10-year period

-0.04

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2015

-0.05

The correlation between CGL-C.TO and XAW.TO shifts across timeframes, from -0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

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iShares Gold Bullion ETF

iShares Core MSCI All Country World ex Canada Index ETF

Often compared with CGL-C.TO:
CGL-C.TO vs. CGL.TOCGL-C.TO vs. MNT.TOCGL-C.TO vs. GLDCGL-C.TO vs. PHYS.TOCGL-C.TO vs. ZGLD.TOCGL-C.TO vs. ABX.TOCGL-C.TO vs. XMD.TO
Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

CGL-C.TO vs. XAW.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: 3737
Overall Rank
CGL-C.TO Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
CGL-C.TO Sortino Ratio Rank: 3434
Sortino Ratio Rank
CGL-C.TO Omega Ratio Rank: 4141
Omega Ratio Rank
CGL-C.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
CGL-C.TO Martin Ratio Rank: 3232
Martin Ratio Rank
XAW.TO
XAW.TO Risk / Return Rank: 8080
Overall Rank
XAW.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8282
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7979
Martin Ratio Rank
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. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CGL-C.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.

CGL-C.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
1.34
2.55

-1.22

Sortino ratioReturn per unit of downside risk
1.76
3.55

-1.79

Omega ratioGain probability vs. loss probability

1.27

1.49

-0.22

Calmar ratioReturn relative to maximum drawdown

1.95

3.84

-1.88

Martin ratioReturn relative to average drawdown

4.76

15.47

-10.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CGL-C.TO Sharpe Ratio is 1.34, which is lower than the XAW.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of CGL-C.TO and XAW.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.

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Sharpe Ratios by Period

CGL-C.TOXAW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.34

2.55

-1.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.27

1.04

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.90

0.88

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.79

-0.19

Drawdowns

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

The maximum CGL-C.TO drawdown since its inception was -33.04%, which is greater than XAW.TO's maximum drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and XAW.TO.

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Drawdown Indicators

CGL-C.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.04%

-27.32%

-5.72%

Max Drawdown (1Y)

Largest decline over 1 year

-17.37%

-8.16%

-9.21%

Max Drawdown (3Y)

Largest decline over 3 years

-17.37%

-16.66%

-0.71%

Max Drawdown (5Y)

Largest decline over 5 years

-17.55%

-21.02%

+3.47%

Max Drawdown (10Y)

Largest decline over 10 years

-22.78%

-27.32%

+4.54%

Current Drawdown

Current decline from peak

-14.88%

0.00%

-14.88%

Average Drawdown

Average peak-to-trough decline

-12.24%

-3.91%

-8.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.12%

2.02%

+5.10%

Volatility

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

iShares Gold Bullion ETF (CGL-C.TO) has a higher volatility of 5.29% compared to iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) at 4.12%. This indicates that CGL-C.TO's price experiences larger fluctuations and is considered to be riskier than XAW.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.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

4.12%

+1.17%

Volatility (6M)

Calculated over the trailing 6-month period

21.55%

9.86%

+11.69%

Volatility (1Y)

Calculated over the trailing 1-year period

25.34%

12.25%

+13.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.97%

13.56%

+3.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.56%

15.12%

+0.44%

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

CGL-C.TO has a 0.55% expense ratio, which is higher than XAW.TO's 0.22% expense ratio.

Dividends

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

CGL-C.TO has not paid dividends to shareholders, while XAW.TO's dividend yield for the trailing twelve months is around 1.16%.

PositionTTM20252024202320222021202020192018201720162015
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%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.16%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.29%1.92%1.80%1.83%

Frequently Asked Questions

CGL-C.TO and XAW.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for CGL-C.TO.

CGL-C.TO is categorized as Precious Metals, while XAW.TO is Global Equities. CGL-C.TO tracks Gold, while XAW.TO tracks MSCI ACWI ex Canada IMI Index. Their fees differ too: 0.55% for CGL-C.TO and 0.22% for XAW.TO.

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