CGL-C.TO vs. XBM.TO
CGL-C.TO (iShares Gold Bullion ETF) and XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) are both exchange-traded funds - CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD), while XBM.TO is a Materials fund tracking the S&P/TSX Global Base Metals Index in CAD. Both are passively managed. Over the past 10 years, CGL-C.TO returned 11.94%/yr vs 16.02%/yr for XBM.TO. At a 0.06 correlation, their price movements are largely independent. CGL-C.TO charges 0.55%/yr vs 0.60%/yr for XBM.TO.
Performance
CGL-C.TO vs. XBM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGL-C.TO achieves a -3.54% return, which is significantly lower than XBM.TO's 14.46% return. Over the past 10 years, CGL-C.TO has underperformed XBM.TO with an annualized return of 11.94%, while XBM.TO has yielded a comparatively higher 16.02% annualized return.
CGL-C.TO
- 1D
- 0.21%
- 1M
- 0.74%
- 6M
- -16.38%
- YTD
- -3.54%
- 1Y
- 23.59%
- 3Y*
- 29.48%
- 5Y*
- 19.65%
- 10Y*
- 11.94%
- ALL TIME*
- 8.16%
XBM.TO
- 1D
- -1.29%
- 1M
- -2.49%
- 6M
- -3.82%
- YTD
- 14.46%
- 1Y
- 59.33%
- 3Y*
- 18.63%
- 5Y*
- 15.78%
- 10Y*
- 16.02%
- ALL TIME*
- 6.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | CA$708.29K | CA$726.97K | CA$936.83K |
| CA$2.13M | CA$1.90M | CA$2.60M |
CGL-C.TO vs. XBM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | -3.54% | 55.55% | 37.41% | 10.13% | 6.11% | -4.85% | 21.75% | 11.98% | 6.86% | 4.31% |
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 14.46% | 50.69% | 5.96% | 2.84% | 3.69% | 27.94% | 31.53% | 9.95% | -22.42% | 32.48% |
Correlation
The correlation between CGL-C.TO and XBM.TO is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012 | 0.06 |
Over the past year, CGL-C.TO and XBM.TO have become more correlated (0.56) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
CGL-C.TO vs. XBM.TO — Risk / Return Rank
CGL-C.TO
XBM.TO
CGL-C.TO vs. XBM.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 S&P/TSX Global Base Metals Index ETF (XBM.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 | XBM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 2.50 | -1.49 |
| Martin ratioReturn relative to average drawdown | 2.27 | 6.85 | -4.58 |
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Drawdowns
CGL-C.TO vs. XBM.TO - Drawdown Comparison
The maximum CGL-C.TO drawdown since its inception was -30.01%, smaller than the maximum XBM.TO drawdown of -67.53%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and XBM.TO.
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Drawdown Indicators
| CGL-C.TO | XBM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.01% | -67.53% | +37.52% |
Max Drawdown (1Y)Largest decline over 1 year | -23.55% | -23.88% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -23.55% | -37.45% | +13.90% |
Max Drawdown (5Y)Largest decline over 5 years | -23.55% | -40.57% | +17.02% |
Max Drawdown (10Y)Largest decline over 10 years | -23.55% | -57.25% | +33.70% |
Current DrawdownCurrent decline from peak | -21.77% | -19.97% | -1.80% |
Average DrawdownAverage peak-to-trough decline | -10.79% | -26.02% | +15.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.40% | 8.70% | +1.70% |
Volatility
CGL-C.TO vs. XBM.TO - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CGL-C.TO) is 6.62%, while iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a volatility of 11.28%. This indicates that CGL-C.TO experiences smaller price fluctuations and is considered to be less risky than XBM.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 | XBM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.62% | 11.28% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 33.42% | -10.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.96% | 39.07% | -12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.47% | 33.79% | -16.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 32.85% | -17.21% |
CGL-C.TO vs. XBM.TO - Expense Ratio Comparison
CGL-C.TO has a 0.55% expense ratio, which is lower than XBM.TO's 0.60% expense ratio.
Dividends
CGL-C.TO vs. XBM.TO - Dividend Comparison
CGL-C.TO has not paid dividends to shareholders, while XBM.TO's dividend yield for the trailing twelve months is around 0.73%.
| 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% |
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 0.73% | 0.86% | 1.25% | 2.09% | 4.83% | 3.05% | 1.81% | 3.73% | 3.38% | 1.65% | 2.41% | 5.75% |
Frequently Asked Questions
CGL-C.TO and XBM.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.60% for XBM.TO.
CGL-C.TO is categorized as Gold, while XBM.TO is Materials. CGL-C.TO tracks LBMA Gold Price (CAD), while XBM.TO tracks S&P/TSX Global Base Metals Index in CAD. Their fees differ too: 0.55% for CGL-C.TO and 0.60% for XBM.TO.
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