CGL-C.TO vs. XDIV.TO

Last updated Jun 5, 2026

CGL-C.TO (iShares Gold Bullion ETF) and XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) are both exchange-traded funds - CGL-C.TO is a Precious Metals fund tracking the Gold, while XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index. Both are passively managed. Over the past 5 years, CGL-C.TO returned 21.43%/yr vs 16.63%/yr for XDIV.TO. At a correlation of -0.09, they often move in opposite directions. CGL-C.TO charges 0.55%/yr vs 0.11%/yr for XDIV.TO.

Performance

CGL-C.TO vs. XDIV.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 Canadian Quality Dividend Index ETF (XDIV.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 4.95% return, which is significantly lower than XDIV.TO's 20.26% return.

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%

XDIV.TO

• 1D: 0.91%
• 1M: 3.66%
• YTD: 20.26%
• 6M: 19.53%
• 1Y: 40.50%
• 3Y*: 23.53%
• 5Y*: 16.63%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	-2.52%
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	20.26%	24.92%	19.56%	11.71%	0.29%	32.25%	-7.81%	24.84%	-10.04%	8.48%

Correlation

The correlation between CGL-C.TO and XDIV.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jun 16, 2017	-0.09

The correlation between CGL-C.TO and XDIV.TO shifts across timeframes, from -0.09 (all time) to 0.07 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CGL-C.TO vs. XDIV.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: 37
CGL-C.TO Sharpe Ratio Rank: 38
CGL-C.TO Sortino Ratio Rank: 34
CGL-C.TO Omega Ratio Rank: 41
CGL-C.TO Calmar Ratio Rank: 40
CGL-C.TO Martin Ratio Rank: 32

XDIV.TO

XDIV.TO Risk / Return Rank: 98
XDIV.TO Sharpe Ratio Rank: 98
XDIV.TO Sortino Ratio Rank: 98
XDIV.TO Omega Ratio Rank: 98
XDIV.TO Calmar Ratio Rank: 98
XDIV.TO Martin Ratio Rank: 98

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. XDIV.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 Canadian Quality Dividend Index ETF (XDIV.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.TO	XDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.34	5.17	-3.83
Sortino ratio: Return per unit of downside risk	1.76	7.63	-5.86
Omega ratio: Gain probability vs. loss probability	1.27	2.09	-0.82
Calmar ratio: Return relative to maximum drawdown	1.95	17.45	-15.50
Martin ratio: Return relative to average drawdown	4.76	59.31	-54.56
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. XDIV.TO - Sharpe Ratio Comparison

The current CGL-C.TO Sharpe Ratio is 1.34, which is lower than the XDIV.TO Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of CGL-C.TO and XDIV.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.

Sharpe Ratios by Period

	CGL-C.TO	XDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	5.17	-3.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	1.59	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.82	-0.22

Drawdowns

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

The maximum CGL-C.TO drawdown since its inception was -33.04%, smaller than the maximum XDIV.TO drawdown of -41.30%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and XDIV.TO.

Drawdown Indicators

	CGL-C.TO	XDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.04%	-41.30%	+8.26%
Max Drawdown (1Y) Largest decline over 1 year	-17.37%	-2.33%	-15.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	-10.53%	-6.84%
Max Drawdown (5Y) Largest decline over 5 years	-17.55%	-17.60%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-22.78%	—	—
Current Drawdown Current decline from peak	-14.88%	0.00%	-14.88%
Average Drawdown Average peak-to-trough decline	-12.24%	-4.25%	-7.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.12%	0.68%	+6.44%

Volatility

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

iShares Gold Bullion ETF (CGL-C.TO) has a higher volatility of 5.29% compared to iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) at 2.81%. This indicates that CGL-C.TO's price experiences larger fluctuations and is considered to be riskier than XDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGL-C.TO	XDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	2.81%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	21.55%	6.37%	+15.18%
Volatility (1Y) Calculated over the trailing 1-year period	25.34%	7.89%	+17.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	10.53%	+6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.56%	16.00%	-0.44%

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

CGL-C.TO has a 0.55% expense ratio, which is higher than XDIV.TO's 0.11% expense ratio.

Dividends

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

CGL-C.TO has not paid dividends to shareholders, while XDIV.TO's dividend yield for the trailing twelve months is around 3.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	3.26%	3.81%	4.29%	4.20%	3.95%	3.58%	4.58%	4.02%	4.85%	1.82%

Frequently Asked Questions

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

CGL-C.TO and XDIV.TO have a correlation of 0.06, 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 XDIV.TO?

On fees, XDIV.TO is cheaper at 0.11% 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 XDIV.TO?

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.55% for CGL-C.TO.

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

CGL-C.TO is categorized as Precious Metals, while XDIV.TO is Dividend. CGL-C.TO tracks Gold, while XDIV.TO tracks MSCI Canada High Dividend Yield 10% Security Capped Index. Their fees differ too: 0.55% for CGL-C.TO and 0.11% for XDIV.TO.