CGL-C.TO vs. XEH.TO
CGL-C.TO (iShares Gold Bullion ETF) and XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) are both exchange-traded funds - CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD), while XEH.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD. Both are passively managed. Over the past 10 years, CGL-C.TO returned 13.01%/yr vs 10.47%/yr for XEH.TO. At a correlation of -0.17, they often move in opposite directions. CGL-C.TO charges 0.55%/yr vs 0.28%/yr for XEH.TO.
Performance
CGL-C.TO vs. XEH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGL-C.TO achieves a 1.94% return, which is significantly lower than XEH.TO's 8.96% return. Over the past 10 years, CGL-C.TO has outperformed XEH.TO with an annualized return of 13.01%, while XEH.TO has yielded a comparatively lower 10.47% annualized return.
CGL-C.TO
- 1D
- 2.56%
- 1M
- -3.33%
- YTD
- 1.94%
- 6M
- 1.69%
- 1Y
- 28.64%
- 3Y*
- 31.98%
- 5Y*
- 21.21%
- 10Y*
- 13.01%
XEH.TO
- 1D
- 0.34%
- 1M
- 4.85%
- YTD
- 8.96%
- 6M
- 10.12%
- 1Y
- 19.04%
- 3Y*
- 13.62%
- 5Y*
- 9.41%
- 10Y*
- 10.47%
CGL-C.TO vs. XEH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | 1.94% | 55.55% | 37.41% | 10.13% | 6.11% | -4.85% | 21.75% | 11.98% | 6.86% | 4.31% |
XEH.TO iShares MSCI Europe IMI Index ETF (CAD-Hedged) | 8.96% | 20.43% | 7.72% | 15.86% | -8.30% | 21.78% | -2.36% | 26.30% | -9.64% | 15.67% |
Correlation
The correlation between CGL-C.TO and XEH.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2014 | -0.17 |
The correlation between CGL-C.TO and XEH.TO shifts across timeframes, from -0.17 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CGL-C.TO vs. XEH.TO — Risk / Return Rank
CGL-C.TO
XEH.TO
CGL-C.TO vs. XEH.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 MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.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 | XEH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.28 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.84 | -0.54 |
| Martin ratioReturn relative to average drawdown | 3.69 | 7.53 | -3.84 |
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Drawdowns
CGL-C.TO vs. XEH.TO - Drawdown Comparison
The maximum CGL-C.TO drawdown since its inception was -30.01%, smaller than the maximum XEH.TO drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for CGL-C.TO and XEH.TO.
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Drawdown Indicators
| CGL-C.TO | XEH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.01% | -35.81% | +5.80% |
Max Drawdown (1Y)Largest decline over 1 year | -22.11% | -10.38% | -11.73% |
Max Drawdown (3Y)Largest decline over 3 years | -22.11% | -15.01% | -7.10% |
Max Drawdown (5Y)Largest decline over 5 years | -22.11% | -20.33% | -1.78% |
Max Drawdown (10Y)Largest decline over 10 years | -22.78% | -35.81% | +13.03% |
Current DrawdownCurrent decline from peak | -17.33% | 0.00% | -17.33% |
Average DrawdownAverage peak-to-trough decline | -10.72% | -4.92% | -5.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.79% | 2.53% | +5.26% |
Volatility
CGL-C.TO vs. XEH.TO - Volatility Comparison
iShares Gold Bullion ETF (CGL-C.TO) has a higher volatility of 8.08% compared to iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) at 4.44%. This indicates that CGL-C.TO's price experiences larger fluctuations and is considered to be riskier than XEH.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 | XEH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.08% | 4.44% | +3.64% |
Volatility (6M)Calculated over the trailing 6-month period | 22.58% | 10.79% | +11.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.24% | 12.85% | +13.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.24% | 14.23% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.67% | 16.04% | -0.37% |
CGL-C.TO vs. XEH.TO - Expense Ratio Comparison
CGL-C.TO has a 0.55% expense ratio, which is higher than XEH.TO's 0.28% expense ratio.
Dividends
CGL-C.TO vs. XEH.TO - Dividend Comparison
CGL-C.TO has not paid dividends to shareholders, while XEH.TO's dividend yield for the trailing twelve months is around 2.30%.
| 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% |
XEH.TO iShares MSCI Europe IMI Index ETF (CAD-Hedged) | 2.30% | 2.50% | 2.71% | 2.98% | 3.12% | 2.40% | 2.01% | 3.52% | 3.39% | 2.22% | 2.39% | 2.27% |
Frequently Asked Questions
CGL-C.TO and XEH.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEH.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEH.TO is cheaper with a 0.28% expense ratio, compared with 0.55% for CGL-C.TO.
CGL-C.TO is categorized as Gold, while XEH.TO is Europe Equities. CGL-C.TO tracks LBMA Gold Price (CAD), while XEH.TO tracks Morningstar Eur GR CAD. Their fees differ too: 0.55% for CGL-C.TO and 0.28% for XEH.TO.
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