CGL.TO vs. CMR.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - CGL.TO is a Precious Metals fund tracking the Gold Bullion, while CMR.TO is a Money Market fund actively managed by iShares. CGL.TO is passively managed, while CMR.TO is actively managed. Over the past 10 years, CGL.TO returned 12.09%/yr vs 1.89%/yr for CMR.TO. At a correlation of -0.02, they often move in opposite directions. CGL.TO charges 0.55%/yr vs 0.14%/yr for CMR.TO.
Performance
CGL.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGL.TO achieves a 2.98% return, which is significantly higher than CMR.TO's 0.99% return. Over the past 10 years, CGL.TO has outperformed CMR.TO with an annualized return of 12.09%, while CMR.TO has yielded a comparatively lower 1.89% annualized return.
CGL.TO
- 1D
- 0.80%
- 1M
- -1.89%
- YTD
- 2.98%
- 6M
- 4.94%
- 1Y
- 29.90%
- 3Y*
- 29.26%
- 5Y*
- 17.02%
- 10Y*
- 12.09%
CMR.TO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 0.99%
- 6M
- 1.05%
- 1Y
- 2.39%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
CGL.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | 2.98% | 60.12% | 25.67% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
CMR.TO iShares Premium Money Market ETF | 0.99% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between CGL.TO and CMR.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 | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since May 29, 2009 | -0.02 |
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Return for Risk
CGL.TO vs. CMR.TO — Risk / Return Rank
CGL.TO
CMR.TO
CGL.TO vs. CMR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) and iShares Premium Money Market ETF (CMR.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.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.58 | ||
| Sortino ratioReturn per unit of downside risk | -19.78 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 9.64 | -8.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 25.66 | -24.11 |
| Martin ratioReturn relative to average drawdown | 3.77 | 188.94 | -185.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CGL.TO | CMR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 10.70 | -9.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 10.68 | -9.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 7.03 | -6.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 3.84 | -3.36 |
Drawdowns
CGL.TO vs. CMR.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -44.53%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for CGL.TO and CMR.TO.
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Drawdown Indicators
| CGL.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.53% | -0.52% | -44.01% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -0.09% | -19.27% |
Max Drawdown (3Y)Largest decline over 3 years | -19.36% | -0.09% | -19.27% |
Max Drawdown (5Y)Largest decline over 5 years | -22.18% | -0.09% | -22.09% |
Max Drawdown (10Y)Largest decline over 10 years | -23.72% | -0.14% | -23.58% |
Current DrawdownCurrent decline from peak | -17.55% | 0.00% | -17.55% |
Average DrawdownAverage peak-to-trough decline | -18.16% | -0.01% | -18.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.95% | 0.01% | +7.94% |
Volatility
CGL.TO vs. CMR.TO - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 5.60% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than CMR.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.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 0.05% | +5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 23.18% | 0.18% | +23.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.88% | 0.22% | +26.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 0.28% | +18.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.41% | 0.27% | +16.14% |
CGL.TO vs. CMR.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than CMR.TO's 0.14% expense ratio.
Dividends
CGL.TO vs. CMR.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while CMR.TO's dividend yield for the trailing twelve months is around 2.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
Frequently Asked Questions
CGL.TO and CMR.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.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Precious Metals, while CMR.TO is Money Market. Their fees differ too: 0.55% for CGL.TO and 0.14% for CMR.TO.
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