CGL.TO vs. EEM
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, CGL.TO returned 11.18%/yr vs 11.02%/yr for EEM. At a 0.16 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.72%/yr for EEM.
Performance
CGL.TO vs. EEM - Performance Comparison
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Different Trading Currencies
CGL.TO is traded in CAD, while EEM is traded in USD. To make them comparable, the EEM values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CGL.TO achieves a -0.75% return, which is significantly lower than EEM's 30.67% return. Both investments have delivered pretty close results over the past 10 years, with CGL.TO having a 11.18% annualized return and EEM not far behind at 11.02%.
CGL.TO
- 1D
- 2.52%
- 1M
- -5.26%
- YTD
- -0.75%
- 6M
- -0.60%
- 1Y
- 22.95%
- 3Y*
- 27.87%
- 5Y*
- 16.95%
- 10Y*
- 11.18%
EEM
- 1D
- 3.22%
- 1M
- 9.63%
- YTD
- 30.67%
- 6M
- 33.37%
- 1Y
- 56.53%
- 3Y*
- 24.62%
- 5Y*
- 10.60%
- 10Y*
- 11.02%
CGL.TO vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -0.75% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
EEM iShares MSCI Emerging Markets ETF | 30.67% | 27.86% | 15.51% | 6.36% | -15.53% | -3.68% | 14.24% | 13.35% | -8.19% | 27.97% |
Correlation
The correlation between CGL.TO and EEM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2010 | 0.16 |
The correlation between CGL.TO and EEM shifts across timeframes, from 0.16 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CGL.TO vs. EEM — Risk / Return Rank
CGL.TO
EEM
CGL.TO vs. EEM - 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 MSCI Emerging Markets ETF (EEM). 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.TO | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.47 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 4.63 | -3.71 |
| Martin ratioReturn relative to average drawdown | 2.64 | 16.10 | -13.46 |
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Drawdowns
CGL.TO vs. EEM - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, smaller than the maximum EEM drawdown of -55.52%. Use the drawdown chart below to compare losses from any high point for CGL.TO and EEM.
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Drawdown Indicators
| CGL.TO | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -55.52% | +9.56% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -12.26% | -12.67% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -15.82% | -9.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -30.79% | +5.86% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -35.39% | +10.46% |
Current DrawdownCurrent decline from peak | -20.54% | -0.08% | -20.46% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -12.02% | -8.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.75% | 3.52% | +5.23% |
Volatility
CGL.TO vs. EEM - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) is 8.23%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 11.28%. This indicates that CGL.TO experiences smaller price fluctuations and is considered to be less risky than EEM 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 | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 11.28% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 24.17% | 19.84% | +4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.71% | 22.01% | +5.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.58% | 20.22% | -1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.55% | 21.72% | -5.17% |
CGL.TO vs. EEM - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is lower than EEM's 0.72% expense ratio.
Dividends
CGL.TO vs. EEM - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while EEM's dividend yield for the trailing twelve months is around 2.24%.
| 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% |
EEM iShares MSCI Emerging Markets ETF | 2.24% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
Frequently Asked Questions
CGL.TO and EEM have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGL.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGL.TO is cheaper with a 0.55% expense ratio, compared with 0.72% for EEM.
CGL.TO is categorized as Gold, while EEM is Emerging Markets Diversified. CGL.TO tracks Gold Bullion, while EEM tracks MSCI Emerging Markets Index (Net). Their fees differ too: 0.55% for CGL.TO and 0.72% for EEM.
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