CGL.TO vs. GDL.TO

Last updated Jun 4, 2026

CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) is Precious Metals fund tracking the Gold Bullion, while GDL.TO (Goodfellow Inc.) is a stock. Over the past 10 years, CGL.TO returned 11.98%/yr vs 7.79%/yr for GDL.TO. At a 0.00 correlation, their price movements are largely independent.

Performance

CGL.TO vs. GDL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) and Goodfellow Inc. (GDL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGL.TO achieves a 2.15% return, which is significantly higher than GDL.TO's -0.50% return. Over the past 10 years, CGL.TO has outperformed GDL.TO with an annualized return of 11.98%, while GDL.TO has yielded a comparatively lower 7.79% annualized return.

CGL.TO

• 1D: -0.83%
• 1M: -1.87%
• YTD: 2.15%
• 6M: 4.29%
• 1Y: 29.45%
• 3Y*: 29.31%
• 5Y*: 16.83%
• 10Y*: 11.98%

GDL.TO

• 1D: 1.21%
• 1M: 1.65%
• YTD: -0.50%
• 6M: -4.42%
• 1Y: -4.52%
• 3Y*: 4.48%
• 5Y*: 12.59%
• 10Y*: 7.79%

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

CGL.TO vs. GDL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGL.TO iShares Gold Bullion ETF (CAD-Hedged)	2.15%	60.12%	25.67%	11.26%	-1.07%	-4.58%	23.41%	16.58%	-3.19%	11.68%
GDL.TO Goodfellow Inc.	-0.50%	-4.20%	1.31%	24.72%	46.36%	30.40%	83.49%	3.95%	-35.91%	-7.39%

Correlation

The correlation between CGL.TO and GDL.TO is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since May 29, 2009	0.00

The correlation between CGL.TO and GDL.TO shifts across timeframes, from -0.09 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CGL.TO vs. GDL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGL.TO

CGL.TO Risk / Return Rank: 29
CGL.TO Sharpe Ratio Rank: 29
CGL.TO Sortino Ratio Rank: 27
CGL.TO Omega Ratio Rank: 32
CGL.TO Calmar Ratio Rank: 31
CGL.TO Martin Ratio Rank: 27

GDL.TO

GDL.TO Risk / Return Rank: 30
GDL.TO Sharpe Ratio Rank: 33
GDL.TO Sortino Ratio Rank: 28
GDL.TO Omega Ratio Rank: 28
GDL.TO Calmar Ratio Rank: 31
GDL.TO Martin Ratio Rank: 30

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.TO vs. GDL.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 Goodfellow Inc. (GDL.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	GDL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.10	-0.19	+1.29
Sortino ratio: Return per unit of downside risk	1.51	-0.10	+1.61
Omega ratio: Gain probability vs. loss probability	1.22	0.99	+0.23
Calmar ratio: Return relative to maximum drawdown	1.53	-0.31	+1.84
Martin ratio: Return relative to average drawdown	3.75	-0.59	+4.33
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.TO vs. GDL.TO - Sharpe Ratio Comparison

The current CGL.TO Sharpe Ratio is 1.10, which is higher than the GDL.TO Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of CGL.TO and GDL.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.TO	GDL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	-0.19	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.41	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.23	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	-0.61	+1.08

Drawdowns

CGL.TO vs. GDL.TO - Drawdown Comparison

The maximum CGL.TO drawdown since its inception was -44.53%, smaller than the maximum GDL.TO drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CGL.TO and GDL.TO.

Drawdown Indicators

	CGL.TO	GDL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.53%	-100.00%	+55.47%
Max Drawdown (1Y) Largest decline over 1 year	-19.36%	-14.42%	-4.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.36%	-24.65%	+5.29%
Max Drawdown (5Y) Largest decline over 5 years	-22.18%	-27.73%	+5.55%
Max Drawdown (10Y) Largest decline over 10 years	-23.72%	-65.49%	+41.77%
Current Drawdown Current decline from peak	-18.22%	-99.99%	+81.77%
Average Drawdown Average peak-to-trough decline	-18.16%	-80.77%	+62.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.88%	7.73%	+0.15%

Volatility

CGL.TO vs. GDL.TO - Volatility Comparison

iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 5.60% compared to Goodfellow Inc. (GDL.TO) at 3.05%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than GDL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGL.TO	GDL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	3.05%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	23.18%	13.97%	+9.21%
Volatility (1Y) Calculated over the trailing 1-year period	26.89%	23.77%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	30.95%	-12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.41%	34.19%	-17.78%

Dividends

CGL.TO vs. GDL.TO - Dividend Comparison

CGL.TO has not paid dividends to shareholders, while GDL.TO's dividend yield for the trailing twelve months is around 4.26%.

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%
GDL.TO Goodfellow Inc.	4.26%	5.03%	9.39%	10.53%	11.05%	11.31%	9.95%	8.50%	0.00%	0.00%	3.36%	3.50%

Frequently Asked Questions

Can I hold both CGL.TO and GDL.TO in my portfolio?

CGL.TO and GDL.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.