CGL.TO vs. HGY.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and HGY.TO (Global X Gold Yield ETF) are both Gold funds. CGL.TO is passively managed, while HGY.TO is actively managed. Over the past 10 years, CGL.TO returned 12.09%/yr vs 9.53%/yr for HGY.TO. A 0.77 correlation means they provide meaningful diversification when combined. CGL.TO charges 0.55%/yr vs 0.86%/yr for HGY.TO.
Performance
CGL.TO vs. HGY.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 HGY.TO's 2.01% return. Over the past 10 years, CGL.TO has outperformed HGY.TO with an annualized return of 12.09%, while HGY.TO has yielded a comparatively lower 9.53% 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%
HGY.TO
- 1D
- 0.83%
- 1M
- -1.34%
- YTD
- 2.01%
- 6M
- 4.03%
- 1Y
- 24.27%
- 3Y*
- 24.33%
- 5Y*
- 14.03%
- 10Y*
- 9.53%
CGL.TO vs. HGY.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% |
HGY.TO Global X Gold Yield ETF | 2.01% | 48.66% | 21.36% | 9.51% | -1.07% | -4.51% | 18.67% | 13.62% | -3.58% | 8.33% |
Correlation
The correlation between CGL.TO and HGY.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 21, 2010 | 0.77 |
Over the past year, CGL.TO and HGY.TO have become more correlated (0.97) than their long-term average of 0.77, meaning their price movements have been converging.
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Return for Risk
CGL.TO vs. HGY.TO — Risk / Return Rank
CGL.TO
HGY.TO
CGL.TO vs. HGY.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 Global X Gold Yield ETF (HGY.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 | HGY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.40 | +0.16 |
| Martin ratioReturn relative to average drawdown | 3.77 | 3.71 | +0.06 |
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 | HGY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 1.04 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 0.91 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 0.62 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.05 | +0.43 |
Drawdowns
CGL.TO vs. HGY.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -44.53%, which is greater than HGY.TO's maximum drawdown of -39.53%. Use the drawdown chart below to compare losses from any high point for CGL.TO and HGY.TO.
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Drawdown Indicators
| CGL.TO | HGY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.53% | -39.53% | -5.00% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -17.47% | -1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -19.36% | -17.47% | -1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -22.18% | -18.32% | -3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -23.72% | -20.31% | -3.41% |
Current DrawdownCurrent decline from peak | -17.55% | -14.84% | -2.71% |
Average DrawdownAverage peak-to-trough decline | -18.16% | -17.84% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.95% | 6.57% | +1.38% |
Volatility
CGL.TO vs. HGY.TO - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) is 5.60%, while Global X Gold Yield ETF (HGY.TO) has a volatility of 7.22%. This indicates that CGL.TO experiences smaller price fluctuations and is considered to be less risky than HGY.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 | HGY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 7.22% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 23.18% | 20.72% | +2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.88% | 23.44% | +3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 15.57% | +2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.41% | 15.45% | +0.96% |
CGL.TO vs. HGY.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is lower than HGY.TO's 0.86% expense ratio.
Dividends
CGL.TO vs. HGY.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while HGY.TO's dividend yield for the trailing twelve months is around 6.08%.
| 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% |
HGY.TO Global X Gold Yield ETF | 6.08% | 4.92% | 5.32% | 6.10% | 6.42% | 5.87% | 5.72% | 4.19% | 4.66% | 4.63% | 5.37% | 6.13% |
Frequently Asked Questions
With a correlation of 0.97, CGL.TO and HGY.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.86% for HGY.TO.
They also come from different issuers: iShares and Global X. Their fees differ too: 0.55% for CGL.TO and 0.86% for HGY.TO.
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