CGL.TO vs. HUG.TO

Last updated Jun 4, 2026

CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and HUG.TO (Global X Gold ETF) are both exchange-traded funds - CGL.TO is a Precious Metals fund tracking the Gold Bullion, while HUG.TO is a Gold fund tracking the Solactive Gold Front Month MD Rolling Futures Index ER. Both are passively managed. Over the past 10 years, CGL.TO returned 11.98%/yr vs 10.69%/yr for HUG.TO. A 0.79 correlation means they provide meaningful diversification when combined. CGL.TO charges 0.55%/yr vs 0.54%/yr for HUG.TO.

Performance

CGL.TO vs. HUG.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 Global X Gold ETF (HUG.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 HUG.TO's 1.43% return. Over the past 10 years, CGL.TO has outperformed HUG.TO with an annualized return of 11.98%, while HUG.TO has yielded a comparatively lower 10.69% 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%

HUG.TO

• 1D: -1.21%
• 1M: -1.86%
• YTD: 1.43%
• 6M: 3.69%
• 1Y: 27.81%
• 3Y*: 27.56%
• 5Y*: 15.83%
• 10Y*: 10.69%

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

CGL.TO vs. HUG.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%
HUG.TO Global X Gold ETF	1.43%	57.93%	24.13%	11.48%	-1.87%	-5.30%	19.82%	15.86%	-4.52%	10.34%

Correlation

The correlation between CGL.TO and HUG.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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.79

The correlation between CGL.TO and HUG.TO shifts across timeframes, from 0.79 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CGL.TO vs. HUG.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

HUG.TO

HUG.TO Risk / Return Rank: 28
HUG.TO Sharpe Ratio Rank: 29
HUG.TO Sortino Ratio Rank: 26
HUG.TO Omega Ratio Rank: 31
HUG.TO Calmar Ratio Rank: 29
HUG.TO Martin Ratio Rank: 26

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. HUG.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 ETF (HUG.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	HUG.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.06	+0.05
Sortino ratio: Return per unit of downside risk	1.51	1.43	+0.08
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.53	1.45	+0.08
Martin ratio: Return relative to average drawdown	3.75	3.47	+0.28
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. HUG.TO - Sharpe Ratio Comparison

The current CGL.TO Sharpe Ratio is 1.10, which is comparable to the HUG.TO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of CGL.TO and HUG.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	HUG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	1.06	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.87	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.65	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.43	+0.05

Drawdowns

CGL.TO vs. HUG.TO - Drawdown Comparison

The maximum CGL.TO drawdown since its inception was -44.53%, smaller than the maximum HUG.TO drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for CGL.TO and HUG.TO.

Drawdown Indicators

	CGL.TO	HUG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.53%	-47.99%	+3.46%
Max Drawdown (1Y) Largest decline over 1 year	-19.36%	-19.27%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.36%	-19.27%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-22.18%	-22.06%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-23.72%	-24.66%	+0.94%
Current Drawdown Current decline from peak	-18.22%	-18.57%	+0.35%
Average Drawdown Average peak-to-trough decline	-18.16%	-22.96%	+4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.88%	8.03%	-0.15%

Volatility

CGL.TO vs. HUG.TO - Volatility Comparison

iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) and Global X Gold ETF (HUG.TO) have volatilities of 5.60% and 5.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGL.TO	HUG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	5.89%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	23.18%	22.75%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	26.89%	26.49%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	18.25%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.41%	16.41%	0.00%

CGL.TO vs. HUG.TO - Expense Ratio Comparison

CGL.TO has a 0.55% expense ratio, which is higher than HUG.TO's 0.54% expense ratio.

Dividends

CGL.TO vs. HUG.TO - Dividend Comparison

Neither CGL.TO nor HUG.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.97, CGL.TO and HUG.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.

Which ETF is better, CGL.TO or HUG.TO?

On fees, HUG.TO is cheaper at 0.54% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CGL.TO or HUG.TO?

HUG.TO is cheaper with a 0.54% expense ratio, compared with 0.55% for CGL.TO.

What is the main difference between CGL.TO and HUG.TO?

CGL.TO is categorized as Precious Metals, while HUG.TO is Gold. CGL.TO tracks Gold Bullion, while HUG.TO tracks Solactive Gold Front Month MD Rolling Futures Index ER. They also come from different issuers: iShares and Global X. Their fees differ too: 0.55% for CGL.TO and 0.54% for HUG.TO.