CGL.TO vs. RAAX
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and RAAX (VanEck Inflation Allocation ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while RAAX is a Diversified Portfolio fund actively managed by VanEck. CGL.TO is passively managed, while RAAX is actively managed. Over the past 5 years, CGL.TO returned 15.73%/yr vs 16.49%/yr for RAAX. At a 0.44 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.78%/yr for RAAX.
Performance
CGL.TO vs. RAAX - Performance Comparison
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Different Trading Currencies
CGL.TO is traded in CAD, while RAAX is traded in USD. To make them comparable, the RAAX 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 -3.19% return, which is significantly lower than RAAX's 20.02% return.
CGL.TO
- 1D
- 0.25%
- 1M
- -9.62%
- YTD
- -3.19%
- 6M
- -3.25%
- 1Y
- 19.93%
- 3Y*
- 27.16%
- 5Y*
- 15.73%
- 10Y*
- 10.99%
RAAX
- 1D
- 2.45%
- 1M
- -0.06%
- YTD
- 20.02%
- 6M
- 19.24%
- 1Y
- 35.74%
- 3Y*
- 23.17%
- 5Y*
- 16.49%
- 10Y*
- —
CGL.TO vs. RAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -3.19% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -5.04% |
RAAX VanEck Inflation Allocation ETF | 20.02% | 20.96% | 22.02% | 4.18% | 7.95% | 21.50% | -10.44% | 1.77% | 4.66% |
Correlation
The correlation between CGL.TO and RAAX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.44 |
Over the past year, CGL.TO and RAAX have become more correlated (0.66) than their long-term average of 0.44, meaning their price movements have been converging.
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Return for Risk
CGL.TO vs. RAAX — Risk / Return Rank
CGL.TO
RAAX
CGL.TO vs. RAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) and VanEck Inflation Allocation ETF (RAAX). 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 | RAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.46 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 5.76 | -4.90 |
| Martin ratioReturn relative to average drawdown | 2.49 | 21.64 | -19.14 |
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Drawdowns
CGL.TO vs. RAAX - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, which is greater than RAAX's maximum drawdown of -29.03%. Use the drawdown chart below to compare losses from any high point for CGL.TO and RAAX.
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Drawdown Indicators
| CGL.TO | RAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -29.03% | -16.93% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -6.34% | -18.59% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -11.92% | -13.01% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -17.70% | -7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | — | — |
Current DrawdownCurrent decline from peak | -22.50% | -1.74% | -20.76% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -5.19% | -15.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 1.69% | +6.97% |
Volatility
CGL.TO vs. RAAX - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 7.67% compared to VanEck Inflation Allocation ETF (RAAX) at 4.84%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than RAAX 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 | RAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 4.84% | +2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 12.44% | +11.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 14.43% | +13.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 16.55% | +1.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.53% | 16.76% | -0.23% |
CGL.TO vs. RAAX - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is lower than RAAX's 0.78% expense ratio.
Dividends
CGL.TO vs. RAAX - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while RAAX's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
RAAX VanEck Inflation Allocation ETF | 1.99% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% |
Frequently Asked Questions
CGL.TO and RAAX have a correlation of 0.66, 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 0.78% for RAAX.
CGL.TO is categorized as Gold, while RAAX is Diversified Portfolio. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.55% for CGL.TO and 0.78% for RAAX.
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