CGL.TO vs. SBT.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and SBT.TO (Purpose Silver Bullion Fund) are both exchange-traded funds - CGL.TO is a Precious Metals fund tracking the Gold Bullion, while SBT.TO is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, CGL.TO returned 11.98%/yr vs 13.84%/yr for SBT.TO. At a 0.33 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.36%/yr for SBT.TO.
Performance
CGL.TO vs. SBT.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CGL.TO having a 2.15% return and SBT.TO slightly higher at 2.24%. Over the past 10 years, CGL.TO has underperformed SBT.TO with an annualized return of 11.98%, while SBT.TO has yielded a comparatively higher 13.84% 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%
SBT.TO
- 1D
- -2.53%
- 1M
- 0.38%
- YTD
- 2.24%
- 6M
- 24.07%
- 1Y
- 105.34%
- 3Y*
- 42.09%
- 5Y*
- 18.84%
- 10Y*
- 13.84%
CGL.TO vs. SBT.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% |
SBT.TO Purpose Silver Bullion Fund | 2.24% | 137.07% | 18.55% | -0.86% | 1.99% | -13.18% | 48.01% | 13.31% | -12.82% | -17.07% |
Correlation
The correlation between CGL.TO and SBT.TO is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since May 30, 2016 | 0.33 |
Over the past year, CGL.TO and SBT.TO have become more correlated (0.69) than their long-term average of 0.33, meaning their price movements have been converging.
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Return for Risk
CGL.TO vs. SBT.TO — Risk / Return Rank
CGL.TO
SBT.TO
CGL.TO vs. SBT.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 Purpose Silver Bullion Fund (SBT.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 | SBT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.34 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.48 | -0.95 |
| Martin ratioReturn relative to average drawdown | 3.75 | 5.33 | -1.58 |
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 | SBT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 1.80 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 0.52 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.21 | +0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.21 | +0.27 |
Drawdowns
CGL.TO vs. SBT.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -44.53%, smaller than the maximum SBT.TO drawdown of -47.82%. Use the drawdown chart below to compare losses from any high point for CGL.TO and SBT.TO.
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Drawdown Indicators
| CGL.TO | SBT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.53% | -47.82% | +3.29% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -42.69% | +23.33% |
Max Drawdown (3Y)Largest decline over 3 years | -19.36% | -42.69% | +23.33% |
Max Drawdown (5Y)Largest decline over 5 years | -22.18% | -42.69% | +20.51% |
Max Drawdown (10Y)Largest decline over 10 years | -23.72% | -47.82% | +24.10% |
Current DrawdownCurrent decline from peak | -18.22% | -37.47% | +19.25% |
Average DrawdownAverage peak-to-trough decline | -18.16% | -16.92% | -1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.88% | 19.84% | -11.96% |
Volatility
CGL.TO vs. SBT.TO - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) is 5.60%, while Purpose Silver Bullion Fund (SBT.TO) has a volatility of 17.19%. This indicates that CGL.TO experiences smaller price fluctuations and is considered to be less risky than SBT.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 | SBT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 17.19% | -11.59% |
Volatility (6M)Calculated over the trailing 6-month period | 23.18% | 57.92% | -34.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.89% | 59.01% | -32.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 36.64% | -18.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.41% | 66.58% | -50.17% |
CGL.TO vs. SBT.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than SBT.TO's 0.36% expense ratio.
Dividends
CGL.TO vs. SBT.TO - Dividend Comparison
Neither CGL.TO nor SBT.TO has paid dividends to shareholders.
Frequently Asked Questions
CGL.TO and SBT.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SBT.TO is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SBT.TO is cheaper with a 0.36% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Precious Metals, while SBT.TO is Silver. CGL.TO tracks Gold Bullion, while SBT.TO tracks LBMA Silver Price. They also come from different issuers: iShares and Purpose Investments. Their fees differ too: 0.55% for CGL.TO and 0.36% for SBT.TO.
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