CGL.TO vs. USMV
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, CGL.TO returned 10.99%/yr vs 10.84%/yr for USMV. At a 0.04 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.15%/yr for USMV.
Performance
CGL.TO vs. USMV - Performance Comparison
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Different Trading Currencies
CGL.TO is traded in CAD, while USMV is traded in USD. To make them comparable, the USMV 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 USMV's 4.50% return. Both investments have delivered pretty close results over the past 10 years, with CGL.TO having a 10.99% annualized return and USMV not far behind at 10.84%.
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%
USMV
- 1D
- 0.61%
- 1M
- 3.26%
- YTD
- 4.50%
- 6M
- 3.80%
- 1Y
- 7.79%
- 3Y*
- 13.02%
- 5Y*
- 10.39%
- 10Y*
- 10.84%
CGL.TO vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -3.19% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
USMV iShares MSCI USA Min Vol Factor ETF | 4.50% | 2.73% | 25.54% | 7.70% | -3.69% | 20.79% | 3.13% | 22.42% | 9.85% | 10.86% |
Correlation
The correlation between CGL.TO and USMV is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.04 |
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Return for Risk
CGL.TO vs. USMV — Risk / Return Rank
CGL.TO
USMV
CGL.TO vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) and iShares MSCI USA Min Vol Factor ETF (USMV). 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 | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.12 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.21 | -0.34 |
| Martin ratioReturn relative to average drawdown | 2.49 | 3.16 | -0.67 |
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Drawdowns
CGL.TO vs. USMV - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, which is greater than USMV's maximum drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for CGL.TO and USMV.
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Drawdown Indicators
| CGL.TO | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -27.07% | -18.89% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -5.25% | -19.68% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -10.65% | -14.28% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -16.72% | -8.21% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -27.07% | +2.14% |
Current DrawdownCurrent decline from peak | -22.50% | -0.06% | -22.44% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -2.88% | -17.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 2.02% | +6.64% |
Volatility
CGL.TO vs. USMV - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 7.67% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.93%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than USMV 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 | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 2.93% | +4.74% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 6.97% | +17.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 9.71% | +17.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 13.85% | +4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.53% | 15.86% | +0.67% |
CGL.TO vs. USMV - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than USMV's 0.15% expense ratio.
Dividends
CGL.TO vs. USMV - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.53%.
| 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% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.53% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
Frequently Asked Questions
CGL.TO and USMV have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USMV is cheaper with a 0.15% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Gold, while USMV is Large Cap Blend Equities. CGL.TO tracks Gold Bullion, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.55% for CGL.TO and 0.15% for USMV.
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