CGL.TO vs. VEE.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while VEE.TO is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index. Both are passively managed. Over the past 10 years, CGL.TO returned 11.18%/yr vs 9.42%/yr for VEE.TO. At a 0.08 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.25%/yr for VEE.TO.
Performance
CGL.TO vs. VEE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGL.TO achieves a -0.75% return, which is significantly lower than VEE.TO's 15.16% return. Over the past 10 years, CGL.TO has outperformed VEE.TO with an annualized return of 11.18%, while VEE.TO has yielded a comparatively lower 9.42% annualized return.
CGL.TO
- 1D
- 2.52%
- 1M
- -5.26%
- YTD
- -0.75%
- 6M
- -0.60%
- 1Y
- 22.95%
- 3Y*
- 27.87%
- 5Y*
- 16.95%
- 10Y*
- 11.18%
VEE.TO
- 1D
- 2.22%
- 1M
- 5.84%
- YTD
- 15.16%
- 6M
- 16.71%
- 1Y
- 32.44%
- 3Y*
- 18.31%
- 5Y*
- 7.98%
- 10Y*
- 9.42%
CGL.TO vs. VEE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -0.75% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF | 15.16% | 19.32% | 19.06% | 6.24% | -12.79% | 0.06% | 12.32% | 14.32% | -7.93% | 22.60% |
Correlation
The correlation between CGL.TO and VEE.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2011 | 0.08 |
Over the past year, CGL.TO and VEE.TO have become more correlated (0.32) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
CGL.TO vs. VEE.TO — Risk / Return Rank
CGL.TO
VEE.TO
CGL.TO vs. VEE.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 Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.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.
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 | VEE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.38 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 3.04 | -2.11 |
| Martin ratioReturn relative to average drawdown | 2.64 | 10.84 | -8.20 |
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Drawdowns
CGL.TO vs. VEE.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, which is greater than VEE.TO's maximum drawdown of -29.84%. Use the drawdown chart below to compare losses from any high point for CGL.TO and VEE.TO.
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Drawdown Indicators
| CGL.TO | VEE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -29.84% | -16.12% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -10.74% | -14.19% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -14.97% | -9.96% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -26.10% | +1.17% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -29.84% | +4.91% |
Current DrawdownCurrent decline from peak | -20.54% | 0.00% | -20.54% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -8.72% | -11.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.75% | 3.00% | +5.75% |
Volatility
CGL.TO vs. VEE.TO - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 8.23% compared to Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) at 7.28%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than VEE.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 | VEE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 7.28% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 24.17% | 13.81% | +10.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.71% | 16.03% | +11.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.58% | 15.46% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.55% | 17.01% | -0.46% |
CGL.TO vs. VEE.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than VEE.TO's 0.25% expense ratio.
Dividends
CGL.TO vs. VEE.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while VEE.TO's dividend yield for the trailing twelve months is around 1.89%.
| 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% |
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF | 1.89% | 2.26% | 2.45% | 2.83% | 3.35% | 2.18% | 1.62% | 2.71% | 2.24% | 1.93% | 2.01% | 2.53% |
Frequently Asked Questions
CGL.TO and VEE.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VEE.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Gold, while VEE.TO is Emerging Markets Equities. CGL.TO tracks Gold Bullion, while VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.55% for CGL.TO and 0.25% for VEE.TO.
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