CGL.TO vs. VGSH
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, CGL.TO returned 10.99%/yr vs 2.60%/yr for VGSH. At a 0.04 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.03%/yr for VGSH.
Performance
CGL.TO vs. VGSH - Performance Comparison
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Different Trading Currencies
CGL.TO is traded in CAD, while VGSH is traded in USD. To make them comparable, the VGSH 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 VGSH's 2.61% return. Over the past 10 years, CGL.TO has outperformed VGSH with an annualized return of 10.99%, while VGSH has yielded a comparatively lower 2.60% annualized 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%
VGSH
- 1D
- 0.15%
- 1M
- 2.10%
- YTD
- 2.61%
- 6M
- 2.27%
- 1Y
- 6.22%
- 3Y*
- 5.81%
- 5Y*
- 4.81%
- 10Y*
- 2.60%
CGL.TO vs. VGSH - 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% |
VGSH Vanguard Short-Term Treasury ETF | 2.61% | 0.28% | 12.81% | 1.82% | 2.23% | -0.64% | 0.59% | -0.75% | 10.09% | -6.74% |
Correlation
The correlation between CGL.TO and VGSH is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2010 | 0.04 |
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Return for Risk
CGL.TO vs. VGSH — Risk / Return Rank
CGL.TO
VGSH
CGL.TO vs. VGSH - 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 Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.21 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.46 | -0.59 |
| Martin ratioReturn relative to average drawdown | 2.49 | 3.56 | -1.07 |
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Drawdowns
CGL.TO vs. VGSH - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, which is greater than VGSH's maximum drawdown of -16.61%. Use the drawdown chart below to compare losses from any high point for CGL.TO and VGSH.
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Drawdown Indicators
| CGL.TO | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -16.61% | -29.35% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -3.87% | -21.06% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -5.99% | -18.94% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -6.36% | -18.57% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -16.61% | -8.32% |
Current DrawdownCurrent decline from peak | -22.50% | -0.11% | -22.39% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -6.28% | -14.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 1.59% | +7.07% |
Volatility
CGL.TO vs. VGSH - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 7.67% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.90%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than VGSH 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 | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 0.90% | +6.77% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 3.24% | +20.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 4.71% | +22.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 6.59% | +11.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.53% | 6.84% | +9.69% |
CGL.TO vs. VGSH - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than VGSH's 0.03% expense ratio.
Dividends
CGL.TO vs. VGSH - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while VGSH's dividend yield for the trailing twelve months is around 3.87%.
| 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% |
VGSH Vanguard Short-Term Treasury ETF | 3.87% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
CGL.TO and VGSH have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGSH is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Gold, while VGSH is Government Bonds. CGL.TO tracks Gold Bullion, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.55% for CGL.TO and 0.03% for VGSH.
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