CGL.TO vs. XAW.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - CGL.TO is a Precious Metals fund tracking the Gold Bullion, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, CGL.TO returned 11.98%/yr vs 13.22%/yr for XAW.TO. At a correlation of -0.08, they often move in opposite directions. CGL.TO charges 0.55%/yr vs 0.22%/yr for XAW.TO.
Performance
CGL.TO vs. XAW.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CGL.TO achieves a 2.15% return, which is significantly lower than XAW.TO's 13.70% return. Over the past 10 years, CGL.TO has underperformed XAW.TO with an annualized return of 11.98%, while XAW.TO has yielded a comparatively higher 13.22% 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%
XAW.TO
- 1D
- -0.37%
- 1M
- 7.13%
- YTD
- 13.70%
- 6M
- 12.70%
- 1Y
- 30.51%
- 3Y*
- 21.73%
- 5Y*
- 13.96%
- 10Y*
- 13.22%
CGL.TO vs. XAW.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% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 13.70% | 15.87% | 26.31% | 18.45% | -11.84% | 18.38% | 12.37% | 19.82% | -2.28% | 16.10% |
Correlation
The correlation between CGL.TO and XAW.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | -0.08 |
The correlation between CGL.TO and XAW.TO shifts across timeframes, from -0.08 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CGL.TO vs. XAW.TO — Risk / Return Rank
CGL.TO
XAW.TO
CGL.TO vs. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.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 | XAW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.48 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 3.76 | -2.23 |
| Martin ratioReturn relative to average drawdown | 3.75 | 15.15 | -11.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CGL.TO | XAW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 2.50 | -1.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 1.04 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.88 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.78 | -0.30 |
Drawdowns
CGL.TO vs. XAW.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -44.53%, which is greater than XAW.TO's maximum drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for CGL.TO and XAW.TO.
Loading charts...
Drawdown Indicators
| CGL.TO | XAW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.53% | -27.32% | -17.21% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -8.16% | -11.20% |
Max Drawdown (3Y)Largest decline over 3 years | -19.36% | -16.66% | -2.70% |
Max Drawdown (5Y)Largest decline over 5 years | -22.18% | -21.02% | -1.16% |
Max Drawdown (10Y)Largest decline over 10 years | -23.72% | -27.32% | +3.60% |
Current DrawdownCurrent decline from peak | -18.22% | -0.37% | -17.85% |
Average DrawdownAverage peak-to-trough decline | -18.16% | -3.91% | -14.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.88% | 2.02% | +5.86% |
Volatility
CGL.TO vs. XAW.TO - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 5.60% compared to iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) at 4.21%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CGL.TO | XAW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 4.21% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 23.18% | 9.85% | +13.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.89% | 12.25% | +14.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 13.56% | +4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.41% | 15.12% | +1.29% |
CGL.TO vs. XAW.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than XAW.TO's 0.22% expense ratio.
Dividends
CGL.TO vs. XAW.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while XAW.TO's dividend yield for the trailing twelve months is around 1.17%.
| 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% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 1.17% | 1.33% | 1.61% | 1.71% | 1.79% | 1.77% | 1.49% | 2.02% | 2.29% | 1.92% | 1.80% | 1.83% |
Frequently Asked Questions
CGL.TO and XAW.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Precious Metals, while XAW.TO is Global Equities. CGL.TO tracks Gold Bullion, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.55% for CGL.TO and 0.22% for XAW.TO.
Find the right allocation for CGL.TO and XAW.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer