CGL.TO vs. XEG.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, CGL.TO returned 11.18%/yr vs 11.38%/yr for XEG.TO. At a 0.09 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.60%/yr for XEG.TO.
Performance
CGL.TO vs. XEG.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 XEG.TO's 34.92% return. Both investments have delivered pretty close results over the past 10 years, with CGL.TO having a 11.18% annualized return and XEG.TO not far ahead at 11.38%.
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%
XEG.TO
- 1D
- -2.61%
- 1M
- -8.19%
- YTD
- 34.92%
- 6M
- 35.69%
- 1Y
- 47.18%
- 3Y*
- 25.66%
- 5Y*
- 27.13%
- 10Y*
- 11.38%
CGL.TO vs. XEG.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% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 34.92% | 16.72% | 14.04% | 3.55% | 53.25% | 83.71% | -34.44% | 9.04% | -27.05% | -11.17% |
Correlation
The correlation between CGL.TO and XEG.TO is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2010 | 0.09 |
The correlation between CGL.TO and XEG.TO shifts across timeframes, from 0.01 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CGL.TO vs. XEG.TO — Risk / Return Rank
CGL.TO
XEG.TO
CGL.TO vs. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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 | XEG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.33 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 4.26 | -3.34 |
| Martin ratioReturn relative to average drawdown | 2.64 | 11.99 | -9.35 |
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Drawdowns
CGL.TO vs. XEG.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for CGL.TO and XEG.TO.
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Drawdown Indicators
| CGL.TO | XEG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -87.51% | +41.55% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -11.12% | -13.81% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -25.67% | +0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -28.42% | +3.49% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -79.66% | +54.73% |
Current DrawdownCurrent decline from peak | -20.54% | -10.27% | -10.27% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -34.55% | +14.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.75% | 3.95% | +4.80% |
Volatility
CGL.TO vs. XEG.TO - Volatility Comparison
The current volatility for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) is 8.23%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.33%. This indicates that CGL.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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 | XEG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 9.33% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 24.17% | 19.83% | +4.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.71% | 23.32% | +4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.58% | 28.75% | -10.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.55% | 33.42% | -16.87% |
CGL.TO vs. XEG.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is lower than XEG.TO's 0.60% expense ratio.
Dividends
CGL.TO vs. XEG.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while XEG.TO's dividend yield for the trailing twelve months is around 2.84%.
| 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% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 2.84% | 3.63% | 3.46% | 4.26% | 3.31% | 1.64% | 2.96% | 2.70% | 2.25% | 1.41% | 1.40% | 3.58% |
Frequently Asked Questions
CGL.TO and XEG.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGL.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGL.TO is cheaper with a 0.55% expense ratio, compared with 0.60% for XEG.TO.
CGL.TO is categorized as Gold, while XEG.TO is Energy Equities. CGL.TO tracks Gold Bullion, while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.55% for CGL.TO and 0.60% for XEG.TO.
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