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CGL.TO vs. XFR.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CGL.TO vs. XFR.TO

Last updated Jun 5, 2026

CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and XFR.TO (iShares Floating Rate Index ETF) are both exchange-traded funds - CGL.TO is a Precious Metals fund tracking the Gold Bullion, while XFR.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, CGL.TO returned 12.09%/yr vs 2.25%/yr for XFR.TO. At a correlation of -0.00, they often move in opposite directions. CGL.TO charges 0.55%/yr vs 0.14%/yr for XFR.TO.

Performance

CGL.TO vs. XFR.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) and iShares Floating Rate Index ETF (XFR.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CGL.TO achieves a 2.98% return, which is significantly higher than XFR.TO's 1.02% return. Over the past 10 years, CGL.TO has outperformed XFR.TO with an annualized return of 12.09%, while XFR.TO has yielded a comparatively lower 2.25% annualized return.

CGL.TO

1D
0.80%
1M
-1.89%
YTD
2.98%
6M
4.94%
1Y
29.90%
3Y*
29.26%
5Y*
17.02%
10Y*
12.09%

XFR.TO

1D
0.02%
1M
0.18%
YTD
1.02%
6M
1.35%
1Y
2.94%
3Y*
3.99%
5Y*
3.21%
10Y*
2.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CGL.TO vs. XFR.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CGL.TO
iShares Gold Bullion ETF (CAD-Hedged)		2.98%60.12%25.67%11.26%-1.07%-4.58%23.41%16.58%-3.19%11.68%
XFR.TO
iShares Floating Rate Index ETF		1.02%3.33%4.57%5.29%1.82%0.15%0.98%2.23%1.16%1.46%

Correlation

The correlation between CGL.TO and XFR.TO is -0.06, 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

-0.06

Correlation (3Y)
Calculated over the trailing 3-year period

0.00

Correlation (5Y)
Calculated over the trailing 5-year period

-0.01

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since Dec 14, 2011

-0.00

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Gold Bullion ETF (CAD-Hedged)

iShares Floating Rate Index ETF

Often compared with CGL.TO:
CGL.TO vs. CGL-C.TOCGL.TO vs. XGD.TOCGL.TO vs. KILO.TOCGL.TO vs. MNT.TOCGL.TO vs. GLDMCGL.TO vs. VOOCGL.TO vs. SVR.TO
Often compared with XFR.TO:
XFR.TO vs. CASH.TOXFR.TO vs. ZMMK.TOXFR.TO vs. CMR.TOXFR.TO vs. XSH.TOXFR.TO vs. XBB.TOXFR.TO vs. ZST.TOXFR.TO vs. XHY.TO

Return for Risk

CGL.TO vs. XFR.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CGL.TO
CGL.TO Risk / Return Rank: 3131
Overall Rank
CGL.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
CGL.TO Sortino Ratio Rank: 2929
Sortino Ratio Rank
CGL.TO Omega Ratio Rank: 3434
Omega Ratio Rank
CGL.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
CGL.TO Martin Ratio Rank: 2727
Martin Ratio Rank
XFR.TO
XFR.TO Risk / Return Rank: 9898
Overall Rank
XFR.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
XFR.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XFR.TO Omega Ratio Rank: 9797
Omega Ratio Rank
XFR.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XFR.TO Martin Ratio Rank: 9999
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CGL.TO vs. XFR.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 Floating Rate Index ETF (XFR.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.TOXFR.TODifference
Sharpe ratioReturn per unit of total volatility
1.12
4.09

-2.97

Sortino ratioReturn per unit of downside risk
1.53
6.92

-5.40

Omega ratioGain probability vs. loss probability

1.22

1.96

-0.73

Calmar ratioReturn relative to maximum drawdown

1.55

29.53

-27.98

Martin ratioReturn relative to average drawdown

3.77

87.75

-83.98

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGL.TO vs. XFR.TO - Sharpe Ratio Comparison

The current CGL.TO Sharpe Ratio is 1.12, which is lower than the XFR.TO Sharpe Ratio of 4.09. The chart below compares the historical Sharpe Ratios of CGL.TO and XFR.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CGL.TOXFR.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.12

4.09

-2.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.93

3.93

-3.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

1.22

-0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

1.19

-0.71

Drawdowns

CGL.TO vs. XFR.TO - Drawdown Comparison

The maximum CGL.TO drawdown since its inception was -44.53%, which is greater than XFR.TO's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for CGL.TO and XFR.TO.

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Drawdown Indicators

CGL.TOXFR.TODifference

Max Drawdown

Largest peak-to-trough decline

-44.53%

-4.12%

-40.41%

Max Drawdown (1Y)

Largest decline over 1 year

-19.36%

-0.10%

-19.26%

Max Drawdown (3Y)

Largest decline over 3 years

-19.36%

-0.30%

-19.06%

Max Drawdown (5Y)

Largest decline over 5 years

-22.18%

-0.30%

-21.88%

Max Drawdown (10Y)

Largest decline over 10 years

-23.72%

-4.12%

-19.60%

Current Drawdown

Current decline from peak

-17.55%

-0.02%

-17.53%

Average Drawdown

Average peak-to-trough decline

-18.16%

-0.06%

-18.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.95%

0.03%

+7.92%

Volatility

CGL.TO vs. XFR.TO - Volatility Comparison

iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 5.60% compared to iShares Floating Rate Index ETF (XFR.TO) at 0.18%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than XFR.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.TOXFR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.60%

0.18%

+5.42%

Volatility (6M)

Calculated over the trailing 6-month period

23.18%

0.47%

+22.71%

Volatility (1Y)

Calculated over the trailing 1-year period

26.88%

0.72%

+26.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.33%

0.82%

+17.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.41%

1.85%

+14.56%

CGL.TO vs. XFR.TO - Expense Ratio Comparison

CGL.TO has a 0.55% expense ratio, which is higher than XFR.TO's 0.14% expense ratio.

Dividends

CGL.TO vs. XFR.TO - Dividend Comparison

CGL.TO has not paid dividends to shareholders, while XFR.TO's dividend yield for the trailing twelve months is around 2.77%.

PositionTTM20252024202320222021202020192018201720162015
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%
XFR.TO
iShares Floating Rate Index ETF		2.77%3.23%4.93%4.91%1.85%0.30%1.07%1.96%1.60%0.95%0.77%0.94%

Frequently Asked Questions

CGL.TO and XFR.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.55% for CGL.TO.

CGL.TO is categorized as Precious Metals, while XFR.TO is Canadian Government Bonds. CGL.TO tracks Gold Bullion, while XFR.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.55% for CGL.TO and 0.14% for XFR.TO.

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