CGL.TO vs. XSB.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and XSB.TO (iShares Core Canadian Short Term Bond Index ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while XSB.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 10.99%/yr vs 1.97%/yr for XSB.TO. At a 0.21 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.10%/yr for XSB.TO.
Performance
CGL.TO vs. XSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGL.TO achieves a -3.19% return, which is significantly lower than XSB.TO's 1.18% return. Over the past 10 years, CGL.TO has outperformed XSB.TO with an annualized return of 10.99%, while XSB.TO has yielded a comparatively lower 1.97% 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%
XSB.TO
- 1D
- 0.00%
- 1M
- 0.82%
- YTD
- 1.18%
- 6M
- 1.40%
- 1Y
- 3.30%
- 3Y*
- 4.97%
- 5Y*
- 2.05%
- 10Y*
- 1.97%
CGL.TO vs. XSB.TO - 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% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 1.18% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
Correlation
The correlation between CGL.TO and XSB.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2010 | 0.21 |
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Return for Risk
CGL.TO vs. XSB.TO — Risk / Return Rank
CGL.TO
XSB.TO
CGL.TO vs. XSB.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 Canadian Short Term Bond Index ETF (XSB.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 | XSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.32 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.20 | -1.33 |
| Martin ratioReturn relative to average drawdown | 2.49 | 7.28 | -4.79 |
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Drawdowns
CGL.TO vs. XSB.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, which is greater than XSB.TO's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for CGL.TO and XSB.TO.
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Drawdown Indicators
| CGL.TO | XSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -8.65% | -37.31% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -1.47% | -23.46% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -1.47% | -23.46% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -6.99% | -17.94% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -8.65% | -16.28% |
Current DrawdownCurrent decline from peak | -22.50% | 0.00% | -22.50% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -0.79% | -19.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 0.44% | +8.22% |
Volatility
CGL.TO vs. XSB.TO - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 7.67% compared to iShares Core Canadian Short Term Bond Index ETF (XSB.TO) at 0.71%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than XSB.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 | XSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 0.71% | +6.96% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 1.61% | +22.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 2.00% | +25.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 2.72% | +15.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.53% | 3.40% | +13.13% |
CGL.TO vs. XSB.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than XSB.TO's 0.10% expense ratio.
Dividends
CGL.TO vs. XSB.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while XSB.TO's dividend yield for the trailing twelve months is around 3.10%.
| 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% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.10% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
Frequently Asked Questions
CGL.TO and XSB.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSB.TO is cheaper with a 0.10% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Gold, while XSB.TO is Canadian Government Bonds. CGL.TO tracks Gold Bullion, while XSB.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.55% for CGL.TO and 0.10% for XSB.TO.
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