CGL.TO vs. XSP.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CGL.TO returned 10.99%/yr vs 13.40%/yr for XSP.TO. At a 0.04 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.09%/yr for XSP.TO.
Performance
CGL.TO vs. XSP.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 XSP.TO's 7.74% return. Over the past 10 years, CGL.TO has underperformed XSP.TO with an annualized return of 10.99%, while XSP.TO has yielded a comparatively higher 13.40% 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%
XSP.TO
- 1D
- 0.50%
- 1M
- -1.00%
- YTD
- 7.74%
- 6M
- 7.98%
- 1Y
- 23.01%
- 3Y*
- 18.82%
- 5Y*
- 11.07%
- 10Y*
- 13.40%
CGL.TO vs. XSP.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% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 7.74% | 15.68% | 23.39% | 24.33% | -19.32% | 24.27% | 15.16% | 29.37% | -6.25% | 20.69% |
Correlation
The correlation between CGL.TO and XSP.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
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 | 0.04 |
Over the past year, CGL.TO and XSP.TO have become more correlated (0.25) than their long-term average of 0.04, meaning their price movements have been converging.
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Return for Risk
CGL.TO vs. XSP.TO — Risk / Return Rank
CGL.TO
XSP.TO
CGL.TO vs. XSP.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 S&P 500 Index ETF (CAD-Hedged) (XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.32 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.30 | -1.43 |
| Martin ratioReturn relative to average drawdown | 2.49 | 10.35 | -7.86 |
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Drawdowns
CGL.TO vs. XSP.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, smaller than the maximum XSP.TO drawdown of -57.71%. Use the drawdown chart below to compare losses from any high point for CGL.TO and XSP.TO.
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Drawdown Indicators
| CGL.TO | XSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -57.71% | +11.75% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -9.41% | -15.52% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -18.77% | -6.16% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -27.51% | +2.58% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -36.05% | +11.12% |
Current DrawdownCurrent decline from peak | -22.50% | -2.45% | -20.05% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -9.46% | -10.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 2.09% | +6.57% |
Volatility
CGL.TO vs. XSP.TO - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 7.67% compared to iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) at 4.61%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 4.61% | +3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 9.66% | +14.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 12.22% | +15.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 16.87% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.53% | 18.24% | -1.71% |
CGL.TO vs. XSP.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than XSP.TO's 0.09% expense ratio.
Dividends
CGL.TO vs. XSP.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while XSP.TO's dividend yield for the trailing twelve months is around 1.14%.
| 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% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.14% | 1.23% | 1.09% | 1.18% | 1.37% | 1.01% | 1.31% | 1.73% | 1.86% | 1.45% | 1.76% | 1.88% |
Frequently Asked Questions
CGL.TO and XSP.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Gold, while XSP.TO is S&P 500. CGL.TO tracks Gold Bullion, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.55% for CGL.TO and 0.09% for XSP.TO.
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