CGXF.TO vs. VDY.TO

Last updated Jun 4, 2026

CGXF.TO (CI Gold+ Giants Covered Call ETF Common) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both exchange-traded funds - CGXF.TO is a Gold fund actively managed by CI, while VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index. CGXF.TO is actively managed, while VDY.TO is passively managed. Over the past 10 years, CGXF.TO returned 10.53%/yr vs 14.02%/yr for VDY.TO. At a 0.16 correlation, their price movements are largely independent. CGXF.TO charges 1.08%/yr vs 0.22%/yr for VDY.TO.

Performance

CGXF.TO vs. VDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Gold+ Giants Covered Call ETF Common (CGXF.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGXF.TO achieves a -2.14% return, which is significantly lower than VDY.TO's 20.59% return. Over the past 10 years, CGXF.TO has underperformed VDY.TO with an annualized return of 10.53%, while VDY.TO has yielded a comparatively higher 14.02% annualized return.

CGXF.TO

• 1D: -2.68%
• 1M: 1.53%
• YTD: -2.14%
• 6M: 2.55%
• 1Y: 44.73%
• 3Y*: 30.89%
• 5Y*: 17.02%
• 10Y*: 10.53%

VDY.TO

• 1D: -0.07%
• 1M: 4.52%
• YTD: 20.59%
• 6M: 22.32%
• 1Y: 46.18%
• 3Y*: 26.00%
• 5Y*: 17.21%
• 10Y*: 14.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CGXF.TO vs. VDY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGXF.TO CI Gold+ Giants Covered Call ETF Common	-2.14%	114.19%	11.88%	1.43%	1.89%	-6.21%	15.23%	20.53%	-18.76%	5.51%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	20.59%	29.20%	20.71%	8.40%	-0.23%	36.78%	-1.37%	21.43%	-10.09%	8.75%

Correlation

The correlation between CGXF.TO and VDY.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 9, 2012	0.16

The correlation between CGXF.TO and VDY.TO shifts across timeframes, from 0.15 (10 years) to 0.29 (3 years), reflecting how their relationship changes across market environments.

CGXF.TO vs. VDY.TO - Sectors Allocation Comparison

Sectors	CGXF.TO	VDY.TO
Basic Materials	100.0%	2.2%
Communication Services	-	2.8%
Consumer Cyclical	-	3.0%
Consumer Defensive	-	0.4%
Energy	-	30.8%
Financial Services	-	56.0%
Healthcare	-	0.1%
Industrials	-	0.2%
Real Estate	-	-
Technology	-	0.4%
Utilities	-	4.1%

Return for Risk

CGXF.TO vs. VDY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGXF.TO

CGXF.TO Risk / Return Rank: 31
CGXF.TO Sharpe Ratio Rank: 31
CGXF.TO Sortino Ratio Rank: 29
CGXF.TO Omega Ratio Rank: 33
CGXF.TO Calmar Ratio Rank: 33
CGXF.TO Martin Ratio Rank: 29

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 98
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

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.

CGXF.TO vs. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Gold+ Giants Covered Call ETF Common (CGXF.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.

	CGXF.TO	VDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	5.65	-4.52
Sortino ratio: Return per unit of downside risk	1.57	8.14	-6.58
Omega ratio: Gain probability vs. loss probability	1.22	2.14	-0.92
Calmar ratio: Return relative to maximum drawdown	1.64	14.88	-13.24
Martin ratio: Return relative to average drawdown	4.17	60.75	-56.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGXF.TO vs. VDY.TO - Sharpe Ratio Comparison

The current CGXF.TO Sharpe Ratio is 1.13, which is lower than the VDY.TO Sharpe Ratio of 5.65. The chart below compares the historical Sharpe Ratios of CGXF.TO and VDY.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.

Sharpe Ratios by Period

	CGXF.TO	VDY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	5.65	-4.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	1.50	-0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.88	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.84	-0.80

Drawdowns

CGXF.TO vs. VDY.TO - Drawdown Comparison

The maximum CGXF.TO drawdown since its inception was -88.66%, which is greater than VDY.TO's maximum drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for CGXF.TO and VDY.TO.

Drawdown Indicators

	CGXF.TO	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-88.66%	-39.21%	-49.45%
Max Drawdown (1Y) Largest decline over 1 year	-27.39%	-3.12%	-24.27%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-10.87%	-16.52%
Max Drawdown (5Y) Largest decline over 5 years	-37.19%	-16.18%	-21.01%
Max Drawdown (10Y) Largest decline over 10 years	-39.68%	-39.21%	-0.47%
Current Drawdown Current decline from peak	-24.36%	-0.77%	-23.59%
Average Drawdown Average peak-to-trough decline	-30.71%	-4.61%	-26.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.76%	0.76%	+10.00%

Volatility

CGXF.TO vs. VDY.TO - Volatility Comparison

CI Gold+ Giants Covered Call ETF Common (CGXF.TO) has a higher volatility of 14.76% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.31%. This indicates that CGXF.TO's price experiences larger fluctuations and is considered to be riskier than VDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGXF.TO	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.76%	3.31%	+11.45%
Volatility (6M) Calculated over the trailing 6-month period	32.10%	6.87%	+25.23%
Volatility (1Y) Calculated over the trailing 1-year period	39.82%	8.21%	+31.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.85%	11.56%	+19.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.30%	15.96%	+14.34%

CGXF.TO vs. VDY.TO - Expense Ratio Comparison

CGXF.TO has a 1.08% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

Dividends

CGXF.TO vs. VDY.TO - Dividend Comparison

CGXF.TO's dividend yield for the trailing twelve months is around 12.61%, more than VDY.TO's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGXF.TO CI Gold+ Giants Covered Call ETF Common	12.61%	7.43%	8.09%	8.92%	8.54%	8.59%	11.01%	6.69%	7.97%	6.99%	10.68%	11.75%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	2.90%	3.59%	4.40%	4.64%	4.42%	3.58%	4.59%	4.25%	4.43%	3.82%	3.25%	4.11%

Frequently Asked Questions

Can I hold both CGXF.TO and VDY.TO in my portfolio?

CGXF.TO and VDY.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CGXF.TO or VDY.TO?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CGXF.TO or VDY.TO?

VDY.TO is cheaper with a 0.22% expense ratio, compared with 1.08% for CGXF.TO.

What is the main difference between CGXF.TO and VDY.TO?

CGXF.TO is categorized as Gold, while VDY.TO is Dividend. They also come from different issuers: CI and Vanguard. Their fees differ too: 1.08% for CGXF.TO and 0.22% for VDY.TO.