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DLR.TO vs. RY.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DLR.TO vs. RY.TO

Last updated Jul 14, 2026
Documentation

DLR.TO (Global X U.S. Dollar Currency ETF) is Currency fund actively managed by Global X, while RY.TO (Royal Bank of Canada) is a stock. Over the past 10 years, DLR.TO returned 2.47%/yr vs 18.45%/yr for RY.TO. At a correlation of -0.21, they often move in opposite directions.

Performance

DLR.TO vs. RY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X U.S. Dollar Currency ETF (DLR.TO) and Royal Bank of Canada (RY.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, DLR.TO achieves a 4.60% return, which is significantly lower than RY.TO's 29.08% return. Over the past 10 years, DLR.TO has underperformed RY.TO with an annualized return of 2.47%, while RY.TO has yielded a comparatively higher 18.45% annualized return.

DLR.TO

1D
0.07%
1M
1.45%
6M
3.41%
YTD
4.60%
1Y
6.59%
3Y*
5.96%
5Y*
5.33%
10Y*
2.47%

RY.TO

1D
-0.32%
1M
6.79%
6M
28.35%
YTD
29.08%
1Y
70.14%
3Y*
37.34%
5Y*
22.66%
10Y*
18.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DLR.TO vs. RY.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DLR.TO
Global X U.S. Dollar Currency ETF		4.60%-1.34%12.85%1.81%8.33%-0.93%-2.21%-3.68%9.77%-6.51%
RY.TO
Royal Bank of Canada		29.08%39.60%34.37%9.80%-1.52%33.09%6.52%14.33%-5.50%17.12%

Correlation

The correlation between DLR.TO and RY.TO is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.14

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

-0.22

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

-0.31

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

-0.22

Correlation (All Time)
Calculated using the full available price history since Apr 7, 2011

-0.21

The correlation between DLR.TO and RY.TO shifts across timeframes, from -0.31 (5 years) to -0.14 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Global X U.S. Dollar Currency ETF

Royal Bank of Canada

Often compared with DLR.TO:
DLR.TO vs. HXT.TODLR.TO vs. CASH.TODLR.TO vs. CBIL.TODLR.TO vs. HXS.TODLR.TO vs. CHPS.TODLR.TO vs. HBNK.TODLR.TO vs. QQCL.TO
Often compared with RY.TO:
RY.TO vs. TD.TORY.TO vs. BMO.TORY.TO vs. VDY.TORY.TO vs. BNS.TORY.TO vs. CNR.TORY.TO vs. XDIV.TORY.TO vs. ZEB.TO

Return for Risk

DLR.TO vs. RY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DLR.TO
DLR.TO Risk / Return Rank: 5151
Overall Rank
DLR.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
DLR.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
DLR.TO Omega Ratio Rank: 6060
Omega Ratio Rank
DLR.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
DLR.TO Martin Ratio Rank: 3636
Martin Ratio Rank
RY.TO
RY.TO Risk / Return Rank: 9999
Overall Rank
RY.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
RY.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
RY.TO Omega Ratio Rank: 9999
Omega Ratio Rank
RY.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
RY.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.

DLR.TO vs. RY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Dollar Currency ETF (DLR.TO) and Royal Bank of Canada (RY.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.

DLR.TORY.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
5.01

-3.45

Sortino ratioReturn per unit of downside risk
2.22
6.99

-4.77

Omega ratioGain probability vs. loss probability

1.29

1.91

-0.61

Calmar ratioReturn relative to maximum drawdown

1.68

8.68

-7.00

Martin ratioReturn relative to average drawdown

4.44

32.23

-27.79

DLR.TO vs. RY.TO - Sharpe Ratio Comparison

The current DLR.TO Sharpe Ratio is 1.56, which is lower than the RY.TO Sharpe Ratio of 5.01. The chart below compares the historical Sharpe Ratios of DLR.TO and RY.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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Drawdowns

DLR.TO vs. RY.TO - Drawdown Comparison

The maximum DLR.TO drawdown since its inception was -17.60%, smaller than the maximum RY.TO drawdown of -54.03%. Use the drawdown chart below to compare losses from any high point for DLR.TO and RY.TO.

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Drawdown Indicators

DLR.TORY.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.60%

-54.03%

+36.43%

Max Drawdown (1Y)

Largest decline over 1 year

-3.94%

-8.12%

+4.18%

Max Drawdown (3Y)

Largest decline over 3 years

-5.77%

-16.00%

+10.23%

Max Drawdown (5Y)

Largest decline over 5 years

-5.77%

-21.21%

+15.44%

Max Drawdown (10Y)

Largest decline over 10 years

-17.60%

-33.84%

+16.24%

Current Drawdown

Current decline from peak

-0.37%

-0.32%

-0.05%

Average Drawdown

Average peak-to-trough decline

-6.41%

-6.71%

+0.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.49%

2.18%

-0.69%

Volatility

DLR.TO vs. RY.TO - Volatility Comparison

The current volatility for Global X U.S. Dollar Currency ETF (DLR.TO) is 1.05%, while Royal Bank of Canada (RY.TO) has a volatility of 3.85%. This indicates that DLR.TO experiences smaller price fluctuations and is considered to be less risky than RY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DLR.TORY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.05%

3.85%

-2.80%

Volatility (6M)

Calculated over the trailing 6-month period

3.11%

10.70%

-7.59%

Volatility (1Y)

Calculated over the trailing 1-year period

4.24%

14.10%

-9.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.22%

15.01%

-8.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.57%

17.22%

-10.65%

Dividends

DLR.TO vs. RY.TO - Dividend Comparison

DLR.TO's dividend yield for the trailing twelve months is around 3.88%, more than RY.TO's 2.14% yield.

PositionTTM20252024202320222021202020192018201720162015
DLR.TO
Global X U.S. Dollar Currency ETF		3.88%3.33%3.23%4.98%0.00%0.00%0.00%0.57%0.00%0.00%0.00%0.00%
RY.TO
Royal Bank of Canada		2.14%2.58%3.23%3.99%3.90%3.22%4.10%3.96%4.03%3.39%3.57%4.15%

Frequently Asked Questions

DLR.TO and RY.TO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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