EEM vs. CGL.TO
EEM (iShares MSCI Emerging Markets ETF) and CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) are both exchange-traded funds - EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net), while CGL.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past 10 years, EEM returned 10.16%/yr vs 10.32%/yr for CGL.TO. At a 0.16 correlation, their price movements are largely independent. EEM charges 0.72%/yr vs 0.55%/yr for CGL.TO.
Performance
EEM vs. CGL.TO - Performance Comparison
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Different Trading Currencies
EEM is traded in USD, while CGL.TO is traded in CAD. To make them comparable, the CGL.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EEM achieves a 28.15% return, which is significantly higher than CGL.TO's -2.66% return. Both investments have delivered pretty close results over the past 10 years, with EEM having a 10.16% annualized return and CGL.TO not far ahead at 10.32%.
EEM
- 1D
- 3.29%
- 1M
- 7.75%
- YTD
- 28.15%
- 6M
- 31.50%
- 1Y
- 52.42%
- 3Y*
- 22.37%
- 5Y*
- 7.63%
- 10Y*
- 10.16%
CGL.TO
- 1D
- 2.58%
- 1M
- -6.89%
- YTD
- -2.66%
- 6M
- -2.00%
- 1Y
- 19.72%
- 3Y*
- 25.56%
- 5Y*
- 13.81%
- 10Y*
- 10.32%
EEM vs. CGL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 28.15% | 33.98% | 6.49% | 8.95% | -20.56% | -3.63% | 17.02% | 18.22% | -15.31% | 37.26% |
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -2.66% | 67.73% | 15.88% | 13.97% | -6.96% | -4.54% | 26.41% | 21.59% | -10.70% | 19.79% |
Correlation
The correlation between EEM and CGL.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2010 | 0.16 |
Over the past year, EEM and CGL.TO have become more correlated (0.37) than their long-term average of 0.16, meaning their price movements have been converging.
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Return for Risk
EEM vs. CGL.TO — Risk / Return Rank
EEM
CGL.TO
EEM vs. CGL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) and iShares Gold Bullion ETF (CAD-Hedged) (CGL.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.
| EEM | CGL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.15 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.90 | 0.73 | +3.17 |
| Martin ratioReturn relative to average drawdown | 14.36 | 2.09 | +12.27 |
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Drawdowns
EEM vs. CGL.TO - Drawdown Comparison
The maximum EEM drawdown since its inception was -66.43%, which is greater than CGL.TO's maximum drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for EEM and CGL.TO.
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Drawdown Indicators
| EEM | CGL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.43% | -62.05% | -4.38% |
Max Drawdown (1Y)Largest decline over 1 year | -13.52% | -27.17% | +13.65% |
Max Drawdown (3Y)Largest decline over 3 years | -17.29% | -27.17% | +9.88% |
Max Drawdown (5Y)Largest decline over 5 years | -37.49% | -27.17% | -10.32% |
Max Drawdown (10Y)Largest decline over 10 years | -39.82% | -27.17% | -12.65% |
Current DrawdownCurrent decline from peak | -0.97% | -22.97% | +22.00% |
Average DrawdownAverage peak-to-trough decline | -16.00% | -32.74% | +16.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 9.54% | -5.88% |
Volatility
EEM vs. CGL.TO - Volatility Comparison
iShares MSCI Emerging Markets ETF (EEM) has a higher volatility of 11.26% compared to iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) at 8.31%. This indicates that EEM's price experiences larger fluctuations and is considered to be riskier than CGL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEM | CGL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.26% | 8.31% | +2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 19.62% | 24.57% | -4.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.84% | 28.33% | -6.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.32% | 19.73% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.67% | 17.94% | +2.73% |
EEM vs. CGL.TO - Expense Ratio Comparison
EEM has a 0.72% expense ratio, which is higher than CGL.TO's 0.55% expense ratio.
Dividends
EEM vs. CGL.TO - Dividend Comparison
EEM's dividend yield for the trailing twelve months is around 2.24%, while CGL.TO has not paid dividends to shareholders.
| 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% |
EEM iShares MSCI Emerging Markets ETF | 2.24% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
Frequently Asked Questions
EEM and CGL.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGL.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGL.TO is cheaper with a 0.55% expense ratio, compared with 0.72% for EEM.
EEM is categorized as Emerging Markets Diversified, while CGL.TO is Gold. EEM tracks MSCI Emerging Markets Index (Net), while CGL.TO tracks Gold Bullion. Their fees differ too: 0.72% for EEM and 0.55% for CGL.TO.
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