GLCC.TO vs. GOEX

Last updated Jun 4, 2026

GLCC.TO (Global X Gold Producer Equity Covered Call ETF) and GOEX (Global X Gold Explorers ETF) are both exchange-traded funds - GLCC.TO is a Derivative Income fund actively managed by Global X, while GOEX is a Materials fund tracking the Solactive Global Gold Explorers & Developers Total Return. GLCC.TO is actively managed, while GOEX is passively managed. Over the past 10 years, GLCC.TO returned 14.52%/yr vs 14.81%/yr for GOEX. Their correlation of 0.82 suggests significant overlap in exposure. GLCC.TO charges 0.79%/yr vs 0.65%/yr for GOEX.

Performance

GLCC.TO vs. GOEX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Gold Producer Equity Covered Call ETF (GLCC.TO) and Global X Gold Explorers ETF (GOEX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLCC.TO is traded in CAD, while GOEX is traded in USD. To make them comparable, the GOEX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLCC.TO achieves a -0.45% return, which is significantly higher than GOEX's -3.81% return. Both investments have delivered pretty close results over the past 10 years, with GLCC.TO having a 14.52% annualized return and GOEX not far ahead at 14.81%.

GLCC.TO

• 1D: -2.75%
• 1M: 1.61%
• YTD: -0.45%
• 6M: 4.96%
• 1Y: 60.20%
• 3Y*: 40.99%
• 5Y*: 21.30%
• 10Y*: 14.52%

GOEX

• 1D: -3.72%
• 1M: -1.52%
• YTD: -3.81%
• 6M: 2.49%
• 1Y: 66.37%
• 3Y*: 48.01%
• 5Y*: 22.23%
• 10Y*: 14.81%

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

GLCC.TO vs. GOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLCC.TO Global X Gold Producer Equity Covered Call ETF	-0.45%	137.43%	20.18%	6.19%	-1.80%	-9.37%	15.00%	38.72%	-0.38%	7.33%
GOEX Global X Gold Explorers ETF	-3.81%	166.68%	29.64%	-0.26%	-8.54%	-15.23%	32.70%	30.01%	-7.62%	5.44%

Correlation

The correlation between GLCC.TO and GOEX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011	0.82

The correlation between GLCC.TO and GOEX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

GLCC.TO vs. GOEX - Sectors Allocation Comparison

Sectors	GLCC.TO	GOEX
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GLCC.TO vs. GOEX — Risk / Return Rank

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

GLCC.TO

GLCC.TO Risk / Return Rank: 39
GLCC.TO Sharpe Ratio Rank: 40
GLCC.TO Sortino Ratio Rank: 35
GLCC.TO Omega Ratio Rank: 40
GLCC.TO Calmar Ratio Rank: 42
GLCC.TO Martin Ratio Rank: 36

GOEX

GOEX Risk / Return Rank: 35
GOEX Sharpe Ratio Rank: 36
GOEX Sortino Ratio Rank: 32
GOEX Omega Ratio Rank: 35
GOEX Calmar Ratio Rank: 39
GOEX Martin Ratio Rank: 32

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.

GLCC.TO vs. GOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Producer Equity Covered Call ETF (GLCC.TO) and Global X Gold Explorers ETF (GOEX). 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.

	GLCC.TO	GOEX	Difference
Sharpe ratio Return per unit of total volatility	1.45	1.39	+0.06
Sortino ratio Return per unit of downside risk	1.86	1.82	+0.04
Omega ratio Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio Return relative to maximum drawdown	2.10	2.05	+0.05
Martin ratio Return relative to average drawdown	5.69	5.18	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLCC.TO vs. GOEX - Sharpe Ratio Comparison

The current GLCC.TO Sharpe Ratio is 1.45, which is comparable to the GOEX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of GLCC.TO and GOEX, 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

	GLCC.TO	GOEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.39	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.62	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.39	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.07	-0.07

Drawdowns

GLCC.TO vs. GOEX - Drawdown Comparison

The maximum GLCC.TO drawdown since its inception was -71.12%, smaller than the maximum GOEX drawdown of -85.66%. Use the drawdown chart below to compare losses from any high point for GLCC.TO and GOEX.

Drawdown Indicators

	GLCC.TO	GOEX	Difference
Max Drawdown Largest peak-to-trough decline	-71.12%	-85.66%	+14.54%
Max Drawdown (1Y) Largest decline over 1 year	-28.86%	-32.56%	+3.70%
Max Drawdown (3Y) Largest decline over 3 years	-28.86%	-32.56%	+3.70%
Max Drawdown (5Y) Largest decline over 5 years	-37.60%	-42.46%	+4.86%
Max Drawdown (10Y) Largest decline over 10 years	-44.83%	-50.86%	+6.03%
Current Drawdown Current decline from peak	-23.43%	-28.76%	+5.33%
Average Drawdown Average peak-to-trough decline	-34.43%	-56.26%	+21.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.61%	12.85%	-2.24%

Volatility

GLCC.TO vs. GOEX - Volatility Comparison

Global X Gold Producer Equity Covered Call ETF (GLCC.TO) and Global X Gold Explorers ETF (GOEX) have volatilities of 14.96% and 14.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLCC.TO	GOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.96%	14.37%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	34.13%	38.65%	-4.52%
Volatility (1Y) Calculated over the trailing 1-year period	41.70%	47.85%	-6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.94%	36.19%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.95%	37.83%	-5.88%

GLCC.TO vs. GOEX - Expense Ratio Comparison

GLCC.TO has a 0.79% expense ratio, which is higher than GOEX's 0.65% expense ratio.

Dividends

GLCC.TO vs. GOEX - Dividend Comparison

GLCC.TO's dividend yield for the trailing twelve months is around 8.69%, more than GOEX's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLCC.TO Global X Gold Producer Equity Covered Call ETF	8.69%	6.01%	10.30%	11.16%	10.08%	6.31%	6.47%	4.58%	5.62%	7.09%	9.21%	11.63%
GOEX Global X Gold Explorers ETF	2.19%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%

Frequently Asked Questions

Can I hold both GLCC.TO and GOEX in my portfolio?

GLCC.TO and GOEX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLCC.TO or GOEX?

On fees, GOEX is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLCC.TO or GOEX?

GOEX is cheaper with a 0.65% expense ratio, compared with 0.79% for GLCC.TO.

What is the main difference between GLCC.TO and GOEX?

GLCC.TO is categorized as Derivative Income, while GOEX is Materials. Their fees differ too: 0.79% for GLCC.TO and 0.65% for GOEX.