GLCC.TO vs. SMH

Last updated Jun 9, 2026

GLCC.TO (Global X Gold Producer Equity Covered Call ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - GLCC.TO is a Derivative Income fund actively managed by Global X, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. GLCC.TO is actively managed, while SMH is passively managed. Over the past 10 years, GLCC.TO returned 13.64%/yr vs 38.17%/yr for SMH. At a 0.12 correlation, their price movements are largely independent. GLCC.TO charges 0.79%/yr vs 0.35%/yr for SMH.

Performance

GLCC.TO vs. SMH - 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 VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLCC.TO is traded in CAD, while SMH is traded in USD. To make them comparable, the SMH 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 -6.64% return, which is significantly lower than SMH's 69.06% return. Over the past 10 years, GLCC.TO has underperformed SMH with an annualized return of 13.64%, while SMH has yielded a comparatively higher 38.17% annualized return.

GLCC.TO

• 1D: -0.40%
• 1M: -14.33%
• YTD: -6.64%
• 6M: 0.17%
• 1Y: 51.36%
• 3Y*: 38.67%
• 5Y*: 20.02%
• 10Y*: 13.64%

SMH

• 1D: 5.25%
• 1M: 7.74%
• YTD: 69.06%
• 6M: 64.04%
• 1Y: 142.15%
• 3Y*: 62.71%
• 5Y*: 41.82%
• 10Y*: 38.17%

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

GLCC.TO vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLCC.TO Global X Gold Producer Equity Covered Call ETF	-6.64%	137.43%	20.18%	6.19%	-1.80%	-9.38%	15.00%	38.71%	-0.38%	7.32%
SMH VanEck Semiconductor ETF	69.12%	42.36%	50.88%	69.25%	-29.32%	42.06%	51.84%	57.67%	-1.41%	29.10%

Correlation

The correlation between GLCC.TO and SMH is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011	0.12

The correlation between GLCC.TO and SMH shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

GLCC.TO vs. SMH - Sectors Allocation Comparison

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

Return for Risk

GLCC.TO vs. SMH — 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: 37
GLCC.TO Sharpe Ratio Rank: 37
GLCC.TO Sortino Ratio Rank: 33
GLCC.TO Omega Ratio Rank: 40
GLCC.TO Calmar Ratio Rank: 40
GLCC.TO Martin Ratio Rank: 34

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - 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 VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.22	4.40	-3.19
Sortino ratio: Return per unit of downside risk	1.63	4.48	-2.85
Omega ratio: Gain probability vs. loss probability	1.23	1.63	-0.40
Calmar ratio: Return relative to maximum drawdown	1.79	10.44	-8.66
Martin ratio: Return relative to average drawdown	4.69	37.54	-32.85
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. SMH - Sharpe Ratio Comparison

The current GLCC.TO Sharpe Ratio is 1.22, which is lower than the SMH Sharpe Ratio of 4.40. The chart below compares the historical Sharpe Ratios of GLCC.TO and SMH, 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	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	4.40	-3.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	1.17	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	1.14	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.62	-0.57

Drawdowns

GLCC.TO vs. SMH - Drawdown Comparison

The maximum GLCC.TO drawdown since its inception was -81.37%, which is greater than SMH's maximum drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for GLCC.TO and SMH.

Drawdown Indicators

	GLCC.TO	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-81.37%	-65.72%	-15.65%
Max Drawdown (1Y) Largest decline over 1 year	-28.86%	-13.69%	-15.17%
Max Drawdown (3Y) Largest decline over 3 years	-28.86%	-33.72%	+4.86%
Max Drawdown (5Y) Largest decline over 5 years	-37.60%	-41.26%	+3.66%
Max Drawdown (10Y) Largest decline over 10 years	-44.83%	-41.26%	-3.57%
Current Drawdown Current decline from peak	-28.19%	-5.59%	-22.60%
Average Drawdown Average peak-to-trough decline	-53.18%	-19.95%	-33.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	3.80%	+7.19%

Volatility

GLCC.TO vs. SMH - Volatility Comparison

Global X Gold Producer Equity Covered Call ETF (GLCC.TO) and VanEck Semiconductor ETF (SMH) have volatilities of 14.96% and 15.62%, 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	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.96%	15.62%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	35.07%	26.92%	+8.15%
Volatility (1Y) Calculated over the trailing 1-year period	42.54%	32.54%	+10.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.16%	35.90%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.06%	33.51%	-1.45%

GLCC.TO vs. SMH - Expense Ratio Comparison

GLCC.TO has a 0.79% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

GLCC.TO vs. SMH - Dividend Comparison

GLCC.TO's dividend yield for the trailing twelve months is around 9.27%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLCC.TO Global X Gold Producer Equity Covered Call ETF	9.27%	6.01%	10.30%	11.16%	10.08%	6.31%	6.47%	4.58%	5.62%	7.08%	8.75%	2.32%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

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

GLCC.TO and SMH have a correlation of 0.24, 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 SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLCC.TO or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.79% for GLCC.TO.

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

GLCC.TO is categorized as Derivative Income, while SMH is Semiconductors. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.79% for GLCC.TO and 0.35% for SMH.