GLCL.TO vs. 8PSG.DE
GLCL.TO (Global X Enhanced Gold Producer Equity Covered Call ETF) and 8PSG.DE (Invesco Physical Gold ETC) are both Gold funds - GLCL.TO tracks the Mirae Asset North American Listed Gold Producers Index while 8PSG.DE tracks the LBMA Gold Price PM. Both are passively managed. Over the past year, GLCL.TO returned 75.90% vs 34.12% for 8PSG.DE. A 0.67 correlation means they provide meaningful diversification when combined. GLCL.TO charges 0.85%/yr vs 0.12%/yr for 8PSG.DE.
Performance
GLCL.TO vs. 8PSG.DE - Performance Comparison
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Different Trading Currencies
GLCL.TO is traded in CAD, while 8PSG.DE is traded in EUR. To make them comparable, the 8PSG.DE values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLCL.TO achieves a -2.04% return, which is significantly lower than 8PSG.DE's 2.36% return.
GLCL.TO
- 1D
- -2.87%
- 1M
- 2.09%
- YTD
- -2.04%
- 6M
- 4.37%
- 1Y
- 75.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
8PSG.DE
- 1D
- -1.08%
- 1M
- -0.07%
- YTD
- 2.36%
- 6M
- 4.61%
- 1Y
- 34.12%
- 3Y*
- 32.74%
- 5Y*
- 21.84%
- 10Y*
- —
GLCL.TO vs. 8PSG.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF | -2.04% | 104.93% |
8PSG.DE Invesco Physical Gold ETC | 2.36% | 32.01% |
Correlation
The correlation between GLCL.TO and 8PSG.DE is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.67 |
The correlation between GLCL.TO and 8PSG.DE has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.
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Return for Risk
GLCL.TO vs. 8PSG.DE — Risk / Return Rank
GLCL.TO
8PSG.DE
GLCL.TO vs. 8PSG.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) and Invesco Physical Gold ETC (8PSG.DE). 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.
| GLCL.TO | 8PSG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.02 | +0.16 |
| Martin ratioReturn relative to average drawdown | 5.74 | 5.31 | +0.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLCL.TO | 8PSG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.47 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.77 | 1.09 | +0.68 |
Drawdowns
GLCL.TO vs. 8PSG.DE - Drawdown Comparison
The maximum GLCL.TO drawdown since its inception was -35.08%, which is greater than 8PSG.DE's maximum drawdown of -22.51%. Use the drawdown chart below to compare losses from any high point for GLCL.TO and 8PSG.DE.
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Drawdown Indicators
| GLCL.TO | 8PSG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.08% | -22.51% | -12.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.08% | -16.80% | -18.28% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.80% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.55% | — |
Current DrawdownCurrent decline from peak | -29.16% | -14.74% | -14.42% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -7.94% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 6.41% | +6.91% |
Volatility
GLCL.TO vs. 8PSG.DE - Volatility Comparison
Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) has a higher volatility of 18.24% compared to Invesco Physical Gold ETC (8PSG.DE) at 5.92%. This indicates that GLCL.TO's price experiences larger fluctuations and is considered to be riskier than 8PSG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLCL.TO | 8PSG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.24% | 5.92% | +12.32% |
Volatility (6M)Calculated over the trailing 6-month period | 42.38% | 19.84% | +22.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.33% | 23.17% | +28.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.55% | 16.34% | +35.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.55% | 16.74% | +34.81% |
GLCL.TO vs. 8PSG.DE - Expense Ratio Comparison
GLCL.TO has a 0.85% expense ratio, which is higher than 8PSG.DE's 0.12% expense ratio.
Dividends
GLCL.TO vs. 8PSG.DE - Dividend Comparison
GLCL.TO's dividend yield for the trailing twelve months is around 10.10%, while 8PSG.DE has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
8PSG.DE Invesco Physical Gold ETC | 0.00% | 0.00% |
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF | 10.10% | 4.34% |
Frequently Asked Questions
GLCL.TO and 8PSG.DE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 8PSG.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.85% for GLCL.TO.
GLCL.TO tracks Mirae Asset North American Listed Gold Producers Index, while 8PSG.DE tracks LBMA Gold Price PM. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.85% for GLCL.TO and 0.12% for 8PSG.DE.
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