GLCL.TO vs. SVR-C.TO

Last updated Jun 4, 2026

GLCL.TO (Global X Enhanced Gold Producer Equity Covered Call ETF) and SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) are both exchange-traded funds - GLCL.TO is a Gold fund tracking the Mirae Asset North American Listed Gold Producers Index, while SVR-C.TO is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past year, GLCL.TO returned 75.90% vs 112.17% for SVR-C.TO. A 0.70 correlation means they provide meaningful diversification when combined. GLCL.TO charges 0.85%/yr vs 0.66%/yr for SVR-C.TO.

Performance

GLCL.TO vs. SVR-C.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) and iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLCL.TO achieves a -2.04% return, which is significantly lower than SVR-C.TO's 3.58% return.

GLCL.TO

• 1D: -2.87%
• 1M: 2.09%
• YTD: -2.04%
• 6M: 4.37%
• 1Y: 75.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SVR-C.TO

• 1D: -2.08%
• 1M: 2.36%
• YTD: 3.58%
• 6M: 23.35%
• 1Y: 112.17%
• 3Y*: 46.44%
• 5Y*: 24.24%
• 10Y*: 16.32%

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

GLCL.TO vs. SVR-C.TO - Yearly Performance Comparison

	2026 (YTD)	2025
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	-2.04%	104.93%
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged)	3.58%	117.52%

Correlation

The correlation between GLCL.TO and SVR-C.TO is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.70

The correlation between GLCL.TO and SVR-C.TO has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.

Return for Risk

GLCL.TO vs. SVR-C.TO — Risk / Return Rank

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

GLCL.TO

GLCL.TO Risk / Return Rank: 41
GLCL.TO Sharpe Ratio Rank: 43
GLCL.TO Sortino Ratio Rank: 37
GLCL.TO Omega Ratio Rank: 44
GLCL.TO Calmar Ratio Rank: 44
GLCL.TO Martin Ratio Rank: 37

SVR-C.TO

SVR-C.TO Risk / Return Rank: 50
SVR-C.TO Sharpe Ratio Rank: 58
SVR-C.TO Sortino Ratio Rank: 41
SVR-C.TO Omega Ratio Rank: 58
SVR-C.TO Calmar Ratio Rank: 54
SVR-C.TO Martin Ratio Rank: 37

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.

GLCL.TO vs. SVR-C.TO - 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 iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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.

	GLCL.TO	SVR-C.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.99	-0.49
Sortino ratio: Return per unit of downside risk	1.90	2.13	-0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.19	2.72	-0.53
Martin ratio: Return relative to average drawdown	5.74	5.83	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLCL.TO vs. SVR-C.TO - Sharpe Ratio Comparison

The current GLCL.TO Sharpe Ratio is 1.49, which is comparable to the SVR-C.TO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of GLCL.TO and SVR-C.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.

Sharpe Ratios by Period

	GLCL.TO	SVR-C.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.99	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.23	+1.54

Drawdowns

GLCL.TO vs. SVR-C.TO - Drawdown Comparison

The maximum GLCL.TO drawdown since its inception was -35.08%, smaller than the maximum SVR-C.TO drawdown of -61.14%. Use the drawdown chart below to compare losses from any high point for GLCL.TO and SVR-C.TO.

Drawdown Indicators

	GLCL.TO	SVR-C.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.08%	-61.14%	+26.06%
Max Drawdown (1Y) Largest decline over 1 year	-35.08%	-41.54%	+6.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-41.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.54%	—
Current Drawdown Current decline from peak	-29.16%	-35.92%	+6.76%
Average Drawdown Average peak-to-trough decline	-8.45%	-35.58%	+27.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.32%	19.30%	-5.98%

Volatility

GLCL.TO vs. SVR-C.TO - Volatility Comparison

Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) has a higher volatility of 18.24% compared to iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) at 16.01%. This indicates that GLCL.TO's price experiences larger fluctuations and is considered to be riskier than SVR-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLCL.TO	SVR-C.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.24%	16.01%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	42.38%	55.45%	-13.07%
Volatility (1Y) Calculated over the trailing 1-year period	51.33%	56.72%	-5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.55%	36.57%	+14.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.55%	33.57%	+17.98%

GLCL.TO vs. SVR-C.TO - Expense Ratio Comparison

GLCL.TO has a 0.85% expense ratio, which is higher than SVR-C.TO's 0.66% expense ratio.

Dividends

GLCL.TO vs. SVR-C.TO - Dividend Comparison

GLCL.TO's dividend yield for the trailing twelve months is around 10.10%, while SVR-C.TO has not paid dividends to shareholders.

Position	TTM	2025
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	10.10%	4.34%
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged)	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLCL.TO and SVR-C.TO in my portfolio?

GLCL.TO and SVR-C.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLCL.TO or SVR-C.TO?

On fees, SVR-C.TO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLCL.TO or SVR-C.TO?

SVR-C.TO is cheaper with a 0.66% expense ratio, compared with 0.85% for GLCL.TO.

What is the main difference between GLCL.TO and SVR-C.TO?

GLCL.TO is categorized as Gold, while SVR-C.TO is Silver. GLCL.TO tracks Mirae Asset North American Listed Gold Producers Index, while SVR-C.TO tracks LBMA Silver Price. They also come from different issuers: Global X and iShares. Their fees differ too: 0.85% for GLCL.TO and 0.66% for SVR-C.TO.