GLCL.TO vs. XGD.TO

Last updated Jun 4, 2026

GLCL.TO (Global X Enhanced Gold Producer Equity Covered Call ETF) and XGD.TO (iShares S&P/TSX Global Gold Index ETF) are both exchange-traded funds - GLCL.TO is a Gold fund tracking the Mirae Asset North American Listed Gold Producers Index, while XGD.TO is a Precious Metals fund tracking the Morningstar Gbl Gold GR CAD. Both are passively managed. Over the past year, GLCL.TO returned 75.90% vs 67.78% for XGD.TO. Their correlation of 0.94 suggests significant overlap in exposure. GLCL.TO charges 0.85%/yr vs 0.61%/yr for XGD.TO.

Performance

GLCL.TO vs. XGD.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 S&P/TSX Global Gold Index ETF (XGD.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 XGD.TO's 3.35% return.

GLCL.TO

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

XGD.TO

• 1D: -2.80%
• 1M: 1.62%
• YTD: 3.35%
• 6M: 8.72%
• 1Y: 67.78%
• 3Y*: 43.11%
• 5Y*: 22.30%
• 10Y*: 14.79%

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

GLCL.TO vs. XGD.TO - Yearly Performance Comparison

	2026 (YTD)	2025
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	-2.04%	104.93%
XGD.TO iShares S&P/TSX Global Gold Index ETF	3.35%	79.36%

Correlation

The correlation between GLCL.TO and XGD.TO is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.94

The correlation between GLCL.TO and XGD.TO has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

GLCL.TO vs. XGD.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

XGD.TO

XGD.TO Risk / Return Rank: 42
XGD.TO Sharpe Ratio Rank: 45
XGD.TO Sortino Ratio Rank: 37
XGD.TO Omega Ratio Rank: 43
XGD.TO Calmar Ratio Rank: 47
XGD.TO Martin Ratio Rank: 39

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. XGD.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 S&P/TSX Global Gold Index ETF (XGD.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	XGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.59	-0.10
Sortino ratio: Return per unit of downside risk	1.90	1.97	-0.08
Omega ratio: Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.19	2.35	-0.17
Martin ratio: Return relative to average drawdown	5.74	6.22	-0.49
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. XGD.TO - Sharpe Ratio Comparison

The current GLCL.TO Sharpe Ratio is 1.49, which is comparable to the XGD.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GLCL.TO and XGD.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	XGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.59	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.25	+1.52

Drawdowns

GLCL.TO vs. XGD.TO - Drawdown Comparison

The maximum GLCL.TO drawdown since its inception was -35.08%, smaller than the maximum XGD.TO drawdown of -72.55%. Use the drawdown chart below to compare losses from any high point for GLCL.TO and XGD.TO.

Drawdown Indicators

	GLCL.TO	XGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.08%	-72.55%	+37.47%
Max Drawdown (1Y) Largest decline over 1 year	-35.08%	-28.95%	-6.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.96%	—
Current Drawdown Current decline from peak	-29.16%	-23.49%	-5.67%
Average Drawdown Average peak-to-trough decline	-8.45%	-28.30%	+19.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.32%	10.93%	+2.39%

Volatility

GLCL.TO vs. XGD.TO - Volatility Comparison

Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) has a higher volatility of 18.24% compared to iShares S&P/TSX Global Gold Index ETF (XGD.TO) at 14.43%. This indicates that GLCL.TO's price experiences larger fluctuations and is considered to be riskier than XGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLCL.TO	XGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.24%	14.43%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	42.38%	34.40%	+7.98%
Volatility (1Y) Calculated over the trailing 1-year period	51.33%	42.86%	+8.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.55%	32.64%	+18.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.55%	33.38%	+18.17%

GLCL.TO vs. XGD.TO - Expense Ratio Comparison

GLCL.TO has a 0.85% expense ratio, which is higher than XGD.TO's 0.61% expense ratio.

Dividends

GLCL.TO vs. XGD.TO - Dividend Comparison

GLCL.TO's dividend yield for the trailing twelve months is around 10.10%, more than XGD.TO's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	10.10%	4.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XGD.TO iShares S&P/TSX Global Gold Index ETF	0.60%	0.62%	0.93%	1.49%	1.80%	1.38%	0.35%	0.54%	0.25%	0.14%	0.09%	0.57%

Frequently Asked Questions

Can I hold both GLCL.TO and XGD.TO in my portfolio?

With a correlation of 0.94, GLCL.TO and XGD.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, GLCL.TO or XGD.TO?

On fees, XGD.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLCL.TO or XGD.TO?

XGD.TO is cheaper with a 0.61% expense ratio, compared with 0.85% for GLCL.TO.

What is the main difference between GLCL.TO and XGD.TO?

GLCL.TO is categorized as Gold, while XGD.TO is Precious Metals. GLCL.TO tracks Mirae Asset North American Listed Gold Producers Index, while XGD.TO tracks Morningstar Gbl Gold GR CAD. They also come from different issuers: Global X and iShares. Their fees differ too: 0.85% for GLCL.TO and 0.61% for XGD.TO.