GLDX.TO vs. CGL-C.TO
GLDX.TO (Global X Gold Producers Index ETF) and CGL-C.TO (iShares Gold Bullion ETF) are both Gold funds - GLDX.TO tracks the Mirae Asset North American Listed Gold Producers Index while CGL-C.TO tracks the LBMA Gold Price (CAD). Both are passively managed. Over the past year, GLDX.TO returned 58.70% vs 25.28% for CGL-C.TO. A 0.74 correlation means they provide meaningful diversification when combined.
Performance
GLDX.TO vs. CGL-C.TO - Performance Comparison
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Returns By Period
In the year-to-date period, GLDX.TO achieves a -7.62% return, which is significantly lower than CGL-C.TO's -1.35% return.
GLDX.TO
- 1D
- -3.64%
- 1M
- -6.73%
- YTD
- -7.62%
- 6M
- -12.30%
- 1Y
- 58.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CGL-C.TO
- 1D
- -1.43%
- 1M
- -6.24%
- YTD
- -1.35%
- 6M
- -5.54%
- 1Y
- 25.28%
- 3Y*
- 31.35%
- 5Y*
- 21.01%
- 10Y*
- 12.35%
GLDX.TO vs. CGL-C.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GLDX.TO Global X Gold Producers Index ETF | -7.62% | 178.05% | -10.27% |
CGL-C.TO iShares Gold Bullion ETF | -1.35% | 55.55% | 0.73% |
Correlation
The correlation between GLDX.TO and CGL-C.TO is 0.76, 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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024 | 0.74 |
The correlation between GLDX.TO and CGL-C.TO has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.
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Return for Risk
GLDX.TO vs. CGL-C.TO — Risk / Return Rank
GLDX.TO
CGL-C.TO
GLDX.TO vs. CGL-C.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Producers Index ETF (GLDX.TO) and iShares Gold Bullion ETF (CGL-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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GLDX.TO | CGL-C.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 1.15 | +0.53 |
| Martin ratioReturn relative to average drawdown | 4.38 | 3.06 | +1.31 |
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Drawdowns
GLDX.TO vs. CGL-C.TO - Drawdown Comparison
The maximum GLDX.TO drawdown since its inception was -35.22%, which is greater than CGL-C.TO's maximum drawdown of -30.01%. Use the drawdown chart below to compare losses from any high point for GLDX.TO and CGL-C.TO.
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Drawdown Indicators
| GLDX.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.22% | -30.01% | -5.21% |
Max Drawdown (1Y)Largest decline over 1 year | -35.22% | -22.11% | -13.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -22.11% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.78% | — |
Current DrawdownCurrent decline from peak | -30.84% | -20.00% | -10.84% |
Average DrawdownAverage peak-to-trough decline | -7.32% | -10.73% | +3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.47% | 8.29% | +5.18% |
Volatility
GLDX.TO vs. CGL-C.TO - Volatility Comparison
Global X Gold Producers Index ETF (GLDX.TO) has a higher volatility of 16.57% compared to iShares Gold Bullion ETF (CGL-C.TO) at 7.89%. This indicates that GLDX.TO's price experiences larger fluctuations and is considered to be riskier than CGL-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDX.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.57% | 7.89% | +8.68% |
Volatility (6M)Calculated over the trailing 6-month period | 38.70% | 22.73% | +15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.28% | 26.30% | +21.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.49% | 17.24% | +27.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.49% | 15.55% | +28.94% |
Dividends
GLDX.TO vs. CGL-C.TO - Dividend Comparison
GLDX.TO's dividend yield for the trailing twelve months is around 1.05%, while CGL-C.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CGL-C.TO iShares Gold Bullion ETF | 0.00% | 0.00% | 0.00% |
GLDX.TO Global X Gold Producers Index ETF | 1.05% | 0.97% | 0.08% |
Frequently Asked Questions
GLDX.TO and CGL-C.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDX.TO tracks Mirae Asset North American Listed Gold Producers Index, while CGL-C.TO tracks LBMA Gold Price (CAD). They also come from different issuers: Global X and iShares.
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