GLDX.TO vs. GLCL.TO

Last updated Jun 26, 2026

GLDX.TO (Global X Gold Producers Index ETF) and GLCL.TO (Global X Enhanced Gold Producer Equity Covered Call ETF) are both Gold funds from Global X tracking the Mirae Asset North American Listed Gold Producers Index. Both are passively managed. With a 0.97 correlation, they move nearly in lockstep.

Performance

GLDX.TO vs. GLCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Gold Producers Index ETF (GLDX.TO) and Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLDX.TO

• 1D: 1.71%
• 1M: -13.29%
• YTD: -10.40%
• 6M: -13.70%
• 1Y: 58.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLCL.TO

• 1D: 3.08%
• 1M: -14.73%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
GLDX.TO Global X Gold Producers Index ETF	-22.26%
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	-27.20%

Correlation

The correlation between GLDX.TO and GLCL.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.97

Return for Risk

GLDX.TO vs. GLCL.TO — Risk / Return Rank

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

GLDX.TO

GLDX.TO Risk / Return Rank: 35
GLDX.TO Sharpe Ratio Rank: 37
GLDX.TO Sortino Ratio Rank: 33
GLDX.TO Omega Ratio Rank: 37
GLDX.TO Calmar Ratio Rank: 36
GLDX.TO Martin Ratio Rank: 32

GLCL.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

GLDX.TO vs. GLCL.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 Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.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	GLCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	—	—
Sortino ratio: Return per unit of downside risk	1.66	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.67	—	—
Martin ratio: Return relative to average drawdown	4.25	—	—

Drawdowns

GLDX.TO vs. GLCL.TO - Drawdown Comparison

The maximum GLDX.TO drawdown since its inception was -35.22%, smaller than the maximum GLCL.TO drawdown of -40.43%. Use the drawdown chart below to compare losses from any high point for GLDX.TO and GLCL.TO.

Drawdown Indicators

	GLDX.TO	GLCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.22%	-40.43%	+5.21%
Max Drawdown (1Y) Largest decline over 1 year	-35.22%	—	—
Current Drawdown Current decline from peak	-32.92%	-37.01%	+4.09%
Average Drawdown Average peak-to-trough decline	-7.45%	-19.97%	+12.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.78%	—	—

Volatility

Volatility by Period

	GLDX.TO	GLCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	38.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	48.32%	66.10%	-17.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.57%	66.10%	-21.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.57%	66.10%	-21.53%

Dividends

GLDX.TO vs. GLCL.TO - Dividend Comparison

GLDX.TO's dividend yield for the trailing twelve months is around 1.08%, less than GLCL.TO's 6.64% yield.

Position	TTM	2025	2024
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	6.64%	0.00%	0.00%
GLDX.TO Global X Gold Producers Index ETF	1.08%	0.97%	0.08%

Frequently Asked Questions

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

With a correlation of 0.97, GLDX.TO and GLCL.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.

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

Both ETFs track Mirae Asset North American Listed Gold Producers Index.