GLDX.TO vs. HGY.TO

Last updated Jun 24, 2026

GLDX.TO (Global X Gold Producers Index ETF) and HGY.TO (Global X Gold Yield ETF) are both Gold funds from Global X. GLDX.TO is passively managed, while HGY.TO is actively managed. Over the past year, GLDX.TO returned 58.70% vs 14.05% for HGY.TO. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

GLDX.TO vs. HGY.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 Gold Yield ETF (HGY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDX.TO achieves a -7.62% return, which is significantly lower than HGY.TO's -6.18% return.

GLDX.TO

• 1D: -3.64%
• 1M: -6.73%
• YTD: -7.62%
• 6M: -12.30%
• 1Y: 58.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HGY.TO

• 1D: -1.77%
• 1M: -8.46%
• YTD: -6.18%
• 6M: -9.09%
• 1Y: 14.05%
• 3Y*: 21.46%
• 5Y*: 12.51%
• 10Y*: 6.35%

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

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

	2026 (YTD)	2025	2024
GLDX.TO Global X Gold Producers Index ETF	-7.62%	178.05%	-10.27%
HGY.TO Global X Gold Yield ETF	-6.18%	48.66%	-2.56%

Correlation

The correlation between GLDX.TO and HGY.TO is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.75

The correlation between GLDX.TO and HGY.TO has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

GLDX.TO vs. HGY.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

HGY.TO

HGY.TO Risk / Return Rank: 18
HGY.TO Sharpe Ratio Rank: 18
HGY.TO Sortino Ratio Rank: 17
HGY.TO Omega Ratio Rank: 19
HGY.TO Calmar Ratio Rank: 16
HGY.TO Martin Ratio Rank: 18

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. HGY.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 Gold Yield ETF (HGY.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	HGY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	0.57	+0.65
Sortino ratio: Return per unit of downside risk	1.67	0.88	+0.79
Omega ratio: Gain probability vs. loss probability	1.23	1.13	+0.10
Calmar ratio: Return relative to maximum drawdown	1.67	0.63	+1.04
Martin ratio: Return relative to average drawdown	4.38	1.78	+2.60

GLDX.TO vs. HGY.TO - Sharpe Ratio Comparison

The current GLDX.TO Sharpe Ratio is 1.22, which is higher than the HGY.TO Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of GLDX.TO and HGY.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.

Drawdowns

GLDX.TO vs. HGY.TO - Drawdown Comparison

The maximum GLDX.TO drawdown since its inception was -35.22%, smaller than the maximum HGY.TO drawdown of -48.61%. Use the drawdown chart below to compare losses from any high point for GLDX.TO and HGY.TO.

Drawdown Indicators

	GLDX.TO	HGY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.22%	-48.61%	+13.39%
Max Drawdown (1Y) Largest decline over 1 year	-35.22%	-22.37%	-12.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.23%	—
Current Drawdown Current decline from peak	-30.84%	-21.67%	-9.17%
Average Drawdown Average peak-to-trough decline	-7.32%	-30.64%	+23.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.47%	7.93%	+5.54%

Volatility

GLDX.TO vs. HGY.TO - Volatility Comparison

Global X Gold Producers Index ETF (GLDX.TO) has a higher volatility of 16.57% compared to Global X Gold Yield ETF (HGY.TO) at 9.48%. This indicates that GLDX.TO's price experiences larger fluctuations and is considered to be riskier than HGY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDX.TO	HGY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.57%	9.48%	+7.09%
Volatility (6M) Calculated over the trailing 6-month period	38.70%	22.42%	+16.28%
Volatility (1Y) Calculated over the trailing 1-year period	48.28%	24.87%	+23.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.49%	15.96%	+28.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.49%	15.64%	+28.85%

Dividends

GLDX.TO vs. HGY.TO - Dividend Comparison

GLDX.TO's dividend yield for the trailing twelve months is around 1.05%, less than HGY.TO's 6.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDX.TO Global X Gold Producers Index ETF	1.05%	0.97%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HGY.TO Global X Gold Yield ETF	6.61%	4.92%	5.32%	6.10%	3.72%	2.93%	2.86%	2.09%	2.33%	2.31%	2.69%	3.07%

Frequently Asked Questions

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

GLDX.TO and HGY.TO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.