GLDX.TO vs. XGD.TO

Last updated Jun 4, 2026

GLDX.TO (Global X Gold Producers Index ETF) and XGD.TO (iShares S&P/TSX Global Gold Index ETF) are both exchange-traded funds - GLDX.TO is a Commodity Producers Equities 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, GLDX.TO returned 75.31% vs 67.78% for XGD.TO. Their correlation of 0.93 suggests significant overlap in exposure.

Performance

GLDX.TO vs. XGD.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 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, GLDX.TO achieves a -0.91% return, which is significantly lower than XGD.TO's 3.35% return.

GLDX.TO

• 1D: -2.71%
• 1M: 1.05%
• YTD: -0.91%
• 6M: 4.54%
• 1Y: 75.31%
• 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)

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

	2026 (YTD)	2025	2024
GLDX.TO Global X Gold Producers Index ETF	-0.91%	178.05%	-11.40%
XGD.TO iShares S&P/TSX Global Gold Index ETF	3.35%	144.45%	-9.35%

Correlation

The correlation between GLDX.TO and XGD.TO is 0.98 - 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 (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.93

The correlation between GLDX.TO and XGD.TO has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

Return for Risk

GLDX.TO vs. XGD.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: 45
GLDX.TO Sharpe Ratio Rank: 47
GLDX.TO Sortino Ratio Rank: 40
GLDX.TO Omega Ratio Rank: 45
GLDX.TO Calmar Ratio Rank: 52
GLDX.TO Martin Ratio Rank: 41

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.

GLDX.TO vs. XGD.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 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.

	GLDX.TO	XGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.59	+0.05
Sortino ratio: Return per unit of downside risk	2.03	1.97	+0.06
Omega ratio: Gain probability vs. loss probability	1.29	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.51	2.35	+0.16
Martin ratio: Return relative to average drawdown	6.46	6.22	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current GLDX.TO Sharpe Ratio is 1.64, which is comparable to the XGD.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GLDX.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

	GLDX.TO	XGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.59	+0.05
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

GLDX.TO vs. XGD.TO - Drawdown Comparison

The maximum GLDX.TO drawdown since its inception was -30.14%, smaller than the maximum XGD.TO drawdown of -72.55%. Use the drawdown chart below to compare losses from any high point for GLDX.TO and XGD.TO.

Drawdown Indicators

	GLDX.TO	XGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.14%	-72.55%	+42.41%
Max Drawdown (1Y) Largest decline over 1 year	-30.14%	-28.95%	-1.19%
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	-25.82%	-23.49%	-2.33%
Average Drawdown Average peak-to-trough decline	-6.68%	-28.30%	+21.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.70%	10.93%	+0.77%

Volatility

GLDX.TO vs. XGD.TO - Volatility Comparison

Global X Gold Producers Index ETF (GLDX.TO) and iShares S&P/TSX Global Gold Index ETF (XGD.TO) have volatilities of 15.15% and 14.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDX.TO	XGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.15%	14.43%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	36.17%	34.40%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	46.13%	42.86%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.64%	32.64%	+11.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.64%	33.38%	+10.26%

Dividends

GLDX.TO vs. XGD.TO - Dividend Comparison

GLDX.TO's dividend yield for the trailing twelve months is around 0.98%, more than XGD.TO's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDX.TO Global X Gold Producers Index ETF	0.98%	0.97%	0.08%	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 GLDX.TO and XGD.TO in my portfolio?

With a correlation of 0.98, GLDX.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.

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

GLDX.TO is categorized as Commodity Producers Equities, while XGD.TO is Precious Metals. GLDX.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.