HGY.TO vs. GC=F

Last updated Jun 4, 2026

HGY.TO (Global X Gold Yield ETF) is Gold fund actively managed by Global X, while GC=F (Gold Futures) is an asset. Over the past 10 years, HGY.TO returned 9.42%/yr vs 14.48%/yr for GC=F. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

HGY.TO vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Gold Yield ETF (HGY.TO) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HGY.TO is traded in CAD, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HGY.TO achieves a 1.16% return, which is significantly lower than GC=F's 4.48% return. Over the past 10 years, HGY.TO has underperformed GC=F with an annualized return of 9.42%, while GC=F has yielded a comparatively higher 14.48% annualized return.

HGY.TO

• 1D: -0.83%
• 1M: -1.36%
• YTD: 1.16%
• 6M: 3.23%
• 1Y: 23.98%
• 3Y*: 24.16%
• 5Y*: 13.84%
• 10Y*: 9.42%

GC=F

• 1D: -0.18%
• 1M: 0.71%
• YTD: 4.48%
• 6M: 5.86%
• 1Y: 34.93%
• 3Y*: 33.26%
• 5Y*: 22.14%
• 10Y*: 14.48%

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

HGY.TO vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HGY.TO Global X Gold Yield ETF	1.16%	48.66%	21.36%	9.51%	-1.07%	-4.51%	18.67%	13.62%	-3.58%	8.33%
GC=F Gold Futures	4.48%	56.98%	38.43%	10.84%	6.67%	-4.34%	22.48%	13.03%	6.16%	6.36%

Correlation

The correlation between HGY.TO and GC=F is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 21, 2010	0.60

The correlation between HGY.TO and GC=F shifts across timeframes, from 0.60 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HGY.TO vs. GC=F — Risk / Return Rank

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

HGY.TO

HGY.TO Risk / Return Rank: 28
HGY.TO Sharpe Ratio Rank: 29
HGY.TO Sortino Ratio Rank: 26
HGY.TO Omega Ratio Rank: 31
HGY.TO Calmar Ratio Rank: 29
HGY.TO Martin Ratio Rank: 27

GC=F

GC=F Risk / Return Rank: 52
GC=F Sharpe Ratio Rank: 50
GC=F Sortino Ratio Rank: 49
GC=F Omega Ratio Rank: 47
GC=F Calmar Ratio Rank: 52
GC=F Martin Ratio Rank: 60

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.

HGY.TO vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Yield ETF (HGY.TO) and Gold Futures (GC=F). 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.

	HGY.TO	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.32	-0.30
Sortino ratio: Return per unit of downside risk	1.42	1.73	-0.31
Omega ratio: Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.38	2.05	-0.67
Martin ratio: Return relative to average drawdown	3.70	5.17	-1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HGY.TO vs. GC=F - Sharpe Ratio Comparison

The current HGY.TO Sharpe Ratio is 1.03, which is comparable to the GC=F Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of HGY.TO and GC=F, 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

	HGY.TO	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	1.32	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	1.26	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.89	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.64	-0.57

Drawdowns

HGY.TO vs. GC=F - Drawdown Comparison

The maximum HGY.TO drawdown since its inception was -39.53%, which is greater than GC=F's maximum drawdown of -32.19%. Use the drawdown chart below to compare losses from any high point for HGY.TO and GC=F.

Drawdown Indicators

	HGY.TO	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-39.53%	-32.19%	-7.34%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-16.50%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-16.50%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-16.69%	-1.63%
Max Drawdown (10Y) Largest decline over 10 years	-20.31%	-22.19%	+1.88%
Current Drawdown Current decline from peak	-15.54%	-14.33%	-1.21%
Average Drawdown Average peak-to-trough decline	-17.79%	-10.57%	-7.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	6.63%	-0.13%

Volatility

HGY.TO vs. GC=F - Volatility Comparison

Global X Gold Yield ETF (HGY.TO) has a higher volatility of 7.22% compared to Gold Futures (GC=F) at 5.15%. This indicates that HGY.TO's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGY.TO	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	5.15%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	20.71%	21.93%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	23.45%	25.55%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	17.44%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	16.26%	-0.81%

Frequently Asked Questions

Can I hold both HGY.TO and GC=F in my portfolio?

HGY.TO and GC=F have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.