HGY.TO vs. GC=F

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Gold Yield ETF (HGY.TO) and Gold (GC=F).

HGY.TO is an actively managed fund by Global X. It was launched on Dec 14, 2010.

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 (GC=F). The values are adjusted to include any dividend payments, if applicable.

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	2.11%	48.66%	21.36%	9.51%	-1.07%	-4.51%	18.67%	13.62%	-3.58%	8.33%
GC=F Gold	10.12%	56.98%	38.43%	10.84%	6.67%	-4.34%	22.48%	13.03%	6.16%	6.36%

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 2.11% return, which is significantly lower than GC=F's 10.12% return. Over the past 10 years, HGY.TO has underperformed GC=F with an annualized return of 9.83%, while GC=F has yielded a comparatively higher 15.18% annualized return.

HGY.TO

• 1D: 0.00%
• 1M: -13.74%
• YTD: 2.11%
• 6M: 11.36%
• 1Y: 32.43%
• 3Y*: 24.33%
• 5Y*: 15.60%
• 10Y*: 9.83%

GC=F

• 1D: 3.72%
• 1M: -8.38%
• YTD: 10.12%
• 6M: 22.25%
• 1Y: 45.48%
• 3Y*: 34.92%
• 5Y*: 24.72%
• 10Y*: 15.18%

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

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: 73
HGY.TO Sharpe Ratio Rank: 75
HGY.TO Sortino Ratio Rank: 71
HGY.TO Omega Ratio Rank: 71
HGY.TO Calmar Ratio Rank: 73
HGY.TO Martin Ratio Rank: 74

GC=F

GC=F Risk / Return Rank: 93
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 100
GC=F Calmar Ratio Rank: 73
GC=F Martin Ratio Rank: 94

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 (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	1.38	1.66	-0.28
Sortino ratio Return per unit of downside risk	1.82	2.09	-0.27
Omega ratio Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio Return relative to maximum drawdown	1.93	2.92	-0.99
Martin ratio Return relative to average drawdown	7.93	10.68	-2.74
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 1.38, which is comparable to the GC=F Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of HGY.TO and GC=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HGY.TO	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.66	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	1.43	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.94	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.65	—

Correlation

The correlation between HGY.TO and GC=F is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

HGY.TO vs. GC=F - Drawdown Comparison

The maximum HGY.TO drawdown since its inception was -188,898.12%, 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	-188,898.12%	-44.36%	-188,853.76%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-17.73%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-20.43%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	-20.31%	-20.87%	+0.56%
Current Drawdown Current decline from peak	-161,050.90%	-11.64%	-161,039.26%
Average Drawdown Average peak-to-trough decline	-74,810.45%	-13.03%	-74,797.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	4.73%	-0.47%

Volatility

HGY.TO vs. GC=F - Volatility Comparison

The current volatility for Global X Gold Yield ETF (HGY.TO) is 9.78%, while Gold (GC=F) has a volatility of 11.40%. This indicates that HGY.TO experiences smaller price fluctuations and is considered to be less risky 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	9.78%	11.40%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	20.33%	23.94%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	23.57%	26.45%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	17.24%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	16.20%	-0.93%