HGY.TO vs. GLCL.TO

Last updated Jun 4, 2026

HGY.TO (Global X Gold Yield ETF) and GLCL.TO (Global X Enhanced Gold Producer Equity Covered Call ETF) are both Gold funds from Global X. HGY.TO is actively managed, while GLCL.TO is passively managed. Over the past year, HGY.TO returned 23.98% vs 75.90% for GLCL.TO. A 0.77 correlation means they provide meaningful diversification when combined. HGY.TO charges 0.86%/yr vs 0.85%/yr for GLCL.TO.

Performance

HGY.TO vs. GLCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Gold Yield ETF (HGY.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

In the year-to-date period, HGY.TO achieves a 1.16% return, which is significantly higher than GLCL.TO's -2.04% 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%

GLCL.TO

• 1D: -2.87%
• 1M: 2.09%
• YTD: -2.04%
• 6M: 4.37%
• 1Y: 75.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
HGY.TO Global X Gold Yield ETF	1.16%	26.72%
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	-2.04%	104.93%

Correlation

The correlation between HGY.TO and GLCL.TO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.77

The correlation between HGY.TO and GLCL.TO has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

HGY.TO vs. GLCL.TO — 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

GLCL.TO

GLCL.TO Risk / Return Rank: 41
GLCL.TO Sharpe Ratio Rank: 43
GLCL.TO Sortino Ratio Rank: 37
GLCL.TO Omega Ratio Rank: 44
GLCL.TO Calmar Ratio Rank: 44
GLCL.TO Martin Ratio Rank: 37

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. GLCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Yield ETF (HGY.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.

	HGY.TO	GLCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.49	-0.47
Sortino ratio: Return per unit of downside risk	1.42	1.90	-0.48
Omega ratio: Gain probability vs. loss probability	1.21	1.28	-0.07
Calmar ratio: Return relative to maximum drawdown	1.38	2.19	-0.81
Martin ratio: Return relative to average drawdown	3.70	5.74	-2.04
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. GLCL.TO - Sharpe Ratio Comparison

The current HGY.TO Sharpe Ratio is 1.03, which is lower than the GLCL.TO Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of HGY.TO and GLCL.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

	HGY.TO	GLCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	1.49	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	1.77	-1.70

Drawdowns

HGY.TO vs. GLCL.TO - Drawdown Comparison

The maximum HGY.TO drawdown since its inception was -39.53%, which is greater than GLCL.TO's maximum drawdown of -35.08%. Use the drawdown chart below to compare losses from any high point for HGY.TO and GLCL.TO.

Drawdown Indicators

	HGY.TO	GLCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.53%	-35.08%	-4.45%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-35.08%	+17.61%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.31%	—	—
Current Drawdown Current decline from peak	-15.54%	-29.16%	+13.62%
Average Drawdown Average peak-to-trough decline	-17.79%	-8.45%	-9.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	13.32%	-6.82%

Volatility

HGY.TO vs. GLCL.TO - Volatility Comparison

The current volatility for Global X Gold Yield ETF (HGY.TO) is 7.22%, while Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) has a volatility of 18.24%. This indicates that HGY.TO experiences smaller price fluctuations and is considered to be less risky than GLCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGY.TO	GLCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	18.24%	-11.02%
Volatility (6M) Calculated over the trailing 6-month period	20.71%	42.38%	-21.67%
Volatility (1Y) Calculated over the trailing 1-year period	23.45%	51.33%	-27.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	51.55%	-35.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	51.55%	-36.10%

HGY.TO vs. GLCL.TO - Expense Ratio Comparison

HGY.TO has a 0.86% expense ratio, which is higher than GLCL.TO's 0.85% expense ratio.

Dividends

HGY.TO vs. GLCL.TO - Dividend Comparison

HGY.TO's dividend yield for the trailing twelve months is around 6.13%, less than GLCL.TO's 10.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF	10.10%	4.34%	0.00%	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	6.13%	4.92%	5.32%	6.10%	6.42%	5.87%	5.72%	4.19%	4.66%	4.63%	5.37%	6.13%

Frequently Asked Questions

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

HGY.TO and GLCL.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HGY.TO or GLCL.TO?

On fees, GLCL.TO is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HGY.TO or GLCL.TO?

GLCL.TO is cheaper with a 0.85% expense ratio, compared with 0.86% for HGY.TO.

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

Their fees differ too: 0.86% for HGY.TO and 0.85% for GLCL.TO.