HGY.TO vs. GLDX.TO

Last updated Jun 24, 2026

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

Performance

HGY.TO vs. GLDX.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 Gold Producers Index ETF (GLDX.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 -6.18% return, which is significantly higher than GLDX.TO's -7.62% return.

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%

GLDX.TO

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

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

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

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

Correlation

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

Return for Risk

HGY.TO vs. GLDX.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: 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

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

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. GLDX.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 Gold Producers Index ETF (GLDX.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.

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

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

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

HGY.TO vs. GLDX.TO - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

HGY.TO vs. GLDX.TO - Volatility Comparison

The current volatility for Global X Gold Yield ETF (HGY.TO) is 9.48%, while Global X Gold Producers Index ETF (GLDX.TO) has a volatility of 16.57%. This indicates that HGY.TO experiences smaller price fluctuations and is considered to be less risky than GLDX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Dividends

HGY.TO vs. GLDX.TO - Dividend Comparison

HGY.TO's dividend yield for the trailing twelve months is around 6.61%, more than GLDX.TO's 1.05% 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 HGY.TO and GLDX.TO in my portfolio?

HGY.TO and GLDX.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.