HXEM.TO vs. CGL-C.TO
HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) and CGL-C.TO (iShares Gold Bullion ETF) are both exchange-traded funds - HXEM.TO is a Emerging Markets Equities fund tracking the Global X Emerging Markets Futures Roll Index (Total Return), while CGL-C.TO is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 5 years, HXEM.TO returned 9.75%/yr vs 21.30%/yr for CGL-C.TO. At a 0.12 correlation, their price movements are largely independent. HXEM.TO charges 0.25%/yr vs 0.55%/yr for CGL-C.TO.
Performance
HXEM.TO vs. CGL-C.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HXEM.TO achieves a 28.95% return, which is significantly higher than CGL-C.TO's 4.39% return.
HXEM.TO
- 1D
- -0.87%
- 1M
- 11.29%
- YTD
- 28.95%
- 6M
- 29.50%
- 1Y
- 56.68%
- 3Y*
- 24.44%
- 5Y*
- 9.75%
- 10Y*
- —
CGL-C.TO
- 1D
- -0.29%
- 1M
- 0.43%
- YTD
- 4.39%
- 6M
- 5.02%
- 1Y
- 33.57%
- 3Y*
- 32.37%
- 5Y*
- 21.30%
- 10Y*
- 13.74%
HXEM.TO vs. CGL-C.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF | 28.95% | 26.46% | 14.53% | 7.09% | -16.39% | -2.71% | 12.33% |
CGL-C.TO iShares Gold Bullion ETF | 4.39% | 55.55% | 37.41% | 10.13% | 6.11% | -4.85% | -12.15% |
Correlation
The correlation between HXEM.TO and CGL-C.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2020 | 0.12 |
The correlation between HXEM.TO and CGL-C.TO shifts across timeframes, from 0.12 (5 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HXEM.TO vs. CGL-C.TO — Risk / Return Rank
HXEM.TO
CGL-C.TO
HXEM.TO vs. CGL-C.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and iShares Gold Bullion ETF (CGL-C.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.
| HXEM.TO | CGL-C.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.27 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.61 | 1.94 | +2.67 |
| Martin ratioReturn relative to average drawdown | 16.65 | 4.77 | +11.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HXEM.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.91 | 1.33 | +1.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 1.26 | -0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.60 | +0.05 |
Drawdowns
HXEM.TO vs. CGL-C.TO - Drawdown Comparison
The maximum HXEM.TO drawdown since its inception was -35.00%, which is greater than CGL-C.TO's maximum drawdown of -33.04%. Use the drawdown chart below to compare losses from any high point for HXEM.TO and CGL-C.TO.
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Drawdown Indicators
| HXEM.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.00% | -33.04% | -1.96% |
Max Drawdown (1Y)Largest decline over 1 year | -12.34% | -17.37% | +5.03% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -17.37% | +1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -30.44% | -17.55% | -12.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.78% | — |
Current DrawdownCurrent decline from peak | -0.87% | -15.34% | +14.47% |
Average DrawdownAverage peak-to-trough decline | -13.75% | -12.24% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 7.06% | -3.65% |
Volatility
HXEM.TO vs. CGL-C.TO - Volatility Comparison
Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) has a higher volatility of 8.38% compared to iShares Gold Bullion ETF (CGL-C.TO) at 5.33%. This indicates that HXEM.TO's price experiences larger fluctuations and is considered to be riskier than CGL-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HXEM.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.38% | 5.33% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 17.05% | 21.56% | -4.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.60% | 25.35% | -5.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.03% | 16.98% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.95% | 15.56% | +1.39% |
HXEM.TO vs. CGL-C.TO - Expense Ratio Comparison
HXEM.TO has a 0.25% expense ratio, which is lower than CGL-C.TO's 0.55% expense ratio.
Dividends
HXEM.TO vs. CGL-C.TO - Dividend Comparison
Neither HXEM.TO nor CGL-C.TO has paid dividends to shareholders.
Frequently Asked Questions
HXEM.TO and CGL-C.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HXEM.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HXEM.TO is cheaper with a 0.25% expense ratio, compared with 0.55% for CGL-C.TO.
HXEM.TO is categorized as Emerging Markets Equities, while CGL-C.TO is Precious Metals. HXEM.TO tracks Global X Emerging Markets Futures Roll Index (Total Return), while CGL-C.TO tracks Gold. They also come from different issuers: Global X and iShares. Their fees differ too: 0.25% for HXEM.TO and 0.55% for CGL-C.TO.
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