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MA vs. CGL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MA vs. CGL.TO

Last updated Jun 13, 2026

MA (Mastercard Incorporated) is a stock, while CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) is Gold fund tracking the Gold Bullion. Over the past 10 years, MA returned 18.64%/yr vs 10.05%/yr for CGL.TO. At a correlation of -0.02, they often move in opposite directions.

Performance

MA vs. CGL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mastercard Incorporated (MA) and iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, MA achieves a -13.89% return, which is significantly lower than CGL.TO's -5.12% return. Over the past 10 years, MA has outperformed CGL.TO with an annualized return of 18.64%, while CGL.TO has yielded a comparatively lower 10.05% annualized return.

MA

1D
0.71%
1M
-0.85%
YTD
-13.89%
6M
-14.05%
1Y
-12.30%
3Y*
10.32%
5Y*
6.66%
10Y*
18.64%

CGL.TO

1D
0.07%
1M
-11.35%
YTD
-5.12%
6M
-4.61%
1Y
16.70%
3Y*
25.29%
5Y*
12.44%
10Y*
10.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MA vs. CGL.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MA
Mastercard Incorporated		-13.89%9.04%24.17%23.40%-2.66%1.16%20.19%59.16%25.31%47.69%
CGL.TO
iShares Gold Bullion ETF (CAD-Hedged)		-5.12%67.73%15.88%13.97%-6.96%-4.54%26.41%21.59%-10.70%19.79%

Correlation

The correlation between MA and CGL.TO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.09

Correlation (3Y)
Calculated over the trailing 3-year period

-0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.02

Correlation (10Y)
Calculated over the trailing 10-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Oct 4, 2010

-0.02

The correlation between MA and CGL.TO shifts across timeframes, from -0.09 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.

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Mastercard Incorporated

iShares Gold Bullion ETF (CAD-Hedged)

Often compared with MA:
MA vs. VMA vs. AXPMA vs. SPYMA vs. MSFTMA vs. MCDMA vs. BRK-BMA vs. COST
Often compared with CGL.TO:
CGL.TO vs. CGL-C.TOCGL.TO vs. XGD.TOCGL.TO vs. KILO.TOCGL.TO vs. MNT.TOCGL.TO vs. GLDMCGL.TO vs. VOOCGL.TO vs. SVR.TO

Return for Risk

MA vs. CGL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MA
MA Risk / Return Rank: 1111
Overall Rank
MA Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
MA Sortino Ratio Rank: 1414
Sortino Ratio Rank
MA Omega Ratio Rank: 1414
Omega Ratio Rank
MA Calmar Ratio Rank: 1313
Calmar Ratio Rank
MA Martin Ratio Rank: 55
Martin Ratio Rank
CGL.TO
CGL.TO Risk / Return Rank: 2424
Overall Rank
CGL.TO Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
CGL.TO Sortino Ratio Rank: 2323
Sortino Ratio Rank
CGL.TO Omega Ratio Rank: 2727
Omega Ratio Rank
CGL.TO Calmar Ratio Rank: 2222
Calmar Ratio Rank
CGL.TO Martin Ratio Rank: 2222
Martin Ratio Rank
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.

MA vs. CGL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mastercard Incorporated (MA) and iShares Gold Bullion ETF (CAD-Hedged) (CGL.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.

MACGL.TODifference
Sharpe ratioReturn per unit of total volatility
-0.74
0.67

-1.41

Sortino ratioReturn per unit of downside risk
-0.91
1.03

-1.93

Omega ratioGain probability vs. loss probability

0.89

1.14

-0.26

Calmar ratioReturn relative to maximum drawdown

-0.79

0.70

-1.48

Martin ratioReturn relative to average drawdown

-1.59

2.00

-3.59

MA vs. CGL.TO - Sharpe Ratio Comparison

The current MA Sharpe Ratio is -0.74, which is lower than the CGL.TO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of MA and CGL.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.

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Drawdowns

MA vs. CGL.TO - Drawdown Comparison

The maximum MA drawdown since its inception was -62.67%, roughly equal to the maximum CGL.TO drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for MA and CGL.TO.

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Drawdown Indicators

MACGL.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.67%

-62.05%

-0.62%

Max Drawdown (1Y)

Largest decline over 1 year

-20.91%

-27.17%

+6.26%

Max Drawdown (3Y)

Largest decline over 3 years

-20.91%

-27.17%

+6.26%

Max Drawdown (5Y)

Largest decline over 5 years

-28.25%

-27.17%

-1.08%

Max Drawdown (10Y)

Largest decline over 10 years

-41.00%

-27.17%

-13.83%

Current Drawdown

Current decline from peak

-17.82%

-24.91%

+7.09%

Average Drawdown

Average peak-to-trough decline

-9.82%

-32.74%

+22.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.48%

9.43%

+1.05%

Volatility

MA vs. CGL.TO - Volatility Comparison

The current volatility for Mastercard Incorporated (MA) is 6.46%, while iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a volatility of 7.69%. This indicates that MA experiences smaller price fluctuations and is considered to be less risky than CGL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MACGL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.46%

7.69%

-1.23%

Volatility (6M)

Calculated over the trailing 6-month period

17.51%

24.50%

-6.99%

Volatility (1Y)

Calculated over the trailing 1-year period

22.34%

28.25%

-5.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.01%

19.70%

+4.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.92%

17.92%

+9.00%

Dividends

MA vs. CGL.TO - Dividend Comparison

MA's dividend yield for the trailing twelve months is around 0.67%, while CGL.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CGL.TO
iShares Gold Bullion ETF (CAD-Hedged)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MA
Mastercard Incorporated		0.67%0.53%0.50%0.53%0.56%0.49%0.45%0.44%0.53%0.58%0.74%0.66%

Frequently Asked Questions

MA and CGL.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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