MDA.TO vs. CGL.TO

Last updated Jun 13, 2026

MDA.TO (MDA Space Ltd.) is a stock, while CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) is Gold fund tracking the Gold Bullion. Over the past 5 years, MDA.TO returned 28.31%/yr vs 15.73%/yr for CGL.TO. At a 0.10 correlation, their price movements are largely independent.

Performance

MDA.TO vs. CGL.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, MDA.TO achieves a 95.80% return, which is significantly higher than CGL.TO's -3.19% return.

MDA.TO

• 1D: -8.57%
• 1M: -3.03%
• YTD: 95.80%
• 6M: 106.00%
• 1Y: 76.45%
• 3Y*: 83.01%
• 5Y*: 28.31%
• 10Y*: —

CGL.TO

• 1D: 0.25%
• 1M: -9.62%
• YTD: -3.19%
• 6M: -3.25%
• 1Y: 19.93%
• 3Y*: 27.16%
• 5Y*: 15.73%
• 10Y*: 10.99%

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

MDA.TO vs. CGL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MDA.TO MDA Space Ltd.	95.80%	-9.79%	156.34%	80.00%	-32.63%	-32.81%
CGL.TO iShares Gold Bullion ETF (CAD-Hedged)	-3.19%	60.08%	25.70%	11.26%	-1.07%	4.17%

Correlation

The correlation between MDA.TO and CGL.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021	0.10

Return for Risk

MDA.TO vs. CGL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MDA.TO

MDA.TO Risk / Return Rank: 73
MDA.TO Sharpe Ratio Rank: 78
MDA.TO Sortino Ratio Rank: 72
MDA.TO Omega Ratio Rank: 75
MDA.TO Calmar Ratio Rank: 70
MDA.TO Martin Ratio Rank: 69

CGL.TO

CGL.TO Risk / Return Rank: 24
CGL.TO Sharpe Ratio Rank: 25
CGL.TO Sortino Ratio Rank: 23
CGL.TO Omega Ratio Rank: 27
CGL.TO Calmar Ratio Rank: 22
CGL.TO Martin Ratio Rank: 22

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.

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

This table presents a comparison of risk-adjusted performance metrics for MDA Space Ltd. (MDA.TO) 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.

	MDA.TO	CGL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.19	0.78	+0.40
Sortino ratio: Return per unit of downside risk	1.72	1.15	+0.57
Omega ratio: Gain probability vs. loss probability	1.24	1.16	+0.08
Calmar ratio: Return relative to maximum drawdown	1.43	0.87	+0.57
Martin ratio: Return relative to average drawdown	3.07	2.49	+0.58

MDA.TO vs. CGL.TO - Sharpe Ratio Comparison

The current MDA.TO Sharpe Ratio is 1.19, which is higher than the CGL.TO Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of MDA.TO 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.

Drawdowns

MDA.TO vs. CGL.TO - Drawdown Comparison

The maximum MDA.TO drawdown since its inception was -68.33%, which is greater than CGL.TO's maximum drawdown of -45.96%. Use the drawdown chart below to compare losses from any high point for MDA.TO and CGL.TO.

Drawdown Indicators

	MDA.TO	CGL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-68.33%	-45.96%	-22.37%
Max Drawdown (1Y) Largest decline over 1 year	-53.77%	-24.93%	-28.84%
Max Drawdown (3Y) Largest decline over 3 years	-53.77%	-24.93%	-28.84%
Max Drawdown (5Y) Largest decline over 5 years	-65.68%	-24.93%	-40.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.93%	—
Current Drawdown Current decline from peak	-22.30%	-22.50%	+0.20%
Average Drawdown Average peak-to-trough decline	-30.65%	-20.30%	-10.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.08%	8.66%	+16.42%

Volatility

MDA.TO vs. CGL.TO - Volatility Comparison

MDA Space Ltd. (MDA.TO) has a higher volatility of 21.96% compared to iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) at 7.67%. This indicates that MDA.TO's price experiences larger fluctuations and is considered to be riskier than CGL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDA.TO	CGL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.96%	7.67%	+14.29%
Volatility (6M) Calculated over the trailing 6-month period	45.64%	24.08%	+21.56%
Volatility (1Y) Calculated over the trailing 1-year period	65.12%	27.61%	+37.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.43%	18.54%	+30.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.45%	16.53%	+32.92%

Dividends

MDA.TO vs. CGL.TO - Dividend Comparison

Neither MDA.TO nor CGL.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MDA.TO and CGL.TO in my portfolio?

MDA.TO and CGL.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.