MNT.TO vs. INDA
MNT.TO (Royal Canadian Mint - Canadian Gold Reserves) and INDA (iShares MSCI India ETF) are both exchange-traded funds - MNT.TO is a Gold fund, while INDA is a India Equities fund tracking the MSCI India Index. Over the past 10 years, MNT.TO returned 11.98%/yr vs 7.19%/yr for INDA. At a 0.01 correlation, their price movements are largely independent.
Performance
MNT.TO vs. INDA - Performance Comparison
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Different Trading Currencies
MNT.TO is traded in CAD, while INDA is traded in USD. To make them comparable, the INDA values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with MNT.TO having a -8.17% return and INDA slightly higher at -8.05%. Over the past 10 years, MNT.TO has outperformed INDA with an annualized return of 11.98%, while INDA has yielded a comparatively lower 7.19% annualized return.
MNT.TO
- 1D
- 0.07%
- 1M
- -2.15%
- 6M
- -18.44%
- YTD
- -8.17%
- 1Y
- 16.01%
- 3Y*
- 29.01%
- 5Y*
- 20.30%
- 10Y*
- 11.98%
- ALL TIME*
- 7.76%
INDA
- 1D
- -0.86%
- 1M
- -2.64%
- 6M
- -7.27%
- YTD
- -8.05%
- 1Y
- -9.08%
- 3Y*
- 5.47%
- 5Y*
- 5.47%
- 10Y*
- 7.19%
- ALL TIME*
- 7.76%
MNT.TO vs. INDA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNT.TO Royal Canadian Mint - Canadian Gold Reserves | -8.17% | 61.23% | 44.81% | 3.61% | 10.52% | -10.51% | 26.14% | 13.47% | 5.87% | 5.52% |
INDA iShares MSCI India ETF | -8.05% | -2.01% | 17.83% | 14.37% | -3.17% | 21.30% | 12.10% | 2.10% | 1.18% | 26.86% |
Correlation
The correlation between MNT.TO and INDA is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2012 | 0.01 |
The correlation between MNT.TO and INDA shifts across timeframes, from 0.01 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MNT.TO vs. INDA — Risk / Return Rank
MNT.TO
INDA
MNT.TO vs. INDA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) and iShares MSCI India ETF (INDA). 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.
| MNT.TO | INDA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.92 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | -0.49 | +1.05 |
| Martin ratioReturn relative to average drawdown | 1.23 | -1.03 | +2.25 |
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Drawdowns
MNT.TO vs. INDA - Drawdown Comparison
The maximum MNT.TO drawdown since its inception was -34.79%, smaller than the maximum INDA drawdown of -39.13%. Use the drawdown chart below to compare losses from any high point for MNT.TO and INDA.
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Drawdown Indicators
| MNT.TO | INDA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.79% | -39.13% | +4.34% |
Max Drawdown (1Y)Largest decline over 1 year | -28.55% | -18.56% | -9.99% |
Max Drawdown (3Y)Largest decline over 3 years | -28.55% | -20.76% | -7.79% |
Max Drawdown (5Y)Largest decline over 5 years | -28.55% | -20.76% | -7.79% |
Max Drawdown (10Y)Largest decline over 10 years | -33.58% | -39.13% | +5.55% |
Current DrawdownCurrent decline from peak | -26.81% | -14.57% | -12.24% |
Average DrawdownAverage peak-to-trough decline | -15.92% | -7.45% | -8.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.09% | 8.85% | +4.24% |
Volatility
MNT.TO vs. INDA - Volatility Comparison
Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) has a higher volatility of 6.75% compared to iShares MSCI India ETF (INDA) at 4.44%. This indicates that MNT.TO's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNT.TO | INDA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 4.44% | +2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 25.64% | 13.64% | +12.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.32% | 15.80% | +15.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.55% | 17.00% | +3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.63% | 22.36% | -2.73% |
Dividends
MNT.TO vs. INDA - Dividend Comparison
Neither MNT.TO nor INDA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | 0.00% | 0.00% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 0.99% | 0.94% | 1.09% | 0.90% | 1.19% |
MNT.TO Royal Canadian Mint - Canadian Gold Reserves | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MNT.TO and INDA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNT.TO is categorized as Gold, while INDA is India Equities.
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