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

RY.TO vs. CGL.TO

Last updated Jun 13, 2026

RY.TO (Royal Bank of Canada) is a stock, while CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) is Gold fund tracking the Gold Bullion. Over the past 10 years, RY.TO returned 18.12%/yr vs 10.99%/yr for CGL.TO. At a correlation of -0.04, they often move in opposite directions.

Performance

RY.TO vs. CGL.TO - Performance Comparison

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

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Returns By Period

In the year-to-date period, RY.TO achieves a 20.87% return, which is significantly higher than CGL.TO's -3.19% return. Over the past 10 years, RY.TO has outperformed CGL.TO with an annualized return of 18.12%, while CGL.TO has yielded a comparatively lower 10.99% annualized return.

RY.TO

1D
0.36%
1M
10.50%
YTD
20.87%
6M
23.89%
1Y
65.59%
3Y*
35.54%
5Y*
21.56%
10Y*
18.12%

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)

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

2026 (YTD)202520242023202220212020201920182017
RY.TO
Royal Bank of Canada		20.87%39.60%34.37%9.80%-1.52%33.09%6.52%14.33%-5.50%17.12%
CGL.TO
iShares Gold Bullion ETF (CAD-Hedged)		-3.19%60.08%25.70%11.26%-1.07%-4.58%23.41%16.58%-3.19%11.68%

Correlation

The correlation between RY.TO and CGL.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.06

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

0.05

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

-0.05

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

-0.04

The correlation between RY.TO and CGL.TO shifts across timeframes, from -0.05 (10 years) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Royal Bank of Canada

iShares Gold Bullion ETF (CAD-Hedged)

Often compared with RY.TO:
RY.TO vs. TD.TORY.TO vs. VDY.TORY.TO vs. BMO.TORY.TO vs. CNR.TORY.TO vs. BNS.TORY.TO vs. XDIV.TORY.TO vs. CM.TO
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

RY.TO vs. CGL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RY.TO
RY.TO Risk / Return Rank: 9898
Overall Rank
RY.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
RY.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
RY.TO Omega Ratio Rank: 9999
Omega Ratio Rank
RY.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
RY.TO Martin Ratio Rank: 9898
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.

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

This table presents a comparison of risk-adjusted performance metrics for Royal Bank of Canada (RY.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.

RY.TOCGL.TODifference
Sharpe ratioReturn per unit of total volatility
4.65
0.78

+3.87

Sortino ratioReturn per unit of downside risk
6.62
1.15

+5.47

Omega ratioGain probability vs. loss probability

1.85

1.16

+0.69

Calmar ratioReturn relative to maximum drawdown

7.91

0.87

+7.05

Martin ratioReturn relative to average drawdown

29.39

2.49

+26.90

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

The current RY.TO Sharpe Ratio is 4.65, which is higher than the CGL.TO Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of RY.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.

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Drawdowns

RY.TO vs. CGL.TO - Drawdown Comparison

The maximum RY.TO drawdown since its inception was -54.03%, 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 RY.TO and CGL.TO.

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Drawdown Indicators

RY.TOCGL.TODifference

Max Drawdown

Largest peak-to-trough decline

-54.03%

-45.96%

-8.07%

Max Drawdown (1Y)

Largest decline over 1 year

-8.12%

-24.93%

+16.81%

Max Drawdown (3Y)

Largest decline over 3 years

-16.00%

-24.93%

+8.93%

Max Drawdown (5Y)

Largest decline over 5 years

-21.21%

-24.93%

+3.72%

Max Drawdown (10Y)

Largest decline over 10 years

-33.84%

-24.93%

-8.91%

Current Drawdown

Current decline from peak

0.00%

-22.50%

+22.50%

Average Drawdown

Average peak-to-trough decline

-6.72%

-20.30%

+13.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

8.66%

-6.48%

Volatility

RY.TO vs. CGL.TO - Volatility Comparison

The current volatility for Royal Bank of Canada (RY.TO) is 4.23%, while iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a volatility of 7.67%. This indicates that RY.TO 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

RY.TOCGL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.23%

7.67%

-3.44%

Volatility (6M)

Calculated over the trailing 6-month period

10.44%

24.08%

-13.64%

Volatility (1Y)

Calculated over the trailing 1-year period

13.82%

27.61%

-13.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.93%

18.54%

-3.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.26%

16.53%

+0.73%

Dividends

RY.TO vs. CGL.TO - Dividend Comparison

RY.TO's dividend yield for the trailing twelve months is around 2.28%, 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%
RY.TO
Royal Bank of Canada		2.28%2.58%3.23%3.99%3.90%3.22%4.10%3.96%4.03%3.39%3.57%4.15%

Frequently Asked Questions

RY.TO and CGL.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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