USMV vs. CGL.TO
USMV (iShares MSCI USA Min Vol Factor ETF) and CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while CGL.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past 10 years, USMV returned 9.90%/yr vs 10.05%/yr for CGL.TO. At a 0.05 correlation, their price movements are largely independent. USMV charges 0.15%/yr vs 0.55%/yr for CGL.TO.
Performance
USMV vs. CGL.TO - Performance Comparison
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Different Trading Currencies
USMV 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, USMV achieves a 2.43% return, which is significantly higher than CGL.TO's -5.12% return. Both investments have delivered pretty close results over the past 10 years, with USMV having a 9.90% annualized return and CGL.TO not far ahead at 10.05%.
USMV
- 1D
- 0.43%
- 1M
- 0.91%
- YTD
- 2.43%
- 6M
- 2.34%
- 1Y
- 4.89%
- 3Y*
- 11.35%
- 5Y*
- 7.24%
- 10Y*
- 9.90%
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%
USMV vs. CGL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 2.43% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 27.69% | 1.33% | 18.91% |
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 USMV and CGL.TO 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 | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.05 |
The correlation between USMV and CGL.TO shifts across timeframes, from 0.05 (all time) to 0.15 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
USMV vs. CGL.TO — Risk / Return Rank
USMV
CGL.TO
USMV vs. CGL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) 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.
| USMV | CGL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.14 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.70 | -0.07 |
| Martin ratioReturn relative to average drawdown | 2.06 | 2.00 | +0.06 |
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Drawdowns
USMV vs. CGL.TO - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum CGL.TO drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for USMV and CGL.TO.
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Drawdown Indicators
| USMV | CGL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -62.05% | +28.95% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -27.17% | +20.71% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -27.17% | +17.81% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -27.17% | +9.24% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | -27.17% | -5.93% |
Current DrawdownCurrent decline from peak | -1.40% | -24.91% | +23.51% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -32.74% | +29.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 9.43% | -7.48% |
Volatility
USMV vs. CGL.TO - Volatility Comparison
The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.70%, while iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a volatility of 7.69%. This indicates that USMV 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
| USMV | CGL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 7.69% | -4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 6.02% | 24.50% | -18.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.56% | 28.25% | -19.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 19.70% | -7.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 17.92% | -3.41% |
USMV vs. CGL.TO - Expense Ratio Comparison
USMV has a 0.15% expense ratio, which is lower than CGL.TO's 0.55% expense ratio.
Dividends
USMV vs. CGL.TO - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.53%, while CGL.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.53% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
Frequently Asked Questions
USMV and CGL.TO 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.
On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USMV is cheaper with a 0.15% expense ratio, compared with 0.55% for CGL.TO.
USMV is categorized as Large Cap Blend Equities, while CGL.TO is Gold. USMV tracks MSCI USA Minimum Volatility Index, while CGL.TO tracks Gold Bullion. Their fees differ too: 0.15% for USMV and 0.55% for CGL.TO.
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