VALT.TO vs. GLD
VALT.TO (CI Gold Bullion Fund) and GLD (SPDR Gold Shares) are both exchange-traded funds - VALT.TO is a fund fund, while GLD is a Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, VALT.TO returned 17.30%/yr vs 21.53%/yr for GLD. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
VALT.TO vs. GLD - Performance Comparison
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Different Trading Currencies
VALT.TO is traded in CAD, while GLD is traded in USD. To make them comparable, the GLD values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VALT.TO achieves a 2.61% return, which is significantly lower than GLD's 4.23% return.
VALT.TO
- 1D
- -0.91%
- 1M
- -1.77%
- YTD
- 2.61%
- 6M
- 4.70%
- 1Y
- 30.16%
- 3Y*
- 28.96%
- 5Y*
- 17.30%
- 10Y*
- —
GLD
- 1D
- -0.58%
- 1M
- 0.31%
- YTD
- 4.23%
- 6M
- 5.02%
- 1Y
- 33.74%
- 3Y*
- 32.62%
- 5Y*
- 21.53%
- 10Y*
- 13.94%
VALT.TO vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VALT.TO CI Gold Bullion Fund | 2.61% | 60.46% | 25.58% | 12.35% | 0.92% | -3.19% |
GLD SPDR Gold Shares | 4.23% | 56.17% | 37.54% | 10.21% | 6.30% | -2.35% |
Correlation
The correlation between VALT.TO and GLD is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021 | 0.69 |
Over the past year, VALT.TO and GLD have become more correlated (0.92) than their long-term average of 0.69, meaning their price movements have been converging.
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Return for Risk
VALT.TO vs. GLD — Risk / Return Rank
VALT.TO
GLD
VALT.TO vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion Fund (VALT.TO) and SPDR Gold Shares (GLD). 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.
| VALT.TO | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.27 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.96 | -0.41 |
| Martin ratioReturn relative to average drawdown | 3.82 | 4.81 | -0.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VALT.TO | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 1.34 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | 1.28 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.91 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.92 | 0.65 | +0.27 |
Drawdowns
VALT.TO vs. GLD - Drawdown Comparison
The maximum VALT.TO drawdown since its inception was -20.96%, smaller than the maximum GLD drawdown of -33.56%. Use the drawdown chart below to compare losses from any high point for VALT.TO and GLD.
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Drawdown Indicators
| VALT.TO | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.96% | -33.56% | +12.60% |
Max Drawdown (1Y)Largest decline over 1 year | -19.47% | -17.28% | -2.19% |
Max Drawdown (3Y)Largest decline over 3 years | -19.47% | -17.28% | -2.19% |
Max Drawdown (5Y)Largest decline over 5 years | -20.96% | -17.47% | -3.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.85% | — |
Current DrawdownCurrent decline from peak | -18.14% | -15.45% | -2.69% |
Average DrawdownAverage peak-to-trough decline | -5.78% | -11.64% | +5.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.91% | 7.04% | +0.87% |
Volatility
VALT.TO vs. GLD - Volatility Comparison
CI Gold Bullion Fund (VALT.TO) has a higher volatility of 5.90% compared to SPDR Gold Shares (GLD) at 5.37%. This indicates that VALT.TO's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VALT.TO | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 5.37% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 23.20% | 21.82% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.84% | 25.39% | +1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.17% | 16.86% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.91% | 15.40% | +2.51% |
Dividends
VALT.TO vs. GLD - Dividend Comparison
Neither VALT.TO nor GLD has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, VALT.TO and GLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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