VALT.TO vs. HGY.TO

Last updated Jun 4, 2026

VALT.TO (CI Gold Bullion Fund) and HGY.TO (Global X Gold Yield ETF) are both exchange-traded funds - VALT.TO is a fund fund, while HGY.TO is a Gold fund actively managed by Global X. Over the past 5 years, VALT.TO returned 17.30%/yr vs 13.84%/yr for HGY.TO. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

VALT.TO vs. HGY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Gold Bullion Fund (VALT.TO) and Global X Gold Yield ETF (HGY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VALT.TO achieves a 2.61% return, which is significantly higher than HGY.TO's 1.16% 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*: —

HGY.TO

• 1D: -0.83%
• 1M: -1.36%
• YTD: 1.16%
• 6M: 3.23%
• 1Y: 23.98%
• 3Y*: 24.16%
• 5Y*: 13.84%
• 10Y*: 9.42%

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

VALT.TO vs. HGY.TO - 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%
HGY.TO Global X Gold Yield ETF	1.16%	48.66%	21.36%	9.51%	-1.07%	-2.46%

Correlation

The correlation between VALT.TO and HGY.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021	0.74

Over the past year, VALT.TO and HGY.TO have become more correlated (0.97) than their long-term average of 0.74, meaning their price movements have been converging.

Return for Risk

VALT.TO vs. HGY.TO — Risk / Return Rank

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

VALT.TO

VALT.TO Risk / Return Rank: 30
VALT.TO Sharpe Ratio Rank: 31
VALT.TO Sortino Ratio Rank: 28
VALT.TO Omega Ratio Rank: 32
VALT.TO Calmar Ratio Rank: 32
VALT.TO Martin Ratio Rank: 27

HGY.TO

HGY.TO Risk / Return Rank: 28
HGY.TO Sharpe Ratio Rank: 29
HGY.TO Sortino Ratio Rank: 26
HGY.TO Omega Ratio Rank: 31
HGY.TO Calmar Ratio Rank: 29
HGY.TO Martin Ratio Rank: 27

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.

VALT.TO vs. HGY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion Fund (VALT.TO) and Global X Gold Yield ETF (HGY.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.

	VALT.TO	HGY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.03	+0.10
Sortino ratio: Return per unit of downside risk	1.53	1.42	+0.11
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.56	1.38	+0.18
Martin ratio: Return relative to average drawdown	3.82	3.70	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VALT.TO vs. HGY.TO - Sharpe Ratio Comparison

The current VALT.TO Sharpe Ratio is 1.13, which is comparable to the HGY.TO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of VALT.TO and HGY.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.

Sharpe Ratios by Period

	VALT.TO	HGY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.03	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.89	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.07	+0.85

Drawdowns

VALT.TO vs. HGY.TO - Drawdown Comparison

The maximum VALT.TO drawdown since its inception was -20.96%, smaller than the maximum HGY.TO drawdown of -39.53%. Use the drawdown chart below to compare losses from any high point for VALT.TO and HGY.TO.

Drawdown Indicators

	VALT.TO	HGY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.96%	-39.53%	+18.57%
Max Drawdown (1Y) Largest decline over 1 year	-19.47%	-17.47%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-17.47%	-2.00%
Max Drawdown (5Y) Largest decline over 5 years	-20.96%	-18.32%	-2.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.31%	—
Current Drawdown Current decline from peak	-18.14%	-15.54%	-2.60%
Average Drawdown Average peak-to-trough decline	-5.78%	-17.79%	+12.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	6.50%	+1.41%

Volatility

VALT.TO vs. HGY.TO - Volatility Comparison

The current volatility for CI Gold Bullion Fund (VALT.TO) is 5.90%, while Global X Gold Yield ETF (HGY.TO) has a volatility of 7.22%. This indicates that VALT.TO experiences smaller price fluctuations and is considered to be less risky than HGY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALT.TO	HGY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	7.22%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	23.20%	20.71%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	26.84%	23.45%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	15.57%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	15.45%	+2.46%

Dividends

VALT.TO vs. HGY.TO - Dividend Comparison

VALT.TO has not paid dividends to shareholders, while HGY.TO's dividend yield for the trailing twelve months is around 6.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HGY.TO Global X Gold Yield ETF	6.13%	4.92%	5.32%	6.10%	6.42%	5.87%	5.72%	4.19%	4.66%	4.63%	5.37%	6.13%
VALT.TO CI Gold Bullion Fund	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

Can I hold both VALT.TO and HGY.TO in my portfolio?

With a correlation of 0.97, VALT.TO and HGY.TO 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.