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VCN.TO vs. CGL-C.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VCN.TO vs. CGL-C.TO

Last updated Jun 13, 2026

VCN.TO (Vanguard FTSE Canada All Cap Index ETF) and CGL-C.TO (iShares Gold Bullion ETF) are both exchange-traded funds - VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index, while CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD). Both are passively managed. Over the past 10 years, VCN.TO returned 12.80%/yr vs 12.86%/yr for CGL-C.TO. At a 0.02 correlation, their price movements are largely independent. VCN.TO charges 0.06%/yr vs 0.55%/yr for CGL-C.TO.

Performance

VCN.TO vs. CGL-C.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canada All Cap Index ETF (VCN.TO) and iShares Gold Bullion ETF (CGL-C.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, VCN.TO achieves a 10.85% return, which is significantly higher than CGL-C.TO's -0.61% return. Both investments have delivered pretty close results over the past 10 years, with VCN.TO having a 12.80% annualized return and CGL-C.TO not far ahead at 12.86%.

VCN.TO

1D
0.72%
1M
2.14%
YTD
10.85%
6M
11.65%
1Y
33.96%
3Y*
23.86%
5Y*
14.96%
10Y*
12.80%

CGL-C.TO

1D
0.29%
1M
-7.80%
YTD
-0.61%
6M
-0.87%
1Y
25.43%
3Y*
30.79%
5Y*
20.15%
10Y*
12.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCN.TO vs. CGL-C.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		10.85%31.00%22.16%12.29%-5.76%25.65%4.83%22.09%-9.09%8.44%
CGL-C.TO
iShares Gold Bullion ETF		-0.61%55.55%37.41%10.13%6.11%-4.85%21.75%11.98%6.86%4.31%

Correlation

The correlation between VCN.TO and CGL-C.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.28

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

0.13

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

0.04

Correlation (All Time)
Calculated using the full available price history since Aug 13, 2013

0.02

Over the past year, VCN.TO and CGL-C.TO have become more correlated (0.44) than their long-term average of 0.02, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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Vanguard FTSE Canada All Cap Index ETF

iShares Gold Bullion ETF

Often compared with VCN.TO:
VCN.TO vs. VDY.TOVCN.TO vs. VFV.TOVCN.TO vs. VCE.TOVCN.TO vs. XEQT.TOVCN.TO vs. VIU.TOVCN.TO vs. VUN.TOVCN.TO vs. HXT.TO
Often compared with CGL-C.TO:
CGL-C.TO vs. CGL.TOCGL-C.TO vs. MNT.TOCGL-C.TO vs. GLDCGL-C.TO vs. PHYS.TOCGL-C.TO vs. ZGLD.TOCGL-C.TO vs. ABX.TOCGL-C.TO vs. XMD.TO

Return for Risk

VCN.TO vs. CGL-C.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VCN.TO
VCN.TO Risk / Return Rank: 8686
Overall Rank
VCN.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
VCN.TO Martin Ratio Rank: 8888
Martin Ratio Rank
CGL-C.TO
CGL-C.TO Risk / Return Rank: 3131
Overall Rank
CGL-C.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
CGL-C.TO Sortino Ratio Rank: 2929
Sortino Ratio Rank
CGL-C.TO Omega Ratio Rank: 3535
Omega Ratio Rank
CGL-C.TO Calmar Ratio Rank: 2828
Calmar Ratio Rank
CGL-C.TO Martin Ratio Rank: 2828
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.

VCN.TO vs. CGL-C.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada All Cap Index ETF (VCN.TO) and iShares Gold Bullion ETF (CGL-C.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.

VCN.TOCGL-C.TODifference
Sharpe ratioReturn per unit of total volatility
2.59
1.03

+1.56

Sortino ratioReturn per unit of downside risk
3.35
1.43

+1.92

Omega ratioGain probability vs. loss probability

1.47

1.21

+0.25

Calmar ratioReturn relative to maximum drawdown

3.68

1.22

+2.46

Martin ratioReturn relative to average drawdown

16.98

3.49

+13.49

VCN.TO vs. CGL-C.TO - Sharpe Ratio Comparison

The current VCN.TO Sharpe Ratio is 2.59, which is higher than the CGL-C.TO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of VCN.TO and CGL-C.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

VCN.TO vs. CGL-C.TO - Drawdown Comparison

The maximum VCN.TO drawdown since its inception was -37.32%, which is greater than CGL-C.TO's maximum drawdown of -30.01%. Use the drawdown chart below to compare losses from any high point for VCN.TO and CGL-C.TO.

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Drawdown Indicators

VCN.TOCGL-C.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.32%

-30.01%

-7.31%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-22.11%

+13.00%

Max Drawdown (3Y)

Largest decline over 3 years

-12.24%

-22.11%

+9.87%

Max Drawdown (5Y)

Largest decline over 5 years

-16.12%

-22.11%

+5.99%

Max Drawdown (10Y)

Largest decline over 10 years

-37.32%

-22.78%

-14.54%

Current Drawdown

Current decline from peak

-0.85%

-19.39%

+18.54%

Average Drawdown

Average peak-to-trough decline

-3.89%

-10.71%

+6.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

7.71%

-5.74%

Volatility

VCN.TO vs. CGL-C.TO - Volatility Comparison

The current volatility for Vanguard FTSE Canada All Cap Index ETF (VCN.TO) is 4.44%, while iShares Gold Bullion ETF (CGL-C.TO) has a volatility of 7.53%. This indicates that VCN.TO experiences smaller price fluctuations and is considered to be less risky than CGL-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VCN.TOCGL-C.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.44%

7.53%

-3.09%

Volatility (6M)

Calculated over the trailing 6-month period

10.63%

22.46%

-11.83%

Volatility (1Y)

Calculated over the trailing 1-year period

12.94%

26.11%

-13.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.10%

17.20%

-4.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.99%

15.65%

-0.66%

VCN.TO vs. CGL-C.TO - Expense Ratio Comparison

VCN.TO has a 0.06% expense ratio, which is lower than CGL-C.TO's 0.55% expense ratio.

Dividends

VCN.TO vs. CGL-C.TO - Dividend Comparison

VCN.TO's dividend yield for the trailing twelve months is around 2.00%, while CGL-C.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CGL-C.TO
iShares Gold Bullion ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		2.00%2.27%2.71%3.00%3.17%2.49%2.72%2.88%2.83%2.29%2.36%2.68%

Frequently Asked Questions

VCN.TO and CGL-C.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.55% for CGL-C.TO.

VCN.TO is categorized as Canada Equities, while CGL-C.TO is Gold. VCN.TO tracks FTSE Canada All Cap Domestic Index, while CGL-C.TO tracks LBMA Gold Price (CAD). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VCN.TO and 0.55% for CGL-C.TO.

Portfolio Optimizer

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