VDY.TO vs. CGL.TO
VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) and CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) are both exchange-traded funds - VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index, while CGL.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past 10 years, VDY.TO returned 14.58%/yr vs 10.99%/yr for CGL.TO. At a correlation of -0.01, they often move in opposite directions. VDY.TO charges 0.22%/yr vs 0.55%/yr for CGL.TO.
Performance
VDY.TO vs. CGL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VDY.TO achieves a 23.81% return, which is significantly higher than CGL.TO's -3.19% return. Over the past 10 years, VDY.TO has outperformed CGL.TO with an annualized return of 14.58%, while CGL.TO has yielded a comparatively lower 10.99% annualized return.
VDY.TO
- 1D
- 0.65%
- 1M
- 5.11%
- YTD
- 23.81%
- 6M
- 23.43%
- 1Y
- 49.57%
- 3Y*
- 27.42%
- 5Y*
- 17.91%
- 10Y*
- 14.58%
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%
VDY.TO vs. CGL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF | 23.81% | 29.21% | 21.44% | 8.41% | -0.23% | 36.60% | -1.37% | 21.42% | -10.09% | 8.32% |
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 VDY.TO and CGL.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012 | -0.01 |
The correlation between VDY.TO and CGL.TO shifts across timeframes, from -0.01 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VDY.TO vs. CGL.TO — Risk / Return Rank
VDY.TO
CGL.TO
VDY.TO vs. CGL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.
| VDY.TO | CGL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.20 | ||
| Sortino ratioReturn per unit of downside risk | +7.44 | ||
| Omega ratioGain probability vs. loss probability | 2.21 | 1.16 | +1.05 |
| Calmar ratioReturn relative to maximum drawdown | 15.94 | 0.87 | +15.08 |
| Martin ratioReturn relative to average drawdown | 64.95 | 2.49 | +62.46 |
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Drawdowns
VDY.TO vs. CGL.TO - Drawdown Comparison
The maximum VDY.TO drawdown since its inception was -39.21%, smaller than the maximum CGL.TO drawdown of -45.96%. Use the drawdown chart below to compare losses from any high point for VDY.TO and CGL.TO.
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Drawdown Indicators
| VDY.TO | CGL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.21% | -45.96% | +6.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.12% | -24.93% | +21.81% |
Max Drawdown (3Y)Largest decline over 3 years | -10.38% | -24.93% | +14.55% |
Max Drawdown (5Y)Largest decline over 5 years | -16.17% | -24.93% | +8.76% |
Max Drawdown (10Y)Largest decline over 10 years | -39.21% | -24.93% | -14.28% |
Current DrawdownCurrent decline from peak | 0.00% | -22.50% | +22.50% |
Average DrawdownAverage peak-to-trough decline | -4.47% | -20.30% | +15.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 8.66% | -7.90% |
Volatility
VDY.TO vs. CGL.TO - Volatility Comparison
The current volatility for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) is 3.27%, while iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a volatility of 7.67%. This indicates that VDY.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
| VDY.TO | CGL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 7.67% | -4.40% |
Volatility (6M)Calculated over the trailing 6-month period | 6.96% | 24.08% | -17.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.32% | 27.61% | -19.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.58% | 18.54% | -6.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 16.53% | -0.58% |
VDY.TO vs. CGL.TO - Expense Ratio Comparison
VDY.TO has a 0.22% expense ratio, which is lower than CGL.TO's 0.55% expense ratio.
Dividends
VDY.TO vs. CGL.TO - Dividend Comparison
VDY.TO's dividend yield for the trailing twelve months is around 2.83%, 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% |
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF | 2.83% | 3.59% | 4.37% | 4.64% | 4.42% | 3.46% | 4.59% | 4.25% | 4.44% | 3.42% | 3.25% | 4.11% |
Frequently Asked Questions
VDY.TO and CGL.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for CGL.TO.
VDY.TO is categorized as Dividend, while CGL.TO is Gold. VDY.TO tracks FTSE Canada High Dividend Yield Index, while CGL.TO tracks Gold Bullion. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VDY.TO and 0.55% for CGL.TO.
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