VEE.TO vs. CGL-C.TO
VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and CGL-C.TO (iShares Gold Bullion ETF) are both exchange-traded funds - VEE.TO is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD). Both are passively managed. Over the past 10 years, VEE.TO returned 9.34%/yr vs 12.86%/yr for CGL-C.TO. At a 0.02 correlation, their price movements are largely independent. VEE.TO charges 0.25%/yr vs 0.55%/yr for CGL-C.TO.
Performance
VEE.TO vs. CGL-C.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VEE.TO achieves a 12.66% return, which is significantly higher than CGL-C.TO's -0.61% return. Over the past 10 years, VEE.TO has underperformed CGL-C.TO with an annualized return of 9.34%, while CGL-C.TO has yielded a comparatively higher 12.86% annualized return.
VEE.TO
- 1D
- 0.97%
- 1M
- 1.13%
- YTD
- 12.66%
- 6M
- 13.92%
- 1Y
- 29.56%
- 3Y*
- 17.76%
- 5Y*
- 7.31%
- 10Y*
- 9.34%
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%
VEE.TO vs. CGL-C.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF | 12.66% | 19.32% | 19.06% | 6.24% | -12.79% | 0.06% | 12.32% | 14.32% | -7.93% | 22.60% |
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 VEE.TO and CGL-C.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012 | 0.02 |
Over the past year, VEE.TO and CGL-C.TO have become more correlated (0.31) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
VEE.TO vs. CGL-C.TO — Risk / Return Rank
VEE.TO
CGL-C.TO
VEE.TO vs. CGL-C.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.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.
| VEE.TO | CGL-C.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.21 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.22 | +1.34 |
| Martin ratioReturn relative to average drawdown | 9.14 | 3.49 | +5.65 |
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Drawdowns
VEE.TO vs. CGL-C.TO - Drawdown Comparison
The maximum VEE.TO drawdown since its inception was -29.84%, roughly equal to the maximum CGL-C.TO drawdown of -30.01%. Use the drawdown chart below to compare losses from any high point for VEE.TO and CGL-C.TO.
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Drawdown Indicators
| VEE.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.84% | -30.01% | +0.17% |
Max Drawdown (1Y)Largest decline over 1 year | -10.74% | -22.11% | +11.37% |
Max Drawdown (3Y)Largest decline over 3 years | -14.97% | -22.11% | +7.14% |
Max Drawdown (5Y)Largest decline over 5 years | -26.10% | -22.11% | -3.99% |
Max Drawdown (10Y)Largest decline over 10 years | -29.84% | -22.78% | -7.06% |
Current DrawdownCurrent decline from peak | -1.67% | -19.39% | +17.72% |
Average DrawdownAverage peak-to-trough decline | -8.72% | -10.71% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 7.71% | -4.70% |
Volatility
VEE.TO vs. CGL-C.TO - Volatility Comparison
The current volatility for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) is 6.96%, while iShares Gold Bullion ETF (CGL-C.TO) has a volatility of 7.53%. This indicates that VEE.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
| VEE.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.96% | 7.53% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 13.66% | 22.46% | -8.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.97% | 26.11% | -10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.42% | 17.20% | -1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.01% | 15.65% | +1.36% |
VEE.TO vs. CGL-C.TO - Expense Ratio Comparison
VEE.TO has a 0.25% expense ratio, which is lower than CGL-C.TO's 0.55% expense ratio.
Dividends
VEE.TO vs. CGL-C.TO - Dividend Comparison
VEE.TO's dividend yield for the trailing twelve months is around 1.93%, while CGL-C.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF | 1.93% | 2.26% | 2.45% | 2.83% | 3.35% | 2.18% | 1.62% | 2.71% | 2.24% | 1.93% | 2.01% | 2.53% |
Frequently Asked Questions
VEE.TO and CGL-C.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VEE.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.55% for CGL-C.TO.
VEE.TO is categorized as Emerging Markets Equities, while CGL-C.TO is Gold. VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index, while CGL-C.TO tracks LBMA Gold Price (CAD). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VEE.TO and 0.55% for CGL-C.TO.
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