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

VMO vs. CGL-C.TO

Last updated Jun 13, 2026

VMO (Invesco Municipal Opportunity Trust) is a stock, while CGL-C.TO (iShares Gold Bullion ETF) is Gold fund tracking the LBMA Gold Price (CAD). Over the past 10 years, VMO returned 1.72%/yr vs 11.89%/yr for CGL-C.TO. At a 0.09 correlation, their price movements are largely independent.

Performance

VMO vs. CGL-C.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Municipal Opportunity Trust (VMO) and iShares Gold Bullion ETF (CGL-C.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VMO is traded in USD, while CGL-C.TO is traded in CAD. To make them comparable, the CGL-C.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VMO achieves a 5.19% return, which is significantly higher than CGL-C.TO's -2.68% return. Over the past 10 years, VMO has underperformed CGL-C.TO with an annualized return of 1.72%, while CGL-C.TO has yielded a comparatively higher 11.89% annualized return.

VMO

1D
0.00%
1M
0.72%
YTD
5.19%
6M
5.33%
1Y
16.40%
3Y*
8.21%
5Y*
-0.67%
10Y*
1.72%

CGL-C.TO

1D
-0.00%
1M
-10.30%
YTD
-2.68%
6M
-2.36%
1Y
23.97%
3Y*
28.82%
5Y*
16.71%
10Y*
11.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
VMO
Invesco Municipal Opportunity Trust		5.19%6.57%7.73%1.54%-24.29%12.95%8.89%16.23%-4.54%3.05%
CGL-C.TO
iShares Gold Bullion ETF		-2.58%62.99%26.68%12.82%-0.22%-4.80%24.71%16.80%-1.43%11.88%

Correlation

The correlation between VMO and CGL-C.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.22

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

0.12

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

0.10

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

0.11

Correlation (All Time)
Calculated using the full available price history since Jan 24, 2012

0.09

The correlation between VMO and CGL-C.TO shifts across timeframes, from 0.09 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Municipal Opportunity Trust

iShares Gold Bullion ETF

Often compared with VMO:
VMO vs. VFV.TOVMO vs. SPHQVMO vs. VOOVMO vs. IEMGVMO vs. VEAVMO vs. IIMVMO vs. VT
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

VMO vs. CGL-C.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMO
VMO Risk / Return Rank: 8585
Overall Rank
VMO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
VMO Sortino Ratio Rank: 8787
Sortino Ratio Rank
VMO Omega Ratio Rank: 8585
Omega Ratio Rank
VMO Calmar Ratio Rank: 8080
Calmar Ratio Rank
VMO Martin Ratio Rank: 8787
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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Opportunity Trust (VMO) 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.

VMOCGL-C.TODifference
Sharpe ratioReturn per unit of total volatility
1.79
0.90

+0.89

Sortino ratioReturn per unit of downside risk
2.73
1.28

+1.45

Omega ratioGain probability vs. loss probability

1.33

1.19

+0.15

Calmar ratioReturn relative to maximum drawdown

2.40

0.99

+1.41

Martin ratioReturn relative to average drawdown

9.21

2.87

+6.34

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

The current VMO Sharpe Ratio is 1.79, which is higher than the CGL-C.TO Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of VMO 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

VMO vs. CGL-C.TO - Drawdown Comparison

The maximum VMO drawdown since its inception was -50.11%, which is greater than CGL-C.TO's maximum drawdown of -42.11%. Use the drawdown chart below to compare losses from any high point for VMO and CGL-C.TO.

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Drawdown Indicators

VMOCGL-C.TODifference

Max Drawdown

Largest peak-to-trough decline

-50.11%

-42.11%

-8.00%

Max Drawdown (1Y)

Largest decline over 1 year

-6.59%

-24.32%

+17.73%

Max Drawdown (3Y)

Largest decline over 3 years

-16.51%

-24.32%

+7.81%

Max Drawdown (5Y)

Largest decline over 5 years

-37.70%

-24.32%

-13.38%

Max Drawdown (10Y)

Largest decline over 10 years

-37.70%

-24.32%

-13.38%

Current Drawdown

Current decline from peak

-7.55%

-21.86%

+14.31%

Average Drawdown

Average peak-to-trough decline

-9.87%

-18.51%

+8.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.72%

8.37%

-6.65%

Volatility

VMO vs. CGL-C.TO - Volatility Comparison

The current volatility for Invesco Municipal Opportunity Trust (VMO) is 3.28%, while iShares Gold Bullion ETF (CGL-C.TO) has a volatility of 7.57%. This indicates that VMO 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

VMOCGL-C.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

7.57%

-4.29%

Volatility (6M)

Calculated over the trailing 6-month period

6.72%

22.90%

-16.18%

Volatility (1Y)

Calculated over the trailing 1-year period

8.83%

26.70%

-17.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.52%

18.22%

-6.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.67%

16.73%

-4.06%

Dividends

VMO vs. CGL-C.TO - Dividend Comparison

VMO's dividend yield for the trailing twelve months is around 7.69%, 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%
VMO
Invesco Municipal Opportunity Trust		7.69%7.84%6.44%4.47%5.69%4.64%4.66%4.94%5.95%5.98%6.73%6.33%

Frequently Asked Questions

VMO and CGL-C.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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