XCH.TO vs. CGL.TO
XCH.TO (iShares China Index ETF) and CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) are both exchange-traded funds - XCH.TO is a China Equities fund tracking the Morningstar China GR CAD, while CGL.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past 10 years, XCH.TO returned 3.68%/yr vs 11.18%/yr for CGL.TO. At a 0.02 correlation, their price movements are largely independent. XCH.TO charges 0.87%/yr vs 0.55%/yr for CGL.TO.
Performance
XCH.TO vs. CGL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCH.TO achieves a -5.97% return, which is significantly lower than CGL.TO's -0.75% return. Over the past 10 years, XCH.TO has underperformed CGL.TO with an annualized return of 3.68%, while CGL.TO has yielded a comparatively higher 11.18% annualized return.
XCH.TO
- 1D
- 0.26%
- 1M
- -0.80%
- YTD
- -5.97%
- 6M
- -6.50%
- 1Y
- 1.55%
- 3Y*
- 11.09%
- 5Y*
- -0.28%
- 10Y*
- 3.68%
CGL.TO
- 1D
- 2.52%
- 1M
- -5.26%
- YTD
- -0.75%
- 6M
- -0.60%
- 1Y
- 22.95%
- 3Y*
- 27.87%
- 5Y*
- 16.95%
- 10Y*
- 11.18%
XCH.TO vs. CGL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCH.TO iShares China Index ETF | -5.97% | 22.48% | 39.50% | -14.76% | -15.40% | -20.56% | 7.17% | 8.11% | -6.28% | 27.28% |
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -0.75% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
Correlation
The correlation between XCH.TO and CGL.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
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 Oct 4, 2010 | 0.02 |
Over the past year, XCH.TO and CGL.TO have become more correlated (0.24) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
XCH.TO vs. CGL.TO — Risk / Return Rank
XCH.TO
CGL.TO
XCH.TO vs. CGL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Index ETF (XCH.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.
| XCH.TO | CGL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.17 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 0.92 | -0.83 |
| Martin ratioReturn relative to average drawdown | 0.18 | 2.64 | -2.46 |
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Drawdowns
XCH.TO vs. CGL.TO - Drawdown Comparison
The maximum XCH.TO drawdown since its inception was -58.02%, which is greater than CGL.TO's maximum drawdown of -45.96%. Use the drawdown chart below to compare losses from any high point for XCH.TO and CGL.TO.
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Drawdown Indicators
| XCH.TO | CGL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.02% | -45.96% | -12.06% |
Max Drawdown (1Y)Largest decline over 1 year | -16.51% | -24.93% | +8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -27.28% | -24.93% | -2.35% |
Max Drawdown (5Y)Largest decline over 5 years | -50.32% | -24.93% | -25.39% |
Max Drawdown (10Y)Largest decline over 10 years | -58.02% | -24.93% | -33.09% |
Current DrawdownCurrent decline from peak | -21.50% | -20.54% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -20.40% | -20.30% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.59% | 8.75% | -0.16% |
Volatility
XCH.TO vs. CGL.TO - Volatility Comparison
The current volatility for iShares China Index ETF (XCH.TO) is 5.43%, while iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a volatility of 8.23%. This indicates that XCH.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
| XCH.TO | CGL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.43% | 8.23% | -2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 24.17% | -10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.09% | 27.71% | -8.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.80% | 18.58% | +11.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.72% | 16.55% | +9.17% |
XCH.TO vs. CGL.TO - Expense Ratio Comparison
XCH.TO has a 0.87% expense ratio, which is higher than CGL.TO's 0.55% expense ratio.
Dividends
XCH.TO vs. CGL.TO - Dividend Comparison
XCH.TO's dividend yield for the trailing twelve months is around 2.25%, 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% |
XCH.TO iShares China Index ETF | 2.25% | 2.11% | 1.54% | 2.86% | 2.35% | 1.51% | 2.17% | 2.50% | 2.45% | 2.41% | 2.21% | 2.58% |
Frequently Asked Questions
XCH.TO and CGL.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGL.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGL.TO is cheaper with a 0.55% expense ratio, compared with 0.87% for XCH.TO.
XCH.TO is categorized as China Equities, while CGL.TO is Gold. XCH.TO tracks Morningstar China GR CAD, while CGL.TO tracks Gold Bullion. Their fees differ too: 0.87% for XCH.TO and 0.55% for CGL.TO.
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