XCV.TO vs. XGD.TO
XCV.TO (iShares Canadian Value Index ETF) and XGD.TO (iShares S&P/TSX Global Gold Index ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while XGD.TO is a Gold fund tracking the S&P/TSX Global Gold Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.90%/yr vs 13.37%/yr for XGD.TO. At a 0.23 correlation, their price movements are largely independent. XCV.TO charges 0.55%/yr vs 0.61%/yr for XGD.TO.
Performance
XCV.TO vs. XGD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 23.70% return, which is significantly higher than XGD.TO's -3.25% return. Both investments have delivered pretty close results over the past 10 years, with XCV.TO having a 13.90% annualized return and XGD.TO not far behind at 13.37%.
XCV.TO
- 1D
- 0.56%
- 1M
- 2.97%
- YTD
- 23.70%
- 6M
- 20.64%
- 1Y
- 48.75%
- 3Y*
- 30.45%
- 5Y*
- 19.17%
- 10Y*
- 13.90%
XGD.TO
- 1D
- -3.91%
- 1M
- -6.09%
- YTD
- -3.25%
- 6M
- -7.99%
- 1Y
- 55.56%
- 3Y*
- 43.50%
- 5Y*
- 23.14%
- 10Y*
- 13.37%
XCV.TO vs. XGD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 23.70% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 18.14% | -11.06% | 8.85% |
XGD.TO iShares S&P/TSX Global Gold Index ETF | -3.25% | 144.45% | 19.63% | 3.91% | -3.13% | -5.81% | 21.10% | 40.18% | -4.10% | 0.96% |
Correlation
The correlation between XCV.TO and XGD.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2006 | 0.23 |
The correlation between XCV.TO and XGD.TO shifts across timeframes, from 0.20 (10 years) to 0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. XGD.TO — Risk / Return Rank
XCV.TO
XGD.TO
XCV.TO vs. XGD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and iShares S&P/TSX Global Gold Index ETF (XGD.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.
| XCV.TO | XGD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.16 | ||
| Sortino ratioReturn per unit of downside risk | +5.49 | ||
| Omega ratioGain probability vs. loss probability | 2.11 | 1.23 | +0.88 |
| Calmar ratioReturn relative to maximum drawdown | 12.76 | 1.69 | +11.07 |
| Martin ratioReturn relative to average drawdown | 48.00 | 4.43 | +43.57 |
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Drawdowns
XCV.TO vs. XGD.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, smaller than the maximum XGD.TO drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for XCV.TO and XGD.TO.
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Drawdown Indicators
| XCV.TO | XGD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -72.56% | +20.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -33.06% | +29.22% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -33.06% | +23.35% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -40.82% | +22.76% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -46.96% | +5.78% |
Current DrawdownCurrent decline from peak | 0.00% | -28.37% | +28.37% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -31.91% | +25.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 12.59% | -11.57% |
Volatility
XCV.TO vs. XGD.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 2.88%, while iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a volatility of 16.16%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than XGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCV.TO | XGD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.88% | 16.16% | -13.28% |
Volatility (6M)Calculated over the trailing 6-month period | 7.64% | 36.86% | -29.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 45.08% | -36.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 33.12% | -20.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 33.55% | -18.03% |
XCV.TO vs. XGD.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is lower than XGD.TO's 0.61% expense ratio.
Dividends
XCV.TO vs. XGD.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.25%, more than XGD.TO's 0.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 2.25% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
XGD.TO iShares S&P/TSX Global Gold Index ETF | 0.64% | 0.62% | 0.93% | 1.49% | 1.77% | 1.38% | 0.35% | 0.54% | 0.25% | 0.14% | 0.10% | 0.57% |
Frequently Asked Questions
XCV.TO and XGD.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCV.TO is cheaper with a 0.55% expense ratio, compared with 0.61% for XGD.TO.
XCV.TO is categorized as Canada Equities, while XGD.TO is Gold. XCV.TO tracks Morningstar Canada GR CAD, while XGD.TO tracks S&P/TSX Global Gold Index. Their fees differ too: 0.55% for XCV.TO and 0.61% for XGD.TO.
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