XEG.TO vs. CGL.TO
XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) are both exchange-traded funds - XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index, while CGL.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past 10 years, XEG.TO returned 11.38%/yr vs 11.18%/yr for CGL.TO. At a 0.09 correlation, their price movements are largely independent. XEG.TO charges 0.60%/yr vs 0.55%/yr for CGL.TO.
Performance
XEG.TO vs. CGL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEG.TO achieves a 34.92% return, which is significantly higher than CGL.TO's -0.75% return. Both investments have delivered pretty close results over the past 10 years, with XEG.TO having a 11.38% annualized return and CGL.TO not far behind at 11.18%.
XEG.TO
- 1D
- -2.61%
- 1M
- -8.19%
- YTD
- 34.92%
- 6M
- 35.69%
- 1Y
- 47.18%
- 3Y*
- 25.66%
- 5Y*
- 27.13%
- 10Y*
- 11.38%
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%
XEG.TO vs. CGL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 34.92% | 16.72% | 14.04% | 3.55% | 53.25% | 83.71% | -34.44% | 9.04% | -27.05% | -11.17% |
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 XEG.TO and CGL.TO is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
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 Oct 4, 2010 | 0.09 |
The correlation between XEG.TO and CGL.TO shifts across timeframes, from 0.01 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XEG.TO vs. CGL.TO — Risk / Return Rank
XEG.TO
CGL.TO
XEG.TO vs. CGL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Energy Index ETF (XEG.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.
| XEG.TO | CGL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.17 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.26 | 0.92 | +3.34 |
| Martin ratioReturn relative to average drawdown | 11.99 | 2.64 | +9.35 |
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Drawdowns
XEG.TO vs. CGL.TO - Drawdown Comparison
The maximum XEG.TO drawdown since its inception was -87.51%, 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 XEG.TO and CGL.TO.
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Drawdown Indicators
| XEG.TO | CGL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.51% | -45.96% | -41.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.12% | -24.93% | +13.81% |
Max Drawdown (3Y)Largest decline over 3 years | -25.67% | -24.93% | -0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -28.42% | -24.93% | -3.49% |
Max Drawdown (10Y)Largest decline over 10 years | -79.66% | -24.93% | -54.73% |
Current DrawdownCurrent decline from peak | -10.27% | -20.54% | +10.27% |
Average DrawdownAverage peak-to-trough decline | -34.55% | -20.30% | -14.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.95% | 8.75% | -4.80% |
Volatility
XEG.TO vs. CGL.TO - Volatility Comparison
iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a higher volatility of 9.33% compared to iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) at 8.23%. This indicates that XEG.TO's price experiences larger fluctuations and is considered to be riskier 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
| XEG.TO | CGL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.33% | 8.23% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 19.83% | 24.17% | -4.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 27.71% | -4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.75% | 18.58% | +10.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.42% | 16.55% | +16.87% |
XEG.TO vs. CGL.TO - Expense Ratio Comparison
XEG.TO has a 0.60% expense ratio, which is higher than CGL.TO's 0.55% expense ratio.
Dividends
XEG.TO vs. CGL.TO - Dividend Comparison
XEG.TO's dividend yield for the trailing twelve months is around 2.84%, 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% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 2.84% | 3.63% | 3.46% | 4.26% | 3.31% | 1.64% | 2.96% | 2.70% | 2.25% | 1.41% | 1.40% | 3.58% |
Frequently Asked Questions
XEG.TO and CGL.TO have a correlation of 0.01, 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 0.60% for XEG.TO.
XEG.TO is categorized as Energy Equities, while CGL.TO is Gold. XEG.TO tracks S&P/TSX Capped Energy Index, while CGL.TO tracks Gold Bullion. Their fees differ too: 0.60% for XEG.TO and 0.55% for CGL.TO.
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