PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XEH.TO vs. CGL-C.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEH.TO vs. CGL-C.TO

Last updated Jun 4, 2026

XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) and CGL-C.TO (iShares Gold Bullion ETF) are both exchange-traded funds - XEH.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while CGL-C.TO is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 10 years, XEH.TO returned 9.71%/yr vs 13.74%/yr for CGL-C.TO. At a correlation of -0.15, they often move in opposite directions. XEH.TO charges 0.28%/yr vs 0.55%/yr for CGL-C.TO.

Performance

XEH.TO vs. CGL-C.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) and iShares Gold Bullion ETF (CGL-C.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XEH.TO achieves a 6.64% return, which is significantly higher than CGL-C.TO's 4.39% return. Over the past 10 years, XEH.TO has underperformed CGL-C.TO with an annualized return of 9.71%, while CGL-C.TO has yielded a comparatively higher 13.74% annualized return.

XEH.TO

1D
-0.65%
1M
3.95%
YTD
6.64%
6M
8.79%
1Y
15.55%
3Y*
13.05%
5Y*
9.17%
10Y*
9.71%

CGL-C.TO

1D
-0.29%
1M
0.43%
YTD
4.39%
6M
5.02%
1Y
33.57%
3Y*
32.37%
5Y*
21.30%
10Y*
13.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		6.64%20.43%7.72%15.86%-8.29%21.75%-2.39%26.24%-9.67%15.64%
CGL-C.TO
iShares Gold Bullion ETF		4.39%55.55%37.41%10.13%6.11%-4.85%21.75%11.98%6.86%4.31%

Correlation

The correlation between XEH.TO and CGL-C.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.18

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

0.11

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

-0.02

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

-0.13

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2014

-0.15

The correlation between XEH.TO and CGL-C.TO shifts across timeframes, from -0.15 (all time) to 0.18 (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.

iShares MSCI Europe IMI Index ETF (CAD-Hedged)

iShares Gold Bullion ETF

Often compared with XEH.TO:
XEH.TO vs. XEU.TOXEH.TO vs. XEF.TOXEH.TO vs. VEF.TOXEH.TO vs. IWYXEH.TO vs. IEURXEH.TO vs. XEQT.TOXEH.TO vs. ZEA.TO
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

XEH.TO vs. CGL-C.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEH.TO
XEH.TO Risk / Return Rank: 3434
Overall Rank
XEH.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
XEH.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
XEH.TO Omega Ratio Rank: 3333
Omega Ratio Rank
XEH.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
XEH.TO Martin Ratio Rank: 3939
Martin Ratio Rank
CGL-C.TO
CGL-C.TO Risk / Return Rank: 3535
Overall Rank
CGL-C.TO Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
CGL-C.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
CGL-C.TO Omega Ratio Rank: 4040
Omega Ratio Rank
CGL-C.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
CGL-C.TO Martin Ratio Rank: 3131
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.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.

XEH.TOCGL-C.TODifference
Sharpe ratioReturn per unit of total volatility
1.24
1.33

-0.09

Sortino ratioReturn per unit of downside risk
1.80
1.75

+0.05

Omega ratioGain probability vs. loss probability

1.23

1.27

-0.04

Calmar ratioReturn relative to maximum drawdown

1.50

1.94

-0.44

Martin ratioReturn relative to average drawdown

6.13

4.77

+1.36

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XEH.TO Sharpe Ratio is 1.24, which is comparable to the CGL-C.TO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of XEH.TO 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.

Loading charts...

Sharpe Ratios by Period

XEH.TOCGL-C.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

1.33

-0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

1.26

-0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.89

-0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.60

-0.05

Drawdowns

XEH.TO vs. CGL-C.TO - Drawdown Comparison

The maximum XEH.TO drawdown since its inception was -35.81%, which is greater than CGL-C.TO's maximum drawdown of -33.04%. Use the drawdown chart below to compare losses from any high point for XEH.TO and CGL-C.TO.

Loading charts...

Drawdown Indicators

XEH.TOCGL-C.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.81%

-33.04%

-2.77%

Max Drawdown (1Y)

Largest decline over 1 year

-10.38%

-17.37%

+6.99%

Max Drawdown (3Y)

Largest decline over 3 years

-15.01%

-17.37%

+2.36%

Max Drawdown (5Y)

Largest decline over 5 years

-20.34%

-17.55%

-2.79%

Max Drawdown (10Y)

Largest decline over 10 years

-35.81%

-22.78%

-13.03%

Current Drawdown

Current decline from peak

-2.11%

-15.34%

+13.23%

Average Drawdown

Average peak-to-trough decline

-4.88%

-12.24%

+7.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

7.06%

-4.52%

Volatility

XEH.TO vs. CGL-C.TO - Volatility Comparison

The current volatility for iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) is 4.79%, while iShares Gold Bullion ETF (CGL-C.TO) has a volatility of 5.33%. This indicates that XEH.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.

Loading charts...

Volatility by Period

XEH.TOCGL-C.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.79%

5.33%

-0.54%

Volatility (6M)

Calculated over the trailing 6-month period

10.44%

21.56%

-11.12%

Volatility (1Y)

Calculated over the trailing 1-year period

12.62%

25.35%

-12.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.07%

16.98%

-2.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.89%

15.56%

+0.33%

XEH.TO vs. CGL-C.TO - Expense Ratio Comparison

XEH.TO has a 0.28% expense ratio, which is lower than CGL-C.TO's 0.55% expense ratio.

Dividends

XEH.TO vs. CGL-C.TO - Dividend Comparison

XEH.TO's dividend yield for the trailing twelve months is around 2.35%, 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%
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		2.35%2.50%2.71%2.98%3.13%2.39%1.98%3.48%3.35%2.19%2.35%2.24%

Frequently Asked Questions

XEH.TO and CGL-C.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEH.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEH.TO is cheaper with a 0.28% expense ratio, compared with 0.55% for CGL-C.TO.

XEH.TO is categorized as Europe Equities, while CGL-C.TO is Precious Metals. XEH.TO tracks Morningstar Eur GR CAD, while CGL-C.TO tracks Gold. Their fees differ too: 0.28% for XEH.TO and 0.55% for CGL-C.TO.

Portfolio Optimizer

Find the right allocation for XEH.TO and CGL-C.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer