XEI.TO vs. CGL.TO
XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) are both exchange-traded funds - XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index, while CGL.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past 10 years, XEI.TO returned 12.09%/yr vs 10.99%/yr for CGL.TO. At a 0.09 correlation, their price movements are largely independent. XEI.TO charges 0.22%/yr vs 0.55%/yr for CGL.TO.
Performance
XEI.TO vs. CGL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEI.TO achieves a 24.32% return, which is significantly higher than CGL.TO's -3.19% return. Over the past 10 years, XEI.TO has outperformed CGL.TO with an annualized return of 12.09%, while CGL.TO has yielded a comparatively lower 10.99% annualized return.
XEI.TO
- 1D
- 0.58%
- 1M
- 3.92%
- YTD
- 24.32%
- 6M
- 20.22%
- 1Y
- 38.85%
- 3Y*
- 21.39%
- 5Y*
- 14.74%
- 10Y*
- 12.09%
CGL.TO
- 1D
- 0.25%
- 1M
- -9.62%
- YTD
- -3.19%
- 6M
- -3.25%
- 1Y
- 19.93%
- 3Y*
- 27.16%
- 5Y*
- 15.73%
- 10Y*
- 10.99%
XEI.TO vs. CGL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 24.32% | 20.86% | 15.26% | 6.59% | 0.32% | 35.76% | -7.60% | 25.30% | -10.95% | 7.14% |
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -3.19% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
Correlation
The correlation between XEI.TO and CGL.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2011 | 0.09 |
The correlation between XEI.TO and CGL.TO shifts across timeframes, from 0.07 (10 years) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XEI.TO vs. CGL.TO — Risk / Return Rank
XEI.TO
CGL.TO
XEI.TO vs. CGL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.
| XEI.TO | CGL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.24 | ||
| Sortino ratioReturn per unit of downside risk | +5.75 | ||
| Omega ratioGain probability vs. loss probability | 2.02 | 1.16 | +0.85 |
| Calmar ratioReturn relative to maximum drawdown | 9.32 | 0.87 | +8.46 |
| Martin ratioReturn relative to average drawdown | 41.87 | 2.49 | +39.38 |
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Drawdowns
XEI.TO vs. CGL.TO - Drawdown Comparison
The maximum XEI.TO drawdown since its inception was -45.52%, roughly equal to the maximum CGL.TO drawdown of -45.96%. Use the drawdown chart below to compare losses from any high point for XEI.TO and CGL.TO.
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Drawdown Indicators
| XEI.TO | CGL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.52% | -45.96% | +0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -24.93% | +20.71% |
Max Drawdown (3Y)Largest decline over 3 years | -9.96% | -24.93% | +14.97% |
Max Drawdown (5Y)Largest decline over 5 years | -17.35% | -24.93% | +7.58% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | -24.93% | -20.59% |
Current DrawdownCurrent decline from peak | 0.00% | -22.50% | +22.50% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -20.30% | +15.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 8.66% | -7.72% |
Volatility
XEI.TO vs. CGL.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) is 2.68%, while iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a volatility of 7.67%. This indicates that XEI.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
| XEI.TO | CGL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 7.67% | -4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 24.08% | -17.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 27.61% | -19.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 18.54% | -7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.02% | 16.53% | -0.51% |
XEI.TO vs. CGL.TO - Expense Ratio Comparison
XEI.TO has a 0.22% expense ratio, which is lower than CGL.TO's 0.55% expense ratio.
Dividends
XEI.TO vs. CGL.TO - Dividend Comparison
XEI.TO's dividend yield for the trailing twelve months is around 3.53%, 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% |
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 3.53% | 4.47% | 5.45% | 4.97% | 4.68% | 3.58% | 5.03% | 4.62% | 5.42% | 4.29% | 4.41% | 5.64% |
Frequently Asked Questions
XEI.TO and CGL.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for CGL.TO.
XEI.TO is categorized as Canada Equities, while CGL.TO is Gold. XEI.TO tracks S&P/TSX Composite High Dividend Index, while CGL.TO tracks Gold Bullion. Their fees differ too: 0.22% for XEI.TO and 0.55% for CGL.TO.
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