XGD.TO vs. CEF.TO

Last updated Jun 4, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) is Precious Metals fund tracking the Morningstar Gbl Gold GR CAD, while CEF.TO (Sprott Physical Gold and Silver Trust) is a stock. Over the past 10 years, XGD.TO returned 14.79%/yr vs 14.61%/yr for CEF.TO. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

XGD.TO vs. CEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Gold Index ETF (XGD.TO) and Sprott Physical Gold and Silver Trust (CEF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XGD.TO achieves a 3.35% return, which is significantly higher than CEF.TO's 2.53% return. Both investments have delivered pretty close results over the past 10 years, with XGD.TO having a 14.79% annualized return and CEF.TO not far behind at 14.61%.

XGD.TO

• 1D: -2.80%
• 1M: 1.62%
• YTD: 3.35%
• 6M: 8.72%
• 1Y: 67.78%
• 3Y*: 43.11%
• 5Y*: 22.30%
• 10Y*: 14.79%

CEF.TO

• 1D: -1.29%
• 1M: 1.19%
• YTD: 2.53%
• 6M: 9.84%
• 1Y: 56.98%
• 3Y*: 37.16%
• 5Y*: 21.69%
• 10Y*: 14.61%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XGD.TO vs. CEF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XGD.TO iShares S&P/TSX Global Gold Index ETF	3.35%	144.45%	19.63%	3.91%	-3.10%	-5.81%	21.10%	40.18%	-4.10%	0.96%
CEF.TO Sprott Physical Gold and Silver Trust	2.53%	83.74%	34.77%	4.70%	7.88%	-8.74%	29.32%	11.22%	1.48%	10.21%

Correlation

The correlation between XGD.TO and CEF.TO is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Mar 30, 2001	0.62

The correlation between XGD.TO and CEF.TO shifts across timeframes, from 0.62 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XGD.TO vs. CEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XGD.TO

XGD.TO Risk / Return Rank: 42
XGD.TO Sharpe Ratio Rank: 45
XGD.TO Sortino Ratio Rank: 37
XGD.TO Omega Ratio Rank: 43
XGD.TO Calmar Ratio Rank: 47
XGD.TO Martin Ratio Rank: 39

CEF.TO

CEF.TO Risk / Return Rank: 77
CEF.TO Sharpe Ratio Rank: 82
CEF.TO Sortino Ratio Rank: 72
CEF.TO Omega Ratio Rank: 80
CEF.TO Calmar Ratio Rank: 76
CEF.TO Martin Ratio Rank: 77

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.

XGD.TO vs. CEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Gold Index ETF (XGD.TO) and Sprott Physical Gold and Silver Trust (CEF.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.

	XGD.TO	CEF.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.57	+0.02
Sortino ratio: Return per unit of downside risk	1.97	1.89	+0.08
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.35	2.24	+0.12
Martin ratio: Return relative to average drawdown	6.22	5.65	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XGD.TO vs. CEF.TO - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.59, which is comparable to the CEF.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of XGD.TO and CEF.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.

Sharpe Ratios by Period

	XGD.TO	CEF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.57	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.95	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.69	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.14	+0.11

Drawdowns

XGD.TO vs. CEF.TO - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.55%, which is greater than CEF.TO's maximum drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for XGD.TO and CEF.TO.

Drawdown Indicators

	XGD.TO	CEF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-72.55%	-58.68%	-13.87%
Max Drawdown (1Y) Largest decline over 1 year	-28.95%	-25.60%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-28.95%	-25.60%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-40.82%	-25.60%	-15.22%
Max Drawdown (10Y) Largest decline over 10 years	-46.96%	-29.04%	-17.92%
Current Drawdown Current decline from peak	-23.49%	-20.24%	-3.25%
Average Drawdown Average peak-to-trough decline	-28.30%	-30.41%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.93%	10.12%	+0.81%

Volatility

XGD.TO vs. CEF.TO - Volatility Comparison

iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a higher volatility of 14.43% compared to Sprott Physical Gold and Silver Trust (CEF.TO) at 10.15%. This indicates that XGD.TO's price experiences larger fluctuations and is considered to be riskier than CEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGD.TO	CEF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.43%	10.15%	+4.28%
Volatility (6M) Calculated over the trailing 6-month period	34.40%	33.86%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	42.86%	36.49%	+6.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.64%	22.90%	+9.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.38%	21.33%	+12.05%

Dividends

XGD.TO vs. CEF.TO - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.60%, while CEF.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF.TO Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.09%	0.09%
XGD.TO iShares S&P/TSX Global Gold Index ETF	0.60%	0.62%	0.93%	1.49%	1.80%	1.38%	0.35%	0.54%	0.25%	0.14%	0.09%	0.57%

Frequently Asked Questions

Can I hold both XGD.TO and CEF.TO in my portfolio?

XGD.TO and CEF.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.