XGD.TO vs. GDMN

Last updated Jun 13, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) are both exchange-traded funds - XGD.TO is a Precious Metals fund tracking the S&P/TSX Global Gold Index, while GDMN is a Commodities fund actively managed by WisdomTree. XGD.TO is passively managed, while GDMN is actively managed. Over the past 3 years, XGD.TO returned 41.86%/yr vs 58.70%/yr for GDMN. Their correlation of 0.90 suggests significant overlap in exposure. XGD.TO charges 0.61%/yr vs 0.45%/yr for GDMN.

Performance

XGD.TO vs. GDMN - 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 WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XGD.TO is traded in CAD, while GDMN is traded in USD. To make them comparable, the GDMN values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XGD.TO achieves a -2.21% return, which is significantly higher than GDMN's -11.93% return.

XGD.TO

• 1D: 2.99%
• 1M: -14.75%
• YTD: -2.21%
• 6M: -1.55%
• 1Y: 59.41%
• 3Y*: 41.86%
• 5Y*: 21.08%
• 10Y*: 14.21%

GDMN

• 1D: 2.41%
• 1M: -21.65%
• YTD: -11.93%
• 6M: -12.41%
• 1Y: 60.23%
• 3Y*: 58.70%
• 5Y*: —
• 10Y*: —

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

XGD.TO vs. GDMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XGD.TO iShares S&P/TSX Global Gold Index ETF	-2.21%	144.45%	19.63%	3.91%	-3.13%	8.19%
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	-11.93%	221.70%	39.09%	10.28%	-9.21%	6.16%

Correlation

The correlation between XGD.TO and GDMN is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.90

The correlation between XGD.TO and GDMN has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

XGD.TO vs. GDMN - Sectors Allocation Comparison

Sectors	XGD.TO	GDMN
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XGD.TO vs. GDMN — 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: 40
XGD.TO Sharpe Ratio Rank: 43
XGD.TO Sortino Ratio Rank: 38
XGD.TO Omega Ratio Rank: 43
XGD.TO Calmar Ratio Rank: 41
XGD.TO Martin Ratio Rank: 36

GDMN

GDMN Risk / Return Rank: 29
GDMN Sharpe Ratio Rank: 28
GDMN Sortino Ratio Rank: 28
GDMN Omega Ratio Rank: 33
GDMN Calmar Ratio Rank: 27
GDMN Martin Ratio Rank: 26

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. GDMN - 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 WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). 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.

	XGD.TO	GDMN	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.96	+0.39
Sortino ratio: Return per unit of downside risk	1.75	1.43	+0.32
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	1.81	1.27	+0.53
Martin ratio: Return relative to average drawdown	5.00	3.42	+1.58

XGD.TO vs. GDMN - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.35, which is higher than the GDMN Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of XGD.TO and GDMN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XGD.TO vs. GDMN - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.56%, which is greater than GDMN's maximum drawdown of -49.51%. Use the drawdown chart below to compare losses from any high point for XGD.TO and GDMN.

Drawdown Indicators

	XGD.TO	GDMN	Difference
Max Drawdown Largest peak-to-trough decline	-72.56%	-49.51%	-23.05%
Max Drawdown (1Y) Largest decline over 1 year	-33.06%	-47.54%	+14.48%
Max Drawdown (3Y) Largest decline over 3 years	-33.06%	-47.54%	+14.48%
Max Drawdown (5Y) Largest decline over 5 years	-40.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.96%	—	—
Current Drawdown Current decline from peak	-27.60%	-41.91%	+14.31%
Average Drawdown Average peak-to-trough decline	-31.89%	-16.95%	-14.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.91%	17.67%	-5.76%

Volatility

XGD.TO vs. GDMN - Volatility Comparison

The current volatility for iShares S&P/TSX Global Gold Index ETF (XGD.TO) is 16.16%, while WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) has a volatility of 22.07%. This indicates that XGD.TO experiences smaller price fluctuations and is considered to be less risky than GDMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGD.TO	GDMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.16%	22.07%	-5.91%
Volatility (6M) Calculated over the trailing 6-month period	36.04%	54.25%	-18.21%
Volatility (1Y) Calculated over the trailing 1-year period	44.26%	63.32%	-19.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.95%	48.22%	-15.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.55%	48.22%	-14.67%

XGD.TO vs. GDMN - Expense Ratio Comparison

XGD.TO has a 0.61% expense ratio, which is higher than GDMN's 0.45% expense ratio.

Dividends

XGD.TO vs. GDMN - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.64%, less than GDMN's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	3.13%	2.70%	9.44%	7.69%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

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

With a correlation of 0.90, XGD.TO and GDMN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XGD.TO or GDMN?

On fees, GDMN is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XGD.TO or GDMN?

GDMN is cheaper with a 0.45% expense ratio, compared with 0.61% for XGD.TO.

What is the main difference between XGD.TO and GDMN?

XGD.TO is categorized as Precious Metals, while GDMN is Commodities. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.61% for XGD.TO and 0.45% for GDMN.