XGD.TO vs. GDX

Last updated Jun 4, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - XGD.TO is a Precious Metals fund tracking the Morningstar Gbl Gold GR CAD, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, XGD.TO returned 14.79%/yr vs 14.81%/yr for GDX. With a 0.96 correlation, they move nearly in lockstep. XGD.TO charges 0.61%/yr vs 0.51%/yr for GDX.

Performance

XGD.TO vs. GDX - 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 VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XGD.TO is traded in CAD, while GDX is traded in USD. To make them comparable, the GDX 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 3.35% return, which is significantly higher than GDX's 0.36% return. Both investments have delivered pretty close results over the past 10 years, with XGD.TO having a 14.79% annualized return and GDX not far ahead at 14.81%.

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%

GDX

• 1D: -3.07%
• 1M: 1.22%
• YTD: 0.36%
• 6M: 5.21%
• 1Y: 63.35%
• 3Y*: 42.64%
• 5Y*: 22.08%
• 10Y*: 14.81%

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

XGD.TO vs. GDX - 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%
GDX VanEck Gold Miners ETF	0.36%	143.09%	20.14%	7.55%	-2.52%	-10.34%	21.57%	32.97%	-1.03%	4.86%

Correlation

The correlation between XGD.TO and GDX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.96

The correlation between XGD.TO and GDX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

XGD.TO vs. GDX - Sectors Allocation Comparison

Sectors	XGD.TO	GDX
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. GDX — 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

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

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. GDX - 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 VanEck Gold Miners ETF (GDX). 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	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.44	+0.15
Sortino ratio: Return per unit of downside risk	1.97	1.84	+0.13
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.35	2.09	+0.26
Martin ratio: Return relative to average drawdown	6.22	5.43	+0.79
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. GDX - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.59, which is comparable to the GDX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of XGD.TO and GDX, 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	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.44	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.66	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.42	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.21	+0.05

Drawdowns

XGD.TO vs. GDX - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.55%, roughly equal to the maximum GDX drawdown of -72.75%. Use the drawdown chart below to compare losses from any high point for XGD.TO and GDX.

Drawdown Indicators

	XGD.TO	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-72.55%	-72.75%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-28.95%	-30.43%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-28.95%	-30.43%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-40.82%	-41.75%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	-46.96%	-48.18%	+1.22%
Current Drawdown Current decline from peak	-23.49%	-25.23%	+1.74%
Average Drawdown Average peak-to-trough decline	-28.30%	-34.38%	+6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.93%	11.70%	-0.77%

Volatility

XGD.TO vs. GDX - Volatility Comparison

The current volatility for iShares S&P/TSX Global Gold Index ETF (XGD.TO) is 14.43%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.21%. This indicates that XGD.TO experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGD.TO	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.43%	15.21%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	34.40%	36.33%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	42.86%	44.24%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.64%	33.83%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.38%	35.29%	-1.91%

XGD.TO vs. GDX - Expense Ratio Comparison

XGD.TO has a 0.61% expense ratio, which is higher than GDX's 0.51% expense ratio.

Dividends

XGD.TO vs. GDX - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.60%, less than GDX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.74%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
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 GDX in my portfolio?

With a correlation of 0.94, XGD.TO and GDX 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 GDX?

On fees, GDX is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XGD.TO or GDX?

GDX is cheaper with a 0.51% expense ratio, compared with 0.61% for XGD.TO.

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

XGD.TO is categorized as Precious Metals, while GDX is Gold. XGD.TO tracks Morningstar Gbl Gold GR CAD, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.61% for XGD.TO and 0.51% for GDX.