XGD.TO vs. GLCC.TO
XGD.TO (iShares S&P/TSX Global Gold Index ETF) and GLCC.TO (Global X Gold Producer Equity Covered Call ETF) are both exchange-traded funds - XGD.TO is a Gold fund tracking the S&P/TSX Global Gold Index, while GLCC.TO is a Derivative Income fund actively managed by Global X. XGD.TO is passively managed, while GLCC.TO is actively managed. Over the past 10 years, XGD.TO returned 13.37%/yr vs 13.14%/yr for GLCC.TO. Their correlation of 0.94 suggests significant overlap in exposure. XGD.TO charges 0.61%/yr vs 0.79%/yr for GLCC.TO.
Performance
XGD.TO vs. GLCC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XGD.TO achieves a -3.25% return, which is significantly higher than GLCC.TO's -6.77% return. Both investments have delivered pretty close results over the past 10 years, with XGD.TO having a 13.37% annualized return and GLCC.TO not far behind at 13.14%.
XGD.TO
- 1D
- -3.91%
- 1M
- -6.09%
- YTD
- -3.25%
- 6M
- -7.99%
- 1Y
- 55.56%
- 3Y*
- 43.50%
- 5Y*
- 23.14%
- 10Y*
- 13.37%
GLCC.TO
- 1D
- -3.96%
- 1M
- -6.23%
- YTD
- -6.77%
- 6M
- -10.89%
- 1Y
- 46.25%
- 3Y*
- 41.21%
- 5Y*
- 22.01%
- 10Y*
- 13.14%
XGD.TO vs. GLCC.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 | -3.25% | 144.45% | 19.63% | 3.91% | -3.13% | -5.81% | 21.10% | 40.18% | -4.10% | 0.96% |
GLCC.TO Global X Gold Producer Equity Covered Call ETF | -6.77% | 137.43% | 20.18% | 6.19% | -1.80% | -9.38% | 15.00% | 38.71% | -0.38% | 7.32% |
Correlation
The correlation between XGD.TO and GLCC.TO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.94 |
The correlation between XGD.TO and GLCC.TO has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.
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Return for Risk
XGD.TO vs. GLCC.TO — Risk / Return Rank
XGD.TO
GLCC.TO
XGD.TO vs. GLCC.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 Global X Gold Producer Equity Covered Call ETF (GLCC.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.
| XGD.TO | GLCC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.41 | +0.28 |
| Martin ratioReturn relative to average drawdown | 4.43 | 3.78 | +0.65 |
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Drawdowns
XGD.TO vs. GLCC.TO - Drawdown Comparison
The maximum XGD.TO drawdown since its inception was -72.56%, smaller than the maximum GLCC.TO drawdown of -81.37%. Use the drawdown chart below to compare losses from any high point for XGD.TO and GLCC.TO.
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Drawdown Indicators
| XGD.TO | GLCC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.56% | -81.37% | +8.81% |
Max Drawdown (1Y)Largest decline over 1 year | -33.06% | -33.03% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -33.06% | -33.03% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -40.82% | -37.60% | -3.22% |
Max Drawdown (10Y)Largest decline over 10 years | -46.96% | -44.83% | -2.13% |
Current DrawdownCurrent decline from peak | -28.37% | -28.29% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -31.91% | -53.09% | +21.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.59% | 12.28% | +0.31% |
Volatility
XGD.TO vs. GLCC.TO - Volatility Comparison
iShares S&P/TSX Global Gold Index ETF (XGD.TO) and Global X Gold Producer Equity Covered Call ETF (GLCC.TO) have volatilities of 16.16% and 15.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XGD.TO | GLCC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.16% | 15.89% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 36.86% | 36.66% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.08% | 43.99% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.12% | 32.49% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.55% | 32.24% | +1.31% |
XGD.TO vs. GLCC.TO - Expense Ratio Comparison
XGD.TO has a 0.61% expense ratio, which is lower than GLCC.TO's 0.79% expense ratio.
Dividends
XGD.TO vs. GLCC.TO - Dividend Comparison
XGD.TO's dividend yield for the trailing twelve months is around 0.64%, less than GLCC.TO's 9.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLCC.TO Global X Gold Producer Equity Covered Call ETF | 9.28% | 6.01% | 10.30% | 11.16% | 10.08% | 6.31% | 6.47% | 4.58% | 5.62% | 7.08% | 8.75% | 2.32% |
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
With a correlation of 0.99, XGD.TO and GLCC.TO 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.
On fees, XGD.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XGD.TO is cheaper with a 0.61% expense ratio, compared with 0.79% for GLCC.TO.
XGD.TO is categorized as Gold, while GLCC.TO is Derivative Income. They also come from different issuers: iShares and Global X. Their fees differ too: 0.61% for XGD.TO and 0.79% for GLCC.TO.
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