XGD.TO vs. HGY.TO
XGD.TO (iShares S&P/TSX Global Gold Index ETF) and HGY.TO (Global X Gold Yield ETF) are both Gold funds. XGD.TO is passively managed, while HGY.TO is actively managed. Over the past 10 years, XGD.TO returned 13.37%/yr vs 6.35%/yr for HGY.TO. A 0.61 correlation means they provide meaningful diversification when combined. XGD.TO charges 0.61%/yr vs 0.86%/yr for HGY.TO.
Performance
XGD.TO vs. HGY.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 HGY.TO's -6.18% return. Over the past 10 years, XGD.TO has outperformed HGY.TO with an annualized return of 13.37%, while HGY.TO has yielded a comparatively lower 6.35% annualized return.
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%
HGY.TO
- 1D
- -1.77%
- 1M
- -8.46%
- YTD
- -6.18%
- 6M
- -9.09%
- 1Y
- 14.05%
- 3Y*
- 21.46%
- 5Y*
- 12.51%
- 10Y*
- 6.35%
XGD.TO vs. HGY.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% |
HGY.TO Global X Gold Yield ETF | -6.18% | 48.66% | 21.36% | 9.51% | -3.64% | -7.21% | 15.27% | 11.16% | -5.75% | 5.87% |
Correlation
The correlation between XGD.TO and HGY.TO is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012 | 0.61 |
The correlation between XGD.TO and HGY.TO shifts across timeframes, from 0.61 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XGD.TO vs. HGY.TO — Risk / Return Rank
XGD.TO
HGY.TO
XGD.TO vs. HGY.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 Yield ETF (HGY.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 | HGY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.13 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 0.63 | +1.06 |
| Martin ratioReturn relative to average drawdown | 4.43 | 1.78 | +2.65 |
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Drawdowns
XGD.TO vs. HGY.TO - Drawdown Comparison
The maximum XGD.TO drawdown since its inception was -72.56%, which is greater than HGY.TO's maximum drawdown of -48.61%. Use the drawdown chart below to compare losses from any high point for XGD.TO and HGY.TO.
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Drawdown Indicators
| XGD.TO | HGY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.56% | -48.61% | -23.95% |
Max Drawdown (1Y)Largest decline over 1 year | -33.06% | -22.37% | -10.69% |
Max Drawdown (3Y)Largest decline over 3 years | -33.06% | -22.37% | -10.69% |
Max Drawdown (5Y)Largest decline over 5 years | -40.82% | -22.37% | -18.45% |
Max Drawdown (10Y)Largest decline over 10 years | -46.96% | -25.23% | -21.73% |
Current DrawdownCurrent decline from peak | -28.37% | -21.67% | -6.70% |
Average DrawdownAverage peak-to-trough decline | -31.91% | -30.64% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.59% | 7.93% | +4.66% |
Volatility
XGD.TO vs. HGY.TO - Volatility Comparison
iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a higher volatility of 16.16% compared to Global X Gold Yield ETF (HGY.TO) at 9.48%. This indicates that XGD.TO's price experiences larger fluctuations and is considered to be riskier than HGY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XGD.TO | HGY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.16% | 9.48% | +6.68% |
Volatility (6M)Calculated over the trailing 6-month period | 36.86% | 22.42% | +14.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.08% | 24.87% | +20.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.12% | 15.96% | +17.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.55% | 15.64% | +17.91% |
XGD.TO vs. HGY.TO - Expense Ratio Comparison
XGD.TO has a 0.61% expense ratio, which is lower than HGY.TO's 0.86% expense ratio.
Dividends
XGD.TO vs. HGY.TO - Dividend Comparison
XGD.TO's dividend yield for the trailing twelve months is around 0.64%, less than HGY.TO's 6.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HGY.TO Global X Gold Yield ETF | 6.61% | 4.92% | 5.32% | 6.10% | 3.72% | 2.93% | 2.86% | 2.09% | 2.33% | 2.31% | 2.69% | 3.07% |
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
XGD.TO and HGY.TO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.86% for HGY.TO.
They also come from different issuers: iShares and Global X. Their fees differ too: 0.61% for XGD.TO and 0.86% for HGY.TO.
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