XGD.TO vs. SVR-C.TO

Last updated Jun 4, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) are both exchange-traded funds - XGD.TO is a Precious Metals fund tracking the Morningstar Gbl Gold GR CAD, while SVR-C.TO is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, XGD.TO returned 14.79%/yr vs 16.32%/yr for SVR-C.TO. At a 0.47 correlation, their price movements are largely independent. XGD.TO charges 0.61%/yr vs 0.66%/yr for SVR-C.TO.

Performance

XGD.TO vs. SVR-C.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 iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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 lower than SVR-C.TO's 3.58% return. Over the past 10 years, XGD.TO has underperformed SVR-C.TO with an annualized return of 14.79%, while SVR-C.TO has yielded a comparatively higher 16.32% annualized return.

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%

SVR-C.TO

• 1D: -2.08%
• 1M: 2.36%
• YTD: 3.58%
• 6M: 23.35%
• 1Y: 112.17%
• 3Y*: 46.44%
• 5Y*: 24.24%
• 10Y*: 16.32%

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

XGD.TO vs. SVR-C.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%
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged)	3.58%	132.91%	30.61%	-2.65%	9.31%	-12.72%	43.88%	9.28%	-2.35%	-2.30%

Correlation

The correlation between XGD.TO and SVR-C.TO is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Mar 7, 2011	0.47

Over the past year, XGD.TO and SVR-C.TO have become more correlated (0.70) than their long-term average of 0.47, meaning their price movements have been converging.

Return for Risk

XGD.TO vs. SVR-C.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

SVR-C.TO

SVR-C.TO Risk / Return Rank: 50
SVR-C.TO Sharpe Ratio Rank: 58
SVR-C.TO Sortino Ratio Rank: 41
SVR-C.TO Omega Ratio Rank: 58
SVR-C.TO Calmar Ratio Rank: 54
SVR-C.TO Martin Ratio Rank: 37

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. SVR-C.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 iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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	SVR-C.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.99	-0.40
Sortino ratio: Return per unit of downside risk	1.97	2.13	-0.16
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.35	2.72	-0.36
Martin ratio: Return relative to average drawdown	6.22	5.83	+0.39
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. SVR-C.TO - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.59, which is comparable to the SVR-C.TO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of XGD.TO and SVR-C.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	SVR-C.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.99	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.72	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.56	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.23	+0.02

Drawdowns

XGD.TO vs. SVR-C.TO - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.55%, which is greater than SVR-C.TO's maximum drawdown of -61.14%. Use the drawdown chart below to compare losses from any high point for XGD.TO and SVR-C.TO.

Drawdown Indicators

	XGD.TO	SVR-C.TO	Difference
Max Drawdown Largest peak-to-trough decline	-72.55%	-61.14%	-11.41%
Max Drawdown (1Y) Largest decline over 1 year	-28.95%	-41.54%	+12.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.95%	-41.54%	+12.59%
Max Drawdown (5Y) Largest decline over 5 years	-40.82%	-41.54%	+0.72%
Max Drawdown (10Y) Largest decline over 10 years	-46.96%	-41.54%	-5.42%
Current Drawdown Current decline from peak	-23.49%	-35.92%	+12.43%
Average Drawdown Average peak-to-trough decline	-28.30%	-35.58%	+7.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.93%	19.30%	-8.37%

Volatility

XGD.TO vs. SVR-C.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Global Gold Index ETF (XGD.TO) is 14.43%, while iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) has a volatility of 16.01%. This indicates that XGD.TO experiences smaller price fluctuations and is considered to be less risky than SVR-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGD.TO	SVR-C.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.43%	16.01%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	34.40%	55.45%	-21.05%
Volatility (1Y) Calculated over the trailing 1-year period	42.86%	56.72%	-13.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.64%	36.57%	-3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.38%	33.57%	-0.19%

XGD.TO vs. SVR-C.TO - Expense Ratio Comparison

XGD.TO has a 0.61% expense ratio, which is lower than SVR-C.TO's 0.66% expense ratio.

Dividends

XGD.TO vs. SVR-C.TO - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XGD.TO iShares S&P/TSX Global Gold Index ETF	0.60%	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 SVR-C.TO in my portfolio?

XGD.TO and SVR-C.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XGD.TO or SVR-C.TO?

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.

Which ETF is cheaper, XGD.TO or SVR-C.TO?

XGD.TO is cheaper with a 0.61% expense ratio, compared with 0.66% for SVR-C.TO.

What is the main difference between XGD.TO and SVR-C.TO?

XGD.TO is categorized as Precious Metals, while SVR-C.TO is Silver. XGD.TO tracks Morningstar Gbl Gold GR CAD, while SVR-C.TO tracks LBMA Silver Price. Their fees differ too: 0.61% for XGD.TO and 0.66% for SVR-C.TO.