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XGD.TO vs. XFN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XGD.TO vs. XFN.TO

Last updated Jun 14, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and XFN.TO (iShares S&P/TSX Capped Financials Index ETF) are both exchange-traded funds - XGD.TO is a Gold fund tracking the S&P/TSX Global Gold Index, while XFN.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD. Both are passively managed. Over the past 10 years, XGD.TO returned 14.21%/yr vs 15.21%/yr for XFN.TO. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.61% expense ratio.

Performance

XGD.TO vs. XFN.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 S&P/TSX Capped Financials Index ETF (XFN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XGD.TO achieves a -2.21% return, which is significantly lower than XFN.TO's 17.97% return. Over the past 10 years, XGD.TO has underperformed XFN.TO with an annualized return of 14.21%, while XFN.TO has yielded a comparatively higher 15.21% annualized return.

XGD.TO

1D
2.99%
1M
-13.12%
YTD
-2.21%
6M
-1.55%
1Y
56.40%
3Y*
41.86%
5Y*
21.08%
10Y*
14.21%

XFN.TO

1D
0.81%
1M
7.31%
YTD
17.97%
6M
19.57%
1Y
49.33%
3Y*
31.45%
5Y*
18.22%
10Y*
15.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XGD.TO vs. XFN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XGD.TO
iShares S&P/TSX Global Gold Index ETF		-2.21%144.45%19.63%3.91%-3.13%-5.81%21.10%40.18%-4.10%0.96%
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		17.97%34.40%29.32%13.09%-9.92%35.57%0.99%20.66%-9.76%12.54%

Correlation

The correlation between XGD.TO and XFN.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.28

Correlation (5Y)
Calculated over the trailing 5-year period

0.22

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.08

Over the past year, XGD.TO and XFN.TO have become more correlated (0.28) than their long-term average of 0.07, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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iShares S&P/TSX Global Gold Index ETF

iShares S&P/TSX Capped Financials Index ETF

Often compared with XGD.TO:
XGD.TO vs. CGL.TOXGD.TO vs. GLDXGD.TO vs. ZGD.TOXGD.TO vs. MNT.TOXGD.TO vs. BRK-BXGD.TO vs. ZGLD.TOXGD.TO vs. ZGLD.SW
Often compared with XFN.TO:
XFN.TO vs. VDY.TOXFN.TO vs. CEW.TOXFN.TO vs. FIE.TOXFN.TO vs. XIU.TOXFN.TO vs. VFV.TOXFN.TO vs. RY.TOXFN.TO vs. XUS-U.TO

Return for Risk

XGD.TO vs. XFN.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: 4040
Overall Rank
XGD.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
XGD.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
XGD.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XGD.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XGD.TO Martin Ratio Rank: 3636
Martin Ratio Rank
XFN.TO
XFN.TO Risk / Return Rank: 9595
Overall Rank
XFN.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XFN.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XFN.TO Omega Ratio Rank: 9696
Omega Ratio Rank
XFN.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
XFN.TO Martin Ratio Rank: 9595
Martin Ratio Rank
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. XFN.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 S&P/TSX Capped Financials Index ETF (XFN.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.TOXFN.TODifference
Sharpe ratioReturn per unit of total volatility
1.35
3.95

-2.60

Sortino ratioReturn per unit of downside risk
1.75
5.49

-3.73

Omega ratioGain probability vs. loss probability

1.25

1.70

-0.45

Calmar ratioReturn relative to maximum drawdown

1.81

6.20

-4.39

Martin ratioReturn relative to average drawdown

5.00

25.03

-20.03

XGD.TO vs. XFN.TO - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.35, which is lower than the XFN.TO Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of XGD.TO and XFN.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.

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Drawdowns

XGD.TO vs. XFN.TO - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.56%, which is greater than XFN.TO's maximum drawdown of -55.53%. Use the drawdown chart below to compare losses from any high point for XGD.TO and XFN.TO.

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Drawdown Indicators

XGD.TOXFN.TODifference

Max Drawdown

Largest peak-to-trough decline

-72.56%

-55.53%

-17.03%

Max Drawdown (1Y)

Largest decline over 1 year

-33.06%

-7.80%

-25.26%

Max Drawdown (3Y)

Largest decline over 3 years

-33.06%

-12.37%

-20.69%

Max Drawdown (5Y)

Largest decline over 5 years

-40.82%

-21.90%

-18.92%

Max Drawdown (10Y)

Largest decline over 10 years

-46.96%

-39.93%

-7.03%

Current Drawdown

Current decline from peak

-27.60%

0.00%

-27.60%

Average Drawdown

Average peak-to-trough decline

-31.89%

-6.95%

-24.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.91%

1.93%

+9.98%

Volatility

XGD.TO vs. XFN.TO - Volatility Comparison

iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a higher volatility of 16.16% compared to iShares S&P/TSX Capped Financials Index ETF (XFN.TO) at 4.08%. This indicates that XGD.TO's price experiences larger fluctuations and is considered to be riskier than XFN.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.TOXFN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.16%

4.08%

+12.08%

Volatility (6M)

Calculated over the trailing 6-month period

36.04%

10.20%

+25.84%

Volatility (1Y)

Calculated over the trailing 1-year period

44.26%

12.24%

+32.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.95%

13.50%

+19.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.55%

16.54%

+17.01%

XGD.TO vs. XFN.TO - Expense Ratio Comparison

Both XGD.TO and XFN.TO have an expense ratio of 0.61%.

Dividends

XGD.TO vs. XFN.TO - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.64%, less than XFN.TO's 2.07% yield.

PositionTTM20252024202320222021202020192018201720162015
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		2.07%2.39%3.16%3.60%3.48%2.67%3.35%3.00%3.43%2.73%2.83%3.17%
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 XFN.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.61% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

XGD.TO and XFN.TO have the same expense ratio: 0.61% per year.

XGD.TO is categorized as Gold, while XFN.TO is Financials Equities. XGD.TO tracks S&P/TSX Global Gold Index, while XFN.TO tracks Morningstar Gbl Fin Svc GR CAD.

Portfolio Optimizer

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