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

XGD.TO vs. XMA.TO

Last updated Jun 4, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and XMA.TO (iShares S&P/TSX Capped Materials Index ETF) are both exchange-traded funds - XGD.TO is a Precious Metals fund tracking the Morningstar Gbl Gold GR CAD, while XMA.TO is a Materials fund tracking the S&P/TSX Capped Materials TR. Both are passively managed. Over the past 10 years, XGD.TO returned 14.79%/yr vs 14.00%/yr for XMA.TO. Their correlation of 0.90 suggests significant overlap in exposure. XGD.TO charges 0.61%/yr vs 0.60%/yr for XMA.TO.

Performance

XGD.TO vs. XMA.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 Materials Index ETF (XMA.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 3.35% return, which is significantly lower than XMA.TO's 7.60% return. Over the past 10 years, XGD.TO has outperformed XMA.TO with an annualized return of 14.79%, while XMA.TO has yielded a comparatively lower 14.00% 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%

XMA.TO

1D
-3.13%
1M
5.70%
YTD
7.60%
6M
12.34%
1Y
64.71%
3Y*
35.49%
5Y*
20.09%
10Y*
14.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		7.60%99.21%20.72%-2.04%1.35%3.31%19.73%24.63%-10.46%7.07%

Correlation

The correlation between XGD.TO and XMA.TO is 0.96 - 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

0.96

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

0.93

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

0.90

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

0.89

Correlation (All Time)
Calculated using the full available price history since Dec 29, 2005

0.90

The correlation between XGD.TO and XMA.TO has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

XGD.TO vs. XMA.TO - Sectors Allocation Comparison

Sectors
XGD.TO
XMA.TO

Basic Materials

100.0%
98.4%

Communication Services

-

-

Consumer Cyclical

-

1.6%

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

0.0%

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

XGD.TO
100.0%
XMA.TO
98.4%

Communication Services

XGD.TO

-

XMA.TO

-

Consumer Cyclical

XGD.TO

-

XMA.TO
1.6%

Consumer Defensive

XGD.TO

-

XMA.TO

-

Energy

XGD.TO

-

XMA.TO

-

Financial Services

XGD.TO

-

XMA.TO

-

Healthcare

XGD.TO

-

XMA.TO

-

Industrials

XGD.TO

-

XMA.TO
0.0%

Real Estate

XGD.TO

-

XMA.TO

-

Technology

XGD.TO

-

XMA.TO

-

Utilities

XGD.TO

-

XMA.TO

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Global Gold Index ETF

iShares S&P/TSX Capped Materials 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 XMA.TO:
XMA.TO vs. XETM.TOXMA.TO vs. XIC.TOXMA.TO vs. ZUT.TOXMA.TO vs. XIT.TOXMA.TO vs. XEQT.TOXMA.TO vs. XBM.TOXMA.TO vs. VFV.TO

Return for Risk

XGD.TO vs. XMA.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: 4242
Overall Rank
XGD.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XGD.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
XGD.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XGD.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
XGD.TO Martin Ratio Rank: 3939
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 4646
Overall Rank
XMA.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 4242
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. XMA.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 Materials Index ETF (XMA.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.TOXMA.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
1.75

-0.16

Sortino ratioReturn per unit of downside risk
1.97
2.11

-0.14

Omega ratioGain probability vs. loss probability

1.28

1.31

-0.03

Calmar ratioReturn relative to maximum drawdown

2.35

2.41

-0.06

Martin ratioReturn relative to average drawdown

6.22

6.76

-0.54

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. XMA.TO - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.59, which is comparable to the XMA.TO Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of XGD.TO and XMA.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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Sharpe Ratios by Period

XGD.TOXMA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

1.75

-0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.73

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.53

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.28

-0.03

Drawdowns

XGD.TO vs. XMA.TO - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.55%, which is greater than XMA.TO's maximum drawdown of -64.13%. Use the drawdown chart below to compare losses from any high point for XGD.TO and XMA.TO.

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Drawdown Indicators

XGD.TOXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-72.55%

-64.13%

-8.42%

Max Drawdown (1Y)

Largest decline over 1 year

-28.95%

-26.96%

-1.99%

Max Drawdown (3Y)

Largest decline over 3 years

-28.95%

-26.96%

-1.99%

Max Drawdown (5Y)

Largest decline over 5 years

-40.82%

-33.06%

-7.76%

Max Drawdown (10Y)

Largest decline over 10 years

-46.96%

-33.06%

-13.90%

Current Drawdown

Current decline from peak

-23.49%

-18.76%

-4.73%

Average Drawdown

Average peak-to-trough decline

-28.30%

-26.31%

-1.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.93%

9.60%

+1.33%

Volatility

XGD.TO vs. XMA.TO - Volatility Comparison

iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a higher volatility of 14.43% compared to iShares S&P/TSX Capped Materials Index ETF (XMA.TO) at 13.42%. This indicates that XGD.TO's price experiences larger fluctuations and is considered to be riskier than XMA.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.TOXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.43%

13.42%

+1.01%

Volatility (6M)

Calculated over the trailing 6-month period

34.40%

30.86%

+3.54%

Volatility (1Y)

Calculated over the trailing 1-year period

42.86%

37.08%

+5.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.64%

27.55%

+5.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.38%

26.56%

+6.82%

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

XGD.TO has a 0.61% expense ratio, which is higher than XMA.TO's 0.60% expense ratio.

Dividends

XGD.TO vs. XMA.TO - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.60%, more than XMA.TO's 0.37% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.37%0.41%0.83%1.26%1.24%0.87%0.63%0.62%0.72%0.42%0.82%1.90%

Frequently Asked Questions

With a correlation of 0.96, XGD.TO and XMA.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, XMA.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMA.TO is cheaper with a 0.60% expense ratio, compared with 0.61% for XGD.TO.

XGD.TO is categorized as Precious Metals, while XMA.TO is Materials. XGD.TO tracks Morningstar Gbl Gold GR CAD, while XMA.TO tracks S&P/TSX Capped Materials TR. Their fees differ too: 0.61% for XGD.TO and 0.60% for XMA.TO.

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