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XRE.TO vs. GLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XRE.TO vs. GLD

Last updated Jun 9, 2026

XRE.TO (iShares S&P/TSX Capped REIT Index ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - XRE.TO is a REIT fund tracking the Morningstar DM REIT NR CAD, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, XRE.TO returned 4.80%/yr vs 13.59%/yr for GLD. At a 0.04 correlation, their price movements are largely independent. XRE.TO charges 0.61%/yr vs 0.40%/yr for GLD.

Performance

XRE.TO vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XRE.TO is traded in CAD, while GLD is traded in USD. To make them comparable, the GLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XRE.TO achieves a 10.81% return, which is significantly higher than GLD's 2.07% return. Over the past 10 years, XRE.TO has underperformed GLD with an annualized return of 4.80%, while GLD has yielded a comparatively higher 13.59% annualized return.

XRE.TO

1D
-0.12%
1M
0.70%
YTD
10.81%
6M
14.26%
1Y
12.35%
3Y*
5.57%
5Y*
1.77%
10Y*
4.80%

GLD

1D
0.54%
1M
-6.51%
YTD
2.07%
6M
3.89%
1Y
32.82%
3Y*
31.57%
5Y*
20.91%
10Y*
13.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XRE.TO vs. GLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		10.81%8.89%-2.52%1.88%-17.34%32.54%-13.58%21.98%5.72%9.33%
GLD
SPDR Gold Shares		2.07%56.20%37.38%10.01%5.52%-4.20%21.85%13.00%6.30%5.17%

Correlation

The correlation between XRE.TO and GLD is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.12

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

0.12

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

0.11

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

0.10

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2006

0.04

XRE.TO vs. GLD - Sectors Allocation Comparison

Sectors
XRE.TO
GLD

Real Estate

100.0%

-

Basic Materials

-

100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

XRE.TO
100.0%
GLD

-

Basic Materials

XRE.TO

-

GLD
100.0%

Communication Services

XRE.TO

-

GLD

-

Consumer Cyclical

XRE.TO

-

GLD

-

Consumer Defensive

XRE.TO

-

GLD

-

Energy

XRE.TO

-

GLD

-

Financial Services

XRE.TO

-

GLD

-

Healthcare

XRE.TO

-

GLD

-

Industrials

XRE.TO

-

GLD

-

Technology

XRE.TO

-

GLD

-

Utilities

XRE.TO

-

GLD

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Capped REIT Index ETF

SPDR Gold Shares

Often compared with XRE.TO:
XRE.TO vs. ZRE.TOXRE.TO vs. VRE.TOXRE.TO vs. CGR.TOXRE.TO vs. XIC.TOXRE.TO vs. XDIV.TOXRE.TO vs. XBB.TOXRE.TO vs. VOO
Often compared with GLD:
GLD vs. IAUGLD vs. SPYGLD vs. SLVGLD vs. GOLDGLD vs. GDXGLD vs. GLDMGLD vs. SGOL

Return for Risk

XRE.TO vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XRE.TO
XRE.TO Risk / Return Rank: 3232
Overall Rank
XRE.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
XRE.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
XRE.TO Omega Ratio Rank: 2929
Omega Ratio Rank
XRE.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
XRE.TO Martin Ratio Rank: 3131
Martin Ratio Rank
GLD
GLD Risk / Return Rank: 3333
Overall Rank
GLD Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
GLD Sortino Ratio Rank: 3131
Sortino Ratio Rank
GLD Omega Ratio Rank: 3838
Omega Ratio Rank
GLD Calmar Ratio Rank: 3434
Calmar Ratio Rank
GLD Martin Ratio Rank: 2929
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.

XRE.TO vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and SPDR Gold Shares (GLD). 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.

XRE.TOGLDDifference
Sharpe ratioReturn per unit of total volatility
1.06
1.23

-0.17

Sortino ratioReturn per unit of downside risk
1.59
1.62

-0.03

Omega ratioGain probability vs. loss probability

1.18

1.24

-0.06

Calmar ratioReturn relative to maximum drawdown

1.65

1.83

-0.18

Martin ratioReturn relative to average drawdown

4.13

4.45

-0.32

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XRE.TO vs. GLD - Sharpe Ratio Comparison

The current XRE.TO Sharpe Ratio is 1.06, which is comparable to the GLD Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of XRE.TO and GLD, 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

XRE.TOGLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.06

1.23

-0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

1.11

-1.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.79

-0.52

Sharpe Ratio (All Time)

Calculated using the full available price history

0.38

0.61

-0.23

Drawdowns

XRE.TO vs. GLD - Drawdown Comparison

The maximum XRE.TO drawdown since its inception was -57.01%, which is greater than GLD's maximum drawdown of -33.66%. Use the drawdown chart below to compare losses from any high point for XRE.TO and GLD.

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Drawdown Indicators

XRE.TOGLDDifference

Max Drawdown

Largest peak-to-trough decline

-57.01%

-33.66%

-23.35%

Max Drawdown (1Y)

Largest decline over 1 year

-7.51%

-18.03%

+10.52%

Max Drawdown (3Y)

Largest decline over 3 years

-20.91%

-18.03%

-2.88%

Max Drawdown (5Y)

Largest decline over 5 years

-30.53%

-18.03%

-12.50%

Max Drawdown (10Y)

Largest decline over 10 years

-46.58%

-22.86%

-23.72%

Current Drawdown

Current decline from peak

-2.86%

-17.59%

+14.73%

Average Drawdown

Average peak-to-trough decline

-10.78%

-10.77%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

7.40%

-4.40%

Volatility

XRE.TO vs. GLD - Volatility Comparison

The current volatility for iShares S&P/TSX Capped REIT Index ETF (XRE.TO) is 3.35%, while SPDR Gold Shares (GLD) has a volatility of 5.83%. This indicates that XRE.TO experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XRE.TOGLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.35%

5.83%

-2.48%

Volatility (6M)

Calculated over the trailing 6-month period

8.61%

23.42%

-14.81%

Volatility (1Y)

Calculated over the trailing 1-year period

11.67%

26.85%

-15.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.17%

19.00%

-2.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.58%

17.21%

+0.37%

XRE.TO vs. GLD - Expense Ratio Comparison

XRE.TO has a 0.61% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

XRE.TO vs. GLD - Dividend Comparison

XRE.TO's dividend yield for the trailing twelve months is around 4.44%, while GLD has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GLD
SPDR Gold Shares		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		4.44%5.00%5.55%4.52%4.85%2.62%4.50%4.88%4.86%4.77%5.27%5.66%

Frequently Asked Questions

XRE.TO and GLD have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, GLD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

GLD is cheaper with a 0.40% expense ratio, compared with 0.61% for XRE.TO.

XRE.TO is categorized as REIT, while GLD is Gold. XRE.TO tracks Morningstar DM REIT NR CAD, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.61% for XRE.TO and 0.40% for GLD.

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