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CI Alternative North American Opportunities Fund (CNAO.TO) Sharpe Ratio: 0.66

ETF · Currency in CAD · Last updated Jul 25, 2026

CI Alternative North American Opportunities Fund is an actively managed alternative-equity strategy seeking high long-term absolute returns with a capital-preservation mindset by investing primarily in growth-oriented North American equities and using short-selling, derivatives, and borrowing where appropriate.

CNAO.TO's Sharpe Ratio of 0.66 indicates that for each unit of volatility, it generates 0.66 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jul 25, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets. For how to read this number and when it can mislead, see Sharpe Ratio Explained.

CNAO.TO Sharpe Ratio Rank

CNAO.TO Sharpe Ratio Rank: 27.728
Below Average

CNAO.TO ranks above 27.7% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating below-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Returns may not adequately compensate for volatility taken
  • Consider smaller allocation given below-average risk-adjusted profile
  • Explore higher-ranked investments with better consistency
  • Assess whether the volatility profile aligns with your portfolio goals

CNAO.TO Sharpe Ratio Market Positioning

The chart shows CNAO.TO's Sharpe Ratio relative to all ETFs on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 0.57 or lower
  • Yellow zone (middle 50%): 0.57 to 1.73
  • Green zone (top 25%): 1.73 or higher
  • Top 1%: 6.33+
  • Median: 1.23 — half of all investments score higher

How it compares to other similar ETFs

The table compares CI Alternative North American Opportunities Fund's Sharpe Ratio with other ETFs in the Long-Short, Equity Hedged, Large Cap Growth Equities, Actively Managed category across multiple time periods, showing how CNAO.TO's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jul 25, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
CBNK.TOMulvihill Canadian Bank Enhanced Yield ETF5.28
PDF.TOPurpose Core Dividend Fund3.99
PRA.TOPurpose Diversified Real Asset Fund3.08
RIRA.TORussell Investments Real Assets2.88
RPDH.TORBC Quant European Dividend Leaders CAD Hedged ETF2.88
ATSX.TOAccelerate Canadian Long Short Equity Fund2.54
CNCC.TOGlobal X Canadian S&P/TSX 60 Covered Call ETF2.52
ONEQ.TOCI Global Core Plus Equity ETF2.32
DIVS.TOEvolve Active Canadian Preferred Share Fund2.28
RPD.TORBC Quant European Dividend Leaders ETF2.21
CNAO.TOCI Alternative North American Opportunities Fund0.66

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows CNAO.TO's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when CNAO.TO consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Sharpe Ratio Calculator

How does CNAO.TO fit in your portfolio?

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