AVES vs. BTCX-B.TO

Last updated Jun 13, 2026

AVES (Avantis Emerging Markets Value ETF) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management. Over the past 3 years, AVES returned 19.19%/yr vs 34.10%/yr for BTCX-B.TO. At a 0.29 correlation, their price movements are largely independent. AVES charges 0.36%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

AVES vs. BTCX-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, AVES achieves a 15.51% return, which is significantly higher than BTCX-B.TO's -27.75% return.

AVES

• 1D: 0.32%
• 1M: 0.12%
• YTD: 15.51%
• 6M: 18.20%
• 1Y: 31.51%
• 3Y*: 19.19%
• 5Y*: —
• 10Y*: —

BTCX-B.TO

• 1D: 0.02%
• 1M: -20.24%
• YTD: -27.75%
• 6M: -29.77%
• 1Y: -40.71%
• 3Y*: 34.10%
• 5Y*: 10.26%
• 10Y*: —

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

AVES vs. BTCX-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	15.51%	30.49%	4.50%	16.79%	-16.04%	0.95%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-27.68%	-7.08%	120.35%	155.48%	-64.32%	9.62%

Correlation

The correlation between AVES and BTCX-B.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.29

The correlation between AVES and BTCX-B.TO shifts across timeframes, from 0.23 (3 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AVES vs. BTCX-B.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVES

AVES Risk / Return Rank: 54
AVES Sharpe Ratio Rank: 55
AVES Sortino Ratio Rank: 52
AVES Omega Ratio Rank: 58
AVES Calmar Ratio Rank: 53
AVES Martin Ratio Rank: 55

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 3
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 3
BTCX-B.TO Omega Ratio Rank: 3
BTCX-B.TO Calmar Ratio Rank: 3
BTCX-B.TO Martin Ratio Rank: 3

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.

AVES vs. BTCX-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.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.

	AVES	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	-0.94	+2.58
Sortino ratio: Return per unit of downside risk	2.22	-1.33	+3.55
Omega ratio: Gain probability vs. loss probability	1.31	0.85	+0.46
Calmar ratio: Return relative to maximum drawdown	2.32	-0.79	+3.11
Martin ratio: Return relative to average drawdown	8.40	-1.37	+9.77

AVES vs. BTCX-B.TO - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.64, which is higher than the BTCX-B.TO Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of AVES and BTCX-B.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.

Drawdowns

AVES vs. BTCX-B.TO - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum BTCX-B.TO drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for AVES and BTCX-B.TO.

Drawdown Indicators

	AVES	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-76.99%	+49.59%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-52.00%	+39.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-52.00%	+33.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.99%	—
Current Drawdown Current decline from peak	-2.45%	-49.55%	+47.10%
Average Drawdown Average peak-to-trough decline	-7.70%	-34.21%	+26.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	29.67%	-26.11%

Volatility

AVES vs. BTCX-B.TO - Volatility Comparison

The current volatility for Avantis Emerging Markets Value ETF (AVES) is 8.89%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 12.31%. This indicates that AVES experiences smaller price fluctuations and is considered to be less risky than BTCX-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	12.31%	-3.42%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	34.02%	-18.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	43.36%	-25.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	54.27%	-37.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	55.26%	-38.06%

AVES vs. BTCX-B.TO - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than BTCX-B.TO's 0.80% expense ratio.

Dividends

AVES vs. BTCX-B.TO - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.53%, while BTCX-B.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	3.53%	3.17%	4.09%	3.96%	3.70%	0.62%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVES and BTCX-B.TO in my portfolio?

AVES and BTCX-B.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AVES or BTCX-B.TO?

On fees, AVES is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AVES or BTCX-B.TO?

AVES is cheaper with a 0.36% expense ratio, compared with 0.80% for BTCX-B.TO.

What is the main difference between AVES and BTCX-B.TO?

AVES is categorized as Emerging Markets Equities, while BTCX-B.TO is Cryptocurrency. They also come from different issuers: Avantis and CI Global Asset Management. Their fees differ too: 0.36% for AVES and 0.80% for BTCX-B.TO.