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BTCX-B.TO vs. CGHY.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BTCX-B.TO vs. CGHY.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and CGHY.TO (CI High Yield Bond Private Pool ETF C$ Series) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while CGHY.TO is a High Yield Bonds fund actively managed by CI Global Asset Management. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 9.45%/yr for CGHY.TO. At a 0.02 correlation, their price movements are largely independent. BTCX-B.TO charges 0.80%/yr vs 0.76%/yr for CGHY.TO.

Performance

BTCX-B.TO vs. CGHY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and CI High Yield Bond Private Pool ETF C$ Series (CGHY.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, BTCX-B.TO achieves a -24.79% return, which is significantly lower than CGHY.TO's 3.03% return.

BTCX-B.TO

1D
-2.37%
1M
-16.88%
YTD
-24.79%
6M
-30.42%
1Y
-38.32%
3Y*
34.38%
5Y*
14.29%
10Y*
—

CGHY.TO

1D
0.29%
1M
1.40%
YTD
3.03%
6M
2.75%
1Y
7.80%
3Y*
9.27%
5Y*
9.45%
10Y*
6.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
BTCX-B.TO
CI Galaxy Bitcoin ETF C$ Unhedged Series Units		-24.79%-11.32%139.01%149.40%-62.06%-16.98%
CGHY.TO
CI High Yield Bond Private Pool ETF C$ Series		3.03%6.19%9.66%13.41%13.50%3.89%

Correlation

The correlation between BTCX-B.TO and CGHY.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.01

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

0.04

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

0.03

Correlation (All Time)
Calculated using the full available price history since Mar 10, 2021

0.02

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CI Galaxy Bitcoin ETF C$ Unhedged Series Units

CI High Yield Bond Private Pool ETF C$ Series

Often compared with BTCX-B.TO:
BTCX-B.TO vs. FBTCBTCX-B.TO vs. BTC-USDBTCX-B.TO vs. IBITBTCX-B.TO vs. GLXY.TOBTCX-B.TO vs. XEQT.TOBTCX-B.TO vs. STRKBTCX-B.TO vs. HXQ.TO
Often compared with CGHY.TO:
CGHY.TO vs. PRHIXCGHY.TO vs. XSI.TOCGHY.TO vs. ZHY.TOCGHY.TO vs. ETHX.TOCGHY.TO vs. CVD.TOCGHY.TO vs. CCCX.TOCGHY.TO vs. XHY.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BTCX-B.TO
BTCX-B.TO Risk / Return Rank: 22
Overall Rank
BTCX-B.TO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
BTCX-B.TO Sortino Ratio Rank: 22
Sortino Ratio Rank
BTCX-B.TO Omega Ratio Rank: 22
Omega Ratio Rank
BTCX-B.TO Calmar Ratio Rank: 22
Calmar Ratio Rank
BTCX-B.TO Martin Ratio Rank: 22
Martin Ratio Rank
CGHY.TO
CGHY.TO Risk / Return Rank: 4848
Overall Rank
CGHY.TO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
CGHY.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
CGHY.TO Omega Ratio Rank: 3434
Omega Ratio Rank
CGHY.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
CGHY.TO Martin Ratio Rank: 6565
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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and CI High Yield Bond Private Pool ETF C$ Series (CGHY.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.

BTCX-B.TOCGHY.TODifference

Sharpe ratio

Return per unit of total volatility

-0.90

1.23

-2.13

Sortino ratio

Return per unit of downside risk

-1.24

1.73

-2.98

Omega ratio

Gain probability vs. loss probability

0.86

1.23

-0.37

Calmar ratio

Return relative to maximum drawdown

-0.76

3.60

-4.36

Martin ratio

Return relative to average drawdown

-1.32

11.65

-12.97

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

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

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the CGHY.TO Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and CGHY.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

BTCX-B.TOCGHY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.90

1.23

-2.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.27

0.66

-0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.52

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

0.46

-0.38

Drawdowns

BTCX-B.TO vs. CGHY.TO - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than CGHY.TO's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and CGHY.TO.

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Drawdown Indicators

BTCX-B.TOCGHY.TODifference

Max Drawdown

Largest peak-to-trough decline

-75.26%

-24.44%

-50.82%

Max Drawdown (1Y)

Largest decline over 1 year

-50.41%

-2.18%

-48.23%

Max Drawdown (3Y)

Largest decline over 3 years

-50.41%

-4.92%

-45.49%

Max Drawdown (5Y)

Largest decline over 5 years

-75.26%

-9.81%

-65.45%

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.44%

—

Current Drawdown

Current decline from peak

-48.50%

0.00%

-48.50%

Average Drawdown

Average peak-to-trough decline

-32.95%

-2.05%

-30.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

29.08%

0.67%

+28.41%

Volatility

BTCX-B.TO vs. CGHY.TO - Volatility Comparison

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 9.83% compared to CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) at 1.34%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than CGHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BTCX-B.TOCGHY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.83%

1.34%

+8.49%

Volatility (6M)

Calculated over the trailing 6-month period

33.96%

5.14%

+28.82%

Volatility (1Y)

Calculated over the trailing 1-year period

42.89%

6.38%

+36.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

54.13%

14.51%

+39.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.99%

13.00%

+41.99%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than CGHY.TO's 0.76% expense ratio.

Dividends

BTCX-B.TO vs. CGHY.TO - Dividend Comparison

BTCX-B.TO has not paid dividends to shareholders, while CGHY.TO's dividend yield for the trailing twelve months is around 5.25%.

PositionTTM20252024202320222021202020192018201720162015
BTCX-B.TO
CI Galaxy Bitcoin ETF C$ Unhedged Series Units		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
CGHY.TO
CI High Yield Bond Private Pool ETF C$ Series		5.25%5.40%4.99%5.14%5.08%6.32%6.08%5.65%5.91%5.45%5.57%5.23%

Frequently Asked Questions

BTCX-B.TO and CGHY.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CGHY.TO is cheaper at 0.76% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CGHY.TO is cheaper with a 0.76% expense ratio, compared with 0.80% for BTCX-B.TO.

BTCX-B.TO is categorized as Cryptocurrency, while CGHY.TO is High Yield Bonds. Their fees differ too: 0.80% for BTCX-B.TO and 0.76% for CGHY.TO.

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