BTCX-B.TO vs. CGL-C.TO
BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and CGL-C.TO (iShares Gold Bullion ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD). Over the past 5 years, BTCX-B.TO returned 13.52%/yr vs 20.15%/yr for CGL-C.TO. At a correlation of -0.01, they often move in opposite directions. BTCX-B.TO charges 0.80%/yr vs 0.55%/yr for CGL-C.TO.
Performance
BTCX-B.TO vs. CGL-C.TO - Performance Comparison
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Returns By Period
In the year-to-date period, BTCX-B.TO achieves a -26.21% return, which is significantly lower than CGL-C.TO's -0.61% return.
BTCX-B.TO
- 1D
- 0.31%
- 1M
- -20.55%
- YTD
- -26.21%
- 6M
- -28.69%
- 1Y
- -38.22%
- 3Y*
- 36.16%
- 5Y*
- 13.52%
- 10Y*
- —
CGL-C.TO
- 1D
- 0.29%
- 1M
- -7.80%
- YTD
- -0.61%
- 6M
- -0.87%
- 1Y
- 25.43%
- 3Y*
- 30.79%
- 5Y*
- 20.15%
- 10Y*
- 12.86%
BTCX-B.TO vs. CGL-C.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units | -26.21% | -11.32% | 139.01% | 149.40% | -62.06% | -18.60% |
CGL-C.TO iShares Gold Bullion ETF | -0.61% | 55.55% | 37.41% | 10.13% | 6.11% | 8.02% |
Correlation
The correlation between BTCX-B.TO and CGL-C.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021 | -0.01 |
The correlation between BTCX-B.TO and CGL-C.TO shifts across timeframes, from -0.01 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTCX-B.TO vs. CGL-C.TO — Risk / Return Rank
BTCX-B.TO
CGL-C.TO
BTCX-B.TO vs. CGL-C.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 iShares Gold Bullion ETF (CGL-C.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.
| BTCX-B.TO | CGL-C.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.21 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 1.22 | -1.98 |
| Martin ratioReturn relative to average drawdown | -1.30 | 3.49 | -4.79 |
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Drawdowns
BTCX-B.TO vs. CGL-C.TO - Drawdown Comparison
The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than CGL-C.TO's maximum drawdown of -30.01%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and CGL-C.TO.
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Drawdown Indicators
| BTCX-B.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.26% | -30.01% | -45.25% |
Max Drawdown (1Y)Largest decline over 1 year | -52.20% | -22.11% | -30.09% |
Max Drawdown (3Y)Largest decline over 3 years | -52.20% | -22.11% | -30.09% |
Max Drawdown (5Y)Largest decline over 5 years | -75.26% | -22.11% | -53.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.78% | — |
Current DrawdownCurrent decline from peak | -49.47% | -19.39% | -30.08% |
Average DrawdownAverage peak-to-trough decline | -33.02% | -10.71% | -22.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.26% | 7.71% | +22.55% |
Volatility
BTCX-B.TO vs. CGL-C.TO - Volatility Comparison
CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 12.13% compared to iShares Gold Bullion ETF (CGL-C.TO) at 7.53%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than CGL-C.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.TO | CGL-C.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.13% | 7.53% | +4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 33.85% | 22.46% | +11.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.22% | 26.11% | +17.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.90% | 17.20% | +36.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.95% | 15.65% | +39.30% |
BTCX-B.TO vs. CGL-C.TO - Expense Ratio Comparison
BTCX-B.TO has a 0.80% expense ratio, which is higher than CGL-C.TO's 0.55% expense ratio.
Dividends
BTCX-B.TO vs. CGL-C.TO - Dividend Comparison
Neither BTCX-B.TO nor CGL-C.TO has paid dividends to shareholders.
Frequently Asked Questions
BTCX-B.TO and CGL-C.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGL-C.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGL-C.TO is cheaper with a 0.55% expense ratio, compared with 0.80% for BTCX-B.TO.
BTCX-B.TO is categorized as Cryptocurrency, while CGL-C.TO is Gold. They also come from different issuers: CI Global Asset Management and iShares. Their fees differ too: 0.80% for BTCX-B.TO and 0.55% for CGL-C.TO.
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