BTCX-B.TO vs. CMGG.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and CMGG.TO (CI Munro Global Growth Equity Fund) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while CMGG.TO is a Global Equities fund actively managed by CI Global Asset Management. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 20.56%/yr for CMGG.TO. At a 0.23 correlation, their price movements are largely independent. BTCX-B.TO charges 0.80%/yr vs 0.90%/yr for CMGG.TO.

Performance

BTCX-B.TO vs. CMGG.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 Munro Global Growth Equity Fund (CMGG.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCX-B.TO achieves a -24.79% return, which is significantly lower than CMGG.TO's 21.24% 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*: —

CMGG.TO

• 1D: 0.12%
• 1M: 10.96%
• YTD: 21.24%
• 6M: 21.36%
• 1Y: 38.88%
• 3Y*: 35.34%
• 5Y*: 20.56%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-24.79%	-11.32%	139.01%	149.40%	-62.06%	-16.98%
CMGG.TO CI Munro Global Growth Equity Fund	21.24%	21.00%	52.95%	24.21%	-21.16%	18.00%

Correlation

The correlation between BTCX-B.TO and CMGG.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	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.23

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

Return for Risk

BTCX-B.TO vs. CMGG.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: 2
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 2

CMGG.TO

CMGG.TO Risk / Return Rank: 69
CMGG.TO Sharpe Ratio Rank: 72
CMGG.TO Sortino Ratio Rank: 68
CMGG.TO Omega Ratio Rank: 67
CMGG.TO Calmar Ratio Rank: 76
CMGG.TO Martin Ratio Rank: 60

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. CMGG.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 Munro Global Growth Equity Fund (CMGG.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.TO	CMGG.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.90	2.36	-3.26
Sortino ratio Return per unit of downside risk	-1.24	3.14	-4.38
Omega ratio Gain probability vs. loss probability	0.86	1.40	-0.54
Calmar ratio Return relative to maximum drawdown	-0.76	3.85	-4.61
Martin ratio Return relative to average drawdown	-1.32	10.77	-12.09
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. CMGG.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the CMGG.TO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and CMGG.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.

Sharpe Ratios by Period

	BTCX-B.TO	CMGG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	2.36	-3.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	1.14	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.98	-0.90

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than CMGG.TO's maximum drawdown of -29.00%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and CMGG.TO.

Drawdown Indicators

	BTCX-B.TO	CMGG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-29.00%	-46.26%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-10.15%	-40.26%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-22.85%	-27.56%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-29.00%	-46.26%
Current Drawdown Current decline from peak	-48.50%	0.00%	-48.50%
Average Drawdown Average peak-to-trough decline	-32.95%	-8.91%	-24.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	3.62%	+25.46%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 9.83% compared to CI Munro Global Growth Equity Fund (CMGG.TO) at 6.68%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than CMGG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	CMGG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	6.68%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	12.94%	+21.02%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	16.53%	+26.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	18.22%	+35.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	18.49%	+36.50%

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

BTCX-B.TO has a 0.80% expense ratio, which is lower than CMGG.TO's 0.90% expense ratio.

Dividends

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

Neither BTCX-B.TO nor CMGG.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

BTCX-B.TO and CMGG.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, BTCX-B.TO or CMGG.TO?

On fees, BTCX-B.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

BTCX-B.TO is cheaper with a 0.80% expense ratio, compared with 0.90% for CMGG.TO.

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

BTCX-B.TO is categorized as Cryptocurrency, while CMGG.TO is Global Equities. Their fees differ too: 0.80% for BTCX-B.TO and 0.90% for CMGG.TO.