BTCX-B.TO vs. CSU.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) is Cryptocurrency fund managed by CI Global Asset Management, while CSU.TO (Constellation Software Inc.) is a stock. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 9.94%/yr for CSU.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

BTCX-B.TO vs. CSU.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 Constellation Software Inc. (CSU.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 CSU.TO's -16.65% 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*: —

CSU.TO

• 1D: -4.67%
• 1M: 11.30%
• YTD: -16.65%
• 6M: -16.41%
• 1Y: -44.30%
• 3Y*: -0.15%
• 5Y*: 9.94%
• 10Y*: 19.78%

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

BTCX-B.TO vs. CSU.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%
CSU.TO Constellation Software Inc.	-16.65%	-25.63%	35.48%	58.92%	-9.69%	35.37%

Correlation

The correlation between BTCX-B.TO and CSU.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.21

Return for Risk

BTCX-B.TO vs. CSU.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

CSU.TO

CSU.TO Risk / Return Rank: 7
CSU.TO Sharpe Ratio Rank: 3
CSU.TO Sortino Ratio Rank: 4
CSU.TO Omega Ratio Rank: 6
CSU.TO Calmar Ratio Rank: 10
CSU.TO Martin Ratio Rank: 12

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. CSU.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 Constellation Software Inc. (CSU.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	CSU.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.90	-1.10	+0.21
Sortino ratio Return per unit of downside risk	-1.24	-1.65	+0.41
Omega ratio Gain probability vs. loss probability	0.86	0.81	+0.05
Calmar ratio Return relative to maximum drawdown	-0.76	-0.81	+0.04
Martin ratio Return relative to average drawdown	-1.32	-1.25	-0.06
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. CSU.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is comparable to the CSU.TO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and CSU.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	CSU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-1.10	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.35	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.18	-1.10

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than CSU.TO's maximum drawdown of -56.38%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and CSU.TO.

Drawdown Indicators

	BTCX-B.TO	CSU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-56.38%	-18.88%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-55.16%	+4.75%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-56.38%	+5.97%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-56.38%	-18.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.38%	—
Current Drawdown Current decline from peak	-48.50%	-46.84%	-1.66%
Average Drawdown Average peak-to-trough decline	-32.95%	-6.84%	-26.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	35.35%	-6.27%

Volatility

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

The current volatility for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) is 9.83%, while Constellation Software Inc. (CSU.TO) has a volatility of 14.72%. This indicates that BTCX-B.TO experiences smaller price fluctuations and is considered to be less risky than CSU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	CSU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	14.72%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	32.67%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	40.26%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	28.20%	+25.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	27.25%	+27.74%

Dividends

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

BTCX-B.TO has not paid dividends to shareholders, while CSU.TO's dividend yield for the trailing twelve months is around 0.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
CSU.TO Constellation Software Inc.	0.20%	0.17%	0.12%	0.16%	0.25%	0.21%	0.30%	2.53%	0.60%	0.68%	0.86%	0.90%

Frequently Asked Questions

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

BTCX-B.TO and CSU.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.