BTCX-B.TO vs. ETHR.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and ETHR.TO (Evolve Ether ETF CAD Unhedged Units) are both Cryptocurrency funds. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs -6.98%/yr for ETHR.TO. Their correlation of 0.81 suggests significant overlap in exposure. BTCX-B.TO charges 0.80%/yr vs 0.75%/yr for ETHR.TO.

Performance

BTCX-B.TO vs. ETHR.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 Evolve Ether ETF CAD Unhedged Units (ETHR.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 higher than ETHR.TO's -39.08% 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*: —

ETHR.TO

• 1D: -5.13%
• 1M: -21.92%
• YTD: -39.08%
• 6M: -43.48%
• 1Y: -31.87%
• 3Y*: -2.76%
• 5Y*: -6.98%
• 10Y*: —

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

BTCX-B.TO vs. ETHR.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%	-19.35%
ETHR.TO Evolve Ether ETF CAD Unhedged Units	-39.08%	-17.01%	52.43%	87.70%	-65.64%	54.91%

Correlation

The correlation between BTCX-B.TO and ETHR.TO is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 21, 2021	0.81

The correlation between BTCX-B.TO and ETHR.TO has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

BTCX-B.TO vs. ETHR.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

ETHR.TO

ETHR.TO Risk / Return Rank: 5
ETHR.TO Sharpe Ratio Rank: 5
ETHR.TO Sortino Ratio Rank: 6
ETHR.TO Omega Ratio Rank: 5
ETHR.TO Calmar Ratio Rank: 5
ETHR.TO Martin Ratio Rank: 5

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. ETHR.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 Evolve Ether ETF CAD Unhedged Units (ETHR.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	ETHR.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.90	-0.48	-0.41
Sortino ratio Return per unit of downside risk	-1.24	-0.36	-0.88
Omega ratio Gain probability vs. loss probability	0.86	0.96	-0.10
Calmar ratio Return relative to maximum drawdown	-0.76	-0.51	-0.26
Martin ratio Return relative to average drawdown	-1.32	-0.84	-0.48
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. ETHR.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the ETHR.TO Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and ETHR.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	ETHR.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-0.48	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	-0.10	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	-0.07	+0.15

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, roughly equal to the maximum ETHR.TO drawdown of -78.36%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and ETHR.TO.

Drawdown Indicators

	BTCX-B.TO	ETHR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-78.36%	+3.10%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-63.09%	+12.68%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-64.17%	+13.76%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-78.36%	+3.10%
Current Drawdown Current decline from peak	-48.50%	-63.09%	+14.59%
Average Drawdown Average peak-to-trough decline	-32.95%	-43.47%	+10.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	38.10%	-9.02%

Volatility

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

The current volatility for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) is 9.83%, while Evolve Ether ETF CAD Unhedged Units (ETHR.TO) has a volatility of 10.53%. This indicates that BTCX-B.TO experiences smaller price fluctuations and is considered to be less risky than ETHR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	ETHR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	10.53%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	45.53%	-11.57%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	66.37%	-23.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	69.38%	-15.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	71.76%	-16.77%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than ETHR.TO's 0.75% expense ratio.

Dividends

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

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

BTCX-B.TO and ETHR.TO have a correlation of 0.86, 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 ETHR.TO?

On fees, ETHR.TO is cheaper at 0.75% 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 ETHR.TO?

ETHR.TO is cheaper with a 0.75% expense ratio, compared with 0.80% for BTCX-B.TO.

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

They also come from different issuers: CI Global Asset Management and Evolve. Their fees differ too: 0.80% for BTCX-B.TO and 0.75% for ETHR.TO.