BTCX-B.TO vs. ETHX-U.TO

Last updated Jul 15, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and ETHX-U.TO (CI Galaxy Ethereum ETF (US$ Series)) are both Cryptocurrency funds. Over the past 5 years, BTCX-B.TO returned 17.06%/yr vs 1.25%/yr for ETHX-U.TO. A 0.80 correlation means they provide meaningful diversification when combined.

Performance

BTCX-B.TO vs. ETHX-U.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 Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCX-B.TO is traded in CAD, while ETHX-U.TO is traded in USD. To make them comparable, the ETHX-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTCX-B.TO achieves a -24.73% return, which is significantly higher than ETHX-U.TO's -34.80% return.

BTCX-B.TO

• 1D: 3.04%
• 1M: 2.01%
• 6M: -31.09%
• YTD: -24.73%
• 1Y: -45.19%
• 3Y*: 30.68%
• 5Y*: 17.06%
• 10Y*: —

ETHX-U.TO

• 1D: 5.47%
• 1M: 14.15%
• 6M: -40.39%
• YTD: -34.80%
• 1Y: -35.48%
• 3Y*: 1.21%
• 5Y*: 1.25%
• 10Y*: —

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

BTCX-B.TO vs. ETHX-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-24.73%	-11.32%	139.01%	149.40%	-62.06%	-17.92%
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	-34.80%	-15.57%	55.61%	88.71%	-65.91%	66.78%

Correlation

The correlation between BTCX-B.TO and ETHX-U.TO is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.80

The correlation between BTCX-B.TO and ETHX-U.TO has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

BTCX-B.TO vs. ETHX-U.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: 1
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

ETHX-U.TO

ETHX-U.TO Risk / Return Rank: 5
ETHX-U.TO Sharpe Ratio Rank: 5
ETHX-U.TO Sortino Ratio Rank: 5
ETHX-U.TO Omega Ratio Rank: 5
ETHX-U.TO Calmar Ratio Rank: 5
ETHX-U.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. ETHX-U.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 Galaxy Ethereum ETF (US$ Series) (ETHX-U.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	ETHX-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.52	-0.51
Sortino ratio: Return per unit of downside risk	-1.56	-0.44	-1.12
Omega ratio: Gain probability vs. loss probability	0.83	0.95	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.53	-0.33
Martin ratio: Return relative to average drawdown	-1.35	-0.81	-0.54

BTCX-B.TO vs. ETHX-U.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -1.04, which is lower than the ETHX-U.TO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and ETHX-U.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.

Drawdowns

BTCX-B.TO vs. ETHX-U.TO - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, roughly equal to the maximum ETHX-U.TO drawdown of -78.30%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and ETHX-U.TO.

Drawdown Indicators

	BTCX-B.TO	ETHX-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-78.30%	+3.04%
Max Drawdown (1Y) Largest decline over 1 year	-52.71%	-67.75%	+15.04%
Max Drawdown (3Y) Largest decline over 3 years	-52.71%	-67.75%	+15.04%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-78.30%	+3.04%
Current Drawdown Current decline from peak	-48.46%	-60.78%	+12.32%
Average Drawdown Average peak-to-trough decline	-33.28%	-43.10%	+9.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.49%	43.84%	-10.35%

Volatility

BTCX-B.TO vs. ETHX-U.TO - Volatility Comparison

The current volatility for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) is 11.42%, while CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) has a volatility of 17.22%. This indicates that BTCX-B.TO experiences smaller price fluctuations and is considered to be less risky than ETHX-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	ETHX-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	17.22%	-5.80%
Volatility (6M) Calculated over the trailing 6-month period	34.13%	46.84%	-12.71%
Volatility (1Y) Calculated over the trailing 1-year period	43.79%	68.09%	-24.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.37%	71.16%	-17.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.73%	74.04%	-19.31%

Dividends

BTCX-B.TO vs. ETHX-U.TO - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

BTCX-B.TO and ETHX-U.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

They also come from different issuers: CI Global Asset Management and CI.