BTCX-B.TO vs. FLI.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and FLI.TO (CI U.S. & Canada Lifeco Covered Call ETF (Hedged Common Units)) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while FLI.TO is a Derivative Income fund actively managed by CI Global Asset Management. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 9.58%/yr for FLI.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

BTCX-B.TO vs. FLI.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 U.S. & Canada Lifeco Covered Call ETF (Hedged Common Units) (FLI.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 FLI.TO's 3.96% 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*: —

FLI.TO

• 1D: -1.56%
• 1M: 1.91%
• YTD: 3.96%
• 6M: 7.77%
• 1Y: 15.01%
• 3Y*: 17.18%
• 5Y*: 9.58%
• 10Y*: 8.85%

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

BTCX-B.TO vs. FLI.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%
FLI.TO CI U.S. & Canada Lifeco Covered Call ETF (Hedged Common Units)	3.96%	13.94%	20.20%	7.16%	4.69%	9.04%

Correlation

The correlation between BTCX-B.TO and FLI.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.15

Return for Risk

BTCX-B.TO vs. FLI.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

FLI.TO

FLI.TO Risk / Return Rank: 31
FLI.TO Sharpe Ratio Rank: 31
FLI.TO Sortino Ratio Rank: 29
FLI.TO Omega Ratio Rank: 30
FLI.TO Calmar Ratio Rank: 31
FLI.TO Martin Ratio Rank: 32

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. FLI.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 U.S. & Canada Lifeco Covered Call ETF (Hedged Common Units) (FLI.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	FLI.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.90	1.10	-1.99
Sortino ratio Return per unit of downside risk	-1.24	1.51	-2.76
Omega ratio Gain probability vs. loss probability	0.86	1.20	-0.34
Calmar ratio Return relative to maximum drawdown	-0.76	1.51	-2.27
Martin ratio Return relative to average drawdown	-1.32	4.62	-5.94
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. FLI.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the FLI.TO Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and FLI.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	FLI.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	1.10	-1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.52	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.39	-0.31

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than FLI.TO's maximum drawdown of -56.31%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and FLI.TO.

Drawdown Indicators

	BTCX-B.TO	FLI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-56.31%	-18.95%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-10.00%	-40.41%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-12.65%	-37.76%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-17.81%	-57.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.31%	—
Current Drawdown Current decline from peak	-48.50%	-2.68%	-45.82%
Average Drawdown Average peak-to-trough decline	-32.95%	-7.55%	-25.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	3.26%	+25.82%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 9.83% compared to CI U.S. & Canada Lifeco Covered Call ETF (Hedged Common Units) (FLI.TO) at 3.56%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than FLI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	FLI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	3.56%	+6.27%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	10.23%	+23.73%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	13.75%	+29.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	18.57%	+35.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	23.63%	+31.36%

Dividends

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

BTCX-B.TO has not paid dividends to shareholders, while FLI.TO's dividend yield for the trailing twelve months is around 7.52%.

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%
FLI.TO CI U.S. & Canada Lifeco Covered Call ETF (Hedged Common Units)	7.52%	6.63%	6.36%	7.23%	7.43%	6.52%	11.67%	6.18%	7.23%	5.05%	5.68%	5.14%

Frequently Asked Questions

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

BTCX-B.TO and FLI.TO have a correlation of 0.10, 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 FLI.TO?

BTCX-B.TO is categorized as Cryptocurrency, while FLI.TO is Derivative Income.