BTCX-B.TO vs. HSAV.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and HSAV.TO (Global X Cash Maximizer Corporate Class ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while HSAV.TO is a Bank Loan fund actively managed by Global X. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 3.20%/yr for HSAV.TO. At a 0.01 correlation, their price movements are largely independent. BTCX-B.TO charges 0.80%/yr vs 0.18%/yr for HSAV.TO.

Performance

BTCX-B.TO vs. HSAV.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 Global X Cash Maximizer Corporate Class ETF (HSAV.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 HSAV.TO's 1.04% 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*: —

HSAV.TO

• 1D: -0.03%
• 1M: 0.15%
• YTD: 1.04%
• 6M: 1.55%
• 1Y: 2.70%
• 3Y*: 3.71%
• 5Y*: 3.20%
• 10Y*: —

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

BTCX-B.TO vs. HSAV.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%
HSAV.TO Global X Cash Maximizer Corporate Class ETF	1.04%	2.58%	4.24%	5.04%	2.79%	0.54%

Correlation

The correlation between BTCX-B.TO and HSAV.TO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.01

Return for Risk

BTCX-B.TO vs. HSAV.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

HSAV.TO

HSAV.TO Risk / Return Rank: 66
HSAV.TO Sharpe Ratio Rank: 56
HSAV.TO Sortino Ratio Rank: 61
HSAV.TO Omega Ratio Rank: 59
HSAV.TO Calmar Ratio Rank: 84
HSAV.TO Martin Ratio Rank: 67

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. HSAV.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 Global X Cash Maximizer Corporate Class ETF (HSAV.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	HSAV.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.96	-2.85
Sortino ratio: Return per unit of downside risk	-1.24	2.93	-4.18
Omega ratio: Gain probability vs. loss probability	0.86	1.37	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.76	4.58	-5.35
Martin ratio: Return relative to average drawdown	-1.32	12.46	-13.78
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. HSAV.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the HSAV.TO Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and HSAV.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	HSAV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	1.96	-2.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	1.82	-1.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.72	-1.64

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than HSAV.TO's maximum drawdown of -2.18%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and HSAV.TO.

Drawdown Indicators

	BTCX-B.TO	HSAV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-2.18%	-73.08%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-0.59%	-49.82%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-1.06%	-49.35%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-2.18%	-73.08%
Current Drawdown Current decline from peak	-48.50%	-0.18%	-48.32%
Average Drawdown Average peak-to-trough decline	-32.95%	-0.19%	-32.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	0.22%	+28.86%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 9.83% compared to Global X Cash Maximizer Corporate Class ETF (HSAV.TO) at 0.48%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than HSAV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	HSAV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	0.48%	+9.35%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	1.05%	+32.91%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	1.39%	+41.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	1.77%	+52.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	1.58%	+53.41%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than HSAV.TO's 0.18% expense ratio.

Dividends

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

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

BTCX-B.TO and HSAV.TO have a correlation of 0.09, 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 HSAV.TO?

On fees, HSAV.TO is cheaper at 0.18% 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 HSAV.TO?

HSAV.TO is cheaper with a 0.18% expense ratio, compared with 0.80% for BTCX-B.TO.

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

BTCX-B.TO is categorized as Cryptocurrency, while HSAV.TO is Bank Loan. They also come from different issuers: CI Global Asset Management and Global X. Their fees differ too: 0.80% for BTCX-B.TO and 0.18% for HSAV.TO.