BTCX-B.TO vs. HXEM.TO

Last updated Jul 15, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while HXEM.TO is a Emerging Markets Equities fund tracking the Global X Emerging Markets Futures Roll Index (Total Return). Over the past 5 years, BTCX-B.TO returned 17.06%/yr vs 8.42%/yr for HXEM.TO. At a 0.28 correlation, their price movements are largely independent. BTCX-B.TO charges 0.80%/yr vs 0.25%/yr for HXEM.TO.

Performance

BTCX-B.TO vs. HXEM.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 Emerging Markets Equity Index Corporate Class ETF (HXEM.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 -24.73% return, which is significantly lower than HXEM.TO's 23.28% 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*: —

HXEM.TO

• 1D: 1.21%
• 1M: -2.14%
• 6M: 16.11%
• YTD: 23.28%
• 1Y: 41.02%
• 3Y*: 21.39%
• 5Y*: 8.42%
• 10Y*: —

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

BTCX-B.TO vs. HXEM.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%	-18.60%
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	23.28%	26.46%	14.53%	7.09%	-16.39%	-3.61%

Correlation

The correlation between BTCX-B.TO and HXEM.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	0.28

The correlation between BTCX-B.TO and HXEM.TO shifts across timeframes, from 0.27 (3 years) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BTCX-B.TO vs. HXEM.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

HXEM.TO

HXEM.TO Risk / Return Rank: 70
HXEM.TO Sharpe Ratio Rank: 67
HXEM.TO Sortino Ratio Rank: 60
HXEM.TO Omega Ratio Rank: 71
HXEM.TO Calmar Ratio Rank: 80
HXEM.TO Martin Ratio Rank: 73

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. HXEM.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 Emerging Markets Equity Index Corporate Class ETF (HXEM.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	HXEM.TO	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.75	-2.79
Sortino ratio: Return per unit of downside risk	-1.56	2.28	-3.84
Omega ratio: Gain probability vs. loss probability	0.83	1.33	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.86	3.34	-4.20
Martin ratio: Return relative to average drawdown	-1.35	10.71	-12.06

BTCX-B.TO vs. HXEM.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -1.04, which is lower than the HXEM.TO Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and HXEM.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. HXEM.TO - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than HXEM.TO's maximum drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and HXEM.TO.

Drawdown Indicators

	BTCX-B.TO	HXEM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-35.00%	-40.26%
Max Drawdown (1Y) Largest decline over 1 year	-52.71%	-12.34%	-40.37%
Max Drawdown (3Y) Largest decline over 3 years	-52.71%	-15.40%	-37.31%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-29.64%	-45.62%
Current Drawdown Current decline from peak	-48.46%	-8.26%	-40.20%
Average Drawdown Average peak-to-trough decline	-33.28%	-13.56%	-19.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.49%	3.84%	+29.65%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) have volatilities of 11.42% and 11.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	HXEM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	11.40%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	34.13%	21.61%	+12.52%
Volatility (1Y) Calculated over the trailing 1-year period	43.79%	23.56%	+20.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.37%	18.08%	+35.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.73%	17.74%	+36.99%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than HXEM.TO's 0.25% expense ratio.

Dividends

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

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

BTCX-B.TO and HXEM.TO have a correlation of 0.44, 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 HXEM.TO?

On fees, HXEM.TO is cheaper at 0.25% 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 HXEM.TO?

HXEM.TO is cheaper with a 0.25% expense ratio, compared with 0.80% for BTCX-B.TO.

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

BTCX-B.TO is categorized as Cryptocurrency, while HXEM.TO is Emerging Markets Equities. They also come from different issuers: CI Global Asset Management and Global X. Their fees differ too: 0.80% for BTCX-B.TO and 0.25% for HXEM.TO.