BTCX-B.TO vs. HXQ.TO

Last updated Apr 2, 2026

Compare and contrast key facts about CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Horizons NASDAQ-100 Index ETF (HXQ.TO).

BTCX-B.TO and HXQ.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTCX-B.TO is managed by CI Global Asset Management. It was launched on Mar 5, 2021. HXQ.TO is a passively managed fund by Horizons that tracks the performance of the NASDAQ-100 Index. It was launched on Apr 19, 2016.

Performance

BTCX-B.TO vs. HXQ.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 Horizons NASDAQ-100 Index ETF (HXQ.TO). The values are adjusted to include any dividend payments, if applicable.

BTCX-B.TO vs. HXQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-21.37%	-11.32%	139.01%	149.40%	-62.06%	-16.98%
HXQ.TO Horizons NASDAQ-100 Index ETF	-3.77%	15.05%	35.98%	51.16%	-27.84%	28.01%

Returns By Period

In the year-to-date period, BTCX-B.TO achieves a -21.37% return, which is significantly lower than HXQ.TO's -3.77% return.

BTCX-B.TO

• 1D: 0.29%
• 1M: -0.07%
• YTD: -21.37%
• 6M: -42.48%
• 1Y: -22.73%
• 3Y*: 33.89%
• 5Y*: 4.15%
• 10Y*: —

HXQ.TO

• 1D: 0.98%
• 1M: -2.40%
• YTD: -3.77%
• 6M: -3.50%
• 1Y: 20.15%
• 3Y*: 23.70%
• 5Y*: 15.26%
• 10Y*: —

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

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

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

BTCX-B.TO

CI Galaxy Bitcoin ETF C$ Unhedged Series Units

HXQ.TO

Horizons NASDAQ-100 Index ETF

Return for Risk

BTCX-B.TO vs. HXQ.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: 5
BTCX-B.TO Sharpe Ratio Rank: 4
BTCX-B.TO Sortino Ratio Rank: 4
BTCX-B.TO Omega Ratio Rank: 5
BTCX-B.TO Calmar Ratio Rank: 5
BTCX-B.TO Martin Ratio Rank: 5

HXQ.TO

HXQ.TO Risk / Return Rank: 51
HXQ.TO Sharpe Ratio Rank: 47
HXQ.TO Sortino Ratio Rank: 49
HXQ.TO Omega Ratio Rank: 51
HXQ.TO Calmar Ratio Rank: 59
HXQ.TO Martin Ratio Rank: 47

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. HXQ.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 Horizons NASDAQ-100 Index ETF (HXQ.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	HXQ.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.51	0.90	-1.41
Sortino ratio Return per unit of downside risk	-0.49	1.38	-1.87
Omega ratio Gain probability vs. loss probability	0.94	1.20	-0.26
Calmar ratio Return relative to maximum drawdown	-0.41	1.57	-1.98
Martin ratio Return relative to average drawdown	-0.87	4.66	-5.53
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. HXQ.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.51, which is lower than the HXQ.TO Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and HXQ.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTCX-B.TO	HXQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	0.90	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.74	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.95	-0.86

Correlation

The correlation between BTCX-B.TO and HXQ.TO is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

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

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

Tickers have no history of dividend payments

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than HXQ.TO's maximum drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and HXQ.TO.

Drawdown Indicators

	BTCX-B.TO	HXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-31.60%	-43.66%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-12.97%	-37.44%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-31.60%	-43.66%
Current Drawdown Current decline from peak	-46.16%	-8.56%	-37.60%
Average Drawdown Average peak-to-trough decline	-32.69%	-5.82%	-26.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.80%	4.36%	+19.44%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 12.91% compared to Horizons NASDAQ-100 Index ETF (HXQ.TO) at 6.43%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than HXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	HXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.91%	6.43%	+6.48%
Volatility (6M) Calculated over the trailing 6-month period	36.44%	12.63%	+23.81%
Volatility (1Y) Calculated over the trailing 1-year period	44.76%	22.48%	+22.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.65%	20.78%	+34.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.56%	20.84%	+34.72%