BTCX-B.TO vs. JAPN.TO

Last updated Aug 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and JAPN.TO (CI WisdomTree Japan Equity Index ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund tracking the No Index (Physical Bitcoin), while JAPN.TO is a Japan Equities fund tracking the WisdomTree Japan Equity Index CAD. Both are passively managed. Over the past 5 years, BTCX-B.TO returned 11.20%/yr vs 25.86%/yr for JAPN.TO. Their 0.10 correlation means their historical movements had little consistent relationship. BTCX-B.TO charges 0.80%/yr vs 0.48%/yr for JAPN.TO.

Performance

BTCX-B.TO vs. JAPN.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 WisdomTree Japan Equity Index ETF (JAPN.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 -26.95% return, which is significantly lower than JAPN.TO's 20.60% return.

BTCX-B.TO

• 1D: -2.81%
• 1M: -0.23%
• 6M: -17.61%
• YTD: -26.95%
• 1Y: -44.02%
• 3Y*: 30.49%
• 5Y*: 11.20%
• 10Y*: —
• ALL TIME*: 3.32%

JAPN.TO

• 1D: -0.52%
• 1M: -0.53%
• 6M: 12.92%
• YTD: 20.60%
• 1Y: 47.23%
• 3Y*: 28.88%
• 5Y*: 25.86%
• 10Y*: —
• ALL TIME*: 16.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	CA$935.28K	CA$1.05M	CA$1.72M
JAPN.TO CI WisdomTree Japan Equity Index ETF	CA$71.61K	CA$96.18K	CA$111.76K

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

	2026 (YTD)	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-26.95%	-11.32%	139.01%	149.40%	-62.06%	-18.60%
JAPN.TO CI WisdomTree Japan Equity Index ETF	20.60%	30.67%	29.25%	35.51%	10.82%	8.15%

Correlation

The correlation between BTCX-B.TO and JAPN.TO is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	0.10

Over the past year, BTCX-B.TO and JAPN.TO have become more correlated (0.33) than their long-term average of 0.10, meaning their price movements have been converging.

Return for Risk

BTCX-B.TO vs. JAPN.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

JAPN.TO

JAPN.TO Risk / Return Rank: 91
JAPN.TO Sharpe Ratio Rank: 93
JAPN.TO Sortino Ratio Rank: 91
JAPN.TO Omega Ratio Rank: 92
JAPN.TO Calmar Ratio Rank: 91
JAPN.TO Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTCX-B.TO vs. JAPN.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 WisdomTree Japan Equity Index ETF (JAPN.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	JAPN.TO	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	2.51	-3.56
Sortino ratio: Return per unit of downside risk	-1.60	3.37	-4.97
Omega ratio: Gain probability vs. loss probability	0.83	1.46	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.87	4.10	-4.97
Martin ratio: Return relative to average drawdown	-1.31	14.95	-16.26

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

The current BTCX-B.TO Sharpe Ratio is -1.05, which is lower than the JAPN.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and JAPN.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. JAPN.TO - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than JAPN.TO's maximum drawdown of -28.88%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and JAPN.TO.

Drawdown Indicators

	BTCX-B.TO	JAPN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-28.88%	-46.38%
Max Drawdown (1Y) Largest decline over 1 year	-52.71%	-11.09%	-41.62%
Max Drawdown (3Y) Largest decline over 3 years	-52.71%	-21.67%	-31.04%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-21.67%	-53.59%
Current Drawdown Current decline from peak	-49.98%	-2.73%	-47.25%
Average Drawdown Average peak-to-trough decline	-33.43%	-5.93%	-27.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.25%	3.03%	+32.22%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 8.27% compared to CI WisdomTree Japan Equity Index ETF (JAPN.TO) at 5.07%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than JAPN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	JAPN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	5.07%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	33.34%	14.22%	+19.12%
Volatility (1Y) Calculated over the trailing 1-year period	43.84%	18.07%	+25.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.26%	19.17%	+33.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.52%	19.23%	+35.29%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than JAPN.TO's 0.48% expense ratio.

Dividends

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

BTCX-B.TO has not paid dividends to shareholders, while JAPN.TO's dividend yield for the trailing twelve months is around 1.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
JAPN.TO CI WisdomTree Japan Equity Index ETF	1.55%	2.08%	1.58%	1.51%	2.59%	1.35%	1.36%	2.12%	0.62%

Frequently Asked Questions

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

BTCX-B.TO and JAPN.TO have a correlation of 0.33, 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 JAPN.TO?

On fees, JAPN.TO is cheaper at 0.48% 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 JAPN.TO?

JAPN.TO is cheaper with a 0.48% expense ratio, compared with 0.80% for BTCX-B.TO.

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

BTCX-B.TO is categorized as Cryptocurrency, while JAPN.TO is Japan Equities. BTCX-B.TO tracks No Index (Physical Bitcoin), while JAPN.TO tracks WisdomTree Japan Equity Index CAD. Their fees differ too: 0.80% for BTCX-B.TO and 0.48% for JAPN.TO.