BTCX-B.TO vs. VCN.TO

Last updated Jun 13, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. Over the past 5 years, BTCX-B.TO returned 13.52%/yr vs 14.96%/yr for VCN.TO. At a 0.28 correlation, their price movements are largely independent. BTCX-B.TO charges 0.80%/yr vs 0.06%/yr for VCN.TO.

Performance

BTCX-B.TO vs. VCN.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 Vanguard FTSE Canada All Cap Index ETF (VCN.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 -26.21% return, which is significantly lower than VCN.TO's 10.85% return.

BTCX-B.TO

• 1D: 0.31%
• 1M: -20.55%
• YTD: -26.21%
• 6M: -28.69%
• 1Y: -38.22%
• 3Y*: 36.16%
• 5Y*: 13.52%
• 10Y*: —

VCN.TO

• 1D: 0.72%
• 1M: 2.14%
• YTD: 10.85%
• 6M: 11.65%
• 1Y: 33.96%
• 3Y*: 23.86%
• 5Y*: 14.96%
• 10Y*: 12.80%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-26.21%	-11.32%	139.01%	149.40%	-62.06%	-18.60%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	10.85%	31.00%	22.16%	12.29%	-5.76%	17.62%

Correlation

The correlation between BTCX-B.TO and VCN.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.26
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

Return for Risk

BTCX-B.TO vs. VCN.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: 3
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 3
BTCX-B.TO Omega Ratio Rank: 3
BTCX-B.TO Calmar Ratio Rank: 3
BTCX-B.TO Martin Ratio Rank: 3

VCN.TO

VCN.TO Risk / Return Rank: 86
VCN.TO Sharpe Ratio Rank: 89
VCN.TO Sortino Ratio Rank: 86
VCN.TO Omega Ratio Rank: 87
VCN.TO Calmar Ratio Rank: 81
VCN.TO Martin Ratio Rank: 88

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. VCN.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 Vanguard FTSE Canada All Cap Index ETF (VCN.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	VCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	2.59	-3.51
Sortino ratio: Return per unit of downside risk	-1.28	3.35	-4.62
Omega ratio: Gain probability vs. loss probability	0.86	1.47	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.76	3.68	-4.44
Martin ratio: Return relative to average drawdown	-1.30	16.98	-18.28

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

The current BTCX-B.TO Sharpe Ratio is -0.91, which is lower than the VCN.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and VCN.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. VCN.TO - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than VCN.TO's maximum drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and VCN.TO.

Drawdown Indicators

	BTCX-B.TO	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-37.32%	-37.94%
Max Drawdown (1Y) Largest decline over 1 year	-52.20%	-9.11%	-43.09%
Max Drawdown (3Y) Largest decline over 3 years	-52.20%	-12.24%	-39.96%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-16.12%	-59.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.32%	—
Current Drawdown Current decline from peak	-49.47%	-0.85%	-48.62%
Average Drawdown Average peak-to-trough decline	-33.02%	-3.89%	-29.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.26%	1.97%	+28.29%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 12.13% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.44%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.13%	4.44%	+7.69%
Volatility (6M) Calculated over the trailing 6-month period	33.85%	10.63%	+23.22%
Volatility (1Y) Calculated over the trailing 1-year period	43.22%	12.94%	+30.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.90%	13.10%	+40.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.95%	14.99%	+39.96%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than VCN.TO's 0.06% expense ratio.

Dividends

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

BTCX-B.TO has not paid dividends to shareholders, while VCN.TO's dividend yield for the trailing twelve months is around 2.00%.

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%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.00%	2.27%	2.71%	3.00%	3.17%	2.49%	2.72%	2.88%	2.83%	2.29%	2.36%	2.68%

Frequently Asked Questions

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

BTCX-B.TO and VCN.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 VCN.TO?

On fees, VCN.TO is cheaper at 0.06% 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 VCN.TO?

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.80% for BTCX-B.TO.

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

BTCX-B.TO is categorized as Cryptocurrency, while VCN.TO is Canada Equities. They also come from different issuers: CI Global Asset Management and Vanguard. Their fees differ too: 0.80% for BTCX-B.TO and 0.06% for VCN.TO.