BTCX-B.TO vs. WXM.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and WXM.TO (CI Morningstar Canada Momentum Index ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 18.57%/yr for WXM.TO. At a 0.26 correlation, their price movements are largely independent. BTCX-B.TO charges 0.80%/yr vs 0.65%/yr for WXM.TO.

Performance

BTCX-B.TO vs. WXM.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 Morningstar Canada Momentum Index ETF (WXM.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 WXM.TO's 18.83% 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*: —

WXM.TO

• 1D: -0.33%
• 1M: 4.70%
• YTD: 18.83%
• 6M: 22.68%
• 1Y: 46.31%
• 3Y*: 29.82%
• 5Y*: 18.57%
• 10Y*: 15.24%

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

BTCX-B.TO vs. WXM.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%
WXM.TO CI Morningstar Canada Momentum Index ETF	18.83%	38.16%	33.93%	3.35%	-0.42%	12.46%

Correlation

The correlation between BTCX-B.TO and WXM.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.26

Return for Risk

BTCX-B.TO vs. WXM.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

WXM.TO

WXM.TO Risk / Return Rank: 88
WXM.TO Sharpe Ratio Rank: 90
WXM.TO Sortino Ratio Rank: 87
WXM.TO Omega Ratio Rank: 87
WXM.TO Calmar Ratio Rank: 86
WXM.TO Martin Ratio Rank: 91

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. WXM.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 Morningstar Canada Momentum Index ETF (WXM.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	WXM.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.90	3.10	-3.99
Sortino ratio Return per unit of downside risk	-1.24	4.00	-5.24
Omega ratio Gain probability vs. loss probability	0.86	1.55	-0.69
Calmar ratio Return relative to maximum drawdown	-0.76	4.90	-5.67
Martin ratio Return relative to average drawdown	-1.32	21.82	-23.14
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. WXM.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the WXM.TO Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and WXM.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	WXM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	3.10	-3.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	1.18	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.91	-0.83

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than WXM.TO's maximum drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and WXM.TO.

Drawdown Indicators

	BTCX-B.TO	WXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-40.45%	-34.81%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-9.49%	-40.92%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-12.13%	-38.28%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-15.87%	-59.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.45%	—
Current Drawdown Current decline from peak	-48.50%	-0.33%	-48.17%
Average Drawdown Average peak-to-trough decline	-32.95%	-4.48%	-28.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	2.13%	+26.95%

Volatility

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

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 9.83% compared to CI Morningstar Canada Momentum Index ETF (WXM.TO) at 4.06%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than WXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	WXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	4.06%	+5.77%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	11.86%	+22.10%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	15.02%	+27.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	15.85%	+38.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	16.78%	+38.21%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than WXM.TO's 0.65% expense ratio.

Dividends

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

BTCX-B.TO has not paid dividends to shareholders, while WXM.TO's dividend yield for the trailing twelve months is around 1.15%.

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%
WXM.TO CI Morningstar Canada Momentum Index ETF	1.15%	1.25%	1.27%	1.38%	2.25%	1.04%	0.78%	0.94%	1.44%	1.38%	1.58%	1.51%

Frequently Asked Questions

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

BTCX-B.TO and WXM.TO have a correlation of 0.26, 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 WXM.TO?

On fees, WXM.TO is cheaper at 0.65% 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 WXM.TO?

WXM.TO is cheaper with a 0.65% expense ratio, compared with 0.80% for BTCX-B.TO.

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

BTCX-B.TO is categorized as Cryptocurrency, while WXM.TO is Momentum. Their fees differ too: 0.80% for BTCX-B.TO and 0.65% for WXM.TO.