BTCX-B.TO vs. XGD.TO

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and XGD.TO (iShares S&P/TSX Global Gold Index ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management, while XGD.TO is a Precious Metals fund tracking the Morningstar Gbl Gold GR CAD. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 22.30%/yr for XGD.TO. At a 0.08 correlation, their price movements are largely independent. BTCX-B.TO charges 0.80%/yr vs 0.61%/yr for XGD.TO.

Performance

BTCX-B.TO vs. XGD.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 iShares S&P/TSX Global Gold Index ETF (XGD.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 XGD.TO's 3.35% 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*: —

XGD.TO

• 1D: -2.80%
• 1M: 1.62%
• YTD: 3.35%
• 6M: 8.72%
• 1Y: 67.78%
• 3Y*: 43.11%
• 5Y*: 22.30%
• 10Y*: 14.79%

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

BTCX-B.TO vs. XGD.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%
XGD.TO iShares S&P/TSX Global Gold Index ETF	3.35%	144.45%	19.63%	3.91%	-3.10%	4.45%

Correlation

The correlation between BTCX-B.TO and XGD.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.08

Return for Risk

BTCX-B.TO vs. XGD.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

XGD.TO

XGD.TO Risk / Return Rank: 42
XGD.TO Sharpe Ratio Rank: 45
XGD.TO Sortino Ratio Rank: 37
XGD.TO Omega Ratio Rank: 43
XGD.TO Calmar Ratio Rank: 47
XGD.TO Martin Ratio Rank: 39

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. XGD.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 iShares S&P/TSX Global Gold Index ETF (XGD.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	XGD.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.90	1.59	-2.49
Sortino ratio Return per unit of downside risk	-1.24	1.97	-3.21
Omega ratio Gain probability vs. loss probability	0.86	1.28	-0.42
Calmar ratio Return relative to maximum drawdown	-0.76	2.35	-3.12
Martin ratio Return relative to average drawdown	-1.32	6.22	-7.54
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. XGD.TO - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is lower than the XGD.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and XGD.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	XGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	1.59	-2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.69	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.25	-0.17

Drawdowns

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

The maximum BTCX-B.TO drawdown since its inception was -75.26%, roughly equal to the maximum XGD.TO drawdown of -72.55%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and XGD.TO.

Drawdown Indicators

	BTCX-B.TO	XGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-72.55%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-28.95%	-21.46%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-28.95%	-21.46%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-40.82%	-34.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.96%	—
Current Drawdown Current decline from peak	-48.50%	-23.49%	-25.01%
Average Drawdown Average peak-to-trough decline	-32.95%	-28.30%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	10.93%	+18.15%

Volatility

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

The current volatility for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) is 9.83%, while iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a volatility of 14.43%. This indicates that BTCX-B.TO experiences smaller price fluctuations and is considered to be less risky than XGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	XGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	14.43%	-4.60%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	34.40%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	42.86%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	32.64%	+21.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	33.38%	+21.61%

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

BTCX-B.TO has a 0.80% expense ratio, which is higher than XGD.TO's 0.61% expense ratio.

Dividends

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

BTCX-B.TO has not paid dividends to shareholders, while XGD.TO's dividend yield for the trailing twelve months is around 0.60%.

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%
XGD.TO iShares S&P/TSX Global Gold Index ETF	0.60%	0.62%	0.93%	1.49%	1.80%	1.38%	0.35%	0.54%	0.25%	0.14%	0.09%	0.57%

Frequently Asked Questions

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

BTCX-B.TO and XGD.TO have a correlation of 0.15, 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 XGD.TO?

On fees, XGD.TO is cheaper at 0.61% 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 XGD.TO?

XGD.TO is cheaper with a 0.61% expense ratio, compared with 0.80% for BTCX-B.TO.

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

BTCX-B.TO is categorized as Cryptocurrency, while XGD.TO is Precious Metals. They also come from different issuers: CI Global Asset Management and iShares. Their fees differ too: 0.80% for BTCX-B.TO and 0.61% for XGD.TO.