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CAGS.TO vs. CMAG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CAGS.TO vs. CMAG.TO

Last updated Jul 22, 2026
Documentation

CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both exchange-traded funds - CAGS.TO is a Short-Term Bond fund managed by CI, while CMAG.TO is a Long-Short fund actively managed by CI. Over the past 5 years, CAGS.TO returned 2.10%/yr vs 10.71%/yr for CMAG.TO. At a 0.01 correlation, their price movements are largely independent.

Performance

CAGS.TO vs. CMAG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) and CI Munro Alternative Global Growth Fund (CMAG.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CAGS.TO achieves a 1.19% return, which is significantly lower than CMAG.TO's 11.27% return.

CAGS.TO

1D
0.08%
1M
-0.02%
6M
0.87%
YTD
1.19%
1Y
3.25%
3Y*
5.01%
5Y*
2.10%
10Y*
—
ALL TIME*
2.33%

CMAG.TO

1D
1.80%
1M
-5.68%
6M
10.23%
YTD
11.27%
1Y
15.74%
3Y*
22.87%
5Y*
10.71%
10Y*
—
ALL TIME*
14.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CAGS.TO vs. CMAG.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
CAGS.TO
CI Canadian Short-Term Aggregate Bond Index ETF		1.19%3.95%6.07%5.02%-4.30%-1.22%3.90%
CMAG.TO
CI Munro Alternative Global Growth Fund		11.27%13.08%37.11%16.07%-19.04%9.21%34.62%

Correlation

The correlation between CAGS.TO and CMAG.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2020

0.01

The correlation between CAGS.TO and CMAG.TO shifts across timeframes, from 0.01 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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CI Canadian Short-Term Aggregate Bond Index ETF

CI Munro Alternative Global Growth Fund

Often compared with CAGS.TO:
CAGS.TO vs. ZSU.TOCAGS.TO vs. RCDB.NEOCAGS.TO vs. ONEQ.TOCAGS.TO vs. CMNY.TOCAGS.TO vs. CGXF.TOCAGS.TO vs. VSC.TOCAGS.TO vs. VXM-B.TO
Often compared with CMAG.TO:
CMAG.TO vs. EHE.TOCMAG.TO vs. ARB.TOCMAG.TO vs. FCLS.NEOCMAG.TO vs. FGLS.NEOCMAG.TO vs. FSF.TOCMAG.TO vs. CMNY.TOCMAG.TO vs. PFMN.TO

Return for Risk

CAGS.TO vs. CMAG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CAGS.TO
CAGS.TO Risk / Return Rank: 6363
Overall Rank
CAGS.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
CAGS.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
CAGS.TO Omega Ratio Rank: 7171
Omega Ratio Rank
CAGS.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
CAGS.TO Martin Ratio Rank: 5757
Martin Ratio Rank
CMAG.TO
CMAG.TO Risk / Return Rank: 3030
Overall Rank
CMAG.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
CMAG.TO Sortino Ratio Rank: 2727
Sortino Ratio Rank
CMAG.TO Omega Ratio Rank: 2828
Omega Ratio Rank
CMAG.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
CMAG.TO Martin Ratio Rank: 3434
Martin Ratio Rank
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.

CAGS.TO vs. CMAG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) and CI Munro Alternative Global Growth Fund (CMAG.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.

CAGS.TOCMAG.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
0.74

+0.84

Sortino ratioReturn per unit of downside risk
2.21
1.11

+1.10

Omega ratioGain probability vs. loss probability

1.32

1.15

+0.17

Calmar ratioReturn relative to maximum drawdown

2.45

1.37

+1.08

Martin ratioReturn relative to average drawdown

7.38

3.58

+3.80

CAGS.TO vs. CMAG.TO - Sharpe Ratio Comparison

The current CAGS.TO Sharpe Ratio is 1.59, which is higher than the CMAG.TO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of CAGS.TO and CMAG.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.

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Drawdowns

CAGS.TO vs. CMAG.TO - Drawdown Comparison

The maximum CAGS.TO drawdown since its inception was -11.60%, smaller than the maximum CMAG.TO drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for CAGS.TO and CMAG.TO.

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Drawdown Indicators

CAGS.TOCMAG.TODifference

Max Drawdown

Largest peak-to-trough decline

-11.60%

-23.94%

+12.34%

Max Drawdown (1Y)

Largest decline over 1 year

-1.33%

-11.54%

+10.21%

Max Drawdown (3Y)

Largest decline over 3 years

-1.33%

-18.87%

+17.54%

Max Drawdown (5Y)

Largest decline over 5 years

-7.58%

-23.94%

+16.36%

Current Drawdown

Current decline from peak

-0.27%

-7.01%

+6.74%

Average Drawdown

Average peak-to-trough decline

-1.45%

-8.10%

+6.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.44%

4.41%

-3.97%

Volatility

CAGS.TO vs. CMAG.TO - Volatility Comparison

The current volatility for CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) is 0.68%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 8.89%. This indicates that CAGS.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CAGS.TOCMAG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.68%

8.89%

-8.21%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

18.51%

-16.89%

Volatility (1Y)

Calculated over the trailing 1-year period

2.06%

21.28%

-19.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.76%

17.32%

-14.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.62%

17.26%

-12.64%

Dividends

CAGS.TO vs. CMAG.TO - Dividend Comparison

CAGS.TO's dividend yield for the trailing twelve months is around 3.28%, while CMAG.TO has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
CAGS.TO
CI Canadian Short-Term Aggregate Bond Index ETF		3.28%3.16%3.37%2.62%2.61%1.96%2.59%2.83%2.72%1.06%
CMAG.TO
CI Munro Alternative Global Growth Fund		0.00%0.21%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CAGS.TO and CMAG.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CAGS.TO is categorized as Short-Term Bond, while CMAG.TO is Long-Short.

Portfolio Optimizer

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