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

CAGS.TO vs. UMI.TO

Last updated Jul 22, 2026
Documentation

CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) and UMI.TO (CI U.S. MidCap Dividend Index ETF) are both exchange-traded funds - CAGS.TO is a Short-Term Bond fund managed by CI, while UMI.TO is a Mid Cap Value Equities fund managed by CI. Over the past 5 years, CAGS.TO returned 2.10%/yr vs 7.48%/yr for UMI.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

CAGS.TO vs. UMI.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 U.S. MidCap Dividend Index ETF (UMI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CAGS.TO achieves a 1.19% return, which is significantly lower than UMI.TO's 9.87% 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%

UMI.TO

1D
-0.22%
1M
2.74%
6M
6.74%
YTD
9.87%
1Y
13.05%
3Y*
10.05%
5Y*
7.48%
10Y*
—
ALL TIME*
6.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CAGS.TO
CI Canadian Short-Term Aggregate Bond Index ETF		1.19%3.95%6.07%5.02%-4.30%-1.22%4.47%4.33%1.41%-0.37%
UMI.TO
CI U.S. MidCap Dividend Index ETF		9.87%2.81%11.84%13.17%-6.84%27.52%-8.25%21.06%-10.77%2.61%

Correlation

The correlation between CAGS.TO and UMI.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.16

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

0.05

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2017

0.03

Over the past year, CAGS.TO and UMI.TO have become more correlated (0.34) than their long-term average of 0.03, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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CI Canadian Short-Term Aggregate Bond Index ETF

CI U.S. MidCap Dividend Index ETF

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 UMI.TO:
UMI.TO vs. EHE.TOUMI.TO vs. CINF.TOUMI.TO vs. CBCX.TOUMI.TO vs. CCOM.TOUMI.TO vs. CEQT.TOUMI.TO vs. CEQP.TOUMI.TO vs. NXF.TO

Return for Risk

CAGS.TO vs. UMI.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
UMI.TO
UMI.TO Risk / Return Rank: 3636
Overall Rank
UMI.TO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
UMI.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
UMI.TO Omega Ratio Rank: 3535
Omega Ratio Rank
UMI.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
UMI.TO Martin Ratio Rank: 3838
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. UMI.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 U.S. MidCap Dividend Index ETF (UMI.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.TOUMI.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
0.93

+0.66

Sortino ratioReturn per unit of downside risk
2.21
1.48

+0.73

Omega ratioGain probability vs. loss probability

1.32

1.18

+0.14

Calmar ratioReturn relative to maximum drawdown

2.45

1.40

+1.05

Martin ratioReturn relative to average drawdown

7.38

4.31

+3.07

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

The current CAGS.TO Sharpe Ratio is 1.59, which is higher than the UMI.TO Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of CAGS.TO and UMI.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. UMI.TO - Drawdown Comparison

The maximum CAGS.TO drawdown since its inception was -11.60%, smaller than the maximum UMI.TO drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for CAGS.TO and UMI.TO.

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Drawdown Indicators

CAGS.TOUMI.TODifference

Max Drawdown

Largest peak-to-trough decline

-11.60%

-48.08%

+36.48%

Max Drawdown (1Y)

Largest decline over 1 year

-1.33%

-9.39%

+8.06%

Max Drawdown (3Y)

Largest decline over 3 years

-1.33%

-22.03%

+20.70%

Max Drawdown (5Y)

Largest decline over 5 years

-7.58%

-22.03%

+14.45%

Current Drawdown

Current decline from peak

-0.27%

-0.73%

+0.46%

Average Drawdown

Average peak-to-trough decline

-1.45%

-6.76%

+5.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.44%

3.03%

-2.59%

Volatility

CAGS.TO vs. UMI.TO - Volatility Comparison

The current volatility for CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) is 0.68%, while CI U.S. MidCap Dividend Index ETF (UMI.TO) has a volatility of 2.67%. This indicates that CAGS.TO experiences smaller price fluctuations and is considered to be less risky than UMI.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.TOUMI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.68%

2.67%

-1.99%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

9.19%

-7.57%

Volatility (1Y)

Calculated over the trailing 1-year period

2.06%

14.14%

-12.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.76%

17.08%

-14.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.62%

20.97%

-16.35%

Dividends

CAGS.TO vs. UMI.TO - Dividend Comparison

CAGS.TO's dividend yield for the trailing twelve months is around 3.28%, more than UMI.TO's 2.34% yield.

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%
UMI.TO
CI U.S. MidCap Dividend Index ETF		2.34%2.60%2.09%2.42%3.01%1.79%2.18%2.47%2.31%0.00%

Frequently Asked Questions

CAGS.TO and UMI.TO have a correlation of 0.34, 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 UMI.TO is Mid Cap Value Equities.

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