CDLB.TO vs. BTCX-B.TO

Last updated Jun 4, 2026

CDLB.TO (CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - CDLB.TO is a Intermediate Core-Plus Bond fund actively managed by CI Global Asset Management, while BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management. Over the past 5 years, CDLB.TO returned -0.60%/yr vs 14.29%/yr for BTCX-B.TO. At a 0.01 correlation, their price movements are largely independent. CDLB.TO charges 0.85%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

CDLB.TO vs. BTCX-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDLB.TO achieves a -0.54% return, which is significantly higher than BTCX-B.TO's -24.79% return.

CDLB.TO

• 1D: 0.31%
• 1M: 0.19%
• YTD: -0.54%
• 6M: -0.14%
• 1Y: 3.58%
• 3Y*: 3.08%
• 5Y*: -0.60%
• 10Y*: —

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*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
CDLB.TO CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series	-0.54%	5.44%	2.59%	2.12%	-12.02%	1.17%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-24.79%	-11.32%	139.01%	149.40%	-62.06%	-16.98%

Correlation

The correlation between CDLB.TO and BTCX-B.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
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 Mar 10, 2021	0.01

Return for Risk

CDLB.TO vs. BTCX-B.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CDLB.TO

CDLB.TO Risk / Return Rank: 38
CDLB.TO Sharpe Ratio Rank: 29
CDLB.TO Sortino Ratio Rank: 28
CDLB.TO Omega Ratio Rank: 69
CDLB.TO Calmar Ratio Rank: 35
CDLB.TO Martin Ratio Rank: 29

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

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.

CDLB.TO vs. BTCX-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.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.

	CDLB.TO	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.99	-0.90	+1.88
Sortino ratio: Return per unit of downside risk	1.49	-1.24	+2.73
Omega ratio: Gain probability vs. loss probability	1.40	0.86	+0.54
Calmar ratio: Return relative to maximum drawdown	1.70	-0.76	+2.46
Martin ratio: Return relative to average drawdown	4.08	-1.32	+5.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CDLB.TO Sharpe Ratio is 0.99, which is higher than the BTCX-B.TO Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of CDLB.TO and BTCX-B.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

	CDLB.TO	BTCX-B.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	-0.90	+1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.27	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.08	-0.08

Drawdowns

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

The maximum CDLB.TO drawdown since its inception was -17.06%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for CDLB.TO and BTCX-B.TO.

Drawdown Indicators

	CDLB.TO	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.06%	-75.26%	+58.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-50.41%	+48.30%
Max Drawdown (3Y) Largest decline over 3 years	-5.63%	-50.41%	+44.78%
Max Drawdown (5Y) Largest decline over 5 years	-17.06%	-75.26%	+58.20%
Current Drawdown Current decline from peak	-3.97%	-48.50%	+44.53%
Average Drawdown Average peak-to-trough decline	-6.60%	-32.95%	+26.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	29.08%	-28.20%

Volatility

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

The current volatility for CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) is 1.10%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.83%. This indicates that CDLB.TO experiences smaller price fluctuations and is considered to be less risky than BTCX-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDLB.TO	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	9.83%	-8.73%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	33.96%	-31.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	42.89%	-39.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.25%	54.13%	-48.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	54.99%	-50.14%

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

CDLB.TO has a 0.85% expense ratio, which is higher than BTCX-B.TO's 0.80% expense ratio.

Dividends

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

CDLB.TO's dividend yield for the trailing twelve months is around 4.69%, while BTCX-B.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
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%
CDLB.TO CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series	4.69%	4.45%	4.35%	3.60%	2.81%	2.38%	1.14%

Frequently Asked Questions

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

CDLB.TO and BTCX-B.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CDLB.TO or BTCX-B.TO?

On fees, BTCX-B.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CDLB.TO or BTCX-B.TO?

BTCX-B.TO is cheaper with a 0.80% expense ratio, compared with 0.85% for CDLB.TO.

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

CDLB.TO is categorized as Intermediate Core-Plus Bond, while BTCX-B.TO is Cryptocurrency. Their fees differ too: 0.85% for CDLB.TO and 0.80% for BTCX-B.TO.