CFOD.TO vs. SPXI.TO
CFOD.TO (BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF) and SPXI.TO (BetaPro S&P 500 Daily Inverse ETF) are both Inverse Equities funds from Global X. Both are actively managed. Over the past 10 years, CFOD.TO returned -29.60%/yr vs -13.73%/yr for SPXI.TO. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
CFOD.TO vs. SPXI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CFOD.TO achieves a -34.29% return, which is significantly lower than SPXI.TO's -8.32% return. Over the past 10 years, CFOD.TO has underperformed SPXI.TO with an annualized return of -29.60%, while SPXI.TO has yielded a comparatively higher -13.73% annualized return.
CFOD.TO
- 1D
- -1.41%
- 1M
- -16.18%
- YTD
- -34.29%
- 6M
- -33.59%
- 1Y
- -55.77%
- 3Y*
- -41.80%
- 5Y*
- -29.47%
- 10Y*
- -29.60%
SPXI.TO
- 1D
- -1.36%
- 1M
- 1.04%
- YTD
- -8.32%
- 6M
- -7.64%
- 1Y
- -15.85%
- 3Y*
- -13.50%
- 5Y*
- -9.78%
- 10Y*
- -13.73%
CFOD.TO vs. SPXI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CFOD.TO BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF | -34.29% | -45.59% | -36.06% | -16.40% | 15.26% | -49.30% | -39.93% | -31.53% | 20.83% | -23.17% |
SPXI.TO BetaPro S&P 500 Daily Inverse ETF | -8.32% | -13.79% | -14.77% | -15.60% | 19.13% | -24.53% | -24.80% | -23.55% | 4.26% | -18.72% |
Correlation
The correlation between CFOD.TO and SPXI.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.58 |
The correlation between CFOD.TO and SPXI.TO has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.
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Return for Risk
CFOD.TO vs. SPXI.TO — Risk / Return Rank
CFOD.TO
SPXI.TO
CFOD.TO vs. SPXI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF (CFOD.TO) and BetaPro S&P 500 Daily Inverse ETF (SPXI.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.
| CFOD.TO | SPXI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 0.59 | 0.81 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.93 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.80 | -1.80 | -0.01 |
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Drawdowns
CFOD.TO vs. SPXI.TO - Drawdown Comparison
The maximum CFOD.TO drawdown since its inception was -99.88%, which is greater than SPXI.TO's maximum drawdown of -92.06%. Use the drawdown chart below to compare losses from any high point for CFOD.TO and SPXI.TO.
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Drawdown Indicators
| CFOD.TO | SPXI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -92.06% | -7.82% |
Max Drawdown (1Y)Largest decline over 1 year | -55.77% | -17.10% | -38.67% |
Max Drawdown (3Y)Largest decline over 3 years | -84.12% | -42.22% | -41.90% |
Max Drawdown (5Y)Largest decline over 5 years | -84.12% | -47.81% | -36.31% |
Max Drawdown (10Y)Largest decline over 10 years | -97.06% | -77.60% | -19.46% |
Current DrawdownCurrent decline from peak | -99.88% | -91.94% | -7.94% |
Average DrawdownAverage peak-to-trough decline | -86.99% | -67.18% | -19.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.94% | 8.91% | +22.03% |
Volatility
CFOD.TO vs. SPXI.TO - Volatility Comparison
BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF (CFOD.TO) and BetaPro S&P 500 Daily Inverse ETF (SPXI.TO) have volatilities of 4.97% and 5.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CFOD.TO | SPXI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.97% | 5.04% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 20.82% | 10.18% | +10.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.70% | 12.75% | +11.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.64% | 17.02% | +10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.56% | 18.13% | +15.43% |
Dividends
CFOD.TO vs. SPXI.TO - Dividend Comparison
Neither CFOD.TO nor SPXI.TO has paid dividends to shareholders.
Frequently Asked Questions
CFOD.TO and SPXI.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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