CGXF.TO vs. FSF.TO

Last updated Jul 18, 2026

CGXF.TO (CI Gold+ Giants Covered Call ETF Common) and FSF.TO (CI Global Financial Sector ETF) are both exchange-traded funds - CGXF.TO is a Gold fund actively managed by CI, while FSF.TO is a Financials Equities fund actively managed by CI. Both are actively managed. Over the past 10 years, CGXF.TO returned 7.54%/yr vs 21.54%/yr for FSF.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

CGXF.TO vs. FSF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Gold+ Giants Covered Call ETF Common (CGXF.TO) and CI Global Financial Sector ETF (FSF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGXF.TO achieves a -16.95% return, which is significantly lower than FSF.TO's 7.53% return. Over the past 10 years, CGXF.TO has underperformed FSF.TO with an annualized return of 7.54%, while FSF.TO has yielded a comparatively higher 21.54% annualized return.

CGXF.TO

• 1D: -0.83%
• 1M: -15.81%
• 6M: -26.12%
• YTD: -16.95%
• 1Y: 27.34%
• 3Y*: 23.84%
• 5Y*: 15.25%
• 10Y*: 7.54%

FSF.TO

• 1D: 0.49%
• 1M: 3.43%
• 6M: 5.04%
• YTD: 7.53%
• 1Y: 18.90%
• 3Y*: 23.65%
• 5Y*: 12.80%
• 10Y*: 21.54%

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

CGXF.TO vs. FSF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGXF.TO CI Gold+ Giants Covered Call ETF Common	-16.95%	114.18%	11.88%	1.43%	1.89%	-6.21%	15.22%	20.53%	-18.76%	5.51%
FSF.TO CI Global Financial Sector ETF	7.53%	20.68%	33.83%	10.49%	-11.77%	30.71%	-1.98%	25.77%	-21.19%	23.28%

Correlation

The correlation between CGXF.TO and FSF.TO is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Nov 21, 2014	0.03

CGXF.TO vs. FSF.TO - Sectors Allocation Comparison

Sectors	CGXF.TO	FSF.TO
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	98.7%
Healthcare	-	-
Industrials	-	1.0%
Real Estate	-	-
Technology	-	0.3%
Utilities	-	-

Return for Risk

CGXF.TO vs. FSF.TO — Risk / Return Rank

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

CGXF.TO

CGXF.TO Risk / Return Rank: 23
CGXF.TO Sharpe Ratio Rank: 23
CGXF.TO Sortino Ratio Rank: 24
CGXF.TO Omega Ratio Rank: 25
CGXF.TO Calmar Ratio Rank: 22
CGXF.TO Martin Ratio Rank: 21

FSF.TO

FSF.TO Risk / Return Rank: 42
FSF.TO Sharpe Ratio Rank: 47
FSF.TO Sortino Ratio Rank: 47
FSF.TO Omega Ratio Rank: 51
FSF.TO Calmar Ratio Rank: 33
FSF.TO Martin Ratio Rank: 34

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.

CGXF.TO vs. FSF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Gold+ Giants Covered Call ETF Common (CGXF.TO) and CI Global Financial Sector ETF (FSF.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.

	CGXF.TO	FSF.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.25	-0.60
Sortino ratio: Return per unit of downside risk	1.08	1.83	-0.75
Omega ratio: Gain probability vs. loss probability	1.14	1.25	-0.11
Calmar ratio: Return relative to maximum drawdown	0.77	1.30	-0.53
Martin ratio: Return relative to average drawdown	1.83	3.82	-1.99

CGXF.TO vs. FSF.TO - Sharpe Ratio Comparison

The current CGXF.TO Sharpe Ratio is 0.64, which is lower than the FSF.TO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of CGXF.TO and FSF.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.

Drawdowns

CGXF.TO vs. FSF.TO - Drawdown Comparison

The maximum CGXF.TO drawdown since its inception was -91.79%, which is greater than FSF.TO's maximum drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for CGXF.TO and FSF.TO.

Drawdown Indicators

	CGXF.TO	FSF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-91.79%	-73.78%	-18.01%
Max Drawdown (1Y) Largest decline over 1 year	-35.81%	-15.09%	-20.72%
Max Drawdown (3Y) Largest decline over 3 years	-35.81%	-17.26%	-18.55%
Max Drawdown (5Y) Largest decline over 5 years	-37.19%	-26.08%	-11.11%
Max Drawdown (10Y) Largest decline over 10 years	-39.68%	-73.78%	+34.10%
Current Drawdown Current decline from peak	-35.81%	0.00%	-35.81%
Average Drawdown Average peak-to-trough decline	-44.86%	-16.22%	-28.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.96%	5.11%	+9.85%

Volatility

CGXF.TO vs. FSF.TO - Volatility Comparison

CI Gold+ Giants Covered Call ETF Common (CGXF.TO) has a higher volatility of 10.52% compared to CI Global Financial Sector ETF (FSF.TO) at 4.66%. This indicates that CGXF.TO's price experiences larger fluctuations and is considered to be riskier than FSF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGXF.TO	FSF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.52%	4.66%	+5.86%
Volatility (6M) Calculated over the trailing 6-month period	35.15%	12.94%	+22.21%
Volatility (1Y) Calculated over the trailing 1-year period	42.78%	15.80%	+26.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.62%	19.38%	+12.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.72%	212.64%	-181.92%

Dividends

CGXF.TO vs. FSF.TO - Dividend Comparison

CGXF.TO's dividend yield for the trailing twelve months is around 14.01%, more than FSF.TO's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGXF.TO CI Gold+ Giants Covered Call ETF Common	14.01%	7.43%	8.09%	8.93%	8.54%	8.59%	11.00%	6.69%	7.97%	6.99%	10.68%	4.82%
FSF.TO CI Global Financial Sector ETF	1.36%	1.28%	1.41%	2.10%	2.35%	0.74%	1.28%	1.91%	2.30%	0.96%	0.79%	0.00%

Frequently Asked Questions

Can I hold both CGXF.TO and FSF.TO in my portfolio?

CGXF.TO and FSF.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CGXF.TO and FSF.TO?

CGXF.TO is categorized as Gold, while FSF.TO is Financials Equities.