CGXF.TO vs. VALT-U.TO

Last updated Jul 18, 2026

CGXF.TO (CI Gold+ Giants Covered Call ETF Common) and VALT-U.TO (CI Gold Bullion ETF (US$ Series)) are both Gold funds from CI. Both are actively managed. Over the past 5 years, CGXF.TO returned 15.25%/yr vs 19.56%/yr for VALT-U.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

CGXF.TO vs. VALT-U.TO - Performance Comparison

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

Different Trading Currencies

CGXF.TO is traded in CAD, while VALT-U.TO is traded in USD. To make them comparable, the VALT-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CGXF.TO achieves a -16.95% return, which is significantly lower than VALT-U.TO's -5.00% 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%

VALT-U.TO

• 1D: 0.27%
• 1M: -6.43%
• 6M: -11.66%
• YTD: -5.00%
• 1Y: 22.96%
• 3Y*: 28.97%
• 5Y*: 19.56%
• 10Y*: —

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

CGXF.TO vs. VALT-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CGXF.TO CI Gold+ Giants Covered Call ETF Common	-16.95%	114.18%	11.88%	1.43%	1.89%	-4.90%
VALT-U.TO CI Gold Bullion ETF (US$ Series)	-5.00%	57.87%	36.96%	10.73%	5.35%	-0.94%

Correlation

The correlation between CGXF.TO and VALT-U.TO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.41

Over the past year, CGXF.TO and VALT-U.TO have become more correlated (0.72) than their long-term average of 0.41, meaning their price movements have been converging.

Return for Risk

CGXF.TO vs. VALT-U.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

VALT-U.TO

VALT-U.TO Risk / Return Rank: 22
VALT-U.TO Sharpe Ratio Rank: 20
VALT-U.TO Sortino Ratio Rank: 22
VALT-U.TO Omega Ratio Rank: 32
VALT-U.TO Calmar Ratio Rank: 18
VALT-U.TO Martin Ratio Rank: 18

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. VALT-U.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 Gold Bullion ETF (US$ Series) (VALT-U.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	VALT-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.64	0.56	+0.08
Sortino ratio: Return per unit of downside risk	1.08	1.05	+0.03
Omega ratio: Gain probability vs. loss probability	1.14	1.19	-0.04
Calmar ratio: Return relative to maximum drawdown	0.77	0.63	+0.14
Martin ratio: Return relative to average drawdown	1.83	1.46	+0.37

CGXF.TO vs. VALT-U.TO - Sharpe Ratio Comparison

The current CGXF.TO Sharpe Ratio is 0.64, which is comparable to the VALT-U.TO Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of CGXF.TO and VALT-U.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. VALT-U.TO - Drawdown Comparison

The maximum CGXF.TO drawdown since its inception was -91.79%, which is greater than VALT-U.TO's maximum drawdown of -36.84%. Use the drawdown chart below to compare losses from any high point for CGXF.TO and VALT-U.TO.

Drawdown Indicators

	CGXF.TO	VALT-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-91.79%	-36.84%	-54.95%
Max Drawdown (1Y) Largest decline over 1 year	-35.81%	-36.84%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-35.81%	-36.84%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-37.19%	-36.84%	-0.35%
Max Drawdown (10Y) Largest decline over 10 years	-39.68%	—	—
Current Drawdown Current decline from peak	-35.81%	-36.67%	+0.86%
Average Drawdown Average peak-to-trough decline	-44.86%	-5.85%	-39.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.96%	15.79%	-0.83%

Volatility

CGXF.TO vs. VALT-U.TO - Volatility Comparison

CI Gold+ Giants Covered Call ETF Common (CGXF.TO) has a higher volatility of 10.52% compared to CI Gold Bullion ETF (US$ Series) (VALT-U.TO) at 6.19%. This indicates that CGXF.TO's price experiences larger fluctuations and is considered to be riskier than VALT-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGXF.TO	VALT-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.52%	6.19%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	35.15%	38.76%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	42.78%	41.34%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.62%	23.09%	+8.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.72%	22.45%	+8.27%

Dividends

CGXF.TO vs. VALT-U.TO - Dividend Comparison

CGXF.TO's dividend yield for the trailing twelve months is around 14.01%, while VALT-U.TO has not paid dividends to shareholders.

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%
VALT-U.TO CI Gold Bullion ETF (US$ Series)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGXF.TO and VALT-U.TO in my portfolio?

CGXF.TO and VALT-U.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.