CIC.TO vs. IQD.TO

Last updated Jul 14, 2026

CIC.TO (CI Canadian Banks Covered Call Income Class ETF) and IQD.TO (CI International Quality Dividend Growth Index ETF) are both exchange-traded funds - CIC.TO is a Financials Equities fund actively managed by CI, while IQD.TO is a Dividend fund managed by CI. Over the past 5 years, CIC.TO returned 16.56%/yr vs 6.19%/yr for IQD.TO. At a 0.42 correlation, their price movements are largely independent.

Performance

CIC.TO vs. IQD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Canadian Banks Covered Call Income Class ETF (CIC.TO) and CI International Quality Dividend Growth Index ETF (IQD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIC.TO achieves a 27.57% return, which is significantly higher than IQD.TO's 7.62% return.

CIC.TO

• 1D: -0.10%
• 1M: 5.44%
• 6M: 26.10%
• YTD: 27.57%
• 1Y: 57.42%
• 3Y*: 29.59%
• 5Y*: 16.56%
• 10Y*: 13.70%

IQD.TO

• 1D: -0.84%
• 1M: 1.39%
• 6M: 2.95%
• YTD: 7.62%
• 1Y: 15.00%
• 3Y*: 10.07%
• 5Y*: 6.19%
• 10Y*: —

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

CIC.TO vs. IQD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIC.TO CI Canadian Banks Covered Call Income Class ETF	27.57%	35.32%	21.30%	6.58%	-10.99%	33.76%	1.89%	14.12%	-8.88%	12.14%
IQD.TO CI International Quality Dividend Growth Index ETF	7.62%	12.84%	4.33%	18.05%	-12.63%	18.47%	9.12%	30.79%	-12.87%	23.09%

Correlation

The correlation between CIC.TO and IQD.TO is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jul 22, 2016	0.42

The correlation between CIC.TO and IQD.TO shifts across timeframes, from 0.42 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.

CIC.TO vs. IQD.TO - Sectors Allocation Comparison

Sectors	CIC.TO	IQD.TO
Financial Services	100.0%	15.6%
Basic Materials	-	5.3%
Communication Services	-	5.8%
Consumer Cyclical	-	19.3%
Consumer Defensive	-	4.5%
Energy	-	4.2%
Healthcare	-	9.7%
Industrials	-	24.9%
Real Estate	-	0.3%
Technology	-	9.7%
Utilities	-	0.9%

Return for Risk

CIC.TO vs. IQD.TO — Risk / Return Rank

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

CIC.TO

CIC.TO Risk / Return Rank: 97
CIC.TO Sharpe Ratio Rank: 98
CIC.TO Sortino Ratio Rank: 98
CIC.TO Omega Ratio Rank: 98
CIC.TO Calmar Ratio Rank: 96
CIC.TO Martin Ratio Rank: 97

IQD.TO

IQD.TO Risk / Return Rank: 37
IQD.TO Sharpe Ratio Rank: 35
IQD.TO Sortino Ratio Rank: 37
IQD.TO Omega Ratio Rank: 38
IQD.TO Calmar Ratio Rank: 36
IQD.TO Martin Ratio Rank: 41

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.

CIC.TO vs. IQD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Canadian Banks Covered Call Income Class ETF (CIC.TO) and CI International Quality Dividend Growth Index ETF (IQD.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.

	CIC.TO	IQD.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.88	1.04	+3.84
Sortino ratio: Return per unit of downside risk	6.52	1.58	+4.94
Omega ratio: Gain probability vs. loss probability	1.91	1.20	+0.70
Calmar ratio: Return relative to maximum drawdown	7.01	1.46	+5.55
Martin ratio: Return relative to average drawdown	32.73	5.20	+27.53

CIC.TO vs. IQD.TO - Sharpe Ratio Comparison

The current CIC.TO Sharpe Ratio is 4.88, which is higher than the IQD.TO Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of CIC.TO and IQD.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

CIC.TO vs. IQD.TO - Drawdown Comparison

The maximum CIC.TO drawdown since its inception was -38.55%, which is greater than IQD.TO's maximum drawdown of -30.69%. Use the drawdown chart below to compare losses from any high point for CIC.TO and IQD.TO.

Drawdown Indicators

	CIC.TO	IQD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.55%	-30.69%	-7.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.23%	-10.31%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-18.94%	+4.62%
Max Drawdown (5Y) Largest decline over 5 years	-26.34%	-20.52%	-5.82%
Max Drawdown (10Y) Largest decline over 10 years	-38.55%	—	—
Current Drawdown Current decline from peak	-0.10%	-2.38%	+2.28%
Average Drawdown Average peak-to-trough decline	-5.46%	-4.12%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	2.89%	-1.13%

Volatility

CIC.TO vs. IQD.TO - Volatility Comparison

CI Canadian Banks Covered Call Income Class ETF (CIC.TO) and CI International Quality Dividend Growth Index ETF (IQD.TO) have volatilities of 3.75% and 3.84%, 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.

Volatility by Period

	CIC.TO	IQD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.84%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	12.55%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	11.85%	14.56%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	15.19%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	15.40%	+0.89%

Dividends

CIC.TO vs. IQD.TO - Dividend Comparison

CIC.TO's dividend yield for the trailing twelve months is around 4.89%, more than IQD.TO's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIC.TO CI Canadian Banks Covered Call Income Class ETF	4.89%	5.17%	6.71%	7.37%	7.64%	5.48%	9.56%	6.16%	6.61%	5.68%	6.72%	7.31%
IQD.TO CI International Quality Dividend Growth Index ETF	2.39%	3.08%	1.38%	1.66%	4.21%	2.19%	1.24%	1.79%	2.10%	1.12%	0.48%	0.00%

Frequently Asked Questions

Can I hold both CIC.TO and IQD.TO in my portfolio?

CIC.TO and IQD.TO have a correlation of 0.51, 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 CIC.TO and IQD.TO?

CIC.TO is categorized as Financials Equities, while IQD.TO is Dividend.