CLML.TO vs. GARP

Last updated Apr 1, 2026

Compare and contrast key facts about CI Global Climate Leaders Fund (CLML.TO) and iShares MSCI USA Quality GARP ETF (GARP).

CLML.TO and GARP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GARP is a passively managed fund by iShares that tracks the performance of the MSCI USA Quality GARP Select Index. It was launched on Jan 14, 2020.

Performance

CLML.TO vs. GARP - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Global Climate Leaders Fund (CLML.TO) and iShares MSCI USA Quality GARP ETF (GARP). The values are adjusted to include any dividend payments, if applicable.

CLML.TO vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CLML.TO CI Global Climate Leaders Fund	12.21%	25.21%	63.19%	12.83%	-18.69%	9.27%
GARP iShares MSCI USA Quality GARP ETF	-4.74%	15.92%	49.22%	39.71%	-21.53%	11.71%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, CLML.TO achieves a 12.21% return, which is significantly higher than GARP's -4.74% return.

CLML.TO

• 1D: 2.44%
• 1M: -3.32%
• YTD: 12.21%
• 6M: 15.38%
• 1Y: 50.15%
• 3Y*: 35.18%
• 5Y*: —
• 10Y*: —

GARP

• 1D: 3.75%
• 1M: -3.95%
• YTD: -4.74%
• 6M: -2.48%
• 1Y: 21.60%
• 3Y*: 26.42%
• 5Y*: 17.57%
• 10Y*: —

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

CLML.TO vs. GARP - Expense Ratio Comparison

GARP

iShares MSCI USA Quality GARP ETF

Return for Risk

CLML.TO vs. GARP — Risk / Return Rank

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

CLML.TO

CLML.TO Risk / Return Rank: 94
CLML.TO Sharpe Ratio Rank: 91
CLML.TO Sortino Ratio Rank: 95
CLML.TO Omega Ratio Rank: 92
CLML.TO Calmar Ratio Rank: 96
CLML.TO Martin Ratio Rank: 96

GARP

GARP Risk / Return Rank: 69
GARP Sharpe Ratio Rank: 64
GARP Sortino Ratio Rank: 67
GARP Omega Ratio Rank: 66
GARP Calmar Ratio Rank: 76
GARP Martin Ratio Rank: 72

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.

CLML.TO vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Global Climate Leaders Fund (CLML.TO) and iShares MSCI USA Quality GARP ETF (GARP). 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.

	CLML.TO	GARP	Difference
Sharpe ratio Return per unit of total volatility	2.04	0.90	+1.14
Sortino ratio Return per unit of downside risk	3.02	1.38	+1.65
Omega ratio Gain probability vs. loss probability	1.40	1.20	+0.20
Calmar ratio Return relative to maximum drawdown	4.21	1.71	+2.50
Martin ratio Return relative to average drawdown	17.78	5.68	+12.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLML.TO vs. GARP - Sharpe Ratio Comparison

The current CLML.TO Sharpe Ratio is 2.04, which is higher than the GARP Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CLML.TO and GARP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CLML.TO	GARP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	0.90	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.82	+0.13

Correlation

The correlation between CLML.TO and GARP is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CLML.TO vs. GARP - Dividend Comparison

CLML.TO has not paid dividends to shareholders, while GARP's dividend yield for the trailing twelve months is around 0.32%.

	TTM	2025	2024	2023	2022	2021	2020
CLML.TO CI Global Climate Leaders Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GARP iShares MSCI USA Quality GARP ETF	0.32%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%

Drawdowns

CLML.TO vs. GARP - Drawdown Comparison

The maximum CLML.TO drawdown since its inception was -28.17%, smaller than the maximum GARP drawdown of -29.73%. Use the drawdown chart below to compare losses from any high point for CLML.TO and GARP.

Drawdown Indicators

	CLML.TO	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-28.17%	-31.34%	+3.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.79%	-13.69%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.61%	—
Current Drawdown Current decline from peak	-4.51%	-10.35%	+5.84%
Average Drawdown Average peak-to-trough decline	-9.24%	-7.53%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.71%	-0.92%

Volatility

CLML.TO vs. GARP - Volatility Comparison

CI Global Climate Leaders Fund (CLML.TO) and iShares MSCI USA Quality GARP ETF (GARP) have volatilities of 7.13% and 7.40%, 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

	CLML.TO	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.13%	7.40%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	14.19%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	24.66%	23.97%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	20.24%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	22.28%	-1.85%