CLML.TO vs. ZCLN.TO
CLML.TO (CI Global Climate Leaders Fund) and ZCLN.TO (BMO Clean Energy Index ETF) are both Alternative Energy Equities funds. CLML.TO is actively managed, while ZCLN.TO is passively managed. Over the past 5 years, CLML.TO returned 20.73%/yr vs -1.50%/yr for ZCLN.TO. At a 0.33 correlation, their price movements are largely independent. CLML.TO charges 0.99%/yr vs 0.39%/yr for ZCLN.TO.
Performance
CLML.TO vs. ZCLN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CLML.TO achieves a 25.72% return, which is significantly higher than ZCLN.TO's 11.55% return.
CLML.TO
- 1D
- -0.97%
- 1M
- -7.84%
- 6M
- 20.44%
- YTD
- 25.72%
- 1Y
- 33.44%
- 3Y*
- 37.82%
- 5Y*
- 20.73%
- 10Y*
- —
- ALL TIME*
- 20.69%
ZCLN.TO
- 1D
- -3.35%
- 1M
- -13.98%
- 6M
- 0.62%
- YTD
- 11.55%
- 1Y
- 30.02%
- 3Y*
- 1.18%
- 5Y*
- -1.50%
- 10Y*
- —
- ALL TIME*
- -7.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$494.12K | CA$394.47K | CA$468.54K | |
ZCLN.TO BMO Clean Energy Index ETF | CA$168.81K | CA$241.75K | CA$335.85K |
CLML.TO vs. ZCLN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CLML.TO CI Global Climate Leaders Fund | 25.72% | 25.21% | 63.19% | 12.83% | -18.69% | 9.27% |
ZCLN.TO BMO Clean Energy Index ETF | 11.55% | 35.83% | -20.23% | -20.37% | 1.41% | -8.35% |
Correlation
The correlation between CLML.TO and ZCLN.TO is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021 | 0.33 |
Over the past year, CLML.TO and ZCLN.TO have become more correlated (0.62) than their long-term average of 0.33, meaning their price movements have been converging.
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Return for Risk
CLML.TO vs. ZCLN.TO — Risk / Return Rank
CLML.TO
ZCLN.TO
CLML.TO vs. ZCLN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Global Climate Leaders Fund (CLML.TO) and BMO Clean Energy Index ETF (ZCLN.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.
| CLML.TO | ZCLN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.18 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 1.28 | +1.62 |
| Martin ratioReturn relative to average drawdown | 9.65 | 4.15 | +5.50 |
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Drawdowns
CLML.TO vs. ZCLN.TO - Drawdown Comparison
The maximum CLML.TO drawdown since its inception was -28.17%, smaller than the maximum ZCLN.TO drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for CLML.TO and ZCLN.TO.
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Drawdown Indicators
| CLML.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.17% | -61.18% | +33.01% |
Max Drawdown (1Y)Largest decline over 1 year | -11.58% | -23.52% | +11.94% |
Max Drawdown (3Y)Largest decline over 3 years | -25.94% | -37.74% | +11.80% |
Max Drawdown (5Y)Largest decline over 5 years | -28.17% | -50.26% | +22.09% |
Current DrawdownCurrent decline from peak | -10.72% | -35.83% | +25.11% |
Average DrawdownAverage peak-to-trough decline | -8.85% | -40.39% | +31.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 7.25% | -3.78% |
Volatility
CLML.TO vs. ZCLN.TO - Volatility Comparison
The current volatility for CI Global Climate Leaders Fund (CLML.TO) is 8.33%, while BMO Clean Energy Index ETF (ZCLN.TO) has a volatility of 10.69%. This indicates that CLML.TO experiences smaller price fluctuations and is considered to be less risky than ZCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLML.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.33% | 10.69% | -2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 19.08% | 24.50% | -5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.21% | 30.53% | -7.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.14% | 26.65% | -5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.08% | 27.52% | -6.44% |
CLML.TO vs. ZCLN.TO - Expense Ratio Comparison
CLML.TO has a 0.99% expense ratio, which is higher than ZCLN.TO's 0.39% expense ratio.
Dividends
CLML.TO vs. ZCLN.TO - Dividend Comparison
CLML.TO has not paid dividends to shareholders, while ZCLN.TO's dividend yield for the trailing twelve months is around 1.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CLML.TO CI Global Climate Leaders Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZCLN.TO BMO Clean Energy Index ETF | 1.55% | 1.73% | 2.13% | 1.37% | 0.93% | 0.83% |
Frequently Asked Questions
CLML.TO and ZCLN.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCLN.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCLN.TO is cheaper with a 0.39% expense ratio, compared with 0.99% for CLML.TO.
They also come from different issuers: CI Global Asset Management and BMO. Their fees differ too: 0.99% for CLML.TO and 0.39% for ZCLN.TO.
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