CMAG.TO vs. FSF.TO
CMAG.TO (CI Munro Alternative Global Growth Fund) and FSF.TO (CI Global Financial Sector ETF) are both exchange-traded funds - CMAG.TO is a Long-Short fund actively managed by CI, while FSF.TO is a Financials Equities fund actively managed by CI. Both are actively managed. Over the past 5 years, CMAG.TO returned 10.71%/yr vs 12.80%/yr for FSF.TO. At a 0.14 correlation, their price movements are largely independent.
Performance
CMAG.TO vs. FSF.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CMAG.TO achieves a 9.64% return, which is significantly higher than FSF.TO's 7.53% return.
CMAG.TO
- 1D
- -1.87%
- 1M
- -4.89%
- 6M
- 6.29%
- YTD
- 9.64%
- 1Y
- 14.75%
- 3Y*
- 21.60%
- 5Y*
- 10.71%
- 10Y*
- —
FSF.TO
- 1D
- 0.49%
- 1M
- 6.02%
- 6M
- 5.27%
- YTD
- 7.53%
- 1Y
- 19.52%
- 3Y*
- 23.65%
- 5Y*
- 12.80%
- 10Y*
- 21.54%
CMAG.TO vs. FSF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 9.64% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 34.62% |
FSF.TO CI Global Financial Sector ETF | 7.53% | 20.68% | 33.83% | 10.49% | -11.77% | 30.71% | -1.93% |
Correlation
The correlation between CMAG.TO and FSF.TO is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2020 | 0.14 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CMAG.TO vs. FSF.TO — Risk / Return Rank
CMAG.TO
FSF.TO
CMAG.TO vs. FSF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Munro Alternative Global Growth Fund (CMAG.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.
| CMAG.TO | FSF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.30 | -0.02 |
| Martin ratioReturn relative to average drawdown | 3.42 | 3.82 | -0.40 |
Loading charts...
Drawdowns
CMAG.TO vs. FSF.TO - Drawdown Comparison
The maximum CMAG.TO drawdown since its inception was -23.94%, smaller than the maximum FSF.TO drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for CMAG.TO and FSF.TO.
Loading charts...
Drawdown Indicators
| CMAG.TO | FSF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -73.78% | +49.84% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -15.09% | +3.55% |
Max Drawdown (3Y)Largest decline over 3 years | -18.87% | -17.26% | -1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -23.94% | -26.08% | +2.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.78% | — |
Current DrawdownCurrent decline from peak | -8.37% | 0.00% | -8.37% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -16.22% | +8.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 5.11% | -0.79% |
Volatility
CMAG.TO vs. FSF.TO - Volatility Comparison
CI Munro Alternative Global Growth Fund (CMAG.TO) has a higher volatility of 9.09% compared to CI Global Financial Sector ETF (FSF.TO) at 4.66%. This indicates that CMAG.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.
Loading charts...
Volatility by Period
| CMAG.TO | FSF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 4.66% | +4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 18.51% | 12.94% | +5.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.22% | 15.80% | +5.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.32% | 19.38% | -2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 212.64% | -195.38% |
Dividends
CMAG.TO vs. FSF.TO - Dividend Comparison
CMAG.TO has not paid dividends to shareholders, while FSF.TO's dividend yield for the trailing twelve months is around 1.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
CMAG.TO and FSF.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMAG.TO is categorized as Long-Short, while FSF.TO is Financials Equities.
Find the right allocation for CMAG.TO and FSF.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer