CMDO.TO vs. BTCX-B.TO

Last updated Jul 25, 2026

CMDO.TO (CI Alternative Diversified Opportunities Fund) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - CMDO.TO is a Nontraditional Bonds fund actively managed by CI Global Asset Management, while BTCX-B.TO is a Cryptocurrency fund tracking the No Index (Physical Bitcoin). CMDO.TO is actively managed, while BTCX-B.TO is passively managed. Over the past 3 years, CMDO.TO returned 5.51%/yr vs 32.09%/yr for BTCX-B.TO. At a 0.04 correlation, their price movements are largely independent. CMDO.TO charges 1.32%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

CMDO.TO vs. BTCX-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Alternative Diversified Opportunities Fund (CMDO.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMDO.TO achieves a 1.93% return, which is significantly higher than BTCX-B.TO's -25.01% return.

CMDO.TO

• 1D: -0.30%
• 1M: -0.74%
• 6M: 0.97%
• YTD: 1.93%
• 1Y: 4.53%
• 3Y*: 5.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.44%

BTCX-B.TO

• 1D: -0.60%
• 1M: 6.21%
• 6M: -26.36%
• YTD: -25.01%
• 1Y: -44.75%
• 3Y*: 32.09%
• 5Y*: 16.47%
• 10Y*: —
• ALL TIME*: 3.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	CA$1.06M	CA$1.35M	CA$1.75M
CMDO.TO CI Alternative Diversified Opportunities Fund	CA$15.20K	CA$29.38K	CA$28.11K

CMDO.TO vs. BTCX-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CMDO.TO CI Alternative Diversified Opportunities Fund	1.93%	7.40%	3.86%	5.89%	-2.66%	0.80%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-25.01%	-11.32%	139.01%	149.40%	-62.06%	-0.34%

Correlation

The correlation between CMDO.TO and BTCX-B.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	-0.01
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021	0.04

Return for Risk

CMDO.TO vs. BTCX-B.TO — Risk / Return Rank

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

CMDO.TO

CMDO.TO Risk / Return Rank: 71
CMDO.TO Sharpe Ratio Rank: 61
CMDO.TO Sortino Ratio Rank: 62
CMDO.TO Omega Ratio Rank: 63
CMDO.TO Calmar Ratio Rank: 82
CMDO.TO Martin Ratio Rank: 86

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 1
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 3

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.

CMDO.TO vs. BTCX-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Alternative Diversified Opportunities Fund (CMDO.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.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.

	CMDO.TO	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.42	-1.03	+2.45
Sortino ratio: Return per unit of downside risk	2.08	-1.54	+3.62
Omega ratio: Gain probability vs. loss probability	1.27	0.83	+0.44
Calmar ratio: Return relative to maximum drawdown	3.14	-0.85	+3.99
Martin ratio: Return relative to average drawdown	12.24	-1.30	+13.53

CMDO.TO vs. BTCX-B.TO - Sharpe Ratio Comparison

The current CMDO.TO Sharpe Ratio is 1.42, which is higher than the BTCX-B.TO Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of CMDO.TO and BTCX-B.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

CMDO.TO vs. BTCX-B.TO - Drawdown Comparison

The maximum CMDO.TO drawdown since its inception was -6.85%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for CMDO.TO and BTCX-B.TO.

Drawdown Indicators

	CMDO.TO	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.85%	-75.26%	+68.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.54%	-52.71%	+51.17%
Max Drawdown (3Y) Largest decline over 3 years	-4.41%	-52.71%	+48.30%
Max Drawdown (5Y) Largest decline over 5 years	—	-75.26%	—
Current Drawdown Current decline from peak	-0.79%	-48.65%	+47.86%
Average Drawdown Average peak-to-trough decline	-1.46%	-33.37%	+31.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	34.56%	-34.17%

Volatility

CMDO.TO vs. BTCX-B.TO - Volatility Comparison

The current volatility for CI Alternative Diversified Opportunities Fund (CMDO.TO) is 1.00%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.14%. This indicates that CMDO.TO experiences smaller price fluctuations and is considered to be less risky than BTCX-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMDO.TO	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	9.14%	-8.14%
Volatility (6M) Calculated over the trailing 6-month period	2.71%	33.74%	-31.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	43.73%	-40.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.06%	53.25%	-47.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	54.59%	-48.53%

CMDO.TO vs. BTCX-B.TO - Expense Ratio Comparison

CMDO.TO has a 1.32% expense ratio, which is higher than BTCX-B.TO's 0.80% expense ratio.

Dividends

CMDO.TO vs. BTCX-B.TO - Dividend Comparison

CMDO.TO's dividend yield for the trailing twelve months is around 3.84%, while BTCX-B.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CMDO.TO CI Alternative Diversified Opportunities Fund	3.84%	3.84%	3.97%	3.96%	2.15%	1.00%

Frequently Asked Questions

Can I hold both CMDO.TO and BTCX-B.TO in my portfolio?

CMDO.TO and BTCX-B.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.

Which ETF is better, CMDO.TO or BTCX-B.TO?

On fees, BTCX-B.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMDO.TO or BTCX-B.TO?

BTCX-B.TO is cheaper with a 0.80% expense ratio, compared with 1.32% for CMDO.TO.

What is the main difference between CMDO.TO and BTCX-B.TO?

CMDO.TO is categorized as Nontraditional Bonds, while BTCX-B.TO is Cryptocurrency. Their fees differ too: 1.32% for CMDO.TO and 0.80% for BTCX-B.TO.