CMDO.TO vs. CGHY.TO

Last updated Jul 25, 2026

CMDO.TO (CI Alternative Diversified Opportunities Fund) and CGHY.TO (CI High Yield Bond Private Pool ETF C$ Series) are both exchange-traded funds - CMDO.TO is a Nontraditional Bonds fund actively managed by CI Global Asset Management, while CGHY.TO is a High Yield Bonds fund actively managed by CI Global Asset Management. Both are actively managed. Over the past 3 years, CMDO.TO returned 5.51%/yr vs 7.89%/yr for CGHY.TO. At a 0.12 correlation, their price movements are largely independent. CMDO.TO charges 1.32%/yr vs 0.76%/yr for CGHY.TO.

Performance

CMDO.TO vs. CGHY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Alternative Diversified Opportunities Fund (CMDO.TO) and CI High Yield Bond Private Pool ETF C$ Series (CGHY.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 lower than CGHY.TO's 2.17% 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%

CGHY.TO

• 1D: -0.77%
• 1M: -0.86%
• 6M: 2.07%
• YTD: 2.17%
• 1Y: 4.58%
• 3Y*: 7.89%
• 5Y*: 8.99%
• 10Y*: 6.36%
• ALL TIME*: 5.93%

*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)
CGHY.TO CI High Yield Bond Private Pool ETF C$ Series	CA$10.22K	CA$8.54K	CA$11.84K
CMDO.TO CI Alternative Diversified Opportunities Fund	CA$15.20K	CA$29.38K	CA$28.11K

CMDO.TO vs. CGHY.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%
CGHY.TO CI High Yield Bond Private Pool ETF C$ Series	2.17%	6.19%	9.66%	13.41%	13.50%	0.89%

Correlation

The correlation between CMDO.TO and CGHY.TO is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021	0.12

The correlation between CMDO.TO and CGHY.TO shifts across timeframes, from 0.01 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CMDO.TO vs. CGHY.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

CGHY.TO

CGHY.TO Risk / Return Rank: 45
CGHY.TO Sharpe Ratio Rank: 32
CGHY.TO Sortino Ratio Rank: 29
CGHY.TO Omega Ratio Rank: 31
CGHY.TO Calmar Ratio Rank: 70
CGHY.TO Martin Ratio Rank: 64

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. CGHY.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 High Yield Bond Private Pool ETF C$ Series (CGHY.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	CGHY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.42	0.80	+0.62
Sortino ratio: Return per unit of downside risk	2.08	1.10	+0.98
Omega ratio: Gain probability vs. loss probability	1.27	1.15	+0.12
Calmar ratio: Return relative to maximum drawdown	3.14	2.49	+0.65
Martin ratio: Return relative to average drawdown	12.24	7.73	+4.51

CMDO.TO vs. CGHY.TO - Sharpe Ratio Comparison

The current CMDO.TO Sharpe Ratio is 1.42, which is higher than the CGHY.TO Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of CMDO.TO and CGHY.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. CGHY.TO - Drawdown Comparison

The maximum CMDO.TO drawdown since its inception was -6.85%, smaller than the maximum CGHY.TO drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for CMDO.TO and CGHY.TO.

Drawdown Indicators

	CMDO.TO	CGHY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.85%	-24.44%	+17.59%
Max Drawdown (1Y) Largest decline over 1 year	-1.54%	-2.18%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-4.41%	-4.92%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.44%	—
Current Drawdown Current decline from peak	-0.79%	-1.15%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.46%	-2.03%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.70%	-0.31%

Volatility

CMDO.TO vs. CGHY.TO - Volatility Comparison

The current volatility for CI Alternative Diversified Opportunities Fund (CMDO.TO) is 1.00%, while CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) has a volatility of 1.50%. This indicates that CMDO.TO experiences smaller price fluctuations and is considered to be less risky than CGHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMDO.TO	CGHY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.50%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.71%	5.69%	-2.98%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	6.80%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.06%	14.56%	-8.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	12.95%	-6.89%

CMDO.TO vs. CGHY.TO - Expense Ratio Comparison

CMDO.TO has a 1.32% expense ratio, which is higher than CGHY.TO's 0.76% expense ratio.

Dividends

CMDO.TO vs. CGHY.TO - Dividend Comparison

CMDO.TO's dividend yield for the trailing twelve months is around 3.84%, less than CGHY.TO's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGHY.TO CI High Yield Bond Private Pool ETF C$ Series	5.08%	5.40%	4.99%	5.14%	5.08%	6.32%	6.08%	5.65%	5.91%	5.45%	5.57%	4.73%
CMDO.TO CI Alternative Diversified Opportunities Fund	3.84%	3.84%	3.97%	3.96%	2.15%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMDO.TO and CGHY.TO in my portfolio?

CMDO.TO and CGHY.TO have a correlation of 0.01, 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 CGHY.TO?

On fees, CGHY.TO is cheaper at 0.76% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMDO.TO or CGHY.TO?

CGHY.TO is cheaper with a 0.76% expense ratio, compared with 1.32% for CMDO.TO.

What is the main difference between CMDO.TO and CGHY.TO?

CMDO.TO is categorized as Nontraditional Bonds, while CGHY.TO is High Yield Bonds. Their fees differ too: 1.32% for CMDO.TO and 0.76% for CGHY.TO.