CMDO.TO vs. CNAO.TO
CMDO.TO (CI Alternative Diversified Opportunities Fund) and CNAO.TO (CI Alternative North American Opportunities Fund) are both exchange-traded funds - CMDO.TO is a Nontraditional Bonds fund actively managed by CI, while CNAO.TO is a Long-Short fund actively managed by CI. Both are actively managed. Over the past 3 years, CMDO.TO returned 5.87%/yr vs 16.68%/yr for CNAO.TO. Their 0.11 correlation means their historical movements had little consistent relationship. CMDO.TO charges 1.32%/yr vs 1.21%/yr for CNAO.TO.
Performance
CMDO.TO vs. CNAO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CMDO.TO achieves a 2.10% return, which is significantly lower than CNAO.TO's 4.35% return.
CMDO.TO
- 1D
- 0.00%
- 1M
- -0.33%
- 6M
- 0.97%
- YTD
- 2.10%
- 1Y
- 4.53%
- 3Y*
- 5.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
CNAO.TO
- 1D
- 3.27%
- 1M
- -2.21%
- 6M
- 8.02%
- YTD
- 4.35%
- 1Y
- 8.39%
- 3Y*
- 16.68%
- 5Y*
- 11.80%
- 10Y*
- —
- ALL TIME*
- 11.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$18.80K | CA$23.83K | CA$26.35K | |
| CA$691.00 | CA$314.09 | CA$4.40K |
CMDO.TO vs. CNAO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CMDO.TO CI Alternative Diversified Opportunities Fund | 2.10% | 7.40% | 3.86% | 5.89% | -2.66% | 0.80% |
CNAO.TO CI Alternative North American Opportunities Fund | 4.35% | 7.57% | 31.71% | 35.16% | -18.93% | 6.51% |
Correlation
The correlation between CMDO.TO and CNAO.TO is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021 | 0.11 |
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Return for Risk
CMDO.TO vs. CNAO.TO — Risk / Return Rank
CMDO.TO
CNAO.TO
CMDO.TO vs. CNAO.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 Alternative North American Opportunities Fund (CNAO.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 | CNAO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.08 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 0.38 | +2.65 |
| Martin ratioReturn relative to average drawdown | 11.43 | 1.08 | +10.35 |
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Drawdowns
CMDO.TO vs. CNAO.TO - Drawdown Comparison
The maximum CMDO.TO drawdown since its inception was -6.85%, smaller than the maximum CNAO.TO drawdown of -27.39%. Use the drawdown chart below to compare losses from any high point for CMDO.TO and CNAO.TO.
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Drawdown Indicators
| CMDO.TO | CNAO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.85% | -27.39% | +20.54% |
Max Drawdown (1Y)Largest decline over 1 year | -1.54% | -19.73% | +18.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.41% | -22.55% | +18.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.39% | — |
Current DrawdownCurrent decline from peak | -0.62% | -5.61% | +4.99% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -7.02% | +5.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 6.96% | -6.55% |
Volatility
CMDO.TO vs. CNAO.TO - Volatility Comparison
The current volatility for CI Alternative Diversified Opportunities Fund (CMDO.TO) is 0.93%, while CI Alternative North American Opportunities Fund (CNAO.TO) has a volatility of 7.12%. This indicates that CMDO.TO experiences smaller price fluctuations and is considered to be less risky than CNAO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDO.TO | CNAO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 7.12% | -6.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 17.44% | -14.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 21.28% | -17.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.04% | 18.87% | -12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.04% | 18.78% | -12.74% |
CMDO.TO vs. CNAO.TO - Expense Ratio Comparison
CMDO.TO has a 1.32% expense ratio, which is higher than CNAO.TO's 1.21% expense ratio.
Dividends
CMDO.TO vs. CNAO.TO - Dividend Comparison
CMDO.TO's dividend yield for the trailing twelve months is around 3.85%, while CNAO.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CMDO.TO CI Alternative Diversified Opportunities Fund | 3.85% | 3.84% | 3.97% | 3.96% | 2.15% | 1.00% |
CNAO.TO CI Alternative North American Opportunities Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMDO.TO and CNAO.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNAO.TO is cheaper at 1.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNAO.TO is cheaper with a 1.21% expense ratio, compared with 1.32% for CMDO.TO.
CMDO.TO is categorized as Nontraditional Bonds, while CNAO.TO is Long-Short. Their fees differ too: 1.32% for CMDO.TO and 1.21% for CNAO.TO.
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