CMDO.TO vs. PBD.TO

Last updated Aug 4, 2026

CMDO.TO (CI Alternative Diversified Opportunities Fund) and PBD.TO (Purpose Total Return Bond Fund) are both exchange-traded funds - CMDO.TO is a Nontraditional Bonds fund actively managed by CI, while PBD.TO is a Multisector Bonds fund actively managed by Purpose. Both are actively managed. Over the past 3 years, CMDO.TO returned 5.87%/yr vs 4.76%/yr for PBD.TO. Their 0.27 correlation means their historical movements had little consistent relationship. CMDO.TO charges 1.32%/yr vs 0.88%/yr for PBD.TO.

Performance

CMDO.TO vs. PBD.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 Purpose Total Return Bond Fund (PBD.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 2.10% return, which is significantly higher than PBD.TO's 0.38% 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%

PBD.TO

• 1D: 0.25%
• 1M: -1.10%
• 6M: 0.15%
• YTD: 0.38%
• 1Y: 1.87%
• 3Y*: 4.76%
• 5Y*: 1.58%
• 10Y*: 2.05%
• ALL TIME*: 2.32%

*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)
CMDO.TO CI Alternative Diversified Opportunities Fund	CA$18.80K	CA$23.83K	CA$26.35K
PBD.TO Purpose Total Return Bond Fund	CA$27.53K	CA$21.83K	CA$18.66K

CMDO.TO vs. PBD.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%
PBD.TO Purpose Total Return Bond Fund	0.38%	4.22%	4.89%	4.80%	-6.19%	0.39%

Correlation

The correlation between CMDO.TO and PBD.TO is 0.09, 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.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021	0.27

The correlation between CMDO.TO and PBD.TO shifts across timeframes, from 0.09 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CMDO.TO vs. PBD.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CMDO.TO

CMDO.TO Risk / Return Rank: 63
CMDO.TO Sharpe Ratio Rank: 52
CMDO.TO Sortino Ratio Rank: 53
CMDO.TO Omega Ratio Rank: 54
CMDO.TO Calmar Ratio Rank: 78
CMDO.TO Martin Ratio Rank: 80

PBD.TO

PBD.TO Risk / Return Rank: 25
PBD.TO Sharpe Ratio Rank: 23
PBD.TO Sortino Ratio Rank: 21
PBD.TO Omega Ratio Rank: 20
PBD.TO Calmar Ratio Rank: 27
PBD.TO Martin Ratio Rank: 32

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CMDO.TO vs. PBD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Alternative Diversified Opportunities Fund (CMDO.TO) and Purpose Total Return Bond Fund (PBD.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	PBD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	0.53	+0.84
Sortino ratio: Return per unit of downside risk	2.02	0.79	+1.23
Omega ratio: Gain probability vs. loss probability	1.26	1.10	+0.17
Calmar ratio: Return relative to maximum drawdown	3.03	0.91	+2.12
Martin ratio: Return relative to average drawdown	11.43	3.14	+8.29

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

The current CMDO.TO Sharpe Ratio is 1.38, which is higher than the PBD.TO Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of CMDO.TO and PBD.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. PBD.TO - Drawdown Comparison

The maximum CMDO.TO drawdown since its inception was -6.85%, smaller than the maximum PBD.TO drawdown of -17.68%. Use the drawdown chart below to compare losses from any high point for CMDO.TO and PBD.TO.

Drawdown Indicators

	CMDO.TO	PBD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.85%	-17.68%	+10.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.54%	-2.19%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-4.41%	-3.41%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.68%	—
Current Drawdown Current decline from peak	-0.62%	-1.10%	+0.48%
Average Drawdown Average peak-to-trough decline	-1.46%	-2.34%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.64%	-0.23%

Volatility

CMDO.TO vs. PBD.TO - Volatility Comparison

The current volatility for CI Alternative Diversified Opportunities Fund (CMDO.TO) is 0.93%, while Purpose Total Return Bond Fund (PBD.TO) has a volatility of 1.38%. This indicates that CMDO.TO experiences smaller price fluctuations and is considered to be less risky than PBD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMDO.TO	PBD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.38%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	2.84%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.78%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	4.82%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.04%	6.78%	-0.74%

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

CMDO.TO has a 1.32% expense ratio, which is higher than PBD.TO's 0.88% expense ratio.

Dividends

CMDO.TO vs. PBD.TO - Dividend Comparison

CMDO.TO's dividend yield for the trailing twelve months is around 3.85%, less than PBD.TO's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMDO.TO CI Alternative Diversified Opportunities Fund	3.85%	3.84%	3.97%	3.96%	2.15%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBD.TO Purpose Total Return Bond Fund	4.37%	4.28%	4.27%	4.25%	3.80%	3.43%	3.32%	3.68%	3.85%	4.50%	3.68%	3.81%

Frequently Asked Questions

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

CMDO.TO and PBD.TO have a correlation of 0.09, 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 PBD.TO?

On fees, PBD.TO is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PBD.TO is cheaper with a 0.88% expense ratio, compared with 1.32% for CMDO.TO.

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

CMDO.TO is categorized as Nontraditional Bonds, while PBD.TO is Multisector Bonds. They also come from different issuers: CI and Purpose. Their fees differ too: 1.32% for CMDO.TO and 0.88% for PBD.TO.