CMDO.TO vs. VALT.TO
CMDO.TO (CI Alternative Diversified Opportunities Fund) and VALT.TO (CI Gold Bullion ETF) are both exchange-traded funds - CMDO.TO is a Nontraditional Bonds fund actively managed by CI Global Asset Management, while VALT.TO is a Gold fund tracking the No Index (Physical Commodity). CMDO.TO is actively managed, while VALT.TO is passively managed. Over the past 3 years, CMDO.TO returned 5.51%/yr vs 25.22%/yr for VALT.TO. At a 0.19 correlation, their price movements are largely independent. CMDO.TO charges 1.32%/yr vs 0.17%/yr for VALT.TO.
Performance
CMDO.TO vs. VALT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CMDO.TO achieves a 1.93% return, which is significantly higher than VALT.TO's -6.93% 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%
VALT.TO
- 1D
- 0.19%
- 1M
- 1.59%
- 6M
- -19.64%
- YTD
- -6.93%
- 1Y
- 17.76%
- 3Y*
- 25.22%
- 5Y*
- 16.17%
- 10Y*
- —
- ALL TIME*
- 13.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$15.20K | CA$29.38K | CA$28.11K | |
VALT.TO CI Gold Bullion ETF | CA$185.75K | CA$223.40K | CA$363.49K |
CMDO.TO vs. VALT.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% |
VALT.TO CI Gold Bullion ETF | -6.93% | 60.46% | 25.58% | 12.35% | 0.92% | 0.93% |
Correlation
The correlation between CMDO.TO and VALT.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021 | 0.19 |
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Return for Risk
CMDO.TO vs. VALT.TO — Risk / Return Rank
CMDO.TO
VALT.TO
CMDO.TO vs. VALT.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 Gold Bullion ETF (VALT.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 | VALT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.14 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 0.66 | +2.48 |
| Martin ratioReturn relative to average drawdown | 12.24 | 1.48 | +10.76 |
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Drawdowns
CMDO.TO vs. VALT.TO - Drawdown Comparison
The maximum CMDO.TO drawdown since its inception was -6.85%, smaller than the maximum VALT.TO drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for CMDO.TO and VALT.TO.
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Drawdown Indicators
| CMDO.TO | VALT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.85% | -27.07% | +20.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.54% | -27.07% | +25.53% |
Max Drawdown (3Y)Largest decline over 3 years | -4.41% | -27.07% | +22.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.07% | — |
Current DrawdownCurrent decline from peak | -0.79% | -25.75% | +24.96% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -6.25% | +4.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 12.03% | -11.64% |
Volatility
CMDO.TO vs. VALT.TO - Volatility Comparison
The current volatility for CI Alternative Diversified Opportunities Fund (CMDO.TO) is 1.00%, while CI Gold Bullion ETF (VALT.TO) has a volatility of 6.20%. This indicates that CMDO.TO experiences smaller price fluctuations and is considered to be less risky than VALT.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 | VALT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 6.20% | -5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 24.23% | -21.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 28.23% | -24.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.06% | 18.62% | -12.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.06% | 18.21% | -12.15% |
CMDO.TO vs. VALT.TO - Expense Ratio Comparison
CMDO.TO has a 1.32% expense ratio, which is higher than VALT.TO's 0.17% expense ratio.
Dividends
CMDO.TO vs. VALT.TO - Dividend Comparison
CMDO.TO's dividend yield for the trailing twelve months is around 3.84%, while VALT.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CMDO.TO CI Alternative Diversified Opportunities Fund | 3.84% | 3.84% | 3.97% | 3.96% | 2.15% | 1.00% |
VALT.TO CI Gold Bullion ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMDO.TO and VALT.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VALT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VALT.TO is cheaper with a 0.17% expense ratio, compared with 1.32% for CMDO.TO.
CMDO.TO is categorized as Nontraditional Bonds, while VALT.TO is Gold. Their fees differ too: 1.32% for CMDO.TO and 0.17% for VALT.TO.
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