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CMGG.TO vs. FGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CMGG.TO vs. FGRO

Last updated Jun 4, 2026

CMGG.TO (CI Munro Global Growth Equity Fund) and FGRO (Fidelity Growth Opportunities ETF) are both Global Equities funds. Both are actively managed. Over the past 5 years, CMGG.TO returned 20.56%/yr vs 15.80%/yr for FGRO. A 0.51 correlation means they provide meaningful diversification when combined. CMGG.TO charges 0.90%/yr vs 0.59%/yr for FGRO.

Performance

CMGG.TO vs. FGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Munro Global Growth Equity Fund (CMGG.TO) and Fidelity Growth Opportunities ETF (FGRO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

CMGG.TO is traded in CAD, while FGRO is traded in USD. To make them comparable, the FGRO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CMGG.TO achieves a 21.24% return, which is significantly higher than FGRO's 17.97% return.

CMGG.TO

1D
0.12%
1M
10.96%
YTD
21.24%
6M
21.36%
1Y
38.88%
3Y*
35.34%
5Y*
20.56%
10Y*
—

FGRO

1D
-0.49%
1M
9.48%
YTD
17.97%
6M
15.76%
1Y
41.18%
3Y*
30.49%
5Y*
15.80%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CMGG.TO vs. FGRO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
CMGG.TO
CI Munro Global Growth Equity Fund		21.24%21.00%52.95%24.21%-21.16%10.52%
FGRO
Fidelity Growth Opportunities ETF		17.97%14.12%43.65%46.42%-33.43%0.26%

Correlation

The correlation between CMGG.TO and FGRO is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.53

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2021

0.51

Over the past year, CMGG.TO and FGRO have become more correlated (0.80) than their long-term average of 0.51, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI Munro Global Growth Equity Fund

Fidelity Growth Opportunities ETF

Often compared with CMGG.TO:
CMGG.TO vs. FCCM.NEOCMGG.TO vs. VMO.TOCMGG.TO vs. CLML.TOCMGG.TO vs. SPMOCMGG.TO vs. ARKKCMGG.TO vs. GRNYCMGG.TO vs. GARP
Often compared with FGRO:
FGRO vs. FAGCXFGRO vs. SCHGFGRO vs. VOOFGRO vs. FMILFGRO vs. FXAIXFGRO vs. AKREXFGRO vs. FTEC

Return for Risk

CMGG.TO vs. FGRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CMGG.TO
CMGG.TO Risk / Return Rank: 6969
Overall Rank
CMGG.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
CMGG.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
CMGG.TO Omega Ratio Rank: 6767
Omega Ratio Rank
CMGG.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
CMGG.TO Martin Ratio Rank: 6060
Martin Ratio Rank
FGRO
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.

CMGG.TO vs. FGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Munro Global Growth Equity Fund (CMGG.TO) and Fidelity Growth Opportunities ETF (FGRO). 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.

CMGG.TOFGRODifference
Sharpe ratioReturn per unit of total volatility
2.36
2.30

+0.07

Sortino ratioReturn per unit of downside risk
3.14
3.00

+0.14

Omega ratioGain probability vs. loss probability

1.40

1.40

+0.01

Calmar ratioReturn relative to maximum drawdown

3.85

2.88

+0.97

Martin ratioReturn relative to average drawdown

10.77

9.79

+0.98

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMGG.TO vs. FGRO - Sharpe Ratio Comparison

The current CMGG.TO Sharpe Ratio is 2.36, which is comparable to the FGRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of CMGG.TO and FGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CMGG.TOFGRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.36

2.30

+0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.14

0.68

+0.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.54

+0.44

Drawdowns

CMGG.TO vs. FGRO - Drawdown Comparison

The maximum CMGG.TO drawdown since its inception was -29.00%, smaller than the maximum FGRO drawdown of -41.10%. Use the drawdown chart below to compare losses from any high point for CMGG.TO and FGRO.

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Drawdown Indicators

CMGG.TOFGRODifference

Max Drawdown

Largest peak-to-trough decline

-29.00%

-41.10%

+12.10%

Max Drawdown (1Y)

Largest decline over 1 year

-10.15%

-14.35%

+4.20%

Max Drawdown (3Y)

Largest decline over 3 years

-22.85%

-27.32%

+4.47%

Max Drawdown (5Y)

Largest decline over 5 years

-29.00%

-41.10%

+12.10%

Current Drawdown

Current decline from peak

0.00%

-0.49%

+0.49%

Average Drawdown

Average peak-to-trough decline

-8.91%

-12.86%

+3.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

4.22%

-0.60%

Volatility

CMGG.TO vs. FGRO - Volatility Comparison

CI Munro Global Growth Equity Fund (CMGG.TO) has a higher volatility of 6.68% compared to Fidelity Growth Opportunities ETF (FGRO) at 4.52%. This indicates that CMGG.TO's price experiences larger fluctuations and is considered to be riskier than FGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CMGG.TOFGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.68%

4.52%

+2.16%

Volatility (6M)

Calculated over the trailing 6-month period

12.94%

13.79%

-0.85%

Volatility (1Y)

Calculated over the trailing 1-year period

16.53%

18.04%

-1.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.22%

23.53%

-5.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.49%

23.57%

-5.08%

CMGG.TO vs. FGRO - Expense Ratio Comparison

CMGG.TO has a 0.90% expense ratio, which is higher than FGRO's 0.59% expense ratio.

Dividends

CMGG.TO vs. FGRO - Dividend Comparison

Neither CMGG.TO nor FGRO has paid dividends to shareholders.

PositionTTM20252024202320222021
CMGG.TO
CI Munro Global Growth Equity Fund		0.00%0.00%0.00%0.00%0.00%0.00%
FGRO
Fidelity Growth Opportunities ETF		0.13%0.14%0.09%0.00%1.50%0.55%

Frequently Asked Questions

CMGG.TO and FGRO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FGRO is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FGRO is cheaper with a 0.59% expense ratio, compared with 0.90% for CMGG.TO.

They also come from different issuers: CI Global Asset Management and Fidelity. Their fees differ too: 0.90% for CMGG.TO and 0.59% for FGRO.

Portfolio Optimizer

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