CMGG.TO vs. GARP
CMGG.TO (CI Munro Global Growth Equity Fund) and GARP (iShares MSCI USA Quality GARP ETF) are both exchange-traded funds - CMGG.TO is a Global Equities fund actively managed by CI Global Asset Management, while GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index. CMGG.TO is actively managed, while GARP is passively managed. Over the past 5 years, CMGG.TO returned 20.56%/yr vs 23.70%/yr for GARP. A 0.52 correlation means they provide meaningful diversification when combined. CMGG.TO charges 0.90%/yr vs 0.15%/yr for GARP.
Performance
CMGG.TO vs. GARP - Performance Comparison
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Different Trading Currencies
CMGG.TO is traded in CAD, while GARP is traded in USD. To make them comparable, the GARP 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 lower than GARP's 22.84% 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*
- —
GARP
- 1D
- -0.31%
- 1M
- 14.15%
- YTD
- 22.84%
- 6M
- 21.33%
- 1Y
- 45.42%
- 3Y*
- 35.15%
- 5Y*
- 23.70%
- 10Y*
- —
CMGG.TO vs. GARP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CMGG.TO CI Munro Global Growth Equity Fund | 21.24% | 21.00% | 52.95% | 24.21% | -21.16% | 11.08% |
GARP iShares MSCI USA Quality GARP ETF | 22.84% | 15.92% | 49.22% | 39.71% | -21.53% | 25.60% |
Correlation
The correlation between CMGG.TO and GARP is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021 | 0.52 |
Over the past year, CMGG.TO and GARP have become more correlated (0.77) than their long-term average of 0.52, meaning their price movements have been converging.
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Return for Risk
CMGG.TO vs. GARP — Risk / Return Rank
CMGG.TO
GARP
CMGG.TO vs. GARP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Munro Global Growth Equity Fund (CMGG.TO) and iShares MSCI USA Quality GARP ETF (GARP). 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.TO | GARP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.45 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 3.82 | +0.03 |
| Martin ratioReturn relative to average drawdown | 10.77 | 14.07 | -3.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMGG.TO | GARP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | 2.63 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | 1.17 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | 1.02 | -0.04 |
Drawdowns
CMGG.TO vs. GARP - Drawdown Comparison
The maximum CMGG.TO drawdown since its inception was -29.00%, roughly equal to the maximum GARP drawdown of -29.73%. Use the drawdown chart below to compare losses from any high point for CMGG.TO and GARP.
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Drawdown Indicators
| CMGG.TO | GARP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.00% | -29.73% | +0.73% |
Max Drawdown (1Y)Largest decline over 1 year | -10.15% | -11.96% | +1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -24.32% | +1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -29.00% | -29.73% | +0.73% |
Current DrawdownCurrent decline from peak | 0.00% | -0.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -6.49% | -2.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 3.24% | +0.38% |
Volatility
CMGG.TO vs. GARP - Volatility Comparison
CI Munro Global Growth Equity Fund (CMGG.TO) has a higher volatility of 6.68% compared to iShares MSCI USA Quality GARP ETF (GARP) at 4.84%. This indicates that CMGG.TO's price experiences larger fluctuations and is considered to be riskier than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMGG.TO | GARP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 4.84% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | 13.41% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.53% | 17.36% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 20.35% | -2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 22.16% | -3.67% |
CMGG.TO vs. GARP - Expense Ratio Comparison
CMGG.TO has a 0.90% expense ratio, which is higher than GARP's 0.15% expense ratio.
Dividends
CMGG.TO vs. GARP - Dividend Comparison
CMGG.TO has not paid dividends to shareholders, while GARP's dividend yield for the trailing twelve months is around 0.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CMGG.TO CI Munro Global Growth Equity Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GARP iShares MSCI USA Quality GARP ETF | 0.25% | 0.31% | 0.38% | 0.75% | 1.85% | 0.67% | 0.75% |
Frequently Asked Questions
CMGG.TO and GARP have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GARP is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GARP is cheaper with a 0.15% expense ratio, compared with 0.90% for CMGG.TO.
CMGG.TO is categorized as Global Equities, while GARP is Large Cap Growth Equities. They also come from different issuers: CI Global Asset Management and iShares. Their fees differ too: 0.90% for CMGG.TO and 0.15% for GARP.
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