CMGG.TO vs. PXC.TO

Last updated Jul 25, 2026

CMGG.TO (CI Munro Global Growth Equity Fund) and PXC.TO (Invesco RAFI Canadian Index ETF) are both exchange-traded funds - CMGG.TO is a Global Equities fund actively managed by CI Global Asset Management, while PXC.TO is a Canada Equities fund tracking the RAFI Fundamental Select Canada 100 Index. CMGG.TO is actively managed, while PXC.TO is passively managed. Over the past 5 years, CMGG.TO returned 16.65%/yr vs 18.26%/yr for PXC.TO. At a 0.27 correlation, their price movements are largely independent. CMGG.TO charges 0.90%/yr vs 0.51%/yr for PXC.TO.

Performance

CMGG.TO vs. PXC.TO - 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 Invesco RAFI Canadian Index ETF (PXC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMGG.TO achieves a 12.52% return, which is significantly lower than PXC.TO's 22.11% return.

CMGG.TO

• 1D: -0.96%
• 1M: -7.21%
• 6M: 12.43%
• YTD: 12.52%
• 1Y: 19.14%
• 3Y*: 31.27%
• 5Y*: 16.65%
• 10Y*: —
• ALL TIME*: 15.84%

PXC.TO

• 1D: 0.64%
• 1M: 3.48%
• 6M: 17.17%
• YTD: 22.11%
• 1Y: 38.38%
• 3Y*: 23.96%
• 5Y*: 18.26%
• 10Y*: 13.36%
• ALL TIME*: 11.45%

*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)
CMGG.TO CI Munro Global Growth Equity Fund	CA$370.22K	CA$731.85K	CA$972.00K
PXC.TO Invesco RAFI Canadian Index ETF	CA$196.68K	CA$187.95K	CA$161.41K

CMGG.TO vs. PXC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CMGG.TO CI Munro Global Growth Equity Fund	12.52%	21.00%	52.95%	24.21%	-21.16%	10.52%
PXC.TO Invesco RAFI Canadian Index ETF	22.11%	26.50%	19.57%	9.28%	1.37%	32.32%

Correlation

The correlation between CMGG.TO and PXC.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.27

Return for Risk

CMGG.TO vs. PXC.TO — 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: 42
CMGG.TO Sharpe Ratio Rank: 40
CMGG.TO Sortino Ratio Rank: 38
CMGG.TO Omega Ratio Rank: 39
CMGG.TO Calmar Ratio Rank: 53
CMGG.TO Martin Ratio Rank: 42

PXC.TO

PXC.TO Risk / Return Rank: 97
PXC.TO Sharpe Ratio Rank: 97
PXC.TO Sortino Ratio Rank: 97
PXC.TO Omega Ratio Rank: 97
PXC.TO Calmar Ratio Rank: 97
PXC.TO Martin Ratio Rank: 97

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. PXC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Munro Global Growth Equity Fund (CMGG.TO) and Invesco RAFI Canadian Index ETF (PXC.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.

	CMGG.TO	PXC.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.99	3.68	-2.69
Sortino ratio: Return per unit of downside risk	1.41	4.77	-3.36
Omega ratio: Gain probability vs. loss probability	1.18	1.71	-0.52
Calmar ratio: Return relative to maximum drawdown	1.88	8.30	-6.42
Martin ratio: Return relative to average drawdown	4.59	32.69	-28.09

CMGG.TO vs. PXC.TO - Sharpe Ratio Comparison

The current CMGG.TO Sharpe Ratio is 0.99, which is lower than the PXC.TO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of CMGG.TO and PXC.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

CMGG.TO vs. PXC.TO - Drawdown Comparison

The maximum CMGG.TO drawdown since its inception was -29.00%, smaller than the maximum PXC.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for CMGG.TO and PXC.TO.

Drawdown Indicators

	CMGG.TO	PXC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.00%	-41.78%	+12.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-4.64%	-5.58%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-10.99%	-11.86%
Max Drawdown (5Y) Largest decline over 5 years	-29.00%	-15.75%	-13.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.78%	—
Current Drawdown Current decline from peak	-10.11%	0.00%	-10.11%
Average Drawdown Average peak-to-trough decline	-8.79%	-5.02%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	1.18%	+3.00%

Volatility

CMGG.TO vs. PXC.TO - Volatility Comparison

CI Munro Global Growth Equity Fund (CMGG.TO) has a higher volatility of 7.93% compared to Invesco RAFI Canadian Index ETF (PXC.TO) at 2.62%. This indicates that CMGG.TO's price experiences larger fluctuations and is considered to be riskier than PXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMGG.TO	PXC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	2.62%	+5.31%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	7.72%	+8.96%
Volatility (1Y) Calculated over the trailing 1-year period	19.45%	10.49%	+8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.84%	13.18%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	16.34%	+2.54%

CMGG.TO vs. PXC.TO - Expense Ratio Comparison

CMGG.TO has a 0.90% expense ratio, which is higher than PXC.TO's 0.51% expense ratio.

Dividends

CMGG.TO vs. PXC.TO - Dividend Comparison

CMGG.TO has not paid dividends to shareholders, while PXC.TO's dividend yield for the trailing twelve months is around 2.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMGG.TO CI Munro Global Growth Equity Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PXC.TO Invesco RAFI Canadian Index ETF	2.16%	2.65%	3.17%	3.48%	3.42%	2.58%	3.10%	2.92%	2.86%	2.23%	2.57%	3.13%

Frequently Asked Questions

Can I hold both CMGG.TO and PXC.TO in my portfolio?

CMGG.TO and PXC.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMGG.TO or PXC.TO?

On fees, PXC.TO is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMGG.TO or PXC.TO?

PXC.TO is cheaper with a 0.51% expense ratio, compared with 0.90% for CMGG.TO.

What is the main difference between CMGG.TO and PXC.TO?

CMGG.TO is categorized as Global Equities, while PXC.TO is Canada Equities. Their fees differ too: 0.90% for CMGG.TO and 0.51% for PXC.TO.