PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CMGG.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CMGG.TO vs. PZW.TO

Last updated Jul 1, 2026
See Documentation

CMGG.TO (CI Munro Global Growth Equity Fund) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds. CMGG.TO is actively managed, while PZW.TO is passively managed. Over the past 5 years, CMGG.TO returned 19.73%/yr vs 10.71%/yr for PZW.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

CMGG.TO vs. PZW.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 FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CMGG.TO achieves a 24.63% return, which is significantly higher than PZW.TO's 17.33% return.

CMGG.TO

1D
1.50%
1M
5.72%
YTD
24.63%
6M
24.63%
1Y
34.87%
3Y*
35.88%
5Y*
19.73%
10Y*
—

PZW.TO

1D
0.29%
1M
3.40%
YTD
17.33%
6M
16.85%
1Y
32.19%
3Y*
20.71%
5Y*
10.71%
10Y*
11.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
CMGG.TO
CI Munro Global Growth Equity Fund		24.63%21.00%52.95%24.21%-21.16%10.52%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		17.33%18.48%16.03%12.88%-10.53%12.61%

Correlation

The correlation between CMGG.TO and PZW.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.23

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

0.27

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

0.32

Correlation (All Time)
Calculated using the full available price history since Jan 12, 2021

0.31

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

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with CMGG.TO:
CMGG.TO vs. FCCM.NEOCMGG.TO vs. VMO.TOCMGG.TO vs. SPMOCMGG.TO vs. CLML.TOCMGG.TO vs. ARKKCMGG.TO vs. GARPCMGG.TO vs. GRNY
Often compared with PZW.TO:
PZW.TO vs. INAI.TOPZW.TO vs. PXC.TOPZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQC-F.TOPZW.TO vs. QQCE.TO

Return for Risk

CMGG.TO vs. PZW.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: 6767
Overall Rank
CMGG.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
CMGG.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
CMGG.TO Omega Ratio Rank: 6565
Omega Ratio Rank
CMGG.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
CMGG.TO Martin Ratio Rank: 6262
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
Martin Ratio Rank
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. PZW.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 FTSE RAFI Global Small-Mid ETF (PZW.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.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
1.89
2.28

-0.39

Sortino ratioReturn per unit of downside risk
2.52
3.35

-0.83

Omega ratioGain probability vs. loss probability

1.33

1.45

-0.11

Calmar ratioReturn relative to maximum drawdown

3.45

3.79

-0.34

Martin ratioReturn relative to average drawdown

9.44

13.53

-4.09

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

The current CMGG.TO Sharpe Ratio is 1.89, which is comparable to the PZW.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of CMGG.TO and PZW.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.

Loading charts...

Drawdowns

CMGG.TO vs. PZW.TO - Drawdown Comparison

The maximum CMGG.TO drawdown since its inception was -29.00%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for CMGG.TO and PZW.TO.

Loading charts...

Drawdown Indicators

CMGG.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.00%

-32.45%

+3.45%

Max Drawdown (1Y)

Largest decline over 1 year

-10.15%

-8.50%

-1.65%

Max Drawdown (3Y)

Largest decline over 3 years

-22.85%

-16.88%

-5.97%

Max Drawdown (5Y)

Largest decline over 5 years

-29.00%

-22.13%

-6.87%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.45%

—

Current Drawdown

Current decline from peak

-0.44%

0.00%

-0.44%

Average Drawdown

Average peak-to-trough decline

-8.81%

-5.72%

-3.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

2.38%

+1.33%

Volatility

CMGG.TO vs. PZW.TO - Volatility Comparison

CI Munro Global Growth Equity Fund (CMGG.TO) has a higher volatility of 9.41% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 2.90%. This indicates that CMGG.TO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CMGG.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.41%

2.90%

+6.51%

Volatility (6M)

Calculated over the trailing 6-month period

15.43%

10.41%

+5.02%

Volatility (1Y)

Calculated over the trailing 1-year period

18.52%

14.17%

+4.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.63%

14.65%

+3.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.76%

15.90%

+2.86%

Dividends

CMGG.TO vs. PZW.TO - Dividend Comparison

CMGG.TO has not paid dividends to shareholders, while PZW.TO's dividend yield for the trailing twelve months is around 1.65%.

PositionTTM20252024202320222021202020192018201720162015
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%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.65%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%

Frequently Asked Questions

CMGG.TO and PZW.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: CI Global Asset Management and Invesco.

Portfolio Optimizer

Find the right allocation for CMGG.TO and PZW.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer