CMGG.TO vs. XEF-U.TO
CMGG.TO (CI Munro Global Growth Equity Fund) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both Global Equities funds. CMGG.TO is actively managed, while XEF-U.TO is passively managed. Over the past 5 years, CMGG.TO returned 16.65%/yr vs 11.04%/yr for XEF-U.TO. At a 0.23 correlation, their price movements are largely independent. CMGG.TO charges 0.90%/yr vs 0.21%/yr for XEF-U.TO.
Performance
CMGG.TO vs. XEF-U.TO - Performance Comparison
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Different Trading Currencies
CMGG.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with CMGG.TO having a 12.52% return and XEF-U.TO slightly higher at 12.61%.
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%
XEF-U.TO
- 1D
- 0.82%
- 1M
- 0.32%
- 6M
- 7.12%
- YTD
- 12.61%
- 1Y
- 21.73%
- 3Y*
- 17.94%
- 5Y*
- 11.04%
- 10Y*
- 6.67%
- ALL TIME*
- 9.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$370.22K | CA$731.85K | CA$972.00K | |
| CA$316.42K | CA$331.50K | CA$319.99K |
CMGG.TO vs. XEF-U.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% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 12.61% | 25.69% | 11.75% | 13.94% | -9.57% | 9.77% |
Correlation
The correlation between CMGG.TO and XEF-U.TO is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021 | 0.23 |
Over the past year, CMGG.TO and XEF-U.TO have become more correlated (0.58) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
CMGG.TO vs. XEF-U.TO — Risk / Return Rank
CMGG.TO
XEF-U.TO
CMGG.TO vs. XEF-U.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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.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 | XEF-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.25 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.94 | -0.06 |
| Martin ratioReturn relative to average drawdown | 4.59 | 7.42 | -2.82 |
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Drawdowns
CMGG.TO vs. XEF-U.TO - Drawdown Comparison
The maximum CMGG.TO drawdown since its inception was -29.00%, smaller than the maximum XEF-U.TO drawdown of -42.21%. Use the drawdown chart below to compare losses from any high point for CMGG.TO and XEF-U.TO.
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Drawdown Indicators
| CMGG.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.00% | -42.21% | +13.21% |
Max Drawdown (1Y)Largest decline over 1 year | -10.22% | -11.34% | +1.12% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -14.64% | -8.21% |
Max Drawdown (5Y)Largest decline over 5 years | -29.00% | -25.28% | -3.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.21% | — |
Current DrawdownCurrent decline from peak | -10.11% | -2.72% | -7.39% |
Average DrawdownAverage peak-to-trough decline | -8.79% | -8.97% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.18% | 2.96% | +1.22% |
Volatility
CMGG.TO vs. XEF-U.TO - Volatility Comparison
CI Munro Global Growth Equity Fund (CMGG.TO) has a higher volatility of 7.93% compared to iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) at 4.00%. This indicates that CMGG.TO's price experiences larger fluctuations and is considered to be riskier than XEF-U.TO 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 | XEF-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.93% | 4.00% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 16.68% | 13.48% | +3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.45% | 15.60% | +3.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.84% | 17.64% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.88% | 18.13% | +0.75% |
CMGG.TO vs. XEF-U.TO - Expense Ratio Comparison
CMGG.TO has a 0.90% expense ratio, which is higher than XEF-U.TO's 0.21% expense ratio.
Dividends
CMGG.TO vs. XEF-U.TO - Dividend Comparison
CMGG.TO has not paid dividends to shareholders, while XEF-U.TO's dividend yield for the trailing twelve months is around 2.36%.
| 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% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 2.36% | 2.44% | 2.85% | 2.76% | 2.98% | 2.43% | 1.86% | 2.72% | 2.07% | 1.62% | 1.84% | 1.86% |
Frequently Asked Questions
CMGG.TO and XEF-U.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEF-U.TO is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.90% for CMGG.TO.
They also come from different issuers: CI Global Asset Management and iShares. Their fees differ too: 0.90% for CMGG.TO and 0.21% for XEF-U.TO.
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