CNAO.TO vs. BTCX-B.TO
CNAO.TO (CI Alternative North American Opportunities Fund) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - CNAO.TO is a Long-Short fund actively managed by CI Global Asset Management, while BTCX-B.TO is a Cryptocurrency fund tracking the No Index (Physical Bitcoin). CNAO.TO is actively managed, while BTCX-B.TO is passively managed. Over the past 5 years, CNAO.TO returned 11.88%/yr vs 16.47%/yr for BTCX-B.TO. At a 0.01 correlation, their price movements are largely independent. CNAO.TO charges 1.21%/yr vs 0.80%/yr for BTCX-B.TO.
Performance
CNAO.TO vs. BTCX-B.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CNAO.TO achieves a 5.63% return, which is significantly higher than BTCX-B.TO's -25.01% return.
CNAO.TO
- 1D
- -1.36%
- 1M
- 1.26%
- 6M
- 5.41%
- YTD
- 5.63%
- 1Y
- 12.19%
- 3Y*
- 17.49%
- 5Y*
- 11.88%
- 10Y*
- —
- ALL TIME*
- 11.92%
BTCX-B.TO
- 1D
- -0.60%
- 1M
- 6.21%
- 6M
- -26.36%
- YTD
- -25.01%
- 1Y
- -44.75%
- 3Y*
- 32.09%
- 5Y*
- 16.47%
- 10Y*
- —
- ALL TIME*
- 3.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$1.06M | CA$1.35M | CA$1.75M | |
| CA$0.00 | CA$0.00 | CA$4.36K |
CNAO.TO vs. BTCX-B.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CNAO.TO CI Alternative North American Opportunities Fund | 5.63% | 7.57% | 31.71% | 35.16% | -18.93% | 7.41% |
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units | -25.01% | -11.32% | 139.01% | 149.40% | -62.06% | 41.36% |
Correlation
The correlation between CNAO.TO and BTCX-B.TO is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021 | 0.01 |
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Return for Risk
CNAO.TO vs. BTCX-B.TO — Risk / Return Rank
CNAO.TO
BTCX-B.TO
CNAO.TO vs. BTCX-B.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Alternative North American Opportunities Fund (CNAO.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.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.
| CNAO.TO | BTCX-B.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.69 | ||
| Sortino ratioReturn per unit of downside risk | +2.56 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.83 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | -0.85 | +1.56 |
| Martin ratioReturn relative to average drawdown | 2.01 | -1.30 | +3.31 |
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Drawdowns
CNAO.TO vs. BTCX-B.TO - Drawdown Comparison
The maximum CNAO.TO drawdown since its inception was -27.39%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for CNAO.TO and BTCX-B.TO.
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Drawdown Indicators
| CNAO.TO | BTCX-B.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.39% | -75.26% | +47.87% |
Max Drawdown (1Y)Largest decline over 1 year | -19.73% | -52.71% | +32.98% |
Max Drawdown (3Y)Largest decline over 3 years | -22.55% | -52.71% | +30.16% |
Max Drawdown (5Y)Largest decline over 5 years | -27.39% | -75.26% | +47.87% |
Current DrawdownCurrent decline from peak | -4.45% | -48.65% | +44.20% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -33.37% | +26.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.89% | 34.56% | -27.67% |
Volatility
CNAO.TO vs. BTCX-B.TO - Volatility Comparison
The current volatility for CI Alternative North American Opportunities Fund (CNAO.TO) is 6.73%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.14%. This indicates that CNAO.TO experiences smaller price fluctuations and is considered to be less risky than BTCX-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNAO.TO | BTCX-B.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 9.14% | -2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 17.03% | 33.74% | -16.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 43.73% | -22.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 53.25% | -34.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 54.59% | -35.87% |
CNAO.TO vs. BTCX-B.TO - Expense Ratio Comparison
CNAO.TO has a 1.21% expense ratio, which is higher than BTCX-B.TO's 0.80% expense ratio.
Dividends
CNAO.TO vs. BTCX-B.TO - Dividend Comparison
Neither CNAO.TO nor BTCX-B.TO has paid dividends to shareholders.
Frequently Asked Questions
CNAO.TO and BTCX-B.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTCX-B.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTCX-B.TO is cheaper with a 0.80% expense ratio, compared with 1.21% for CNAO.TO.
CNAO.TO is categorized as Long-Short, while BTCX-B.TO is Cryptocurrency. Their fees differ too: 1.21% for CNAO.TO and 0.80% for BTCX-B.TO.
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