CNAO.TO vs. CMAG.TO
CNAO.TO (CI Alternative North American Opportunities Fund) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, CNAO.TO returned 11.88%/yr vs 10.22%/yr for CMAG.TO. At a 0.11 correlation, their price movements are largely independent.
Performance
CNAO.TO vs. CMAG.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 lower than CMAG.TO's 9.85% 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%
CMAG.TO
- 1D
- 0.04%
- 1M
- -5.48%
- 6M
- 8.31%
- YTD
- 9.85%
- 1Y
- 14.04%
- 3Y*
- 22.44%
- 5Y*
- 10.22%
- 10Y*
- —
- ALL TIME*
- 14.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$107.01K | CA$247.67K | CA$200.38K | |
| CA$0.00 | CA$0.00 | CA$4.36K |
CNAO.TO vs. CMAG.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% |
CMAG.TO CI Munro Alternative Global Growth Fund | 9.85% | 13.08% | 37.11% | 16.07% | -19.04% | 3.57% |
Correlation
The correlation between CNAO.TO and CMAG.TO is 0.00, 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 | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021 | 0.11 |
The correlation between CNAO.TO and CMAG.TO shifts across timeframes, from 0.00 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CNAO.TO vs. CMAG.TO — Risk / Return Rank
CNAO.TO
CMAG.TO
CNAO.TO vs. CMAG.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 Munro Alternative Global Growth Fund (CMAG.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 | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.22 | -0.52 |
| Martin ratioReturn relative to average drawdown | 2.01 | 3.13 | -1.12 |
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Drawdowns
CNAO.TO vs. CMAG.TO - Drawdown Comparison
The maximum CNAO.TO drawdown since its inception was -27.39%, which is greater than CMAG.TO's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for CNAO.TO and CMAG.TO.
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Drawdown Indicators
| CNAO.TO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.39% | -23.94% | -3.45% |
Max Drawdown (1Y)Largest decline over 1 year | -19.73% | -11.54% | -8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -22.55% | -18.87% | -3.68% |
Max Drawdown (5Y)Largest decline over 5 years | -27.39% | -23.94% | -3.45% |
Current DrawdownCurrent decline from peak | -4.45% | -8.19% | +3.74% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -8.10% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.89% | 4.49% | +2.40% |
Volatility
CNAO.TO vs. CMAG.TO - Volatility Comparison
The current volatility for CI Alternative North American Opportunities Fund (CNAO.TO) is 6.73%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 8.74%. This indicates that CNAO.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.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 | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 8.74% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 17.03% | 18.53% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 21.31% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 17.32% | +1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 17.25% | +1.47% |
Dividends
CNAO.TO vs. CMAG.TO - Dividend Comparison
Neither CNAO.TO nor CMAG.TO has paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% |
CNAO.TO CI Alternative North American Opportunities Fund | 0.00% | 0.00% |
Frequently Asked Questions
CNAO.TO and CMAG.TO have a correlation of 0.00, 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 CI.
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