CNAO.TO vs. CMDO.TO
CNAO.TO (CI Alternative North American Opportunities Fund) and CMDO.TO (CI Alternative Diversified Opportunities Fund) are both exchange-traded funds - CNAO.TO is a Long-Short fund actively managed by CI Global Asset Management, while CMDO.TO is a Nontraditional Bonds fund actively managed by CI Global Asset Management. Both are actively managed. Over the past 3 years, CNAO.TO returned 17.49%/yr vs 5.51%/yr for CMDO.TO. At a 0.11 correlation, their price movements are largely independent. CNAO.TO charges 1.21%/yr vs 1.32%/yr for CMDO.TO.
Performance
CNAO.TO vs. CMDO.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CNAO.TO achieves a 5.63% return, which is significantly higher than CMDO.TO's 1.93% 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%
CMDO.TO
- 1D
- -0.30%
- 1M
- -0.74%
- 6M
- 0.97%
- YTD
- 1.93%
- 1Y
- 4.53%
- 3Y*
- 5.51%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$15.20K | CA$29.38K | CA$28.11K | |
| CA$0.00 | CA$0.00 | CA$4.36K |
CNAO.TO vs. CMDO.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% | 6.51% |
CMDO.TO CI Alternative Diversified Opportunities Fund | 1.93% | 7.40% | 3.86% | 5.89% | -2.66% | 0.80% |
Correlation
The correlation between CNAO.TO and CMDO.TO is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021 | 0.11 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CNAO.TO vs. CMDO.TO — Risk / Return Rank
CNAO.TO
CMDO.TO
CNAO.TO vs. CMDO.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 Alternative Diversified Opportunities Fund (CMDO.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 | CMDO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.27 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 3.14 | -2.43 |
| Martin ratioReturn relative to average drawdown | 2.01 | 12.24 | -10.22 |
Loading charts...
Drawdowns
CNAO.TO vs. CMDO.TO - Drawdown Comparison
The maximum CNAO.TO drawdown since its inception was -27.39%, which is greater than CMDO.TO's maximum drawdown of -6.85%. Use the drawdown chart below to compare losses from any high point for CNAO.TO and CMDO.TO.
Loading charts...
Drawdown Indicators
| CNAO.TO | CMDO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.39% | -6.85% | -20.54% |
Max Drawdown (1Y)Largest decline over 1 year | -19.73% | -1.54% | -18.19% |
Max Drawdown (3Y)Largest decline over 3 years | -22.55% | -4.41% | -18.14% |
Max Drawdown (5Y)Largest decline over 5 years | -27.39% | — | — |
Current DrawdownCurrent decline from peak | -4.45% | -0.79% | -3.66% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -1.46% | -5.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.89% | 0.39% | +6.50% |
Volatility
CNAO.TO vs. CMDO.TO - Volatility Comparison
CI Alternative North American Opportunities Fund (CNAO.TO) has a higher volatility of 6.73% compared to CI Alternative Diversified Opportunities Fund (CMDO.TO) at 1.00%. This indicates that CNAO.TO's price experiences larger fluctuations and is considered to be riskier than CMDO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CNAO.TO | CMDO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 1.00% | +5.73% |
Volatility (6M)Calculated over the trailing 6-month period | 17.03% | 2.71% | +14.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 3.40% | +17.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 6.06% | +12.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 6.06% | +12.66% |
CNAO.TO vs. CMDO.TO - Expense Ratio Comparison
CNAO.TO has a 1.21% expense ratio, which is lower than CMDO.TO's 1.32% expense ratio.
Dividends
CNAO.TO vs. CMDO.TO - Dividend Comparison
CNAO.TO has not paid dividends to shareholders, while CMDO.TO's dividend yield for the trailing twelve months is around 3.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CMDO.TO CI Alternative Diversified Opportunities Fund | 3.84% | 3.84% | 3.97% | 3.96% | 2.15% | 1.00% |
CNAO.TO CI Alternative North American Opportunities Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CNAO.TO and CMDO.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNAO.TO is cheaper at 1.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNAO.TO is cheaper with a 1.21% expense ratio, compared with 1.32% for CMDO.TO.
CNAO.TO is categorized as Long-Short, while CMDO.TO is Nontraditional Bonds. Their fees differ too: 1.21% for CNAO.TO and 1.32% for CMDO.TO.
Find the right allocation for CNAO.TO and CMDO.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