CNAO.TO vs. CMGG.TO
CNAO.TO (CI Alternative North American Opportunities Fund) and CMGG.TO (CI Munro Global Growth Equity Fund) are both exchange-traded funds - CNAO.TO is a Long-Short fund actively managed by CI Global Asset Management, while CMGG.TO is a Global Equities fund actively managed by CI Global Asset Management. Both are actively managed. Over the past 5 years, CNAO.TO returned 11.88%/yr vs 16.65%/yr for CMGG.TO. At a 0.35 correlation, their price movements are largely independent. CNAO.TO charges 1.21%/yr vs 0.90%/yr for CMGG.TO.
Performance
CNAO.TO vs. CMGG.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 CMGG.TO's 12.52% 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%
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%
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$0.00 | CA$0.00 | CA$4.36K |
CNAO.TO vs. CMGG.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% |
CMGG.TO CI Munro Global Growth Equity Fund | 12.52% | 21.00% | 52.95% | 24.21% | -21.16% | 5.98% |
Correlation
The correlation between CNAO.TO and CMGG.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 | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021 | 0.35 |
The correlation between CNAO.TO and CMGG.TO shifts across timeframes, from -0.00 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CNAO.TO vs. CMGG.TO — Risk / Return Rank
CNAO.TO
CMGG.TO
CNAO.TO vs. CMGG.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 Global Growth Equity Fund (CMGG.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 | CMGG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.18 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.88 | -1.18 |
| Martin ratioReturn relative to average drawdown | 2.01 | 4.59 | -2.58 |
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Drawdowns
CNAO.TO vs. CMGG.TO - Drawdown Comparison
The maximum CNAO.TO drawdown since its inception was -27.39%, smaller than the maximum CMGG.TO drawdown of -29.00%. Use the drawdown chart below to compare losses from any high point for CNAO.TO and CMGG.TO.
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Drawdown Indicators
| CNAO.TO | CMGG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.39% | -29.00% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -19.73% | -10.22% | -9.51% |
Max Drawdown (3Y)Largest decline over 3 years | -22.55% | -22.85% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -27.39% | -29.00% | +1.61% |
Current DrawdownCurrent decline from peak | -4.45% | -10.11% | +5.66% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -8.79% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.89% | 4.18% | +2.71% |
Volatility
CNAO.TO vs. CMGG.TO - Volatility Comparison
The current volatility for CI Alternative North American Opportunities Fund (CNAO.TO) is 6.73%, while CI Munro Global Growth Equity Fund (CMGG.TO) has a volatility of 7.93%. This indicates that CNAO.TO experiences smaller price fluctuations and is considered to be less risky than CMGG.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 | CMGG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 7.93% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 17.03% | 16.68% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 19.45% | +1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 18.84% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 18.88% | -0.16% |
CNAO.TO vs. CMGG.TO - Expense Ratio Comparison
CNAO.TO has a 1.21% expense ratio, which is higher than CMGG.TO's 0.90% expense ratio.
Dividends
CNAO.TO vs. CMGG.TO - Dividend Comparison
Neither CNAO.TO nor CMGG.TO has paid dividends to shareholders.
Frequently Asked Questions
CNAO.TO and CMGG.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.
On fees, CMGG.TO is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMGG.TO is cheaper with a 0.90% expense ratio, compared with 1.21% for CNAO.TO.
CNAO.TO is categorized as Long-Short, while CMGG.TO is Global Equities. Their fees differ too: 1.21% for CNAO.TO and 0.90% for CMGG.TO.
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