CNAO.TO vs. VALT.TO
CNAO.TO (CI Alternative North American Opportunities Fund) and VALT.TO (CI Gold Bullion Fund) are both exchange-traded funds - CNAO.TO is a fund fund, while VALT.TO is a fund fund. Over the past 3 years, CNAO.TO returned 21.29%/yr vs 28.96%/yr for VALT.TO. At a 0.05 correlation, their price movements are largely independent.
Performance
CNAO.TO vs. VALT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CNAO.TO achieves a 10.13% return, which is significantly higher than VALT.TO's 2.61% return.
CNAO.TO
- 1D
- -0.38%
- 1M
- 13.34%
- YTD
- 10.13%
- 6M
- 8.61%
- 1Y
- 26.37%
- 3Y*
- 21.29%
- 5Y*
- —
- 10Y*
- —
VALT.TO
- 1D
- -0.91%
- 1M
- -1.77%
- YTD
- 2.61%
- 6M
- 4.70%
- 1Y
- 30.16%
- 3Y*
- 28.96%
- 5Y*
- 17.30%
- 10Y*
- —
CNAO.TO vs. VALT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CNAO.TO CI Alternative North American Opportunities Fund | 10.13% | 7.57% | 31.71% | 35.16% | -18.93% | 7.41% |
VALT.TO CI Gold Bullion Fund | 2.61% | 60.46% | 25.58% | 12.35% | 0.92% | -0.91% |
Correlation
The correlation between CNAO.TO and VALT.TO is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021 | 0.05 |
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Return for Risk
CNAO.TO vs. VALT.TO — Risk / Return Rank
CNAO.TO
VALT.TO
CNAO.TO vs. VALT.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 Gold Bullion Fund (VALT.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.
| CNAO.TO | VALT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.22 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | 1.56 | -0.21 |
| Martin ratioReturn relative to average drawdown | 3.93 | 3.82 | +0.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CNAO.TO | VALT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 1.13 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.96 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.92 | -0.20 |
Drawdowns
CNAO.TO vs. VALT.TO - Drawdown Comparison
The maximum CNAO.TO drawdown since its inception was -27.39%, which is greater than VALT.TO's maximum drawdown of -20.96%. Use the drawdown chart below to compare losses from any high point for CNAO.TO and VALT.TO.
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Drawdown Indicators
| CNAO.TO | VALT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.39% | -20.96% | -6.43% |
Max Drawdown (1Y)Largest decline over 1 year | -19.73% | -19.47% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -22.55% | -19.47% | -3.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.96% | — |
Current DrawdownCurrent decline from peak | -0.38% | -18.14% | +17.76% |
Average DrawdownAverage peak-to-trough decline | -7.12% | -5.78% | -1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.73% | 7.91% | -1.18% |
Volatility
CNAO.TO vs. VALT.TO - Volatility Comparison
The current volatility for CI Alternative North American Opportunities Fund (CNAO.TO) is 5.48%, while CI Gold Bullion Fund (VALT.TO) has a volatility of 5.90%. This indicates that CNAO.TO experiences smaller price fluctuations and is considered to be less risky than VALT.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 | VALT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.48% | 5.90% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.53% | 23.20% | -8.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.63% | 26.84% | -8.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.37% | 18.17% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 17.91% | +0.46% |
Dividends
CNAO.TO vs. VALT.TO - Dividend Comparison
Neither CNAO.TO nor VALT.TO has paid dividends to shareholders.
Frequently Asked Questions
CNAO.TO and VALT.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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