CRED.TO vs. BTCX-B.TO

Last updated Jul 25, 2026

CRED.TO (CI Alternative Investment Grade Credit Fund) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - CRED.TO is a Investment Grade Bonds fund actively managed by CI Global Asset Management, while BTCX-B.TO is a Cryptocurrency fund tracking the No Index (Physical Bitcoin). CRED.TO is actively managed, while BTCX-B.TO is passively managed. Over the past 5 years, CRED.TO returned 2.92%/yr vs 16.47%/yr for BTCX-B.TO. At a correlation of -0.05, they often move in opposite directions. CRED.TO charges 1.94%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

CRED.TO vs. BTCX-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Alternative Investment Grade Credit Fund (CRED.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRED.TO achieves a 1.05% return, which is significantly higher than BTCX-B.TO's -25.01% return.

CRED.TO

• 1D: 0.10%
• 1M: -0.25%
• 6M: 0.90%
• YTD: 1.05%
• 1Y: 3.16%
• 3Y*: 5.44%
• 5Y*: 2.92%
• 10Y*: —
• ALL TIME*: 3.25%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	CA$1.06M	CA$1.35M	CA$1.75M
CRED.TO CI Alternative Investment Grade Credit Fund	CA$47.86K	CA$36.58K	CA$31.94K

CRED.TO vs. BTCX-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CRED.TO CI Alternative Investment Grade Credit Fund	1.05%	2.77%	9.26%	6.00%	-3.41%	0.54%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-25.01%	-11.32%	139.01%	149.40%	-62.06%	-18.60%

Correlation

The correlation between CRED.TO and BTCX-B.TO is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	-0.05

Return for Risk

CRED.TO vs. BTCX-B.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CRED.TO

CRED.TO Risk / Return Rank: 71
CRED.TO Sharpe Ratio Rank: 74
CRED.TO Sortino Ratio Rank: 77
CRED.TO Omega Ratio Rank: 84
CRED.TO Calmar Ratio Rank: 60
CRED.TO Martin Ratio Rank: 59

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 1
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CRED.TO vs. BTCX-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Alternative Investment Grade Credit Fund (CRED.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.

	CRED.TO	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.71	-1.03	+2.74
Sortino ratio: Return per unit of downside risk	2.51	-1.54	+4.05
Omega ratio: Gain probability vs. loss probability	1.36	0.83	+0.53
Calmar ratio: Return relative to maximum drawdown	2.09	-0.85	+2.94
Martin ratio: Return relative to average drawdown	7.08	-1.30	+8.38

CRED.TO vs. BTCX-B.TO - Sharpe Ratio Comparison

The current CRED.TO Sharpe Ratio is 1.71, which is higher than the BTCX-B.TO Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of CRED.TO and BTCX-B.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CRED.TO vs. BTCX-B.TO - Drawdown Comparison

The maximum CRED.TO drawdown since its inception was -10.05%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for CRED.TO and BTCX-B.TO.

Drawdown Indicators

	CRED.TO	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-75.26%	+65.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.52%	-52.71%	+51.19%
Max Drawdown (3Y) Largest decline over 3 years	-2.82%	-52.71%	+49.89%
Max Drawdown (5Y) Largest decline over 5 years	-6.00%	-75.26%	+69.26%
Current Drawdown Current decline from peak	-0.30%	-48.65%	+48.35%
Average Drawdown Average peak-to-trough decline	-1.45%	-33.37%	+31.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	34.56%	-34.11%

Volatility

CRED.TO vs. BTCX-B.TO - Volatility Comparison

The current volatility for CI Alternative Investment Grade Credit Fund (CRED.TO) is 0.52%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.14%. This indicates that CRED.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.

Volatility by Period

	CRED.TO	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	9.14%	-8.62%
Volatility (6M) Calculated over the trailing 6-month period	1.46%	33.74%	-32.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.86%	43.73%	-41.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.69%	53.25%	-50.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.44%	54.59%	-51.15%

CRED.TO vs. BTCX-B.TO - Expense Ratio Comparison

CRED.TO has a 1.94% expense ratio, which is higher than BTCX-B.TO's 0.80% expense ratio.

Dividends

CRED.TO vs. BTCX-B.TO - Dividend Comparison

CRED.TO's dividend yield for the trailing twelve months is around 2.97%, while BTCX-B.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CRED.TO CI Alternative Investment Grade Credit Fund	2.97%	2.96%	2.95%	3.13%	3.21%	3.01%	2.79%

Frequently Asked Questions

Can I hold both CRED.TO and BTCX-B.TO in my portfolio?

CRED.TO and BTCX-B.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRED.TO or BTCX-B.TO?

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.

Which ETF is cheaper, CRED.TO or BTCX-B.TO?

BTCX-B.TO is cheaper with a 0.80% expense ratio, compared with 1.94% for CRED.TO.

What is the main difference between CRED.TO and BTCX-B.TO?

CRED.TO is categorized as Investment Grade Bonds, while BTCX-B.TO is Cryptocurrency. Their fees differ too: 1.94% for CRED.TO and 0.80% for BTCX-B.TO.