CRED.TO vs. CNAO.TO
CRED.TO (CI Alternative Investment Grade Credit Fund) and CNAO.TO (CI Alternative North American Opportunities Fund) are both exchange-traded funds - CRED.TO is a Investment Grade Bonds fund actively managed by CI, while CNAO.TO is a Long-Short fund actively managed by CI. Both are actively managed. Over the past 5 years, CRED.TO returned 2.97%/yr vs 11.80%/yr for CNAO.TO. Their 0.07 correlation means their historical movements had little consistent relationship. CRED.TO charges 1.94%/yr vs 1.21%/yr for CNAO.TO.
Performance
CRED.TO vs. CNAO.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CRED.TO achieves a 0.90% return, which is significantly lower than CNAO.TO's 4.35% return.
CRED.TO
- 1D
- -0.05%
- 1M
- -0.44%
- 6M
- 0.60%
- YTD
- 0.90%
- 1Y
- 2.60%
- 3Y*
- 5.19%
- 5Y*
- 2.97%
- 10Y*
- —
- ALL TIME*
- 3.21%
CNAO.TO
- 1D
- 3.27%
- 1M
- -2.21%
- 6M
- 8.02%
- YTD
- 4.35%
- 1Y
- 8.39%
- 3Y*
- 16.68%
- 5Y*
- 11.80%
- 10Y*
- —
- ALL TIME*
- 11.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$691.00 | CA$314.09 | CA$4.40K | |
| CA$10.11K | CA$34.72K | CA$29.65K |
CRED.TO vs. CNAO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CRED.TO CI Alternative Investment Grade Credit Fund | 0.90% | 2.77% | 9.26% | 6.00% | -3.41% | -0.20% |
CNAO.TO CI Alternative North American Opportunities Fund | 4.35% | 7.57% | 31.71% | 35.16% | -18.93% | 7.41% |
Correlation
The correlation between CRED.TO and CNAO.TO is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021 | 0.07 |
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
CRED.TO vs. CNAO.TO — Risk / Return Rank
CRED.TO
CNAO.TO
CRED.TO vs. CNAO.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 Alternative North American Opportunities Fund (CNAO.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 | CNAO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.08 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 0.38 | +1.37 |
| Martin ratioReturn relative to average drawdown | 5.84 | 1.08 | +4.76 |
Loading charts...
Drawdowns
CRED.TO vs. CNAO.TO - Drawdown Comparison
The maximum CRED.TO drawdown since its inception was -10.05%, smaller than the maximum CNAO.TO drawdown of -27.39%. Use the drawdown chart below to compare losses from any high point for CRED.TO and CNAO.TO.
Loading charts...
Drawdown Indicators
| CRED.TO | CNAO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.05% | -27.39% | +17.34% |
Max Drawdown (1Y)Largest decline over 1 year | -1.52% | -19.73% | +18.21% |
Max Drawdown (3Y)Largest decline over 3 years | -2.82% | -22.55% | +19.73% |
Max Drawdown (5Y)Largest decline over 5 years | -6.00% | -27.39% | +21.39% |
Current DrawdownCurrent decline from peak | -0.44% | -5.61% | +5.17% |
Average DrawdownAverage peak-to-trough decline | -1.45% | -7.02% | +5.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 6.96% | -6.50% |
Volatility
CRED.TO vs. CNAO.TO - Volatility Comparison
The current volatility for CI Alternative Investment Grade Credit Fund (CRED.TO) is 0.55%, while CI Alternative North American Opportunities Fund (CNAO.TO) has a volatility of 7.12%. This indicates that CRED.TO experiences smaller price fluctuations and is considered to be less risky than CNAO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CRED.TO | CNAO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 7.12% | -6.57% |
Volatility (6M)Calculated over the trailing 6-month period | 1.45% | 17.44% | -15.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 21.28% | -19.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.69% | 18.87% | -16.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 18.78% | -15.35% |
CRED.TO vs. CNAO.TO - Expense Ratio Comparison
CRED.TO has a 1.94% expense ratio, which is higher than CNAO.TO's 1.21% expense ratio.
Dividends
CRED.TO vs. CNAO.TO - Dividend Comparison
CRED.TO's dividend yield for the trailing twelve months is around 2.99%, while CNAO.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CNAO.TO CI Alternative North American Opportunities Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CRED.TO CI Alternative Investment Grade Credit Fund | 2.99% | 2.96% | 2.95% | 3.13% | 3.21% | 3.01% | 2.79% |
Frequently Asked Questions
CRED.TO and CNAO.TO have a correlation of 0.09, 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 1.94% for CRED.TO.
CRED.TO is categorized as Investment Grade Bonds, while CNAO.TO is Long-Short. Their fees differ too: 1.94% for CRED.TO and 1.21% for CNAO.TO.
Find the right allocation for CRED.TO and CNAO.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