CSAV.TO vs. UCSH-U.TO

Last updated Jul 18, 2026

CSAV.TO (CI High Interest Savings ETF) and UCSH-U.TO (Global X USD High Interest Savings ETF) are both Money Market funds. Both are actively managed. Over the past year, CSAV.TO returned 2.20% vs 6.21% for UCSH-U.TO. At a 0.02 correlation, their price movements are largely independent.

Performance

CSAV.TO vs. UCSH-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI High Interest Savings ETF (CSAV.TO) and Global X USD High Interest Savings ETF (UCSH-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CSAV.TO is traded in CAD, while UCSH-U.TO is traded in USD. To make them comparable, the UCSH-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CSAV.TO achieves a 1.11% return, which is significantly lower than UCSH-U.TO's 4.23% return.

CSAV.TO

• 1D: 0.02%
• 1M: 0.19%
• 6M: 1.05%
• YTD: 1.11%
• 1Y: 2.20%
• 3Y*: 3.49%
• 5Y*: 3.13%
• 10Y*: —

UCSH-U.TO

• 1D: -0.12%
• 1M: 0.45%
• 6M: 2.65%
• YTD: 4.23%
• 1Y: 6.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CSAV.TO vs. UCSH-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CSAV.TO CI High Interest Savings ETF	1.11%	2.54%	4.12%
UCSH-U.TO Global X USD High Interest Savings ETF	4.23%	-0.59%	11.69%

Correlation

The correlation between CSAV.TO and UCSH-U.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 (All Time) Calculated using the full available price history since Jan 24, 2024	0.02

Return for Risk

CSAV.TO vs. UCSH-U.TO — Risk / Return Rank

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

CSAV.TO

CSAV.TO Risk / Return Rank: 99
CSAV.TO Sharpe Ratio Rank: 99
CSAV.TO Sortino Ratio Rank: 99
CSAV.TO Omega Ratio Rank: 99
CSAV.TO Calmar Ratio Rank: 100
CSAV.TO Martin Ratio Rank: 100

UCSH-U.TO

UCSH-U.TO Risk / Return Rank: 100
UCSH-U.TO Sharpe Ratio Rank: 100
UCSH-U.TO Sortino Ratio Rank: 100
UCSH-U.TO Omega Ratio Rank: 100
UCSH-U.TO Calmar Ratio Rank: 100
UCSH-U.TO Martin Ratio Rank: 100

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.

CSAV.TO vs. UCSH-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI High Interest Savings ETF (CSAV.TO) and Global X USD High Interest Savings ETF (UCSH-U.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.

	CSAV.TO	UCSH-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	8.80	1.42	+7.38
Sortino ratio: Return per unit of downside risk	20.68	1.99	+18.69
Omega ratio: Gain probability vs. loss probability	4.84	1.26	+3.58
Calmar ratio: Return relative to maximum drawdown	110.23	1.65	+108.58
Martin ratio: Return relative to average drawdown	315.27	4.49	+310.78

CSAV.TO vs. UCSH-U.TO - Sharpe Ratio Comparison

The current CSAV.TO Sharpe Ratio is 8.80, which is higher than the UCSH-U.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of CSAV.TO and UCSH-U.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

CSAV.TO vs. UCSH-U.TO - Drawdown Comparison

The maximum CSAV.TO drawdown since its inception was -0.02%, smaller than the maximum UCSH-U.TO drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for CSAV.TO and UCSH-U.TO.

Drawdown Indicators

	CSAV.TO	UCSH-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.02%	-6.35%	+6.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-3.77%	+3.75%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	-1.29%	+1.29%
Average Drawdown Average peak-to-trough decline	-0.00%	-1.97%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.38%	-1.37%

Volatility

CSAV.TO vs. UCSH-U.TO - Volatility Comparison

The current volatility for CI High Interest Savings ETF (CSAV.TO) is 0.07%, while Global X USD High Interest Savings ETF (UCSH-U.TO) has a volatility of 1.31%. This indicates that CSAV.TO experiences smaller price fluctuations and is considered to be less risky than UCSH-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSAV.TO	UCSH-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	1.31%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	3.30%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	4.38%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.28%	5.32%	-5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.27%	5.32%	-5.05%

Dividends

CSAV.TO vs. UCSH-U.TO - Dividend Comparison

CSAV.TO's dividend yield for the trailing twelve months is around 2.19%, less than UCSH-U.TO's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CSAV.TO CI High Interest Savings ETF	2.19%	2.53%	4.40%	4.90%	2.15%	0.57%	0.89%	1.14%
UCSH-U.TO Global X USD High Interest Savings ETF	3.65%	4.04%	4.71%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSAV.TO and UCSH-U.TO in my portfolio?

CSAV.TO and UCSH-U.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.

What is the main difference between CSAV.TO and UCSH-U.TO?

They also come from different issuers: CI Investments and Global X.