ETHX-U.TO vs. BTCY-B.TO

Last updated Jul 18, 2026

ETHX-U.TO (CI Galaxy Ethereum ETF (US$ Series)) and BTCY-B.TO (Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, ETHX-U.TO returned -1.46%/yr vs 19.38%/yr for BTCY-B.TO. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

ETHX-U.TO vs. BTCY-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) and Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units (BTCY-B.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ETHX-U.TO achieves a -37.95% return, which is significantly lower than BTCY-B.TO's -29.62% return.

ETHX-U.TO

• 1D: -1.80%
• 1M: 6.50%
• 6M: -44.06%
• YTD: -37.95%
• 1Y: -46.22%
• 3Y*: -1.46%
• 5Y*: -1.43%
• 10Y*: —

BTCY-B.TO

• 1D: 0.14%
• 1M: -0.79%
• 6M: -35.53%
• YTD: -29.62%
• 1Y: -47.85%
• 3Y*: 19.38%
• 5Y*: —
• 10Y*: —

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

ETHX-U.TO vs. BTCY-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	-37.95%	-11.53%	43.46%	93.31%	-67.94%	-17.50%
BTCY-B.TO Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units	-29.62%	-7.27%	96.81%	112.26%	-63.08%	-22.37%

Correlation

The correlation between ETHX-U.TO and BTCY-B.TO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 30, 2021	0.77

The correlation between ETHX-U.TO and BTCY-B.TO has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

ETHX-U.TO vs. BTCY-B.TO — Risk / Return Rank

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

ETHX-U.TO

ETHX-U.TO Risk / Return Rank: 4
ETHX-U.TO Sharpe Ratio Rank: 4
ETHX-U.TO Sortino Ratio Rank: 4
ETHX-U.TO Omega Ratio Rank: 4
ETHX-U.TO Calmar Ratio Rank: 4
ETHX-U.TO Martin Ratio Rank: 5

BTCY-B.TO

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

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.

ETHX-U.TO vs. BTCY-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) and Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units (BTCY-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.

	ETHX-U.TO	BTCY-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	-0.97	+0.28
Sortino ratio: Return per unit of downside risk	-0.83	-1.43	+0.59
Omega ratio: Gain probability vs. loss probability	0.91	0.84	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.68	-0.86	+0.18
Martin ratio: Return relative to average drawdown	-1.05	-1.42	+0.37

ETHX-U.TO vs. BTCY-B.TO - Sharpe Ratio Comparison

The current ETHX-U.TO Sharpe Ratio is -0.69, which is comparable to the BTCY-B.TO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of ETHX-U.TO and BTCY-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

ETHX-U.TO vs. BTCY-B.TO - Drawdown Comparison

The maximum ETHX-U.TO drawdown since its inception was -79.05%, which is greater than BTCY-B.TO's maximum drawdown of -72.43%. Use the drawdown chart below to compare losses from any high point for ETHX-U.TO and BTCY-B.TO.

Drawdown Indicators

	ETHX-U.TO	BTCY-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-79.05%	-72.43%	-6.62%
Max Drawdown (1Y) Largest decline over 1 year	-68.04%	-55.51%	-12.53%
Max Drawdown (3Y) Largest decline over 3 years	-68.04%	-55.51%	-12.53%
Max Drawdown (5Y) Largest decline over 5 years	-79.05%	—	—
Current Drawdown Current decline from peak	-62.77%	-50.23%	-12.54%
Average Drawdown Average peak-to-trough decline	-46.40%	-34.33%	-12.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.16%	33.81%	+10.35%

Volatility

ETHX-U.TO vs. BTCY-B.TO - Volatility Comparison

CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) has a higher volatility of 14.99% compared to Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units (BTCY-B.TO) at 12.96%. This indicates that ETHX-U.TO's price experiences larger fluctuations and is considered to be riskier than BTCY-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHX-U.TO	BTCY-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.99%	12.96%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	46.75%	41.94%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	67.05%	49.55%	+17.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.86%	49.95%	+20.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.71%	49.95%	+23.76%

Dividends

ETHX-U.TO vs. BTCY-B.TO - Dividend Comparison

ETHX-U.TO has not paid dividends to shareholders, while BTCY-B.TO's dividend yield for the trailing twelve months is around 21.88%.

Position	TTM	2025	2024	2023	2022	2021
BTCY-B.TO Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units	21.88%	14.33%	7.69%	9.31%	19.45%	1.25%
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHX-U.TO and BTCY-B.TO in my portfolio?

ETHX-U.TO and BTCY-B.TO have a correlation of 0.84, 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 ETHX-U.TO and BTCY-B.TO?

They also come from different issuers: CI and Purpose.