FPR.TO vs. CMAG.TO
FPR.TO (CI Preferred Share ETF) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both exchange-traded funds - FPR.TO is a Preferred Stock fund actively managed by CI, while CMAG.TO is a Long-Short fund actively managed by CI. Both are actively managed. Over the past 5 years, FPR.TO returned 7.41%/yr vs 10.19%/yr for CMAG.TO. Their 0.04 correlation means their historical movements had little consistent relationship. FPR.TO charges 0.80%/yr vs 2.07%/yr for CMAG.TO.
Performance
FPR.TO vs. CMAG.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FPR.TO having a 8.01% return and CMAG.TO slightly higher at 8.26%.
FPR.TO
- 1D
- 0.04%
- 1M
- 1.60%
- 6M
- 7.39%
- YTD
- 8.01%
- 1Y
- 14.42%
- 3Y*
- 17.20%
- 5Y*
- 7.41%
- 10Y*
- 7.38%
- ALL TIME*
- 7.69%
CMAG.TO
- 1D
- 1.80%
- 1M
- -4.41%
- 6M
- 6.40%
- YTD
- 8.26%
- 1Y
- 12.20%
- 3Y*
- 21.56%
- 5Y*
- 10.19%
- 10Y*
- —
- ALL TIME*
- 13.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$176.84K | CA$267.63K | CA$209.25K | |
FPR.TO CI Preferred Share ETF | CA$158.30 | CA$3.44K | CA$11.10K |
FPR.TO vs. CMAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FPR.TO CI Preferred Share ETF | 8.01% | 16.63% | 23.27% | 3.44% | -13.72% | 21.25% | 6.23% |
CMAG.TO CI Munro Alternative Global Growth Fund | 8.26% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 34.62% |
Correlation
The correlation between FPR.TO and CMAG.TO is 0.06, 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. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2020 | 0.04 |
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Return for Risk
FPR.TO vs. CMAG.TO — Risk / Return Rank
FPR.TO
CMAG.TO
FPR.TO vs. CMAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Preferred Share ETF (FPR.TO) and CI Munro Alternative Global Growth Fund (CMAG.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.
| FPR.TO | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.10 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 5.19 | 0.91 | +4.28 |
| Martin ratioReturn relative to average drawdown | 18.72 | 2.23 | +16.49 |
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Drawdowns
FPR.TO vs. CMAG.TO - Drawdown Comparison
The maximum FPR.TO drawdown since its inception was -36.12%, which is greater than CMAG.TO's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for FPR.TO and CMAG.TO.
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Drawdown Indicators
| FPR.TO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.12% | -23.94% | -12.18% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -11.60% | +8.85% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -18.87% | +11.53% |
Max Drawdown (5Y)Largest decline over 5 years | -20.31% | -23.94% | +3.63% |
Max Drawdown (10Y)Largest decline over 10 years | -36.12% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -9.52% | +9.19% |
Average DrawdownAverage peak-to-trough decline | -4.89% | -8.11% | +3.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 4.73% | -3.97% |
Volatility
FPR.TO vs. CMAG.TO - Volatility Comparison
The current volatility for CI Preferred Share ETF (FPR.TO) is 1.62%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 8.16%. This indicates that FPR.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPR.TO | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 8.16% | -6.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 18.66% | -14.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.18% | 21.48% | -14.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.24% | 17.36% | -9.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.35% | 17.26% | -6.91% |
FPR.TO vs. CMAG.TO - Expense Ratio Comparison
FPR.TO has a 0.80% expense ratio, which is lower than CMAG.TO's 2.07% expense ratio.
Dividends
FPR.TO vs. CMAG.TO - Dividend Comparison
FPR.TO's dividend yield for the trailing twelve months is around 3.96%, while CMAG.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FPR.TO CI Preferred Share ETF | 3.96% | 4.57% | 5.01% | 6.00% | 4.59% | 3.79% | 4.42% | 4.52% | 4.49% | 4.06% | 2.52% |
Frequently Asked Questions
FPR.TO and CMAG.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FPR.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FPR.TO is cheaper with a 0.80% expense ratio, compared with 2.07% for CMAG.TO.
FPR.TO is categorized as Preferred Stock, while CMAG.TO is Long-Short. Their fees differ too: 0.80% for FPR.TO and 2.07% for CMAG.TO.
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