FSF.TO vs. CMAG.TO
FSF.TO (CI Global Financial Sector ETF) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both exchange-traded funds - FSF.TO is a Financials Equities 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, FSF.TO returned 11.37%/yr vs 13.00%/yr for CMAG.TO. At a 0.15 correlation, their price movements are largely independent.
Performance
FSF.TO vs. CMAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FSF.TO achieves a 2.28% return, which is significantly lower than CMAG.TO's 19.65% return.
FSF.TO
- 1D
- 0.00%
- 1M
- 5.48%
- YTD
- 2.28%
- 6M
- 2.00%
- 1Y
- 13.30%
- 3Y*
- 22.27%
- 5Y*
- 11.37%
- 10Y*
- 21.70%
CMAG.TO
- 1D
- 1.88%
- 1M
- 4.29%
- YTD
- 19.65%
- 6M
- 18.78%
- 1Y
- 25.76%
- 3Y*
- 26.00%
- 5Y*
- 13.00%
- 10Y*
- —
FSF.TO vs. CMAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FSF.TO CI Global Financial Sector ETF | 2.28% | 20.68% | 33.83% | 10.49% | -11.77% | 30.71% | -1.93% |
CMAG.TO CI Munro Alternative Global Growth Fund | 19.65% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 34.62% |
Correlation
The correlation between FSF.TO and CMAG.TO is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2020 | 0.15 |
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Return for Risk
FSF.TO vs. CMAG.TO — Risk / Return Rank
FSF.TO
CMAG.TO
FSF.TO vs. CMAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Global Financial Sector ETF (FSF.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.
| FSF.TO | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.24 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 2.24 | -1.36 |
| Martin ratioReturn relative to average drawdown | 2.61 | 6.23 | -3.63 |
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Drawdowns
FSF.TO vs. CMAG.TO - Drawdown Comparison
The maximum FSF.TO drawdown since its inception was -73.78%, 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 FSF.TO and CMAG.TO.
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Drawdown Indicators
| FSF.TO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.78% | -23.94% | -49.84% |
Max Drawdown (1Y)Largest decline over 1 year | -15.09% | -11.54% | -3.55% |
Max Drawdown (3Y)Largest decline over 3 years | -17.26% | -18.87% | +1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -26.08% | -23.94% | -2.14% |
Max Drawdown (10Y)Largest decline over 10 years | -73.78% | — | — |
Current DrawdownCurrent decline from peak | -1.76% | 0.00% | -1.76% |
Average DrawdownAverage peak-to-trough decline | -16.28% | -8.12% | -8.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 4.14% | +0.98% |
Volatility
FSF.TO vs. CMAG.TO - Volatility Comparison
The current volatility for CI Global Financial Sector ETF (FSF.TO) is 4.41%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 9.23%. This indicates that FSF.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
| FSF.TO | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 9.23% | -4.82% |
Volatility (6M)Calculated over the trailing 6-month period | 12.90% | 17.19% | -4.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 20.04% | -4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.34% | 17.02% | +2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 212.69% | 17.07% | +195.62% |
Dividends
FSF.TO vs. CMAG.TO - Dividend Comparison
FSF.TO's dividend yield for the trailing twelve months is around 1.43%, 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% |
FSF.TO CI Global Financial Sector ETF | 1.43% | 1.28% | 1.41% | 2.10% | 2.35% | 0.74% | 1.28% | 1.91% | 2.30% | 0.96% | 0.79% |
Frequently Asked Questions
FSF.TO and CMAG.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.
FSF.TO is categorized as Financials Equities, while CMAG.TO is Long-Short.
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