HXEM.TO vs. BTCX-B.TO

Last updated Jun 4, 2026

HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - HXEM.TO is a Emerging Markets Equities fund tracking the Global X Emerging Markets Futures Roll Index (Total Return), while BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management. Over the past 5 years, HXEM.TO returned 9.75%/yr vs 14.29%/yr for BTCX-B.TO. At a 0.28 correlation, their price movements are largely independent. HXEM.TO charges 0.25%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

HXEM.TO vs. BTCX-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXEM.TO achieves a 28.95% return, which is significantly higher than BTCX-B.TO's -24.79% return.

HXEM.TO

• 1D: -0.87%
• 1M: 11.29%
• YTD: 28.95%
• 6M: 29.50%
• 1Y: 56.68%
• 3Y*: 24.44%
• 5Y*: 9.75%
• 10Y*: —

BTCX-B.TO

• 1D: -2.37%
• 1M: -16.88%
• YTD: -24.79%
• 6M: -30.42%
• 1Y: -38.32%
• 3Y*: 34.38%
• 5Y*: 14.29%
• 10Y*: —

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

HXEM.TO vs. BTCX-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	28.95%	26.46%	14.53%	7.09%	-16.39%	-5.40%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-24.79%	-11.32%	139.01%	149.40%	-62.06%	-16.98%

Correlation

The correlation between HXEM.TO and BTCX-B.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.28

The correlation between HXEM.TO and BTCX-B.TO shifts across timeframes, from 0.26 (3 years) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HXEM.TO vs. BTCX-B.TO — Risk / Return Rank

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

HXEM.TO

HXEM.TO Risk / Return Rank: 85
HXEM.TO Sharpe Ratio Rank: 88
HXEM.TO Sortino Ratio Rank: 83
HXEM.TO Omega Ratio Rank: 87
HXEM.TO Calmar Ratio Rank: 85
HXEM.TO Martin Ratio Rank: 83

BTCX-B.TO

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

HXEM.TO vs. BTCX-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-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.

	HXEM.TO	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.91	-0.90	+3.80
Sortino ratio: Return per unit of downside risk	3.72	-1.24	+4.96
Omega ratio: Gain probability vs. loss probability	1.53	0.86	+0.67
Calmar ratio: Return relative to maximum drawdown	4.61	-0.76	+5.38
Martin ratio: Return relative to average drawdown	16.65	-1.32	+17.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HXEM.TO vs. BTCX-B.TO - Sharpe Ratio Comparison

The current HXEM.TO Sharpe Ratio is 2.91, which is higher than the BTCX-B.TO Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of HXEM.TO and BTCX-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.

Sharpe Ratios by Period

	HXEM.TO	BTCX-B.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	-0.90	+3.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.27	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.08	+0.57

Drawdowns

HXEM.TO vs. BTCX-B.TO - Drawdown Comparison

The maximum HXEM.TO drawdown since its inception was -35.00%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for HXEM.TO and BTCX-B.TO.

Drawdown Indicators

	HXEM.TO	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.00%	-75.26%	+40.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-50.41%	+38.07%
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	-50.41%	+35.01%
Max Drawdown (5Y) Largest decline over 5 years	-30.44%	-75.26%	+44.82%
Current Drawdown Current decline from peak	-0.87%	-48.50%	+47.63%
Average Drawdown Average peak-to-trough decline	-13.75%	-32.95%	+19.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	29.08%	-25.67%

Volatility

HXEM.TO vs. BTCX-B.TO - Volatility Comparison

The current volatility for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) is 8.38%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.83%. This indicates that HXEM.TO experiences smaller price fluctuations and is considered to be less risky than BTCX-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXEM.TO	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	9.83%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	33.96%	-16.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.60%	42.89%	-23.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	54.13%	-37.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	54.99%	-38.04%

HXEM.TO vs. BTCX-B.TO - Expense Ratio Comparison

HXEM.TO has a 0.25% expense ratio, which is lower than BTCX-B.TO's 0.80% expense ratio.

Dividends

HXEM.TO vs. BTCX-B.TO - Dividend Comparison

Neither HXEM.TO nor BTCX-B.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HXEM.TO and BTCX-B.TO in my portfolio?

HXEM.TO and BTCX-B.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXEM.TO or BTCX-B.TO?

On fees, HXEM.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXEM.TO or BTCX-B.TO?

HXEM.TO is cheaper with a 0.25% expense ratio, compared with 0.80% for BTCX-B.TO.

What is the main difference between HXEM.TO and BTCX-B.TO?

HXEM.TO is categorized as Emerging Markets Equities, while BTCX-B.TO is Cryptocurrency. They also come from different issuers: Global X and CI Global Asset Management. Their fees differ too: 0.25% for HXEM.TO and 0.80% for BTCX-B.TO.