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PZW.TO vs. CMGG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PZW.TO vs. CMGG.TO

Last updated Jul 1, 2026
See Documentation

PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and CMGG.TO (CI Munro Global Growth Equity Fund) are both Global Equities funds. PZW.TO is passively managed, while CMGG.TO is actively managed. Over the past 5 years, PZW.TO returned 10.71%/yr vs 19.73%/yr for CMGG.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

PZW.TO vs. CMGG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and CI Munro Global Growth Equity Fund (CMGG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PZW.TO achieves a 17.33% return, which is significantly lower than CMGG.TO's 24.63% return.

PZW.TO

1D
0.29%
1M
3.40%
YTD
17.33%
6M
16.85%
1Y
32.19%
3Y*
20.71%
5Y*
10.71%
10Y*
11.60%

CMGG.TO

1D
1.50%
1M
5.72%
YTD
24.63%
6M
24.63%
1Y
34.87%
3Y*
35.88%
5Y*
19.73%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PZW.TO vs. CMGG.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		17.33%18.48%16.03%12.88%-10.53%12.61%
CMGG.TO
CI Munro Global Growth Equity Fund		24.63%21.00%52.95%24.21%-21.16%10.52%

Correlation

The correlation between PZW.TO and CMGG.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Jan 12, 2021

0.31

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco FTSE RAFI Global Small-Mid ETF

CI Munro Global Growth Equity Fund

Often compared with PZW.TO:
PZW.TO vs. INAI.TOPZW.TO vs. PXC.TOPZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQC-F.TOPZW.TO vs. QQCE.TO
Often compared with CMGG.TO:
CMGG.TO vs. FCCM.NEOCMGG.TO vs. VMO.TOCMGG.TO vs. SPMOCMGG.TO vs. CLML.TOCMGG.TO vs. ARKKCMGG.TO vs. GARPCMGG.TO vs. GRNY

Return for Risk

PZW.TO vs. CMGG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PZW.TO
PZW.TO Risk / Return Rank: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
Martin Ratio Rank
CMGG.TO
CMGG.TO Risk / Return Rank: 6767
Overall Rank
CMGG.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
CMGG.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
CMGG.TO Omega Ratio Rank: 6565
Omega Ratio Rank
CMGG.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
CMGG.TO Martin Ratio Rank: 6262
Martin Ratio Rank
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.

PZW.TO vs. CMGG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and CI Munro Global Growth Equity Fund (CMGG.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.

PZW.TOCMGG.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
1.89

+0.39

Sortino ratioReturn per unit of downside risk
3.35
2.52

+0.83

Omega ratioGain probability vs. loss probability

1.45

1.33

+0.11

Calmar ratioReturn relative to maximum drawdown

3.79

3.45

+0.34

Martin ratioReturn relative to average drawdown

13.53

9.44

+4.09

PZW.TO vs. CMGG.TO - Sharpe Ratio Comparison

The current PZW.TO Sharpe Ratio is 2.28, which is comparable to the CMGG.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of PZW.TO and CMGG.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.

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Drawdowns

PZW.TO vs. CMGG.TO - Drawdown Comparison

The maximum PZW.TO drawdown since its inception was -32.45%, which is greater than CMGG.TO's maximum drawdown of -29.00%. Use the drawdown chart below to compare losses from any high point for PZW.TO and CMGG.TO.

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Drawdown Indicators

PZW.TOCMGG.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.45%

-29.00%

-3.45%

Max Drawdown (1Y)

Largest decline over 1 year

-8.50%

-10.15%

+1.65%

Max Drawdown (3Y)

Largest decline over 3 years

-16.88%

-22.85%

+5.97%

Max Drawdown (5Y)

Largest decline over 5 years

-22.13%

-29.00%

+6.87%

Max Drawdown (10Y)

Largest decline over 10 years

-32.45%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.44%

+0.44%

Average Drawdown

Average peak-to-trough decline

-5.72%

-8.81%

+3.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

3.71%

-1.33%

Volatility

PZW.TO vs. CMGG.TO - Volatility Comparison

The current volatility for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) is 2.90%, while CI Munro Global Growth Equity Fund (CMGG.TO) has a volatility of 9.41%. This indicates that PZW.TO experiences smaller price fluctuations and is considered to be less risky than CMGG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PZW.TOCMGG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

9.41%

-6.51%

Volatility (6M)

Calculated over the trailing 6-month period

10.41%

15.43%

-5.02%

Volatility (1Y)

Calculated over the trailing 1-year period

14.17%

18.52%

-4.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.65%

18.63%

-3.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.90%

18.76%

-2.86%

Dividends

PZW.TO vs. CMGG.TO - Dividend Comparison

PZW.TO's dividend yield for the trailing twelve months is around 1.65%, while CMGG.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CMGG.TO
CI Munro Global Growth Equity Fund		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.65%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%

Frequently Asked Questions

PZW.TO and CMGG.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Invesco and CI Global Asset Management.

Portfolio Optimizer

Find the right allocation for PZW.TO and CMGG.TO

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