QXM.TO vs. BTCX-B.TO

Last updated Jul 25, 2026

QXM.TO (CI Morningstar National Bank Québec Index ETF) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - QXM.TO is a Canada Equities fund tracking the Morningstar National Bank Québec Index, while BTCX-B.TO is a Cryptocurrency fund tracking the No Index (Physical Bitcoin). Both are passively managed. Over the past 5 years, QXM.TO returned 10.27%/yr vs 16.47%/yr for BTCX-B.TO. At a 0.18 correlation, their price movements are largely independent. QXM.TO charges 0.57%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar National Bank Québec Index ETF (QXM.TO) and CI Galaxy Bitcoin ETF C$ 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, QXM.TO achieves a 5.90% return, which is significantly higher than BTCX-B.TO's -25.01% return.

QXM.TO

• 1D: -0.17%
• 1M: 0.52%
• 6M: 2.20%
• YTD: 5.90%
• 1Y: 19.12%
• 3Y*: 16.32%
• 5Y*: 10.27%
• 10Y*: 10.22%
• ALL TIME*: 12.05%

BTCX-B.TO

• 1D: -0.60%
• 1M: 6.21%
• 6M: -26.36%
• YTD: -25.01%
• 1Y: -44.75%
• 3Y*: 32.09%
• 5Y*: 16.47%
• 10Y*: —
• ALL TIME*: 3.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	CA$1.06M	CA$1.35M	CA$1.75M
QXM.TO CI Morningstar National Bank Québec Index ETF	CA$10.54K	CA$11.00K	CA$13.52K

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

	2026 (YTD)	2025	2024	2023	2022	2021
QXM.TO CI Morningstar National Bank Québec Index ETF	5.90%	23.46%	20.08%	13.24%	-6.91%	8.32%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-25.01%	-11.32%	139.01%	149.40%	-62.06%	-18.60%

Correlation

The correlation between QXM.TO and BTCX-B.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	0.18

Return for Risk

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

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

QXM.TO

QXM.TO Risk / Return Rank: 60
QXM.TO Sharpe Ratio Rank: 58
QXM.TO Sortino Ratio Rank: 62
QXM.TO Omega Ratio Rank: 60
QXM.TO Calmar Ratio Rank: 58
QXM.TO Martin Ratio Rank: 63

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 1
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: 3

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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar National Bank Québec Index ETF (QXM.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.

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.

	QXM.TO	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	-1.03	+2.40
Sortino ratio: Return per unit of downside risk	2.06	-1.54	+3.60
Omega ratio: Gain probability vs. loss probability	1.26	0.83	+0.43
Calmar ratio: Return relative to maximum drawdown	2.05	-0.85	+2.90
Martin ratio: Return relative to average drawdown	7.53	-1.30	+8.82

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

The current QXM.TO Sharpe Ratio is 1.37, which is higher than the BTCX-B.TO Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of QXM.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.

Drawdowns

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

The maximum QXM.TO drawdown since its inception was -40.65%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for QXM.TO and BTCX-B.TO.

Drawdown Indicators

	QXM.TO	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.65%	-75.26%	+34.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-52.71%	+43.33%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-52.71%	+36.99%
Max Drawdown (5Y) Largest decline over 5 years	-23.01%	-75.26%	+52.25%
Max Drawdown (10Y) Largest decline over 10 years	-40.65%	—	—
Current Drawdown Current decline from peak	-1.53%	-48.65%	+47.12%
Average Drawdown Average peak-to-trough decline	-4.18%	-33.37%	+29.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	34.56%	-32.01%

Volatility

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

The current volatility for CI Morningstar National Bank Québec Index ETF (QXM.TO) is 5.94%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.14%. This indicates that QXM.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

	QXM.TO	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	9.14%	-3.20%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	33.74%	-21.40%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	43.73%	-29.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.00%	53.25%	-39.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	54.59%	-38.87%

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

QXM.TO has a 0.57% expense ratio, which is lower than BTCX-B.TO's 0.80% expense ratio.

Dividends

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

QXM.TO's dividend yield for the trailing twelve months is around 1.01%, while BTCX-B.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QXM.TO CI Morningstar National Bank Québec Index ETF	1.01%	1.17%	1.27%	1.39%	1.51%	1.02%	1.27%	1.39%	1.65%	1.36%	1.56%	1.52%

Frequently Asked Questions

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

QXM.TO and BTCX-B.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, QXM.TO is cheaper at 0.57% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

QXM.TO is cheaper with a 0.57% expense ratio, compared with 0.80% for BTCX-B.TO.

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

QXM.TO is categorized as Canada Equities, while BTCX-B.TO is Cryptocurrency. QXM.TO tracks Morningstar National Bank Québec Index, while BTCX-B.TO tracks No Index (Physical Bitcoin). Their fees differ too: 0.57% for QXM.TO and 0.80% for BTCX-B.TO.