QXM.TO vs. ETHX.TO
QXM.TO (CI Morningstar National Bank Québec Index ETF) and ETHX.TO (CI Galaxy Ethereum ETF CAD Hedged Series) are both exchange-traded funds - QXM.TO is a Canada Equities fund tracking the Morningstar National Bank Québec Index, while ETHX.TO is a Cryptocurrency fund actively managed by CI Global Asset Management. QXM.TO is passively managed, while ETHX.TO is actively managed. At a 0.21 correlation, their price movements are largely independent. QXM.TO charges 0.57%/yr vs 0.68%/yr for ETHX.TO.
Performance
QXM.TO vs. ETHX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QXM.TO achieves a 5.90% return, which is significantly higher than ETHX.TO's -38.42% 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%
ETHX.TO
- 1D
- -0.53%
- 1M
- 17.19%
- 6M
- -37.40%
- YTD
- -38.42%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$27.01K | CA$25.02K | CA$46.62K | |
| CA$10.54K | CA$11.00K | CA$13.52K |
QXM.TO vs. ETHX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QXM.TO CI Morningstar National Bank Québec Index ETF | 5.90% | 10.93% |
ETHX.TO CI Galaxy Ethereum ETF CAD Hedged Series | -38.42% | -36.36% |
Correlation
The correlation between QXM.TO and ETHX.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 27, 2025 | 0.21 |
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Return for Risk
QXM.TO vs. ETHX.TO — Risk / Return Rank
QXM.TO
ETHX.TO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
QXM.TO vs. ETHX.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 Ethereum ETF CAD Hedged Series (ETHX.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 | ETHX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.26 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | — | — |
| Martin ratioReturn relative to average drawdown | 7.53 | — | — |
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Drawdowns
QXM.TO vs. ETHX.TO - Drawdown Comparison
The maximum QXM.TO drawdown since its inception was -40.65%, smaller than the maximum ETHX.TO drawdown of -67.53%. Use the drawdown chart below to compare losses from any high point for QXM.TO and ETHX.TO.
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Drawdown Indicators
| QXM.TO | ETHX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.65% | -67.53% | +26.88% |
Max Drawdown (1Y)Largest decline over 1 year | -9.38% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.65% | — | — |
Current DrawdownCurrent decline from peak | -1.53% | -61.34% | +59.81% |
Average DrawdownAverage peak-to-trough decline | -4.18% | -41.77% | +37.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | — | — |
Volatility
QXM.TO vs. ETHX.TO - Volatility Comparison
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Volatility by Period
| QXM.TO | ETHX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.94% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.34% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.99% | 68.28% | -54.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.00% | 68.28% | -54.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.72% | 68.28% | -52.56% |
QXM.TO vs. ETHX.TO - Expense Ratio Comparison
QXM.TO has a 0.57% expense ratio, which is lower than ETHX.TO's 0.68% expense ratio.
Dividends
QXM.TO vs. ETHX.TO - Dividend Comparison
QXM.TO's dividend yield for the trailing twelve months is around 1.01%, while ETHX.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHX.TO CI Galaxy Ethereum ETF CAD Hedged Series | 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
QXM.TO and ETHX.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
QXM.TO is cheaper with a 0.57% expense ratio, compared with 0.68% for ETHX.TO.
QXM.TO is categorized as Canada Equities, while ETHX.TO is Cryptocurrency. Their fees differ too: 0.57% for QXM.TO and 0.68% for ETHX.TO.
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