TXF.TO vs. FSZ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Tech Giants Covered Call Common (TXF.TO) and Fiera Capital Corporation (FSZ.TO).

TXF.TO is an actively managed fund by CI Investments. It was launched on Oct 24, 2011.

Performance

TXF.TO vs. FSZ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Tech Giants Covered Call Common (TXF.TO) and Fiera Capital Corporation (FSZ.TO). The values are adjusted to include any dividend payments, if applicable.

TXF.TO vs. FSZ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TXF.TO CI Tech Giants Covered Call Common	-7.67%	24.81%	18.69%	60.80%	-35.54%	26.82%	32.50%	26.56%	-6.78%	33.65%
FSZ.TO Fiera Capital Corporation	-12.17%	-25.18%	64.40%	-20.20%	-9.43%	6.43%	0.20%	11.75%	-7.28%	6.99%

Returns By Period

In the year-to-date period, TXF.TO achieves a -7.67% return, which is significantly higher than FSZ.TO's -12.17% return. Over the past 10 years, TXF.TO has outperformed FSZ.TO with an annualized return of 16.06%, while FSZ.TO has yielded a comparatively lower -1.01% annualized return.

TXF.TO

• 1D: 4.32%
• 1M: -4.30%
• YTD: -7.67%
• 6M: -1.64%
• 1Y: 28.97%
• 3Y*: 21.87%
• 5Y*: 11.17%
• 10Y*: 16.06%

FSZ.TO

• 1D: 2.10%
• 1M: -6.76%
• YTD: -12.17%
• 6M: -15.01%
• 1Y: -6.47%
• 3Y*: -1.92%
• 5Y*: -3.00%
• 10Y*: -1.01%

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

Return for Risk

TXF.TO vs. FSZ.TO — Risk / Return Rank

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

TXF.TO

TXF.TO Risk / Return Rank: 66
TXF.TO Sharpe Ratio Rank: 63
TXF.TO Sortino Ratio Rank: 65
TXF.TO Omega Ratio Rank: 66
TXF.TO Calmar Ratio Rank: 73
TXF.TO Martin Ratio Rank: 65

FSZ.TO

FSZ.TO Risk / Return Rank: 30
FSZ.TO Sharpe Ratio Rank: 31
FSZ.TO Sortino Ratio Rank: 27
FSZ.TO Omega Ratio Rank: 27
FSZ.TO Calmar Ratio Rank: 33
FSZ.TO Martin Ratio Rank: 31

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.

TXF.TO vs. FSZ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Tech Giants Covered Call Common (TXF.TO) and Fiera Capital Corporation (FSZ.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.

	TXF.TO	FSZ.TO	Difference
Sharpe ratio Return per unit of total volatility	1.10	-0.23	+1.33
Sortino ratio Return per unit of downside risk	1.65	-0.12	+1.77
Omega ratio Gain probability vs. loss probability	1.24	0.98	+0.26
Calmar ratio Return relative to maximum drawdown	1.88	-0.29	+2.16
Martin ratio Return relative to average drawdown	6.49	-0.63	+7.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TXF.TO vs. FSZ.TO - Sharpe Ratio Comparison

The current TXF.TO Sharpe Ratio is 1.10, which is higher than the FSZ.TO Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of TXF.TO and FSZ.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TXF.TO	FSZ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	-0.23	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	-0.10	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	-0.03	+0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.15	+0.54

Correlation

The correlation between TXF.TO and FSZ.TO is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TXF.TO vs. FSZ.TO - Dividend Comparison

TXF.TO's dividend yield for the trailing twelve months is around 10.97%, more than FSZ.TO's 8.09% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TXF.TO CI Tech Giants Covered Call Common	10.97%	10.59%	9.76%	7.48%	14.13%	7.77%	11.01%	7.29%	9.29%	4.89%	6.16%	6.15%
FSZ.TO Fiera Capital Corporation	8.09%	8.71%	9.55%	14.12%	9.91%	8.06%	7.87%	7.17%	6.91%	5.38%	4.85%	4.76%

Drawdowns

TXF.TO vs. FSZ.TO - Drawdown Comparison

The maximum TXF.TO drawdown since its inception was -41.23%, smaller than the maximum FSZ.TO drawdown of -87.31%. Use the drawdown chart below to compare losses from any high point for TXF.TO and FSZ.TO.

Drawdown Indicators

	TXF.TO	FSZ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.23%	-87.31%	+46.08%
Max Drawdown (1Y) Largest decline over 1 year	-15.43%	-23.62%	+8.19%
Max Drawdown (5Y) Largest decline over 5 years	-41.23%	-53.89%	+12.66%
Max Drawdown (10Y) Largest decline over 10 years	-41.23%	-61.45%	+20.22%
Current Drawdown Current decline from peak	-11.78%	-44.42%	+32.64%
Average Drawdown Average peak-to-trough decline	-6.22%	-42.55%	+36.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	10.75%	-6.29%

Volatility

TXF.TO vs. FSZ.TO - Volatility Comparison

CI Tech Giants Covered Call Common (TXF.TO) has a higher volatility of 8.58% compared to Fiera Capital Corporation (FSZ.TO) at 7.18%. This indicates that TXF.TO's price experiences larger fluctuations and is considered to be riskier than FSZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TXF.TO	FSZ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	7.18%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	16.47%	16.40%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	26.48%	28.54%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.52%	29.27%	-4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.41%	30.77%	-7.36%