VALT-U.TO vs. CGXF.TO

Last updated Jul 1, 2026

VALT-U.TO (CI Gold Bullion ETF (US$ Series)) and CGXF.TO (CI Gold+ Giants Covered Call ETF Common) are both Gold funds from CI. Both are actively managed. Over the past 5 years, VALT-U.TO returned 17.66%/yr vs 14.31%/yr for CGXF.TO. At a 0.46 correlation, their price movements are largely independent.

Performance

VALT-U.TO vs. CGXF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CI Gold Bullion ETF (US$ Series) (VALT-U.TO) and CI Gold+ Giants Covered Call ETF Common (CGXF.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VALT-U.TO is traded in USD, while CGXF.TO is traded in CAD. To make them comparable, the CGXF.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VALT-U.TO achieves a -6.39% return, which is significantly higher than CGXF.TO's -14.08% return.

VALT-U.TO

• 1D: 0.73%
• 1M: -11.06%
• YTD: -6.39%
• 6M: -7.30%
• 1Y: 22.84%
• 3Y*: 28.29%
• 5Y*: 17.66%
• 10Y*: —

CGXF.TO

• 1D: -0.55%
• 1M: -15.48%
• YTD: -14.08%
• 6M: -14.94%
• 1Y: 29.43%
• 3Y*: 26.82%
• 5Y*: 14.31%
• 10Y*: 7.96%

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

VALT-U.TO vs. CGXF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VALT-U.TO CI Gold Bullion ETF (US$ Series)	-6.39%	65.42%	26.27%	13.43%	-0.93%	-1.30%
CGXF.TO CI Gold+ Giants Covered Call ETF Common	-14.08%	124.42%	3.14%	3.90%	-4.19%	-5.18%

Correlation

The correlation between VALT-U.TO and CGXF.TO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.46

Over the past year, VALT-U.TO and CGXF.TO have become more correlated (0.71) than their long-term average of 0.46, meaning their price movements have been converging.

Return for Risk

VALT-U.TO vs. CGXF.TO — Risk / Return Rank

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

VALT-U.TO

VALT-U.TO Risk / Return Rank: 21
VALT-U.TO Sharpe Ratio Rank: 19
VALT-U.TO Sortino Ratio Rank: 21
VALT-U.TO Omega Ratio Rank: 31
VALT-U.TO Calmar Ratio Rank: 17
VALT-U.TO Martin Ratio Rank: 17

CGXF.TO

CGXF.TO Risk / Return Rank: 24
CGXF.TO Sharpe Ratio Rank: 25
CGXF.TO Sortino Ratio Rank: 24
CGXF.TO Omega Ratio Rank: 27
CGXF.TO Calmar Ratio Rank: 24
CGXF.TO Martin Ratio Rank: 23

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.

VALT-U.TO vs. CGXF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion ETF (US$ Series) (VALT-U.TO) and CI Gold+ Giants Covered Call ETF Common (CGXF.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.

	VALT-U.TO	CGXF.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.69	-0.13
Sortino ratio: Return per unit of downside risk	1.05	1.13	-0.08
Omega ratio: Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio: Return relative to maximum drawdown	0.60	0.85	-0.24
Martin ratio: Return relative to average drawdown	1.61	2.15	-0.54

VALT-U.TO vs. CGXF.TO - Sharpe Ratio Comparison

The current VALT-U.TO Sharpe Ratio is 0.56, which is comparable to the CGXF.TO Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of VALT-U.TO and CGXF.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

VALT-U.TO vs. CGXF.TO - Drawdown Comparison

The maximum VALT-U.TO drawdown since its inception was -38.65%, smaller than the maximum CGXF.TO drawdown of -93.97%. Use the drawdown chart below to compare losses from any high point for VALT-U.TO and CGXF.TO.

Drawdown Indicators

	VALT-U.TO	CGXF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.65%	-93.97%	+55.32%
Max Drawdown (1Y) Largest decline over 1 year	-38.65%	-34.97%	-3.68%
Max Drawdown (3Y) Largest decline over 3 years	-38.65%	-34.97%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	-38.65%	-41.74%	+3.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.74%	—
Current Drawdown Current decline from peak	-37.72%	-33.68%	-4.04%
Average Drawdown Average peak-to-trough decline	-6.11%	-55.21%	+49.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.30%	13.73%	+0.57%

Volatility

VALT-U.TO vs. CGXF.TO - Volatility Comparison

The current volatility for CI Gold Bullion ETF (US$ Series) (VALT-U.TO) is 8.30%, while CI Gold+ Giants Covered Call ETF Common (CGXF.TO) has a volatility of 15.82%. This indicates that VALT-U.TO experiences smaller price fluctuations and is considered to be less risky than CGXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALT-U.TO	CGXF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	15.82%	-7.52%
Volatility (6M) Calculated over the trailing 6-month period	39.00%	35.05%	+3.95%
Volatility (1Y) Calculated over the trailing 1-year period	41.49%	42.76%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	32.24%	-9.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.39%	31.37%	-8.98%

Dividends

VALT-U.TO vs. CGXF.TO - Dividend Comparison

VALT-U.TO has not paid dividends to shareholders, while CGXF.TO's dividend yield for the trailing twelve months is around 13.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGXF.TO CI Gold+ Giants Covered Call ETF Common	13.05%	7.43%	8.09%	8.93%	8.54%	8.59%	11.00%	6.69%	7.97%	6.99%	10.68%	4.82%
VALT-U.TO CI Gold Bullion ETF (US$ 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%

Frequently Asked Questions

Can I hold both VALT-U.TO and CGXF.TO in my portfolio?

VALT-U.TO and CGXF.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.