VALT.TO vs. BTCX-B.TO

Last updated Jul 25, 2026

VALT.TO (CI Gold Bullion ETF) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - VALT.TO is a Gold fund tracking the No Index (Physical Commodity), while BTCX-B.TO is a Cryptocurrency fund tracking the No Index (Physical Bitcoin). Both are passively managed. Over the past 5 years, VALT.TO returned 16.17%/yr vs 16.47%/yr for BTCX-B.TO. At a 0.08 correlation, their price movements are largely independent. VALT.TO charges 0.17%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Gold Bullion ETF (VALT.TO) and CI Galaxy Bitcoin ETF C$ 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, VALT.TO achieves a -6.93% return, which is significantly higher than BTCX-B.TO's -25.01% return.

VALT.TO

• 1D: 0.19%
• 1M: 1.59%
• 6M: -19.64%
• YTD: -6.93%
• 1Y: 17.76%
• 3Y*: 25.22%
• 5Y*: 16.17%
• 10Y*: —
• ALL TIME*: 13.95%

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
VALT.TO CI Gold Bullion ETF	CA$185.75K	CA$223.40K	CA$363.49K

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

	2026 (YTD)	2025	2024	2023	2022	2021
VALT.TO CI Gold Bullion ETF	-6.93%	60.46%	25.58%	12.35%	0.92%	6.40%
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 VALT.TO and BTCX-B.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	0.08

The correlation between VALT.TO and BTCX-B.TO shifts across timeframes, from 0.08 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

VALT.TO

VALT.TO Risk / Return Rank: 25
VALT.TO Sharpe Ratio Rank: 27
VALT.TO Sortino Ratio Rank: 26
VALT.TO Omega Ratio Rank: 29
VALT.TO Calmar Ratio Rank: 23
VALT.TO Martin Ratio Rank: 22

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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion ETF (VALT.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.

	VALT.TO	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.63	-1.03	+1.66
Sortino ratio: Return per unit of downside risk	0.97	-1.54	+2.51
Omega ratio: Gain probability vs. loss probability	1.14	0.83	+0.30
Calmar ratio: Return relative to maximum drawdown	0.66	-0.85	+1.51
Martin ratio: Return relative to average drawdown	1.48	-1.30	+2.78

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

The current VALT.TO Sharpe Ratio is 0.63, which is higher than the BTCX-B.TO Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of VALT.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

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

The maximum VALT.TO drawdown since its inception was -27.07%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for VALT.TO and BTCX-B.TO.

Drawdown Indicators

	VALT.TO	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.07%	-75.26%	+48.19%
Max Drawdown (1Y) Largest decline over 1 year	-27.07%	-52.71%	+25.64%
Max Drawdown (3Y) Largest decline over 3 years	-27.07%	-52.71%	+25.64%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-75.26%	+48.19%
Current Drawdown Current decline from peak	-25.75%	-48.65%	+22.90%
Average Drawdown Average peak-to-trough decline	-6.25%	-33.37%	+27.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.03%	34.56%	-22.53%

Volatility

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

The current volatility for CI Gold Bullion ETF (VALT.TO) is 6.20%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.14%. This indicates that VALT.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

	VALT.TO	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	9.14%	-2.94%
Volatility (6M) Calculated over the trailing 6-month period	24.23%	33.74%	-9.51%
Volatility (1Y) Calculated over the trailing 1-year period	28.23%	43.73%	-15.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	53.25%	-34.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	54.59%	-36.38%

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

VALT.TO has a 0.17% expense ratio, which is lower than BTCX-B.TO's 0.80% expense ratio.

Dividends

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

Neither VALT.TO nor BTCX-B.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

VALT.TO and BTCX-B.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, VALT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VALT.TO is cheaper with a 0.17% expense ratio, compared with 0.80% for BTCX-B.TO.

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

VALT.TO is categorized as Gold, while BTCX-B.TO is Cryptocurrency. VALT.TO tracks No Index (Physical Commodity), while BTCX-B.TO tracks No Index (Physical Bitcoin). Their fees differ too: 0.17% for VALT.TO and 0.80% for BTCX-B.TO.