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ZXM.TO vs. BTCX-B.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZXM.TO vs. BTCX-B.TO

Last updated Jun 4, 2026

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management. Over the past 5 years, ZXM.TO returned 13.11%/yr vs 14.29%/yr for BTCX-B.TO. At a 0.13 correlation, their price movements are largely independent. ZXM.TO charges 0.67%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZXM.TO achieves a 12.33% return, which is significantly higher than BTCX-B.TO's -24.79% return.

ZXM.TO

1D
-0.83%
1M
2.88%
YTD
12.33%
6M
14.29%
1Y
33.18%
3Y*
25.69%
5Y*
13.11%
10Y*
13.06%

BTCX-B.TO

1D
-2.37%
1M
-16.88%
YTD
-24.79%
6M
-30.42%
1Y
-38.32%
3Y*
34.38%
5Y*
14.29%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		12.33%35.75%21.41%14.22%-20.61%25.53%
BTCX-B.TO
CI Galaxy Bitcoin ETF C$ Unhedged Series Units		-24.79%-11.32%139.01%149.40%-62.06%-16.98%

Correlation

The correlation between ZXM.TO and BTCX-B.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.11

Correlation (5Y)
Calculated over the trailing 5-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Mar 10, 2021

0.13

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CI Morningstar International Momentum Index ETF Common Units CAD Hedged

CI Galaxy Bitcoin ETF C$ Unhedged Series Units

Often compared with ZXM.TO:
ZXM.TO vs. VXM.TOZXM.TO vs. XDSR.TOZXM.TO vs. WXM.TOZXM.TO vs. CCOM.TOZXM.TO vs. QDX.TOZXM.TO vs. FCIL.NEOZXM.TO vs. FCIM.NEO
Often compared with BTCX-B.TO:
BTCX-B.TO vs. FBTCBTCX-B.TO vs. BTC-USDBTCX-B.TO vs. IBITBTCX-B.TO vs. GLXY.TOBTCX-B.TO vs. XEQT.TOBTCX-B.TO vs. STRKBTCX-B.TO vs. HXQ.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZXM.TO
ZXM.TO Risk / Return Rank: 7171
Overall Rank
ZXM.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 7979
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 7070
Martin Ratio Rank
BTCX-B.TO
BTCX-B.TO Risk / Return Rank: 22
Overall Rank
BTCX-B.TO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
BTCX-B.TO Sortino Ratio Rank: 22
Sortino Ratio Rank
BTCX-B.TO Omega Ratio Rank: 22
Omega Ratio Rank
BTCX-B.TO Calmar Ratio Rank: 22
Calmar Ratio Rank
BTCX-B.TO Martin Ratio Rank: 22
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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.

ZXM.TOBTCX-B.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
-0.90

+3.18

Sortino ratioReturn per unit of downside risk
3.26
-1.24

+4.50

Omega ratioGain probability vs. loss probability

1.47

0.86

+0.61

Calmar ratioReturn relative to maximum drawdown

3.22

-0.76

+3.98

Martin ratioReturn relative to average drawdown

12.91

-1.32

+14.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZXM.TO Sharpe Ratio is 2.28, which is higher than the BTCX-B.TO Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of ZXM.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.

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Sharpe Ratios by Period

ZXM.TOBTCX-B.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

-0.90

+3.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.27

+0.56

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

0.08

+0.66

Drawdowns

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

The maximum ZXM.TO drawdown since its inception was -35.22%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and BTCX-B.TO.

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Drawdown Indicators

ZXM.TOBTCX-B.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.22%

-75.26%

+40.04%

Max Drawdown (1Y)

Largest decline over 1 year

-10.35%

-50.41%

+40.06%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-50.41%

+37.67%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-75.26%

+48.33%

Max Drawdown (10Y)

Largest decline over 10 years

-35.22%

—

—

Current Drawdown

Current decline from peak

-2.45%

-48.50%

+46.05%

Average Drawdown

Average peak-to-trough decline

-6.44%

-32.95%

+26.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

29.08%

-26.50%

Volatility

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

The current volatility for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) is 5.51%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 9.83%. This indicates that ZXM.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.

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Volatility by Period

ZXM.TOBTCX-B.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.51%

9.83%

-4.32%

Volatility (6M)

Calculated over the trailing 6-month period

12.93%

33.96%

-21.03%

Volatility (1Y)

Calculated over the trailing 1-year period

14.62%

42.89%

-28.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

54.13%

-38.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.70%

54.99%

-38.29%

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

ZXM.TO has a 0.67% expense ratio, which is lower than BTCX-B.TO's 0.80% expense ratio.

Dividends

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

ZXM.TO's dividend yield for the trailing twelve months is around 2.25%, while BTCX-B.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		2.25%2.39%2.97%3.57%5.50%1.58%0.86%1.19%1.49%0.89%1.19%1.11%

Frequently Asked Questions

ZXM.TO and BTCX-B.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZXM.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZXM.TO is cheaper with a 0.67% expense ratio, compared with 0.80% for BTCX-B.TO.

ZXM.TO is categorized as Momentum, while BTCX-B.TO is Cryptocurrency. Their fees differ too: 0.67% for ZXM.TO and 0.80% for BTCX-B.TO.

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