CDLB.TO vs. WXM.TO

Last updated Jun 4, 2026

CDLB.TO (CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series) and WXM.TO (CI Morningstar Canada Momentum Index ETF) are both exchange-traded funds - CDLB.TO is a Intermediate Core-Plus Bond fund actively managed by CI Global Asset Management, while WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index. CDLB.TO is actively managed, while WXM.TO is passively managed. Over the past 5 years, CDLB.TO returned -0.60%/yr vs 18.57%/yr for WXM.TO. At a 0.03 correlation, their price movements are largely independent. CDLB.TO charges 0.85%/yr vs 0.65%/yr for WXM.TO.

Performance

CDLB.TO vs. WXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) and CI Morningstar Canada Momentum Index ETF (WXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDLB.TO achieves a -0.54% return, which is significantly lower than WXM.TO's 18.83% return.

CDLB.TO

• 1D: 0.31%
• 1M: 0.19%
• YTD: -0.54%
• 6M: -0.14%
• 1Y: 3.58%
• 3Y*: 3.08%
• 5Y*: -0.60%
• 10Y*: —

WXM.TO

• 1D: -0.33%
• 1M: 4.70%
• YTD: 18.83%
• 6M: 22.68%
• 1Y: 46.31%
• 3Y*: 29.82%
• 5Y*: 18.57%
• 10Y*: 15.24%

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

CDLB.TO vs. WXM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CDLB.TO CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series	-0.54%	5.44%	2.59%	2.12%	-12.02%	-0.11%	3.68%
WXM.TO CI Morningstar Canada Momentum Index ETF	18.83%	38.16%	33.93%	3.35%	-0.42%	20.98%	17.51%

Correlation

The correlation between CDLB.TO and WXM.TO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 11, 2020	0.03

Return for Risk

CDLB.TO vs. WXM.TO — Risk / Return Rank

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

CDLB.TO

CDLB.TO Risk / Return Rank: 38
CDLB.TO Sharpe Ratio Rank: 29
CDLB.TO Sortino Ratio Rank: 28
CDLB.TO Omega Ratio Rank: 69
CDLB.TO Calmar Ratio Rank: 35
CDLB.TO Martin Ratio Rank: 29

WXM.TO

WXM.TO Risk / Return Rank: 88
WXM.TO Sharpe Ratio Rank: 90
WXM.TO Sortino Ratio Rank: 87
WXM.TO Omega Ratio Rank: 87
WXM.TO Calmar Ratio Rank: 86
WXM.TO Martin Ratio Rank: 91

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.

CDLB.TO vs. WXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) and CI Morningstar Canada Momentum Index ETF (WXM.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.

	CDLB.TO	WXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.99	3.10	-2.11
Sortino ratio: Return per unit of downside risk	1.49	4.00	-2.51
Omega ratio: Gain probability vs. loss probability	1.40	1.55	-0.15
Calmar ratio: Return relative to maximum drawdown	1.70	4.90	-3.20
Martin ratio: Return relative to average drawdown	4.08	21.82	-17.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDLB.TO vs. WXM.TO - Sharpe Ratio Comparison

The current CDLB.TO Sharpe Ratio is 0.99, which is lower than the WXM.TO Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of CDLB.TO and WXM.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.

Sharpe Ratios by Period

	CDLB.TO	WXM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	3.10	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	1.18	-1.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.91	-0.91

Drawdowns

CDLB.TO vs. WXM.TO - Drawdown Comparison

The maximum CDLB.TO drawdown since its inception was -17.06%, smaller than the maximum WXM.TO drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for CDLB.TO and WXM.TO.

Drawdown Indicators

	CDLB.TO	WXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.06%	-40.45%	+23.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-9.49%	+7.38%
Max Drawdown (3Y) Largest decline over 3 years	-5.63%	-12.13%	+6.50%
Max Drawdown (5Y) Largest decline over 5 years	-17.06%	-15.87%	-1.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.45%	—
Current Drawdown Current decline from peak	-3.97%	-0.33%	-3.64%
Average Drawdown Average peak-to-trough decline	-6.60%	-4.48%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.13%	-1.25%

Volatility

CDLB.TO vs. WXM.TO - Volatility Comparison

The current volatility for CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) is 1.10%, while CI Morningstar Canada Momentum Index ETF (WXM.TO) has a volatility of 4.06%. This indicates that CDLB.TO experiences smaller price fluctuations and is considered to be less risky than WXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDLB.TO	WXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	4.06%	-2.96%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	11.86%	-9.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	15.02%	-11.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.25%	15.85%	-10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	16.78%	-11.93%

CDLB.TO vs. WXM.TO - Expense Ratio Comparison

CDLB.TO has a 0.85% expense ratio, which is higher than WXM.TO's 0.65% expense ratio.

Dividends

CDLB.TO vs. WXM.TO - Dividend Comparison

CDLB.TO's dividend yield for the trailing twelve months is around 4.69%, more than WXM.TO's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDLB.TO CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series	4.69%	4.45%	4.35%	3.60%	2.81%	2.38%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%
WXM.TO CI Morningstar Canada Momentum Index ETF	1.15%	1.25%	1.27%	1.38%	2.25%	1.04%	0.78%	0.94%	1.44%	1.38%	1.58%	1.51%

Frequently Asked Questions

Can I hold both CDLB.TO and WXM.TO in my portfolio?

CDLB.TO and WXM.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CDLB.TO or WXM.TO?

On fees, WXM.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CDLB.TO or WXM.TO?

WXM.TO is cheaper with a 0.65% expense ratio, compared with 0.85% for CDLB.TO.

What is the main difference between CDLB.TO and WXM.TO?

CDLB.TO is categorized as Intermediate Core-Plus Bond, while WXM.TO is Momentum. Their fees differ too: 0.85% for CDLB.TO and 0.65% for WXM.TO.