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CGHY.TO vs. ZXM.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CGHY.TO vs. ZXM.TO

Last updated Jun 5, 2026

CGHY.TO (CI High Yield Bond Private Pool ETF C$ Series) and ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) are both exchange-traded funds - CGHY.TO is a High Yield Bonds fund actively managed by CI Global Asset Management, while ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index. CGHY.TO is actively managed, while ZXM.TO is passively managed. Over the past 10 years, CGHY.TO returned 6.63%/yr vs 12.96%/yr for ZXM.TO. At a 0.12 correlation, their price movements are largely independent. CGHY.TO charges 0.76%/yr vs 0.67%/yr for ZXM.TO.

Performance

CGHY.TO vs. ZXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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, CGHY.TO achieves a 3.13% return, which is significantly lower than ZXM.TO's 12.14% return. Over the past 10 years, CGHY.TO has underperformed ZXM.TO with an annualized return of 6.63%, while ZXM.TO has yielded a comparatively higher 12.96% annualized return.

CGHY.TO

1D
0.10%
1M
1.60%
YTD
3.13%
6M
3.05%
1Y
7.59%
3Y*
9.15%
5Y*
9.47%
10Y*
6.63%

ZXM.TO

1D
-0.17%
1M
0.99%
YTD
12.14%
6M
14.09%
1Y
33.42%
3Y*
25.55%
5Y*
13.07%
10Y*
12.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CGHY.TO vs. ZXM.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CGHY.TO
CI High Yield Bond Private Pool ETF C$ Series		3.13%6.19%9.66%13.41%13.50%2.47%-1.13%10.73%-2.45%5.87%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		12.14%35.75%21.41%14.22%-20.61%25.67%16.23%30.39%-17.00%28.15%

Correlation

The correlation between CGHY.TO and ZXM.TO is 0.02, 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

0.02

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

0.03

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

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Feb 4, 2015

0.12

Compare stocks, funds, or ETFs

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CI High Yield Bond Private Pool ETF C$ Series

CI Morningstar International Momentum Index ETF Common Units CAD Hedged

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CGHY.TO vs. PRHIXCGHY.TO vs. XSI.TOCGHY.TO vs. ZHY.TOCGHY.TO vs. ETHX.TOCGHY.TO vs. CVD.TOCGHY.TO vs. CCCX.TOCGHY.TO vs. XHY.TO
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. FLI.TO

Return for Risk

CGHY.TO vs. ZXM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CGHY.TO
CGHY.TO Risk / Return Rank: 4747
Overall Rank
CGHY.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
CGHY.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
CGHY.TO Omega Ratio Rank: 3434
Omega Ratio Rank
CGHY.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
CGHY.TO Martin Ratio Rank: 6464
Martin Ratio Rank
ZXM.TO
ZXM.TO Risk / Return Rank: 7373
Overall Rank
ZXM.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 7171
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.

CGHY.TO vs. ZXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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.

CGHY.TOZXM.TODifference
Sharpe ratioReturn per unit of total volatility
1.20
2.30

-1.10

Sortino ratioReturn per unit of downside risk
1.69
3.28

-1.59

Omega ratioGain probability vs. loss probability

1.22

1.48

-0.26

Calmar ratioReturn relative to maximum drawdown

3.50

3.24

+0.26

Martin ratioReturn relative to average drawdown

11.33

12.97

-1.64

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

CGHY.TO vs. ZXM.TO - Sharpe Ratio Comparison

The current CGHY.TO Sharpe Ratio is 1.20, which is lower than the ZXM.TO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of CGHY.TO and ZXM.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

CGHY.TOZXM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.20

2.30

-1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.82

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.78

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.74

-0.28

Drawdowns

CGHY.TO vs. ZXM.TO - Drawdown Comparison

The maximum CGHY.TO drawdown since its inception was -24.44%, smaller than the maximum ZXM.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for CGHY.TO and ZXM.TO.

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Drawdown Indicators

CGHY.TOZXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.44%

-35.22%

+10.78%

Max Drawdown (1Y)

Largest decline over 1 year

-2.18%

-10.35%

+8.17%

Max Drawdown (3Y)

Largest decline over 3 years

-4.92%

-12.74%

+7.82%

Max Drawdown (5Y)

Largest decline over 5 years

-9.81%

-26.93%

+17.12%

Max Drawdown (10Y)

Largest decline over 10 years

-24.44%

-35.22%

+10.78%

Current Drawdown

Current decline from peak

0.00%

-2.62%

+2.62%

Average Drawdown

Average peak-to-trough decline

-2.05%

-6.44%

+4.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

2.58%

-1.91%

Volatility

CGHY.TO vs. ZXM.TO - Volatility Comparison

The current volatility for CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) is 1.33%, while CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a volatility of 5.27%. This indicates that CGHY.TO experiences smaller price fluctuations and is considered to be less risky than ZXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CGHY.TOZXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.33%

5.27%

-3.94%

Volatility (6M)

Calculated over the trailing 6-month period

5.14%

12.92%

-7.78%

Volatility (1Y)

Calculated over the trailing 1-year period

6.36%

14.60%

-8.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.51%

15.96%

-1.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.99%

16.70%

-3.71%

CGHY.TO vs. ZXM.TO - Expense Ratio Comparison

CGHY.TO has a 0.76% expense ratio, which is higher than ZXM.TO's 0.67% expense ratio.

Dividends

CGHY.TO vs. ZXM.TO - Dividend Comparison

CGHY.TO's dividend yield for the trailing twelve months is around 5.25%, more than ZXM.TO's 2.26% yield.

PositionTTM20252024202320222021202020192018201720162015
CGHY.TO
CI High Yield Bond Private Pool ETF C$ Series		5.25%5.40%4.99%5.14%5.08%6.32%6.08%5.65%5.91%5.45%5.57%5.23%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		2.26%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

CGHY.TO and ZXM.TO have a correlation of 0.02, 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 0.76% for CGHY.TO.

CGHY.TO is categorized as High Yield Bonds, while ZXM.TO is Momentum. Their fees differ too: 0.76% for CGHY.TO and 0.67% for ZXM.TO.

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