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CIC.TO vs. FXM.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIC.TO vs. FXM.TO

Last updated Aug 2, 2026
Documentation

CIC.TO (CI Canadian Banks Covered Call Income Class ETF) and FXM.TO (CI Morningstar Canada Value Index ETF) are both exchange-traded funds - CIC.TO is a Financials Equities fund actively managed by CI, while FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index. CIC.TO is actively managed, while FXM.TO is passively managed. Over the past 10 years, CIC.TO returned 13.76%/yr vs 14.71%/yr for FXM.TO. Their 0.48 correlation means their historical movements had little consistent relationship. CIC.TO charges 0.87%/yr vs 0.64%/yr for FXM.TO.

Performance

CIC.TO vs. FXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Canadian Banks Covered Call Income Class ETF (CIC.TO) and CI Morningstar Canada Value Index ETF (FXM.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, CIC.TO achieves a 26.83% return, which is significantly higher than FXM.TO's 18.11% return. Over the past 10 years, CIC.TO has underperformed FXM.TO with an annualized return of 13.76%, while FXM.TO has yielded a comparatively higher 14.71% annualized return.

CIC.TO

1D
0.37%
1M
1.17%
6M
27.70%
YTD
26.83%
1Y
56.61%
3Y*
28.74%
5Y*
16.57%
10Y*
13.76%
ALL TIME*
11.63%

FXM.TO

1D
-0.58%
1M
3.42%
6M
14.85%
YTD
18.11%
1Y
45.40%
3Y*
27.60%
5Y*
19.13%
10Y*
14.71%
ALL TIME*
13.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CIC.TO

CI Canadian Banks Covered Call Income Class ETF
CA$388.70KCA$258.13KCA$198.22K

FXM.TO

CI Morningstar Canada Value Index ETF
CA$211.28KCA$184.82KCA$281.27K

CIC.TO vs. FXM.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CIC.TO
CI Canadian Banks Covered Call Income Class ETF		26.83%35.32%21.30%6.58%-10.99%33.76%1.89%14.12%-8.88%12.14%
FXM.TO
CI Morningstar Canada Value Index ETF		18.11%38.54%30.05%5.79%-1.19%31.47%6.16%24.14%-16.22%11.51%

Correlation

The correlation between CIC.TO and FXM.TO is 0.34, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.34

Correlation (3Y)
Balances recent behavior with more history.

0.47

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.55

Correlation (10Y)
Provides a long-term view across more market conditions.

0.54

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2012

0.48

The correlation between CIC.TO and FXM.TO shifts across timeframes, from 0.34 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.

CIC.TO vs. FXM.TO - Sectors Allocation Comparison

Sectors
CIC.TO
FXM.TO

Financial Services

100.0%
14.7%

Basic Materials

-

16.3%

Communication Services

-

9.2%

Consumer Cyclical

-

10.4%

Consumer Defensive

-

6.9%

Energy

-

14.8%

Healthcare

-

-

Industrials

-

3.2%

Real Estate

-

3.6%

Technology

-

6.8%

Utilities

-

14.2%

Financial Services

CIC.TO
100.0%
FXM.TO
14.7%

Basic Materials

CIC.TO

-

FXM.TO
16.3%

Communication Services

CIC.TO

-

FXM.TO
9.2%

Consumer Cyclical

CIC.TO

-

FXM.TO
10.4%

Consumer Defensive

CIC.TO

-

FXM.TO
6.9%

Energy

CIC.TO

-

FXM.TO
14.8%

Healthcare

CIC.TO

-

FXM.TO

-

Industrials

CIC.TO

-

FXM.TO
3.2%

Real Estate

CIC.TO

-

FXM.TO
3.6%

Technology

CIC.TO

-

FXM.TO
6.8%

Utilities

CIC.TO

-

FXM.TO
14.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI Canadian Banks Covered Call Income Class ETF

CI Morningstar Canada Value Index ETF

Often compared with CIC.TO:
CIC.TO vs. HEB.TOCIC.TO vs. FMAX.TOCIC.TO vs. ZWB.TOCIC.TO vs. CMNY.TOCIC.TO vs. CCOM.TOCIC.TO vs. ZEB.TOCIC.TO vs. VXM-B.TO
Often compared with FXM.TO:
FXM.TO vs. FCUV.TOFXM.TO vs. XCV.TOFXM.TO vs. FCCM.NEOFXM.TO vs. VDY.TOFXM.TO vs. FCCQ.TOFXM.TO vs. FCCV.TOFXM.TO vs. XEI.TO

Return for Risk

CIC.TO vs. FXM.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
CIC.TO
CIC.TO Risk / Return Rank: 9797
Overall Rank
CIC.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CIC.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
CIC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
CIC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
CIC.TO Martin Ratio Rank: 9797
Martin Ratio Rank
FXM.TO
FXM.TO Risk / Return Rank: 9797
Overall Rank
FXM.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9797
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9696
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CIC.TO vs. FXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Canadian Banks Covered Call Income Class ETF (CIC.TO) and CI Morningstar Canada Value Index ETF (FXM.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.

CIC.TOFXM.TODifference
Sharpe ratioReturn per unit of total volatility
4.45
3.99

+0.46

Sortino ratioReturn per unit of downside risk
5.66
5.14

+0.52

Omega ratioGain probability vs. loss probability

1.81

1.75

+0.06

Calmar ratioReturn relative to maximum drawdown

6.84

5.51

+1.33

Martin ratioReturn relative to average drawdown

30.63

21.50

+9.13

CIC.TO vs. FXM.TO - Sharpe Ratio Comparison

The current CIC.TO Sharpe Ratio is 4.45, which is comparable to the FXM.TO Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of CIC.TO and FXM.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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Drawdowns

CIC.TO vs. FXM.TO - Drawdown Comparison

The maximum CIC.TO drawdown since its inception was -38.55%, smaller than the maximum FXM.TO drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for CIC.TO and FXM.TO.

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Drawdown Indicators

CIC.TOFXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.55%

-46.41%

+7.86%

Max Drawdown (1Y)

Largest decline over 1 year

-8.23%

-8.11%

-0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-12.72%

-12.44%

-0.28%

Max Drawdown (5Y)

Largest decline over 5 years

-26.34%

-16.08%

-10.26%

Max Drawdown (10Y)

Largest decline over 10 years

-38.55%

-46.41%

+7.86%

Current Drawdown

Current decline from peak

-2.31%

-0.65%

-1.66%

Average Drawdown

Average peak-to-trough decline

-5.45%

-4.64%

-0.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.83%

2.08%

-0.25%

Volatility

CIC.TO vs. FXM.TO - Volatility Comparison

CI Canadian Banks Covered Call Income Class ETF (CIC.TO) has a higher volatility of 5.63% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 2.53%. This indicates that CIC.TO's price experiences larger fluctuations and is considered to be riskier than FXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CIC.TOFXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.63%

2.53%

+3.10%

Volatility (6M)

Calculated over the trailing 6-month period

10.93%

8.27%

+2.66%

Volatility (1Y)

Calculated over the trailing 1-year period

12.67%

11.25%

+1.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.96%

14.15%

-1.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.34%

16.88%

-0.54%

CIC.TO vs. FXM.TO - Expense Ratio Comparison

CIC.TO has a 0.87% expense ratio, which is higher than FXM.TO's 0.64% expense ratio.

Dividends

CIC.TO vs. FXM.TO - Dividend Comparison

CIC.TO's dividend yield for the trailing twelve months is around 4.92%, more than FXM.TO's 1.72% yield.

PositionTTM20252024202320222021202020192018201720162015
CIC.TO
CI Canadian Banks Covered Call Income Class ETF		4.92%5.17%6.71%7.37%7.64%5.48%9.56%6.16%6.61%5.68%6.72%7.31%
FXM.TO
CI Morningstar Canada Value Index ETF		1.72%1.91%2.17%2.96%2.18%2.19%2.40%2.04%2.52%1.70%1.83%2.24%

Frequently Asked Questions

CIC.TO and FXM.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FXM.TO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FXM.TO is cheaper with a 0.64% expense ratio, compared with 0.87% for CIC.TO.

CIC.TO is categorized as Financials Equities, while FXM.TO is Canada Equities. Their fees differ too: 0.87% for CIC.TO and 0.64% for FXM.TO.

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