CSAV.TO vs. QXM.TO
CSAV.TO (CI High Interest Savings ETF) and QXM.TO (CI Morningstar National Bank Québec Index ETF) are both exchange-traded funds - CSAV.TO is a Money Market fund actively managed by CI, while QXM.TO is a Canada Equities fund tracking the Morningstar National Bank Québec Index. CSAV.TO is actively managed, while QXM.TO is passively managed. Over the past 5 years, CSAV.TO returned 3.13%/yr vs 10.40%/yr for QXM.TO. Their 0.01 correlation means their historical movements had little consistent relationship. CSAV.TO charges 0.15%/yr vs 0.57%/yr for QXM.TO.
Performance
CSAV.TO vs. QXM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CSAV.TO achieves a 1.18% return, which is significantly lower than QXM.TO's 6.79% return.
CSAV.TO
- 1D
- 0.02%
- 1M
- 0.15%
- 6M
- 1.01%
- YTD
- 1.18%
- 1Y
- 2.17%
- 3Y*
- 3.44%
- 5Y*
- 3.13%
- 10Y*
- —
- ALL TIME*
- 2.53%
QXM.TO
- 1D
- 0.84%
- 1M
- 3.37%
- 6M
- 7.83%
- YTD
- 6.79%
- 1Y
- 22.87%
- 3Y*
- 16.59%
- 5Y*
- 10.40%
- 10Y*
- 10.28%
- ALL TIME*
- 12.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | CA$1.49M | CA$1.26M | CA$1.48M |
| CA$9.34K | CA$9.65K | CA$13.74K |
CSAV.TO vs. QXM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | 1.18% | 2.54% | 4.43% | 5.04% | 2.29% | 0.55% | 0.92% | 1.14% |
QXM.TO CI Morningstar National Bank Québec Index ETF | 6.79% | 23.46% | 20.08% | 13.24% | -6.91% | 16.60% | 1.63% | 6.78% |
Correlation
The correlation between CSAV.TO and QXM.TO is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | 0.01 |
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Return for Risk
CSAV.TO vs. QXM.TO — Risk / Return Rank
CSAV.TO
QXM.TO
CSAV.TO vs. QXM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI High Interest Savings ETF (CSAV.TO) and CI Morningstar National Bank Québec Index ETF (QXM.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.
| CSAV.TO | QXM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.16 | ||
| Sortino ratioReturn per unit of downside risk | +17.54 | ||
| Omega ratioGain probability vs. loss probability | 4.54 | 1.27 | +3.26 |
| Calmar ratioReturn relative to maximum drawdown | 108.77 | 2.18 | +106.60 |
| Martin ratioReturn relative to average drawdown | 301.45 | 8.00 | +293.44 |
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Drawdowns
CSAV.TO vs. QXM.TO - Drawdown Comparison
The maximum CSAV.TO drawdown since its inception was -0.02%, smaller than the maximum QXM.TO drawdown of -40.65%. Use the drawdown chart below to compare losses from any high point for CSAV.TO and QXM.TO.
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Drawdown Indicators
| CSAV.TO | QXM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.02% | -40.65% | +40.63% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -9.38% | +9.36% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -15.72% | +15.70% |
Max Drawdown (5Y)Largest decline over 5 years | -0.02% | -23.01% | +22.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.65% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.71% | +0.71% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -4.18% | +4.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 2.55% | -2.54% |
Volatility
CSAV.TO vs. QXM.TO - Volatility Comparison
The current volatility for CI High Interest Savings ETF (CSAV.TO) is 0.07%, while CI Morningstar National Bank Québec Index ETF (QXM.TO) has a volatility of 5.92%. This indicates that CSAV.TO experiences smaller price fluctuations and is considered to be less risky than QXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSAV.TO | QXM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 5.92% | -5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 12.35% | -12.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.25% | 14.03% | -13.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.28% | 14.01% | -13.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.27% | 15.73% | -15.46% |
CSAV.TO vs. QXM.TO - Expense Ratio Comparison
CSAV.TO has a 0.15% expense ratio, which is lower than QXM.TO's 0.57% expense ratio.
Dividends
CSAV.TO vs. QXM.TO - Dividend Comparison
CSAV.TO's dividend yield for the trailing twelve months is around 2.16%, more than QXM.TO's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | 2.16% | 2.53% | 4.40% | 4.90% | 2.15% | 0.57% | 0.89% | 1.14% | 0.00% | 0.00% | 0.00% | 0.00% |
QXM.TO CI Morningstar National Bank Québec Index ETF | 1.00% | 1.17% | 1.27% | 1.39% | 1.51% | 1.02% | 1.27% | 1.39% | 1.65% | 1.36% | 1.56% | 1.52% |
Frequently Asked Questions
CSAV.TO and QXM.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSAV.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSAV.TO is cheaper with a 0.15% expense ratio, compared with 0.57% for QXM.TO.
CSAV.TO is categorized as Money Market, while QXM.TO is Canada Equities. Their fees differ too: 0.15% for CSAV.TO and 0.57% for QXM.TO.
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