CXF.TO vs. VXM-B.TO
CXF.TO (CI Canadian Convertible Bond ETF) and VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) are both exchange-traded funds - CXF.TO is a Convertible Bonds fund actively managed by CI, while VXM-B.TO is a Foreign Small & Mid Cap Equities fund tracking the Morningstar Developed Markets ex-North America Target Value Index. CXF.TO is actively managed, while VXM-B.TO is passively managed. Over the past 10 years, CXF.TO returned 6.01%/yr vs 12.06%/yr for VXM-B.TO. At a 0.11 correlation, their price movements are largely independent.
Performance
CXF.TO vs. VXM-B.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CXF.TO achieves a 1.52% return, which is significantly lower than VXM-B.TO's 8.67% return. Over the past 10 years, CXF.TO has underperformed VXM-B.TO with an annualized return of 6.01%, while VXM-B.TO has yielded a comparatively higher 12.06% annualized return.
CXF.TO
- 1D
- -0.47%
- 1M
- 0.95%
- YTD
- 1.52%
- 6M
- 1.43%
- 1Y
- 9.48%
- 3Y*
- 8.56%
- 5Y*
- 5.34%
- 10Y*
- 6.01%
VXM-B.TO
- 1D
- -1.19%
- 1M
- -2.28%
- YTD
- 8.67%
- 6M
- 8.70%
- 1Y
- 28.44%
- 3Y*
- 27.12%
- 5Y*
- 17.52%
- 10Y*
- 12.06%
CXF.TO vs. VXM-B.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXF.TO CI Canadian Convertible Bond ETF | 1.52% | 9.05% | 19.64% | 1.36% | -3.47% | 6.85% | 6.83% | 15.04% | -4.63% | 4.23% |
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged) | 8.67% | 46.74% | 18.34% | 18.89% | -2.50% | 9.58% | -10.23% | 9.77% | -11.40% | 22.82% |
Correlation
The correlation between CXF.TO and VXM-B.TO is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2014 | 0.11 |
The correlation between CXF.TO and VXM-B.TO shifts across timeframes, from -0.06 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CXF.TO vs. VXM-B.TO — Risk / Return Rank
CXF.TO
VXM-B.TO
CXF.TO vs. VXM-B.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Canadian Convertible Bond ETF (CXF.TO) and CI Morningstar International Value Index ETF (Unhedged) (VXM-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.
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.
| CXF.TO | VXM-B.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.38 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 2.76 | -0.25 |
| Martin ratioReturn relative to average drawdown | 5.22 | 9.99 | -4.78 |
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Drawdowns
CXF.TO vs. VXM-B.TO - Drawdown Comparison
The maximum CXF.TO drawdown since its inception was -31.03%, smaller than the maximum VXM-B.TO drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for CXF.TO and VXM-B.TO.
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Drawdown Indicators
| CXF.TO | VXM-B.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.03% | -38.71% | +7.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.79% | -10.33% | +6.54% |
Max Drawdown (3Y)Largest decline over 3 years | -12.81% | -13.31% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -12.87% | -22.12% | +9.25% |
Max Drawdown (10Y)Largest decline over 10 years | -31.03% | -38.71% | +7.68% |
Current DrawdownCurrent decline from peak | -0.56% | -4.06% | +3.50% |
Average DrawdownAverage peak-to-trough decline | -2.96% | -7.79% | +4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.85% | -1.03% |
Volatility
CXF.TO vs. VXM-B.TO - Volatility Comparison
The current volatility for CI Canadian Convertible Bond ETF (CXF.TO) is 3.27%, while CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) has a volatility of 3.76%. This indicates that CXF.TO experiences smaller price fluctuations and is considered to be less risky than VXM-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
| CXF.TO | VXM-B.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 3.76% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 7.97% | 10.89% | -2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.35% | 13.37% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.03% | 13.75% | -1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.30% | 15.15% | -0.85% |
Dividends
CXF.TO vs. VXM-B.TO - Dividend Comparison
CXF.TO's dividend yield for the trailing twelve months is around 4.52%, more than VXM-B.TO's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXF.TO CI Canadian Convertible Bond ETF | 4.52% | 4.48% | 4.75% | 5.31% | 5.11% | 4.70% | 4.79% | 4.86% | 5.32% | 4.82% | 4.79% | 5.17% |
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged) | 2.01% | 2.21% | 3.97% | 3.67% | 3.67% | 2.05% | 2.18% | 1.59% | 2.05% | 1.52% | 1.42% | 1.04% |
Frequently Asked Questions
CXF.TO and VXM-B.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CXF.TO is categorized as Convertible Bonds, while VXM-B.TO is Foreign Small & Mid Cap Equities.
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