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

CYH.TO vs. FXM.TO

Last updated Jun 5, 2026

CYH.TO (iShares Global Monthly Dividend Index ETF (CAD-Hedged)) and FXM.TO (CI Morningstar Canada Value Index ETF) are both exchange-traded funds - CYH.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD, while FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index. Both are passively managed. Over the past 10 years, CYH.TO returned 8.21%/yr vs 14.18%/yr for FXM.TO. A 0.51 correlation means they provide meaningful diversification when combined. CYH.TO charges 0.66%/yr vs 0.64%/yr for FXM.TO.

Performance

CYH.TO vs. FXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Global Monthly Dividend Index ETF (CAD-Hedged) (CYH.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, CYH.TO achieves a 10.22% return, which is significantly lower than FXM.TO's 15.85% return. Over the past 10 years, CYH.TO has underperformed FXM.TO with an annualized return of 8.21%, while FXM.TO has yielded a comparatively higher 14.18% annualized return.

CYH.TO

1D
0.26%
1M
-0.11%
YTD
10.22%
6M
11.20%
1Y
23.68%
3Y*
16.48%
5Y*
8.53%
10Y*
8.21%

FXM.TO

1D
0.35%
1M
4.43%
YTD
15.85%
6M
18.70%
1Y
49.87%
3Y*
28.52%
5Y*
18.45%
10Y*
14.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CYH.TO
iShares Global Monthly Dividend Index ETF (CAD-Hedged)		10.22%18.77%12.29%3.84%-2.47%23.43%-8.71%14.38%-6.21%13.16%
FXM.TO
CI Morningstar Canada Value Index ETF		15.85%38.54%30.05%5.79%-1.19%31.47%6.15%24.14%-16.22%11.51%

Correlation

The correlation between CYH.TO and FXM.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

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

0.47

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

0.57

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

0.55

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2012

0.51

The correlation between CYH.TO and FXM.TO shifts across timeframes, from 0.46 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
CYH.TO
FXM.TO

Financial Services

23.4%
18.0%

Utilities

15.9%
13.2%

Energy

14.2%
12.1%

Consumer Defensive

11.9%
6.3%

Consumer Cyclical

8.4%
10.2%

Communication Services

8.2%
12.0%

Healthcare

5.1%

-

Industrials

4.9%
7.1%

Basic Materials

3.6%
15.4%

Technology

3.4%
5.7%

Real Estate

1.1%

-

Financial Services

CYH.TO
23.4%
FXM.TO
18.0%

Utilities

CYH.TO
15.9%
FXM.TO
13.2%

Energy

CYH.TO
14.2%
FXM.TO
12.1%

Consumer Defensive

CYH.TO
11.9%
FXM.TO
6.3%

Consumer Cyclical

CYH.TO
8.4%
FXM.TO
10.2%

Communication Services

CYH.TO
8.2%
FXM.TO
12.0%

Healthcare

CYH.TO
5.1%
FXM.TO

-

Industrials

CYH.TO
4.9%
FXM.TO
7.1%

Basic Materials

CYH.TO
3.6%
FXM.TO
15.4%

Technology

CYH.TO
3.4%
FXM.TO
5.7%

Real Estate

CYH.TO
1.1%
FXM.TO

-

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iShares Global Monthly Dividend Index ETF (CAD-Hedged)

CI Morningstar Canada Value Index ETF

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Often compared with FXM.TO:
FXM.TO vs. FCUV.TOFXM.TO vs. FCCM.NEOFXM.TO vs. XCV.TOFXM.TO vs. VDY.TOFXM.TO vs. FCCQ.TOFXM.TO vs. XDIV.TOFXM.TO vs. VCN.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CYH.TO
CYH.TO Risk / Return Rank: 7979
Overall Rank
CYH.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
CYH.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
CYH.TO Omega Ratio Rank: 7474
Omega Ratio Rank
CYH.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
CYH.TO Martin Ratio Rank: 8484
Martin Ratio Rank
FXM.TO
FXM.TO Risk / Return Rank: 9595
Overall Rank
FXM.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9797
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9393
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Global Monthly Dividend Index ETF (CAD-Hedged) (CYH.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.

CYH.TOFXM.TODifference
Sharpe ratioReturn per unit of total volatility
2.39
4.60

-2.21

Sortino ratioReturn per unit of downside risk
3.38
5.84

-2.46

Omega ratioGain probability vs. loss probability

1.43

1.91

-0.47

Calmar ratioReturn relative to maximum drawdown

4.45

6.18

-1.72

Martin ratioReturn relative to average drawdown

17.05

24.59

-7.53

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

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

The current CYH.TO Sharpe Ratio is 2.39, which is lower than the FXM.TO Sharpe Ratio of 4.60. The chart below compares the historical Sharpe Ratios of CYH.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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Sharpe Ratios by Period

CYH.TOFXM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.39

4.60

-2.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

1.30

-0.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.84

-0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.82

-0.50

Drawdowns

CYH.TO vs. FXM.TO - Drawdown Comparison

The maximum CYH.TO drawdown since its inception was -61.48%, which is greater than FXM.TO's maximum drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for CYH.TO and FXM.TO.

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Drawdown Indicators

CYH.TOFXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.48%

-46.41%

-15.07%

Max Drawdown (1Y)

Largest decline over 1 year

-5.34%

-8.11%

+2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-12.13%

-12.44%

+0.31%

Max Drawdown (5Y)

Largest decline over 5 years

-17.67%

-16.08%

-1.59%

Max Drawdown (10Y)

Largest decline over 10 years

-42.30%

-46.41%

+4.11%

Current Drawdown

Current decline from peak

-1.30%

0.00%

-1.30%

Average Drawdown

Average peak-to-trough decline

-9.94%

-4.69%

-5.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.39%

2.03%

-0.64%

Volatility

CYH.TO vs. FXM.TO - Volatility Comparison

iShares Global Monthly Dividend Index ETF (CAD-Hedged) (CYH.TO) has a higher volatility of 2.62% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 1.58%. This indicates that CYH.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

CYH.TOFXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.62%

1.58%

+1.04%

Volatility (6M)

Calculated over the trailing 6-month period

7.13%

8.28%

-1.15%

Volatility (1Y)

Calculated over the trailing 1-year period

9.96%

10.90%

-0.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.58%

14.25%

-0.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.02%

16.99%

+0.03%

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

CYH.TO has a 0.66% expense ratio, which is higher than FXM.TO's 0.64% expense ratio.

Dividends

CYH.TO vs. FXM.TO - Dividend Comparison

CYH.TO's dividend yield for the trailing twelve months is around 3.33%, more than FXM.TO's 1.82% yield.

PositionTTM20252024202320222021202020192018201720162015
CYH.TO
iShares Global Monthly Dividend Index ETF (CAD-Hedged)		3.33%3.77%4.33%4.68%4.72%3.89%4.51%4.01%3.98%3.03%3.39%3.84%
FXM.TO
CI Morningstar Canada Value Index ETF		1.82%1.91%2.17%2.96%2.18%2.19%2.40%2.03%2.52%1.70%1.83%2.24%

Frequently Asked Questions

CYH.TO and FXM.TO have a correlation of 0.46, 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 0.66% for CYH.TO.

CYH.TO is categorized as Global Equities, while FXM.TO is Canada Equities. CYH.TO tracks Morningstar Gbl GR CAD, while FXM.TO tracks Morningstar Canada Target Value Index. They also come from different issuers: iShares and CI Investments. Their fees differ too: 0.66% for CYH.TO and 0.64% for FXM.TO.

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