DGR.TO vs. FXM.TO

Last updated Aug 2, 2026

DGR.TO (CI U.S. Quality Dividend Growth Index ETF) and FXM.TO (CI Morningstar Canada Value Index ETF) are both exchange-traded funds - DGR.TO is a Quality Factor fund tracking the WisdomTree U.S. Quality Dividend Growth Index 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, DGR.TO returned 11.97%/yr vs 14.71%/yr for FXM.TO. Their 0.44 correlation means their historical movements had little consistent relationship. DGR.TO charges 0.38%/yr vs 0.64%/yr for FXM.TO.

Performance

DGR.TO vs. FXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI U.S. Quality Dividend Growth Index ETF (DGR.TO) and CI Morningstar Canada Value Index ETF (FXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGR.TO achieves a 6.15% return, which is significantly lower than FXM.TO's 18.11% return. Over the past 10 years, DGR.TO has underperformed FXM.TO with an annualized return of 11.97%, while FXM.TO has yielded a comparatively higher 14.71% annualized return.

DGR.TO

• 1D: 0.39%
• 1M: 0.41%
• 6M: 4.67%
• YTD: 6.15%
• 1Y: 13.25%
• 3Y*: 11.98%
• 5Y*: 9.79%
• 10Y*: 11.97%
• ALL TIME*: 11.86%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGR.TO CI U.S. Quality Dividend Growth Index ETF	CA$32.50K	CA$91.64K	CA$88.11K
FXM.TO CI Morningstar Canada Value Index ETF	CA$211.28K	CA$184.82K	CA$281.27K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGR.TO CI U.S. Quality Dividend Growth Index ETF	6.15%	10.57%	16.04%	17.92%	-8.16%	24.28%	10.08%	28.48%	-7.88%	24.43%
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 DGR.TO and FXM.TO is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.44
Correlation (All Time) Calculated using the full available price history since Jul 18, 2016	0.44

The correlation between DGR.TO and FXM.TO shifts across timeframes, from 0.40 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	DGR.TO	FXM.TO
Technology	33.8%	6.8%
Healthcare	12.8%	-
Industrials	11.8%	3.2%
Communication Services	11.1%	9.2%
Financial Services	8.4%	14.7%
Consumer Cyclical	8.0%	10.4%
Consumer Defensive	6.7%	6.9%
Energy	4.5%	14.8%
Basic Materials	2.8%	16.3%
Utilities	0.2%	14.2%
Real Estate	-	3.6%

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

DGR.TO

DGR.TO Risk / Return Rank: 43
DGR.TO Sharpe Ratio Rank: 43
DGR.TO Sortino Ratio Rank: 45
DGR.TO Omega Ratio Rank: 43
DGR.TO Calmar Ratio Rank: 38
DGR.TO Martin Ratio Rank: 46

FXM.TO

FXM.TO Risk / Return Rank: 97
FXM.TO Sharpe Ratio Rank: 98
FXM.TO Sortino Ratio Rank: 97
FXM.TO Omega Ratio Rank: 97
FXM.TO Calmar Ratio Rank: 95
FXM.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for CI U.S. Quality Dividend Growth Index ETF (DGR.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.

	DGR.TO	FXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.10	3.99	-2.89
Sortino ratio: Return per unit of downside risk	1.69	5.14	-3.45
Omega ratio: Gain probability vs. loss probability	1.20	1.75	-0.55
Calmar ratio: Return relative to maximum drawdown	1.36	5.51	-4.15
Martin ratio: Return relative to average drawdown	5.26	21.50	-16.25

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

The current DGR.TO Sharpe Ratio is 1.10, which is lower than the FXM.TO Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of DGR.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.

Drawdowns

DGR.TO vs. FXM.TO - Drawdown Comparison

The maximum DGR.TO drawdown since its inception was -30.73%, smaller than the maximum FXM.TO drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for DGR.TO and FXM.TO.

Drawdown Indicators

	DGR.TO	FXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.73%	-46.41%	+15.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-8.11%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.65%	-12.44%	-4.21%
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	-16.08%	-1.84%
Max Drawdown (10Y) Largest decline over 10 years	-30.73%	-46.41%	+15.68%
Current Drawdown Current decline from peak	-1.83%	-0.65%	-1.18%
Average Drawdown Average peak-to-trough decline	-3.51%	-4.64%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.08%	+0.13%

Volatility

DGR.TO vs. FXM.TO - Volatility Comparison

CI U.S. Quality Dividend Growth Index ETF (DGR.TO) has a higher volatility of 2.72% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 2.53%. This indicates that DGR.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.

Volatility by Period

	DGR.TO	FXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	2.53%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	8.27%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	11.25%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.08%	14.15%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.21%	16.88%	-1.67%

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

DGR.TO has a 0.38% expense ratio, which is lower than FXM.TO's 0.64% expense ratio.

Dividends

DGR.TO vs. FXM.TO - Dividend Comparison

DGR.TO's dividend yield for the trailing twelve months is around 1.14%, less than FXM.TO's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGR.TO CI U.S. Quality Dividend Growth Index ETF	1.14%	1.24%	0.94%	1.53%	1.70%	1.26%	1.29%	1.67%	1.94%	1.29%	0.62%	0.00%
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

Can I hold both DGR.TO and FXM.TO in my portfolio?

DGR.TO and FXM.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DGR.TO or FXM.TO?

On fees, DGR.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DGR.TO or FXM.TO?

DGR.TO is cheaper with a 0.38% expense ratio, compared with 0.64% for FXM.TO.

What is the main difference between DGR.TO and FXM.TO?

DGR.TO is categorized as Quality Factor, while FXM.TO is Canada Equities. DGR.TO tracks WisdomTree U.S. Quality Dividend Growth Index CAD, while FXM.TO tracks Morningstar Canada Target Value Index. Their fees differ too: 0.38% for DGR.TO and 0.64% for FXM.TO.