ETHX-U.TO vs. VXM-B.TO

Last updated Jul 1, 2026

ETHX-U.TO (CI Galaxy Ethereum ETF (US$ Series)) and VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) are both exchange-traded funds - ETHX-U.TO is a Cryptocurrency 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. ETHX-U.TO is actively managed, while VXM-B.TO is passively managed. Over the past 5 years, ETHX-U.TO returned -7.54%/yr vs 14.35%/yr for VXM-B.TO. At a 0.11 correlation, their price movements are largely independent.

Performance

ETHX-U.TO vs. VXM-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) and CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ETHX-U.TO is traded in USD, while VXM-B.TO is traded in CAD. To make them comparable, the VXM-B.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ETHX-U.TO achieves a -46.97% return, which is significantly lower than VXM-B.TO's 4.74% return.

ETHX-U.TO

• 1D: -2.51%
• 1M: -21.61%
• YTD: -46.97%
• 6M: -46.77%
• 1Y: -37.56%
• 3Y*: -7.06%
• 5Y*: -7.54%
• 10Y*: —

VXM-B.TO

• 1D: -1.32%
• 1M: -5.21%
• YTD: 4.74%
• 6M: 4.70%
• 1Y: 23.67%
• 3Y*: 24.19%
• 5Y*: 14.35%
• 10Y*: 11.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETHX-U.TO vs. VXM-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	-46.97%	-11.53%	43.46%	93.31%	-67.94%	63.87%
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	4.74%	53.76%	9.10%	21.78%	-8.31%	-1.40%

Correlation

The correlation between ETHX-U.TO and VXM-B.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.11

Return for Risk

ETHX-U.TO vs. VXM-B.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHX-U.TO

ETHX-U.TO Risk / Return Rank: 5
ETHX-U.TO Sharpe Ratio Rank: 5
ETHX-U.TO Sortino Ratio Rank: 6
ETHX-U.TO Omega Ratio Rank: 6
ETHX-U.TO Calmar Ratio Rank: 5
ETHX-U.TO Martin Ratio Rank: 6

VXM-B.TO

VXM-B.TO Risk / Return Rank: 72
VXM-B.TO Sharpe Ratio Rank: 78
VXM-B.TO Sortino Ratio Rank: 76
VXM-B.TO Omega Ratio Rank: 77
VXM-B.TO Calmar Ratio Rank: 66
VXM-B.TO Martin Ratio Rank: 65

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.

ETHX-U.TO vs. VXM-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.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.

	ETHX-U.TO	VXM-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	1.67	-2.22
Sortino ratio: Return per unit of downside risk	-0.51	2.32	-2.83
Omega ratio: Gain probability vs. loss probability	0.94	1.30	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.55	2.22	-2.77
Martin ratio: Return relative to average drawdown	-0.90	7.25	-8.15

ETHX-U.TO vs. VXM-B.TO - Sharpe Ratio Comparison

The current ETHX-U.TO Sharpe Ratio is -0.56, which is lower than the VXM-B.TO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of ETHX-U.TO and VXM-B.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

ETHX-U.TO vs. VXM-B.TO - Drawdown Comparison

The maximum ETHX-U.TO drawdown since its inception was -79.05%, which is greater than VXM-B.TO's maximum drawdown of -46.52%. Use the drawdown chart below to compare losses from any high point for ETHX-U.TO and VXM-B.TO.

Drawdown Indicators

	ETHX-U.TO	VXM-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-79.05%	-46.52%	-32.53%
Max Drawdown (1Y) Largest decline over 1 year	-68.04%	-10.73%	-57.31%
Max Drawdown (3Y) Largest decline over 3 years	-68.04%	-12.98%	-55.06%
Max Drawdown (5Y) Largest decline over 5 years	-79.05%	-28.01%	-51.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.52%	—
Current Drawdown Current decline from peak	-68.18%	-7.66%	-60.52%
Average Drawdown Average peak-to-trough decline	-46.24%	-11.18%	-35.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.96%	3.27%	+38.69%

Volatility

ETHX-U.TO vs. VXM-B.TO - Volatility Comparison

CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) has a higher volatility of 20.94% compared to CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) at 3.85%. This indicates that ETHX-U.TO's price experiences larger fluctuations and is considered to be riskier than VXM-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHX-U.TO	VXM-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.94%	3.85%	+17.09%
Volatility (6M) Calculated over the trailing 6-month period	46.21%	11.30%	+34.91%
Volatility (1Y) Calculated over the trailing 1-year period	67.86%	14.26%	+53.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.03%	15.59%	+55.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.85%	16.82%	+57.03%

Dividends

ETHX-U.TO vs. VXM-B.TO - Dividend Comparison

ETHX-U.TO has not paid dividends to shareholders, while VXM-B.TO's dividend yield for the trailing twelve months is around 2.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ETHX-U.TO and VXM-B.TO in my portfolio?

ETHX-U.TO and VXM-B.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ETHX-U.TO and VXM-B.TO?

ETHX-U.TO is categorized as Cryptocurrency, while VXM-B.TO is Foreign Small & Mid Cap Equities.