FPR.TO vs. VXM.TO

Last updated Aug 4, 2026

FPR.TO (CI Preferred Share ETF) and VXM.TO (CI Morningstar International Value CAD Hedged) are both exchange-traded funds - FPR.TO is a Preferred Stock fund actively managed by CI, while VXM.TO is a Foreign Small & Mid Cap Equities fund tracking the Morningstar® Developed Markets ex-North America Target Value Index. FPR.TO is actively managed, while VXM.TO is passively managed. Over the past 10 years, FPR.TO returned 7.38%/yr vs 14.39%/yr for VXM.TO. Their 0.12 correlation means their historical movements had little consistent relationship. FPR.TO charges 0.80%/yr vs 0.66%/yr for VXM.TO.

Performance

FPR.TO vs. VXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Preferred Share ETF (FPR.TO) and CI Morningstar International Value CAD Hedged (VXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPR.TO achieves a 8.01% return, which is significantly lower than VXM.TO's 15.25% return. Over the past 10 years, FPR.TO has underperformed VXM.TO with an annualized return of 7.38%, while VXM.TO has yielded a comparatively higher 14.39% annualized return.

FPR.TO

• 1D: 0.04%
• 1M: 1.60%
• 6M: 7.39%
• YTD: 8.01%
• 1Y: 14.42%
• 3Y*: 17.20%
• 5Y*: 7.41%
• 10Y*: 7.38%
• ALL TIME*: 7.69%

VXM.TO

• 1D: -0.87%
• 1M: 2.38%
• 6M: 9.29%
• YTD: 15.25%
• 1Y: 35.47%
• 3Y*: 27.66%
• 5Y*: 21.19%
• 10Y*: 14.39%
• ALL TIME*: 11.52%

*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)
FPR.TO CI Preferred Share ETF	CA$158.30	CA$3.44K	CA$11.10K
VXM.TO CI Morningstar International Value CAD Hedged	CA$805.07K	CA$838.14K	CA$1.25M

FPR.TO vs. VXM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPR.TO CI Preferred Share ETF	8.01%	16.63%	23.27%	3.44%	-13.72%	21.25%	7.57%	3.65%	-5.80%	10.90%
VXM.TO CI Morningstar International Value CAD Hedged	15.25%	44.77%	19.29%	24.08%	3.19%	19.09%	-13.99%	16.55%	-15.76%	24.08%

Correlation

The correlation between FPR.TO and VXM.TO is -0.02, 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.	-0.02
Correlation (3Y) Balances recent behavior with more history.	0.05
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.12
Correlation (All Time) Calculated using the full available price history since May 17, 2016	0.12

The correlation between FPR.TO and VXM.TO shifts across timeframes, from -0.02 (1 year) to 0.12 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FPR.TO vs. VXM.TO — Risk / Return Rank

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

FPR.TO

FPR.TO Risk / Return Rank: 86
FPR.TO Sharpe Ratio Rank: 78
FPR.TO Sortino Ratio Rank: 79
FPR.TO Omega Ratio Rank: 87
FPR.TO Calmar Ratio Rank: 94
FPR.TO Martin Ratio Rank: 94

VXM.TO

VXM.TO Risk / Return Rank: 90
VXM.TO Sharpe Ratio Rank: 93
VXM.TO Sortino Ratio Rank: 92
VXM.TO Omega Ratio Rank: 92
VXM.TO Calmar Ratio Rank: 88
VXM.TO Martin Ratio Rank: 85

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.

FPR.TO vs. VXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Preferred Share ETF (FPR.TO) and CI Morningstar International Value CAD Hedged (VXM.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.

	FPR.TO	VXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.55	-0.56
Sortino ratio: Return per unit of downside risk	2.85	3.49	-0.65
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.06
Calmar ratio: Return relative to maximum drawdown	5.19	3.66	+1.53
Martin ratio: Return relative to average drawdown	18.72	12.30	+6.42

FPR.TO vs. VXM.TO - Sharpe Ratio Comparison

The current FPR.TO Sharpe Ratio is 1.98, which is comparable to the VXM.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FPR.TO and VXM.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

FPR.TO vs. VXM.TO - Drawdown Comparison

The maximum FPR.TO drawdown since its inception was -36.12%, smaller than the maximum VXM.TO drawdown of -42.73%. Use the drawdown chart below to compare losses from any high point for FPR.TO and VXM.TO.

Drawdown Indicators

	FPR.TO	VXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.12%	-42.73%	+6.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-9.40%	+6.65%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	-13.71%	+6.37%
Max Drawdown (5Y) Largest decline over 5 years	-20.31%	-14.47%	-5.84%
Max Drawdown (10Y) Largest decline over 10 years	-36.12%	-42.73%	+6.61%
Current Drawdown Current decline from peak	-0.33%	-0.87%	+0.54%
Average Drawdown Average peak-to-trough decline	-4.89%	-7.49%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	2.79%	-2.03%

Volatility

FPR.TO vs. VXM.TO - Volatility Comparison

The current volatility for CI Preferred Share ETF (FPR.TO) is 1.62%, while CI Morningstar International Value CAD Hedged (VXM.TO) has a volatility of 3.37%. This indicates that FPR.TO experiences smaller price fluctuations and is considered to be less risky than VXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPR.TO	VXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	3.37%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	4.50%	11.60%	-7.10%
Volatility (1Y) Calculated over the trailing 1-year period	7.18%	13.49%	-6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.24%	14.73%	-6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.35%	16.60%	-6.25%

FPR.TO vs. VXM.TO - Expense Ratio Comparison

FPR.TO has a 0.80% expense ratio, which is higher than VXM.TO's 0.66% expense ratio.

Dividends

FPR.TO vs. VXM.TO - Dividend Comparison

FPR.TO's dividend yield for the trailing twelve months is around 3.96%, more than VXM.TO's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPR.TO CI Preferred Share ETF	3.96%	4.57%	5.01%	6.00%	4.59%	3.79%	4.42%	4.52%	4.49%	4.06%	2.52%	0.00%
VXM.TO CI Morningstar International Value CAD Hedged	1.74%	2.03%	3.60%	3.37%	3.53%	2.08%	2.27%	1.56%	2.07%	1.51%	1.85%	2.30%

Frequently Asked Questions

Can I hold both FPR.TO and VXM.TO in my portfolio?

FPR.TO and VXM.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FPR.TO or VXM.TO?

On fees, VXM.TO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FPR.TO or VXM.TO?

VXM.TO is cheaper with a 0.66% expense ratio, compared with 0.80% for FPR.TO.

What is the main difference between FPR.TO and VXM.TO?

FPR.TO is categorized as Preferred Stock, while VXM.TO is Foreign Small & Mid Cap Equities. Their fees differ too: 0.80% for FPR.TO and 0.66% for VXM.TO.