FSB.TO vs. WXM.TO
FSB.TO (CI Enhanced Short Duration Bond Fund) and WXM.TO (CI Morningstar Canada Momentum Index ETF) are both exchange-traded funds - FSB.TO is a Short-Term Bond fund actively managed by CI Global Asset Management, while WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index. FSB.TO is actively managed, while WXM.TO is passively managed. Over the past 5 years, FSB.TO returned 2.59%/yr vs 18.25%/yr for WXM.TO. At a 0.09 correlation, their price movements are largely independent. FSB.TO charges 0.73%/yr vs 0.65%/yr for WXM.TO.
Performance
FSB.TO vs. WXM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FSB.TO achieves a 1.28% return, which is significantly lower than WXM.TO's 14.58% return.
FSB.TO
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 0.86%
- YTD
- 1.28%
- 1Y
- 2.77%
- 3Y*
- 4.21%
- 5Y*
- 2.59%
- 10Y*
- —
- ALL TIME*
- 2.54%
WXM.TO
- 1D
- -0.40%
- 1M
- 0.64%
- 6M
- 8.35%
- YTD
- 14.58%
- 1Y
- 37.34%
- 3Y*
- 27.31%
- 5Y*
- 18.25%
- 10Y*
- 14.53%
- ALL TIME*
- 13.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$46.58K | CA$37.38K | CA$75.82K | |
| CA$942.04K | CA$760.31K | CA$844.09K |
FSB.TO vs. WXM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSB.TO CI Enhanced Short Duration Bond Fund | 1.28% | 3.84% | 4.40% | 5.21% | -1.97% | 0.67% | 4.09% | 3.49% | 0.91% | 0.80% |
WXM.TO CI Morningstar Canada Momentum Index ETF | 14.58% | 38.16% | 33.93% | 3.35% | -0.42% | 20.98% | 4.61% | 31.49% | -4.88% | 6.95% |
Correlation
The correlation between FSB.TO and WXM.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2017 | 0.09 |
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Return for Risk
FSB.TO vs. WXM.TO — Risk / Return Rank
FSB.TO
WXM.TO
FSB.TO vs. WXM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Enhanced Short Duration Bond Fund (FSB.TO) and CI Morningstar Canada Momentum Index ETF (WXM.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.
| FSB.TO | WXM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.40 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.95 | -0.51 |
| Martin ratioReturn relative to average drawdown | 13.37 | 15.44 | -2.07 |
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Drawdowns
FSB.TO vs. WXM.TO - Drawdown Comparison
The maximum FSB.TO drawdown since its inception was -5.94%, smaller than the maximum WXM.TO drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for FSB.TO and WXM.TO.
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Drawdown Indicators
| FSB.TO | WXM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.94% | -40.45% | +34.51% |
Max Drawdown (1Y)Largest decline over 1 year | -0.81% | -9.49% | +8.68% |
Max Drawdown (3Y)Largest decline over 3 years | -1.24% | -12.13% | +10.89% |
Max Drawdown (5Y)Largest decline over 5 years | -3.99% | -15.87% | +11.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.45% | — |
Current DrawdownCurrent decline from peak | -0.31% | -4.13% | +3.82% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -4.47% | +4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 2.43% | -2.22% |
Volatility
FSB.TO vs. WXM.TO - Volatility Comparison
The current volatility for CI Enhanced Short Duration Bond Fund (FSB.TO) is 0.63%, while CI Morningstar Canada Momentum Index ETF (WXM.TO) has a volatility of 4.60%. This indicates that FSB.TO experiences smaller price fluctuations and is considered to be less risky than WXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSB.TO | WXM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 4.60% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 13.13% | -11.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 16.24% | -13.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.63% | 15.92% | -13.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.61% | 16.88% | -14.27% |
FSB.TO vs. WXM.TO - Expense Ratio Comparison
FSB.TO has a 0.73% expense ratio, which is higher than WXM.TO's 0.65% expense ratio.
Dividends
FSB.TO vs. WXM.TO - Dividend Comparison
FSB.TO's dividend yield for the trailing twelve months is around 4.02%, more than WXM.TO's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSB.TO CI Enhanced Short Duration Bond Fund | 4.02% | 3.99% | 3.98% | 3.99% | 2.25% | 1.87% | 2.68% | 2.42% | 2.44% | 1.20% | 0.00% | 0.00% |
WXM.TO CI Morningstar Canada Momentum Index ETF | 1.17% | 1.25% | 1.27% | 1.38% | 2.25% | 1.04% | 0.78% | 0.94% | 1.44% | 1.38% | 1.58% | 1.51% |
Frequently Asked Questions
FSB.TO and WXM.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WXM.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WXM.TO is cheaper with a 0.65% expense ratio, compared with 0.73% for FSB.TO.
FSB.TO is categorized as Short-Term Bond, while WXM.TO is Momentum. Their fees differ too: 0.73% for FSB.TO and 0.65% for WXM.TO.
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