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

FSF.TO vs. FXM.TO

Last updated Aug 4, 2026
Documentation

FSF.TO (CI Global Financial Sector ETF) and FXM.TO (CI Morningstar Canada Value Index ETF) are both exchange-traded funds - FSF.TO is a Financials Equities fund actively managed by CI, while FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index. FSF.TO is actively managed, while FXM.TO is passively managed. Over the past 10 years, FSF.TO returned 30.36%/yr vs 14.71%/yr for FXM.TO. Their 0.25 correlation means their historical movements had little consistent relationship. FSF.TO charges 0.99%/yr vs 0.64%/yr for FXM.TO.

Performance

FSF.TO vs. FXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Global Financial Sector ETF (FSF.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, FSF.TO achieves a 8.03% return, which is significantly lower than FXM.TO's 18.11% return. Over the past 10 years, FSF.TO has outperformed FXM.TO with an annualized return of 30.36%, while FXM.TO has yielded a comparatively lower 14.71% annualized return.

FSF.TO

1D
1.62%
1M
2.45%
6M
6.56%
YTD
8.03%
1Y
19.56%
3Y*
22.87%
5Y*
12.59%
10Y*
30.36%
ALL TIME*
14.13%

FXM.TO

1D
-0.58%
1M
3.42%
6M
14.60%
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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FSF.TO

CI Global Financial Sector ETF
CA$661.89CA$2.69KCA$6.54K

FXM.TO

CI Morningstar Canada Value Index ETF
CA$211.28KCA$184.82KCA$281.27K

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

2026 (YTD)202520242023202220212020201920182017
FSF.TO
CI Global Financial Sector ETF		8.03%20.68%33.83%10.49%-11.77%30.71%-1.98%25.77%-21.19%23.28%
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 FSF.TO and FXM.TO is 0.06, 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.

0.06

Correlation (3Y)
Balances recent behavior with more history.

0.16

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.27

Correlation (10Y)
Provides a long-term view across more market conditions.

0.23

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2014

0.25

The correlation between FSF.TO and FXM.TO shifts across timeframes, from 0.06 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
FSF.TO
FXM.TO

Financial Services

98.7%
14.7%

Industrials

1.0%
3.2%

Technology

0.3%
6.8%

Basic Materials

-

16.3%

Communication Services

-

9.2%

Consumer Cyclical

-

10.4%

Consumer Defensive

-

6.9%

Energy

-

14.8%

Healthcare

-

-

Real Estate

-

3.6%

Utilities

-

14.2%

Financial Services

FSF.TO
98.7%
FXM.TO
14.7%

Industrials

FSF.TO
1.0%
FXM.TO
3.2%

Technology

FSF.TO
0.3%
FXM.TO
6.8%

Basic Materials

FSF.TO

-

FXM.TO
16.3%

Communication Services

FSF.TO

-

FXM.TO
9.2%

Consumer Cyclical

FSF.TO

-

FXM.TO
10.4%

Consumer Defensive

FSF.TO

-

FXM.TO
6.9%

Energy

FSF.TO

-

FXM.TO
14.8%

Healthcare

FSF.TO

-

FXM.TO

-

Real Estate

FSF.TO

-

FXM.TO
3.6%

Utilities

FSF.TO

-

FXM.TO
14.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI Global Financial Sector ETF

CI Morningstar Canada Value Index ETF

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FSF.TO vs. EHE.TOFSF.TO vs. CINF.TOFSF.TO vs. CGRE.TOFSF.TO vs. CMAG.TOFSF.TO vs. CAGG.TOFSF.TO vs. VXM-B.TOFSF.TO vs. CBCX.TO
Often compared with FXM.TO:
FXM.TO vs. FCUV.TOFXM.TO vs. XCV.TOFXM.TO vs. FCCM.NEOFXM.TO vs. VDY.TOFXM.TO vs. FCCQ.TOFXM.TO vs. FCCV.TOFXM.TO vs. XEI.TO

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
FSF.TO
FSF.TO Risk / Return Rank: 3636
Overall Rank
FSF.TO Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
FSF.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
FSF.TO Omega Ratio Rank: 4141
Omega Ratio Rank
FSF.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
FSF.TO Martin Ratio Rank: 3232
Martin Ratio Rank
FXM.TO
FXM.TO Risk / Return Rank: 9696
Overall Rank
FXM.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9797
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9595
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Global Financial Sector ETF (FSF.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.

FSF.TOFXM.TODifference
Sharpe ratioReturn per unit of total volatility
1.05
3.99

-2.94

Sortino ratioReturn per unit of downside risk
1.57
5.14

-3.57

Omega ratioGain probability vs. loss probability

1.21

1.75

-0.54

Calmar ratioReturn relative to maximum drawdown

1.11

5.51

-4.40

Martin ratioReturn relative to average drawdown

3.27

21.50

-18.23

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

The current FSF.TO Sharpe Ratio is 1.05, which is lower than the FXM.TO Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of FSF.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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Drawdowns

FSF.TO vs. FXM.TO - Drawdown Comparison

The maximum FSF.TO drawdown since its inception was -73.78%, 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 FSF.TO and FXM.TO.

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Drawdown Indicators

FSF.TOFXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-73.78%

-46.41%

-27.37%

Max Drawdown (1Y)

Largest decline over 1 year

-15.09%

-8.11%

-6.98%

Max Drawdown (3Y)

Largest decline over 3 years

-17.26%

-12.44%

-4.82%

Max Drawdown (5Y)

Largest decline over 5 years

-26.08%

-16.08%

-10.00%

Max Drawdown (10Y)

Largest decline over 10 years

-73.78%

-46.41%

-27.37%

Current Drawdown

Current decline from peak

-0.26%

-0.65%

+0.39%

Average Drawdown

Average peak-to-trough decline

-16.16%

-4.64%

-11.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.12%

2.08%

+3.04%

Volatility

FSF.TO vs. FXM.TO - Volatility Comparison

CI Global Financial Sector ETF (FSF.TO) has a higher volatility of 5.02% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 2.53%. This indicates that FSF.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

FSF.TOFXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.02%

2.53%

+2.49%

Volatility (6M)

Calculated over the trailing 6-month period

13.20%

8.27%

+4.93%

Volatility (1Y)

Calculated over the trailing 1-year period

15.98%

11.25%

+4.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.34%

14.15%

+5.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

211.89%

16.88%

+195.01%

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

FSF.TO has a 0.99% expense ratio, which is higher than FXM.TO's 0.64% expense ratio.

Dividends

FSF.TO vs. FXM.TO - Dividend Comparison

FSF.TO's dividend yield for the trailing twelve months is around 1.35%, less than FXM.TO's 1.72% yield.

PositionTTM20252024202320222021202020192018201720162015
FSF.TO
CI Global Financial Sector ETF		1.35%1.28%1.41%2.10%2.35%0.74%1.28%1.91%2.30%0.96%0.79%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

FSF.TO and FXM.TO have a correlation of 0.06, 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 0.99% for FSF.TO.

FSF.TO is categorized as Financials Equities, while FXM.TO is Canada Equities. Their fees differ too: 0.99% for FSF.TO and 0.64% for FXM.TO.

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