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

FSF.TO vs. VXM.TO

Last updated Aug 4, 2026
Documentation

FSF.TO (CI Global Financial Sector ETF) and VXM.TO (CI Morningstar International Value CAD Hedged) are both exchange-traded funds - FSF.TO is a Financials Equities 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. FSF.TO is actively managed, while VXM.TO is passively managed. Over the past 10 years, FSF.TO returned 30.36%/yr vs 14.39%/yr for VXM.TO. Their 0.29 correlation means their historical movements had little consistent relationship. FSF.TO charges 0.99%/yr vs 0.66%/yr for VXM.TO.

Performance

FSF.TO vs. VXM.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 International Value CAD Hedged (VXM.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 VXM.TO's 15.25% return. Over the past 10 years, FSF.TO has outperformed VXM.TO with an annualized return of 30.36%, while VXM.TO has yielded a comparatively lower 14.39% 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%

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

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

VXM.TO

CI Morningstar International Value CAD Hedged
CA$805.07KCA$838.14KCA$1.25M

FSF.TO vs. VXM.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%
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 FSF.TO and VXM.TO is 0.10, 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.

0.10

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

0.24

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

0.29

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

0.28

Correlation (All Time)
Calculated using the full available price history since Nov 24, 2014

0.29

The correlation between FSF.TO and VXM.TO shifts across timeframes, from 0.10 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
FSF.TO
VXM.TO

Financial Services

98.7%
17.1%

Industrials

1.0%
22.0%

Technology

0.3%
2.9%

Basic Materials

-

6.7%

Communication Services

-

3.4%

Consumer Cyclical

-

16.6%

Consumer Defensive

-

8.3%

Energy

-

8.2%

Healthcare

-

2.6%

Real Estate

-

1.1%

Utilities

-

11.1%

Financial Services

FSF.TO
98.7%
VXM.TO
17.1%

Industrials

FSF.TO
1.0%
VXM.TO
22.0%

Technology

FSF.TO
0.3%
VXM.TO
2.9%

Basic Materials

FSF.TO

-

VXM.TO
6.7%

Communication Services

FSF.TO

-

VXM.TO
3.4%

Consumer Cyclical

FSF.TO

-

VXM.TO
16.6%

Consumer Defensive

FSF.TO

-

VXM.TO
8.3%

Energy

FSF.TO

-

VXM.TO
8.2%

Healthcare

FSF.TO

-

VXM.TO
2.6%

Real Estate

FSF.TO

-

VXM.TO
1.1%

Utilities

FSF.TO

-

VXM.TO
11.1%

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 International Value CAD Hedged

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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 VXM.TO:
VXM.TO vs. FCIM.NEOVXM.TO vs. VIU.TOVXM.TO vs. VMO.TOVXM.TO vs. VIDY.TOVXM.TO vs. VVL.TOVXM.TO vs. XHC.TOVXM.TO vs. ZXM.TO

Return for Risk

FSF.TO vs. VXM.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
VXM.TO
VXM.TO Risk / Return Rank: 9090
Overall Rank
VXM.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
VXM.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
VXM.TO Omega Ratio Rank: 9292
Omega Ratio Rank
VXM.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
VXM.TO Martin Ratio Rank: 8585
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. VXM.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 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.

FSF.TOVXM.TODifference
Sharpe ratioReturn per unit of total volatility
1.05
2.55

-1.50

Sortino ratioReturn per unit of downside risk
1.57
3.49

-1.92

Omega ratioGain probability vs. loss probability

1.21

1.47

-0.26

Calmar ratioReturn relative to maximum drawdown

1.11

3.66

-2.55

Martin ratioReturn relative to average drawdown

3.27

12.30

-9.02

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

The current FSF.TO Sharpe Ratio is 1.05, which is lower than the VXM.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FSF.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.

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Drawdowns

FSF.TO vs. VXM.TO - Drawdown Comparison

The maximum FSF.TO drawdown since its inception was -73.78%, which is greater than VXM.TO's maximum drawdown of -42.73%. Use the drawdown chart below to compare losses from any high point for FSF.TO and VXM.TO.

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Drawdown Indicators

FSF.TOVXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-73.78%

-42.73%

-31.05%

Max Drawdown (1Y)

Largest decline over 1 year

-15.09%

-9.40%

-5.69%

Max Drawdown (3Y)

Largest decline over 3 years

-17.26%

-13.71%

-3.55%

Max Drawdown (5Y)

Largest decline over 5 years

-26.08%

-14.47%

-11.61%

Max Drawdown (10Y)

Largest decline over 10 years

-73.78%

-42.73%

-31.05%

Current Drawdown

Current decline from peak

-0.26%

-0.87%

+0.61%

Average Drawdown

Average peak-to-trough decline

-16.16%

-7.49%

-8.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.12%

2.79%

+2.33%

Volatility

FSF.TO vs. VXM.TO - Volatility Comparison

CI Global Financial Sector ETF (FSF.TO) has a higher volatility of 5.02% compared to CI Morningstar International Value CAD Hedged (VXM.TO) at 3.37%. This indicates that FSF.TO's price experiences larger fluctuations and is considered to be riskier than VXM.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.TOVXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.02%

3.37%

+1.65%

Volatility (6M)

Calculated over the trailing 6-month period

13.20%

11.60%

+1.60%

Volatility (1Y)

Calculated over the trailing 1-year period

15.98%

13.49%

+2.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.34%

14.73%

+4.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

211.89%

16.60%

+195.29%

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

FSF.TO has a 0.99% expense ratio, which is higher than VXM.TO's 0.66% expense ratio.

Dividends

FSF.TO vs. VXM.TO - Dividend Comparison

FSF.TO's dividend yield for the trailing twelve months is around 1.35%, less than VXM.TO's 1.74% 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%
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

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

VXM.TO is cheaper with a 0.66% expense ratio, compared with 0.99% for FSF.TO.

FSF.TO is categorized as Financials Equities, while VXM.TO is Foreign Small & Mid Cap Equities. Their fees differ too: 0.99% for FSF.TO and 0.66% for VXM.TO.

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