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

FXM.TO vs. CDZ.TO

Last updated Jun 4, 2026

FXM.TO (CI Morningstar Canada Value Index ETF) and CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) are both Canada Equities funds - FXM.TO tracks the Morningstar Canada Target Value Index while CDZ.TO tracks the Morningstar Canada GR CAD. Both are passively managed. Over the past 10 years, FXM.TO returned 14.19%/yr vs 9.44%/yr for CDZ.TO. A 0.71 correlation means they provide meaningful diversification when combined. FXM.TO charges 0.64%/yr vs 0.66%/yr for CDZ.TO.

Performance

FXM.TO vs. CDZ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar Canada Value Index ETF (FXM.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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, FXM.TO achieves a 15.45% return, which is significantly higher than CDZ.TO's 13.46% return. Over the past 10 years, FXM.TO has outperformed CDZ.TO with an annualized return of 14.19%, while CDZ.TO has yielded a comparatively lower 9.44% annualized return.

FXM.TO

1D
0.00%
1M
4.99%
YTD
15.45%
6M
18.22%
1Y
48.87%
3Y*
28.11%
5Y*
18.36%
10Y*
14.19%

CDZ.TO

1D
0.00%
1M
3.31%
YTD
13.46%
6M
10.74%
1Y
22.32%
3Y*
16.81%
5Y*
10.31%
10Y*
9.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
FXM.TO
CI Morningstar Canada Value Index ETF		15.45%38.54%30.05%5.79%-1.19%31.47%6.15%24.14%-16.22%11.51%
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.46%13.45%17.86%8.98%-4.43%22.80%-3.27%25.68%-8.84%4.92%

Correlation

The correlation between FXM.TO and CDZ.TO is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.73

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2012

0.71

The correlation between FXM.TO and CDZ.TO shifts across timeframes, from 0.58 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
FXM.TO
CDZ.TO

Financial Services

18.0%
17.1%

Basic Materials

15.4%
3.3%

Utilities

13.2%
9.0%

Energy

12.1%
22.7%

Communication Services

12.0%
7.5%

Consumer Cyclical

10.2%
7.6%

Industrials

7.1%
14.5%

Consumer Defensive

6.3%
6.7%

Technology

5.7%
2.7%

Healthcare

-

-

Real Estate

-

8.9%

Financial Services

FXM.TO
18.0%
CDZ.TO
17.1%

Basic Materials

FXM.TO
15.4%
CDZ.TO
3.3%

Utilities

FXM.TO
13.2%
CDZ.TO
9.0%

Energy

FXM.TO
12.1%
CDZ.TO
22.7%

Communication Services

FXM.TO
12.0%
CDZ.TO
7.5%

Consumer Cyclical

FXM.TO
10.2%
CDZ.TO
7.6%

Industrials

FXM.TO
7.1%
CDZ.TO
14.5%

Consumer Defensive

FXM.TO
6.3%
CDZ.TO
6.7%

Technology

FXM.TO
5.7%
CDZ.TO
2.7%

Healthcare

FXM.TO

-

CDZ.TO

-

Real Estate

FXM.TO

-

CDZ.TO
8.9%

Compare stocks, funds, or ETFs

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CI Morningstar Canada Value Index ETF

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Often compared with FXM.TO:
FXM.TO vs. FCUV.TOFXM.TO vs. FCCM.NEOFXM.TO vs. XCV.TOFXM.TO vs. VDY.TOFXM.TO vs. FCCQ.TOFXM.TO vs. XDIV.TOFXM.TO vs. VCN.TO
Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXM.TO
FXM.TO Risk / Return Rank: 9595
Overall Rank
FXM.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9797
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9393
Martin Ratio Rank
CDZ.TO
CDZ.TO Risk / Return Rank: 8484
Overall Rank
CDZ.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8888
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 8686
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar Canada Value Index ETF (FXM.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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.

FXM.TOCDZ.TODifference
Sharpe ratioReturn per unit of total volatility
4.51
2.72

+1.79

Sortino ratioReturn per unit of downside risk
5.74
3.53

+2.21

Omega ratioGain probability vs. loss probability

1.89

1.56

+0.32

Calmar ratioReturn relative to maximum drawdown

6.05

5.46

+0.59

Martin ratioReturn relative to average drawdown

24.09

18.49

+5.60

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FXM.TO Sharpe Ratio is 4.51, which is higher than the CDZ.TO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FXM.TO and CDZ.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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Sharpe Ratios by Period

FXM.TOCDZ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.51

2.72

+1.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.30

0.95

+0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.65

+0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.52

+0.30

Drawdowns

FXM.TO vs. CDZ.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, smaller than the maximum CDZ.TO drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for FXM.TO and CDZ.TO.

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Drawdown Indicators

FXM.TOCDZ.TODifference

Max Drawdown

Largest peak-to-trough decline

-46.41%

-49.33%

+2.92%

Max Drawdown (1Y)

Largest decline over 1 year

-8.11%

-4.11%

-4.00%

Max Drawdown (3Y)

Largest decline over 3 years

-12.44%

-12.99%

+0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-16.08%

-17.15%

+1.07%

Max Drawdown (10Y)

Largest decline over 10 years

-46.41%

-45.70%

-0.71%

Current Drawdown

Current decline from peak

0.00%

-0.09%

+0.09%

Average Drawdown

Average peak-to-trough decline

-4.69%

-6.14%

+1.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.21%

+0.82%

Volatility

FXM.TO vs. CDZ.TO - Volatility Comparison

The current volatility for CI Morningstar Canada Value Index ETF (FXM.TO) is 1.71%, while iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) has a volatility of 1.88%. This indicates that FXM.TO experiences smaller price fluctuations and is considered to be less risky than CDZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXM.TOCDZ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.71%

1.88%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

8.36%

6.91%

+1.45%

Volatility (1Y)

Calculated over the trailing 1-year period

10.94%

8.26%

+2.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.25%

10.86%

+3.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.99%

14.63%

+2.36%

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

FXM.TO has a 0.64% expense ratio, which is lower than CDZ.TO's 0.66% expense ratio.

Dividends

FXM.TO vs. CDZ.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.83%, less than CDZ.TO's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.07%3.46%3.56%3.71%3.67%2.95%3.70%3.68%4.37%3.43%3.51%3.72%
FXM.TO
CI Morningstar Canada Value Index ETF		1.83%1.91%2.17%2.96%2.18%2.19%2.40%2.03%2.52%1.70%1.83%2.24%

Frequently Asked Questions

FXM.TO and CDZ.TO have a correlation of 0.58, 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 0.66% for CDZ.TO.

FXM.TO tracks Morningstar Canada Target Value Index, while CDZ.TO tracks Morningstar Canada GR CAD. They also come from different issuers: CI Investments and iShares. Their fees differ too: 0.64% for FXM.TO and 0.66% for CDZ.TO.

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