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

FXM.TO vs. CFOU.TO

Last updated Jun 4, 2026

FXM.TO (CI Morningstar Canada Value Index ETF) and CFOU.TO (BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF) are both exchange-traded funds - FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index, while CFOU.TO is a Leveraged Equities fund tracking the S&P/TSX Capped Financials Index. Both are passively managed. Over the past 10 years, FXM.TO returned 14.19%/yr vs 22.91%/yr for CFOU.TO. A 0.58 correlation means they provide meaningful diversification when combined. FXM.TO charges 0.64%/yr vs 1.52%/yr for CFOU.TO.

Performance

FXM.TO vs. CFOU.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 BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.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 lower than CFOU.TO's 23.22% return. Over the past 10 years, FXM.TO has underperformed CFOU.TO with an annualized return of 14.19%, while CFOU.TO has yielded a comparatively higher 22.91% 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%

CFOU.TO

1D
-1.41%
1M
9.71%
YTD
23.22%
6M
34.47%
1Y
88.95%
3Y*
57.23%
5Y*
28.45%
10Y*
22.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXM.TO vs. CFOU.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%
CFOU.TO
BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF		23.22%69.17%56.15%18.37%-23.64%79.61%-14.70%40.45%-21.67%22.44%

Correlation

The correlation between FXM.TO and CFOU.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.41

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

0.55

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

0.61

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

0.59

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

0.58

The correlation between FXM.TO and CFOU.TO shifts across timeframes, from 0.41 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
FXM.TO
CFOU.TO

Financial Services

18.0%
100.0%

Basic Materials

15.4%

-

Utilities

13.2%

-

Energy

12.1%

-

Communication Services

12.0%

-

Consumer Cyclical

10.2%

-

Industrials

7.1%

-

Consumer Defensive

6.3%

-

Technology

5.7%

-

Healthcare

-

-

Real Estate

-

-

Financial Services

FXM.TO
18.0%
CFOU.TO
100.0%

Basic Materials

FXM.TO
15.4%
CFOU.TO

-

Utilities

FXM.TO
13.2%
CFOU.TO

-

Energy

FXM.TO
12.1%
CFOU.TO

-

Communication Services

FXM.TO
12.0%
CFOU.TO

-

Consumer Cyclical

FXM.TO
10.2%
CFOU.TO

-

Industrials

FXM.TO
7.1%
CFOU.TO

-

Consumer Defensive

FXM.TO
6.3%
CFOU.TO

-

Technology

FXM.TO
5.7%
CFOU.TO

-

Healthcare

FXM.TO

-

CFOU.TO

-

Real Estate

FXM.TO

-

CFOU.TO

-

Compare stocks, funds, or ETFs

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CI Morningstar Canada Value Index ETF

BetaPro S&P/TSX Capped Financials 2x Daily Bull 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 CFOU.TO:
CFOU.TO vs. METE.TOCFOU.TO vs. TCND.TOCFOU.TO vs. CACE.TOCFOU.TO vs. HBNK.TOCFOU.TO vs. RBNK.TOCFOU.TO vs. XCSR.TOCFOU.TO vs. DMEC.TO

Return for Risk

FXM.TO vs. CFOU.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
CFOU.TO
CFOU.TO Risk / Return Rank: 9191
Overall Rank
CFOU.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
CFOU.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
CFOU.TO Omega Ratio Rank: 8989
Omega Ratio Rank
CFOU.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
CFOU.TO Martin Ratio Rank: 9292
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. CFOU.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 BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.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.TOCFOU.TODifference
Sharpe ratioReturn per unit of total volatility
4.51
3.62

+0.89

Sortino ratioReturn per unit of downside risk
5.74
4.39

+1.35

Omega ratioGain probability vs. loss probability

1.89

1.57

+0.32

Calmar ratioReturn relative to maximum drawdown

6.05

5.56

+0.49

Martin ratioReturn relative to average drawdown

24.09

22.74

+1.36

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. CFOU.TO - Sharpe Ratio Comparison

The current FXM.TO Sharpe Ratio is 4.51, which is comparable to the CFOU.TO Sharpe Ratio of 3.62. The chart below compares the historical Sharpe Ratios of FXM.TO and CFOU.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.TOCFOU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.51

3.62

+0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.30

1.04

+0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.68

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.33

+0.49

Drawdowns

FXM.TO vs. CFOU.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, smaller than the maximum CFOU.TO drawdown of -86.23%. Use the drawdown chart below to compare losses from any high point for FXM.TO and CFOU.TO.

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Drawdown Indicators

FXM.TOCFOU.TODifference

Max Drawdown

Largest peak-to-trough decline

-46.41%

-86.23%

+39.82%

Max Drawdown (1Y)

Largest decline over 1 year

-8.11%

-16.08%

+7.97%

Max Drawdown (3Y)

Largest decline over 3 years

-12.44%

-24.95%

+12.51%

Max Drawdown (5Y)

Largest decline over 5 years

-16.08%

-45.23%

+29.15%

Max Drawdown (10Y)

Largest decline over 10 years

-46.41%

-67.29%

+20.88%

Current Drawdown

Current decline from peak

0.00%

-3.23%

+3.23%

Average Drawdown

Average peak-to-trough decline

-4.69%

-22.46%

+17.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

3.93%

-1.90%

Volatility

FXM.TO vs. CFOU.TO - Volatility Comparison

The current volatility for CI Morningstar Canada Value Index ETF (FXM.TO) is 1.71%, while BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.TO) has a volatility of 8.18%. This indicates that FXM.TO experiences smaller price fluctuations and is considered to be less risky than CFOU.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.TOCFOU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.71%

8.18%

-6.47%

Volatility (6M)

Calculated over the trailing 6-month period

8.36%

20.93%

-12.57%

Volatility (1Y)

Calculated over the trailing 1-year period

10.94%

24.70%

-13.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.25%

27.56%

-13.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.99%

33.85%

-16.86%

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

FXM.TO has a 0.64% expense ratio, which is lower than CFOU.TO's 1.52% expense ratio.

Dividends

FXM.TO vs. CFOU.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.83%, while CFOU.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CFOU.TO
BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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 CFOU.TO have a correlation of 0.41, 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 1.52% for CFOU.TO.

FXM.TO is categorized as Canada Equities, while CFOU.TO is Leveraged Equities. FXM.TO tracks Morningstar Canada Target Value Index, while CFOU.TO tracks S&P/TSX Capped Financials Index. They also come from different issuers: CI Investments and Global X. Their fees differ too: 0.64% for FXM.TO and 1.52% for CFOU.TO.

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