FXM.TO vs. FSB.TO
FXM.TO (CI Morningstar Canada Value Index ETF) and FSB.TO (CI Enhanced Short Duration Bond Fund) are both exchange-traded funds - FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index, while FSB.TO is a Short-Term Bond fund actively managed by CI. FXM.TO is passively managed, while FSB.TO is actively managed. Over the past 5 years, FXM.TO returned 19.13%/yr vs 2.51%/yr for FSB.TO. Their 0.06 correlation means their historical movements had little consistent relationship. FXM.TO charges 0.64%/yr vs 0.73%/yr for FSB.TO.
Performance
FXM.TO vs. FSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FXM.TO achieves a 18.11% return, which is significantly higher than FSB.TO's 1.09% return.
FXM.TO
- 1D
- -0.58%
- 1M
- 3.42%
- 6M
- 14.85%
- YTD
- 18.11%
- 1Y
- 45.40%
- 3Y*
- 27.60%
- 5Y*
- 19.13%
- 10Y*
- 14.71%
- ALL TIME*
- 13.03%
FSB.TO
- 1D
- -0.11%
- 1M
- -0.29%
- 6M
- 0.54%
- YTD
- 1.09%
- 1Y
- 2.45%
- 3Y*
- 4.19%
- 5Y*
- 2.51%
- 10Y*
- —
- ALL TIME*
- 2.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$70.38K | CA$51.61K | CA$80.24K | |
| CA$211.28K | CA$184.82K | CA$281.27K |
FXM.TO vs. FSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 8.52% |
FSB.TO CI Enhanced Short Duration Bond Fund | 1.09% | 3.84% | 4.40% | 5.21% | -1.97% | 0.67% | 4.09% | 3.49% | 0.91% | 0.80% |
Correlation
The correlation between FXM.TO and FSB.TO is 0.03, 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. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2017 | 0.06 |
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Return for Risk
FXM.TO vs. FSB.TO — Risk / Return Rank
FXM.TO
FSB.TO
FXM.TO vs. FSB.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 CI Enhanced Short Duration Bond Fund (FSB.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.
| FXM.TO | FSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.99 | ||
| Sortino ratioReturn per unit of downside risk | +3.63 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.18 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 5.51 | 2.91 | +2.60 |
| Martin ratioReturn relative to average drawdown | 21.50 | 10.97 | +10.53 |
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Drawdowns
FXM.TO vs. FSB.TO - Drawdown Comparison
The maximum FXM.TO drawdown since its inception was -46.41%, which is greater than FSB.TO's maximum drawdown of -5.94%. Use the drawdown chart below to compare losses from any high point for FXM.TO and FSB.TO.
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Drawdown Indicators
| FXM.TO | FSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.41% | -5.94% | -40.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -0.81% | -7.30% |
Max Drawdown (3Y)Largest decline over 3 years | -12.44% | -1.24% | -11.20% |
Max Drawdown (5Y)Largest decline over 5 years | -16.08% | -3.99% | -12.09% |
Max Drawdown (10Y)Largest decline over 10 years | -46.41% | — | — |
Current DrawdownCurrent decline from peak | -0.65% | -0.50% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -4.64% | -0.47% | -4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 0.21% | +1.87% |
Volatility
FXM.TO vs. FSB.TO - Volatility Comparison
CI Morningstar Canada Value Index ETF (FXM.TO) has a higher volatility of 2.53% compared to CI Enhanced Short Duration Bond Fund (FSB.TO) at 0.62%. This indicates that FXM.TO's price experiences larger fluctuations and is considered to be riskier than FSB.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.TO | FSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.53% | 0.62% | +1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 8.27% | 1.67% | +6.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.25% | 2.36% | +8.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.15% | 2.63% | +11.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.88% | 2.61% | +14.27% |
FXM.TO vs. FSB.TO - Expense Ratio Comparison
FXM.TO has a 0.64% expense ratio, which is lower than FSB.TO's 0.73% expense ratio.
Dividends
FXM.TO vs. FSB.TO - Dividend Comparison
FXM.TO's dividend yield for the trailing twelve months is around 1.72%, less than FSB.TO's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSB.TO CI Enhanced Short Duration Bond Fund | 4.04% | 3.99% | 3.98% | 3.99% | 2.25% | 1.87% | 2.68% | 2.42% | 2.44% | 1.20% | 0.00% | 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
FXM.TO and FSB.TO have a correlation of 0.03, 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 0.73% for FSB.TO.
FXM.TO is categorized as Canada Equities, while FSB.TO is Short-Term Bond. Their fees differ too: 0.64% for FXM.TO and 0.73% for FSB.TO.
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