FXM.TO vs. HVOI.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar Canada Value Index ETF (FXM.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO).

FXM.TO and HVOI.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXM.TO is a passively managed fund by CI Investments that tracks the performance of the Morningstar Canada Target Value Index. It was launched on Feb 13, 2012. HVOI.TO is an actively managed fund by Harvest. It was launched on Apr 11, 2025.

Performance

FXM.TO vs. HVOI.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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025
FXM.TO CI Morningstar Canada Value Index ETF	8.97%	46.40%
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	1.09%	15.20%

Returns By Period

In the year-to-date period, FXM.TO achieves a 8.97% return, which is significantly higher than HVOI.TO's 1.09% return.

FXM.TO

• 1D: 1.19%
• 1M: -3.54%
• YTD: 8.97%
• 6M: 20.63%
• 1Y: 50.77%
• 3Y*: 26.11%
• 5Y*: 18.45%
• 10Y*: 14.20%

HVOI.TO

• 1D: 0.83%
• 1M: -4.88%
• YTD: 1.09%
• 6M: 4.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

FXM.TO

CI Morningstar Canada Value Index ETF

Return for Risk

FXM.TO vs. HVOI.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: 97
FXM.TO Sharpe Ratio Rank: 98
FXM.TO Sortino Ratio Rank: 98
FXM.TO Omega Ratio Rank: 98
FXM.TO Calmar Ratio Rank: 96
FXM.TO Martin Ratio Rank: 97

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. HVOI.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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.TO	HVOI.TO	Difference
Sharpe ratio Return per unit of total volatility	3.42	—	—
Sortino ratio Return per unit of downside risk	4.07	—	—
Omega ratio Gain probability vs. loss probability	1.70	—	—
Calmar ratio Return relative to maximum drawdown	4.52	—	—
Martin ratio Return relative to average drawdown	20.67	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FXM.TO	HVOI.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.42	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	2.08	-1.28

Correlation

The correlation between FXM.TO and HVOI.TO is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FXM.TO vs. HVOI.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.93%, less than HVOI.TO's 5.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXM.TO CI Morningstar Canada Value Index ETF	1.93%	1.91%	2.17%	2.96%	2.18%	2.19%	2.40%	2.03%	2.52%	1.70%	1.83%	2.24%
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	5.95%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FXM.TO vs. HVOI.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for FXM.TO and HVOI.TO.

Drawdown Indicators

	FXM.TO	HVOI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.41%	-6.72%	-39.69%
Max Drawdown (1Y) Largest decline over 1 year	-11.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.41%	—	—
Current Drawdown Current decline from peak	-4.31%	-4.88%	+0.57%
Average Drawdown Average peak-to-trough decline	-4.72%	-0.79%	-3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	—	—

Volatility

Volatility by Period

	FXM.TO	HVOI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	8.37%	+6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	8.37%	+5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	8.37%	+8.68%