FXM.TO vs. PDC.TO

Last updated Aug 2, 2026

FXM.TO (CI Morningstar Canada Value Index ETF) and PDC.TO (Invesco Canadian Dividend Index ETF) are both exchange-traded funds - FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index, while PDC.TO is a Dividend fund tracking the NASDAQ Select Canadian Dividend Index. Both are passively managed. Over the past 10 years, FXM.TO returned 14.71%/yr vs 11.43%/yr for PDC.TO. Their 0.61 correlation means they have sometimes moved together and sometimes differently. FXM.TO charges 0.64%/yr vs 0.58%/yr for PDC.TO.

Performance

FXM.TO vs. PDC.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 Invesco Canadian Dividend Index ETF (PDC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXM.TO achieves a 18.11% return, which is significantly lower than PDC.TO's 25.42% return. Over the past 10 years, FXM.TO has outperformed PDC.TO with an annualized return of 14.71%, while PDC.TO has yielded a comparatively lower 11.43% annualized 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%

PDC.TO

• 1D: -0.32%
• 1M: 2.24%
• 6M: 22.87%
• YTD: 25.42%
• 1Y: 38.86%
• 3Y*: 22.41%
• 5Y*: 14.54%
• 10Y*: 11.43%
• ALL TIME*: 10.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FXM.TO CI Morningstar Canada Value Index ETF	CA$211.28K	CA$184.82K	CA$281.27K
PDC.TO Invesco Canadian Dividend Index ETF	CA$73.82K	CA$71.46K	CA$90.55K

FXM.TO vs. PDC.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%	11.51%
PDC.TO Invesco Canadian Dividend Index ETF	25.42%	21.80%	16.38%	6.97%	-4.17%	30.14%	-5.48%	25.00%	-11.85%	10.27%

Correlation

The correlation between FXM.TO and PDC.TO is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Feb 15, 2012	0.61

The correlation between FXM.TO and PDC.TO shifts across timeframes, from 0.54 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	FXM.TO	PDC.TO
Basic Materials	16.3%	3.7%
Energy	14.8%	20.4%
Financial Services	14.7%	45.6%
Utilities	14.2%	14.2%
Consumer Cyclical	10.4%	6.7%
Communication Services	9.2%	4.4%
Consumer Defensive	6.9%	0.8%
Technology	6.8%	0.7%
Real Estate	3.6%	2.4%
Industrials	3.2%	1.1%
Healthcare	-	-

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

FXM.TO

FXM.TO Risk / Return Rank: 97
FXM.TO Sharpe Ratio Rank: 98
FXM.TO Sortino Ratio Rank: 97
FXM.TO Omega Ratio Rank: 97
FXM.TO Calmar Ratio Rank: 95
FXM.TO Martin Ratio Rank: 96

PDC.TO

PDC.TO Risk / Return Rank: 98
PDC.TO Sharpe Ratio Rank: 98
PDC.TO Sortino Ratio Rank: 98
PDC.TO Omega Ratio Rank: 98
PDC.TO Calmar Ratio Rank: 98
PDC.TO Martin Ratio Rank: 97

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.

FXM.TO vs. PDC.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 Invesco Canadian Dividend Index ETF (PDC.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	PDC.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.99	4.44	-0.44
Sortino ratio: Return per unit of downside risk	5.14	5.75	-0.61
Omega ratio: Gain probability vs. loss probability	1.75	1.87	-0.12
Calmar ratio: Return relative to maximum drawdown	5.51	9.99	-4.48
Martin ratio: Return relative to average drawdown	21.50	36.59	-15.09

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

The current FXM.TO Sharpe Ratio is 3.99, which is comparable to the PDC.TO Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of FXM.TO and PDC.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.

Drawdowns

FXM.TO vs. PDC.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, which is greater than PDC.TO's maximum drawdown of -41.93%. Use the drawdown chart below to compare losses from any high point for FXM.TO and PDC.TO.

Drawdown Indicators

	FXM.TO	PDC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.41%	-41.93%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	-3.86%	-4.25%
Max Drawdown (3Y) Largest decline over 3 years	-12.44%	-10.43%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	-17.98%	+1.90%
Max Drawdown (10Y) Largest decline over 10 years	-46.41%	-41.93%	-4.48%
Current Drawdown Current decline from peak	-0.65%	-1.06%	+0.41%
Average Drawdown Average peak-to-trough decline	-4.64%	-4.47%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.05%	+1.03%

Volatility

FXM.TO vs. PDC.TO - Volatility Comparison

The current volatility for CI Morningstar Canada Value Index ETF (FXM.TO) is 2.53%, while Invesco Canadian Dividend Index ETF (PDC.TO) has a volatility of 2.78%. This indicates that FXM.TO experiences smaller price fluctuations and is considered to be less risky than PDC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXM.TO	PDC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	2.78%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	6.60%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	8.70%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	10.85%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	15.28%	+1.60%

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

FXM.TO has a 0.64% expense ratio, which is higher than PDC.TO's 0.58% expense ratio.

Dividends

FXM.TO vs. PDC.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.72%, less than PDC.TO's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PDC.TO Invesco Canadian Dividend Index ETF	3.17%	3.96%	4.48%	4.77%	4.24%	3.65%	5.07%	4.33%	5.12%	4.23%	3.77%	4.39%

Frequently Asked Questions

Can I hold both FXM.TO and PDC.TO in my portfolio?

FXM.TO and PDC.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FXM.TO or PDC.TO?

On fees, PDC.TO is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXM.TO or PDC.TO?

PDC.TO is cheaper with a 0.58% expense ratio, compared with 0.64% for FXM.TO.

What is the main difference between FXM.TO and PDC.TO?

FXM.TO is categorized as Canada Equities, while PDC.TO is Dividend. FXM.TO tracks Morningstar Canada Target Value Index, while PDC.TO tracks NASDAQ Select Canadian Dividend Index. They also come from different issuers: CI and Invesco. Their fees differ too: 0.64% for FXM.TO and 0.58% for PDC.TO.