FXM.TO vs. VALT.TO

Last updated Aug 2, 2026

FXM.TO (CI Morningstar Canada Value Index ETF) and VALT.TO (CI Gold Bullion ETF) are both exchange-traded funds - FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index, while VALT.TO is a Gold fund tracking the No Index (Physical Commodity). Both are passively managed. Over the past 5 years, FXM.TO returned 19.13%/yr vs 15.89%/yr for VALT.TO. Their 0.30 correlation means their historical movements had little consistent relationship. FXM.TO charges 0.64%/yr vs 0.17%/yr for VALT.TO.

Performance

FXM.TO vs. VALT.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 CI Gold Bullion ETF (VALT.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 higher than VALT.TO's -7.03% 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%

VALT.TO

• 1D: -1.49%
• 1M: -3.12%
• 6M: -13.72%
• YTD: -7.03%
• 1Y: 18.13%
• 3Y*: 25.59%
• 5Y*: 15.89%
• 10Y*: —
• ALL TIME*: 13.88%

*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
VALT.TO CI Gold Bullion ETF	CA$249.71K	CA$225.55K	CA$326.67K

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

	2026 (YTD)	2025	2024	2023	2022	2021
FXM.TO CI Morningstar Canada Value Index ETF	18.11%	38.54%	30.05%	5.79%	-1.19%	26.66%
VALT.TO CI Gold Bullion ETF	-7.03%	60.46%	25.58%	12.35%	0.92%	-3.19%

Correlation

The correlation between FXM.TO and VALT.TO is 0.50, 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.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (5Y) Shows whether the relationship held over a longer period.	0.30
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.30

Over the past year, FXM.TO and VALT.TO have become more correlated (0.50) than their long-term average of 0.30, meaning their price movements have been converging.

Return for Risk

FXM.TO vs. VALT.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

VALT.TO

VALT.TO Risk / Return Rank: 27
VALT.TO Sharpe Ratio Rank: 30
VALT.TO Sortino Ratio Rank: 29
VALT.TO Omega Ratio Rank: 32
VALT.TO Calmar Ratio Rank: 25
VALT.TO Martin Ratio Rank: 23

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. VALT.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 Gold Bullion ETF (VALT.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	VALT.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.99	0.73	+3.26
Sortino ratio: Return per unit of downside risk	5.14	1.09	+4.05
Omega ratio: Gain probability vs. loss probability	1.75	1.15	+0.60
Calmar ratio: Return relative to maximum drawdown	5.51	0.77	+4.75
Martin ratio: Return relative to average drawdown	21.50	1.65	+19.86

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

The current FXM.TO Sharpe Ratio is 3.99, which is higher than the VALT.TO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of FXM.TO and VALT.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. VALT.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, which is greater than VALT.TO's maximum drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for FXM.TO and VALT.TO.

Drawdown Indicators

	FXM.TO	VALT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.41%	-27.07%	-19.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	-27.07%	+18.96%
Max Drawdown (3Y) Largest decline over 3 years	-12.44%	-27.07%	+14.63%
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	-27.07%	+10.99%
Max Drawdown (10Y) Largest decline over 10 years	-46.41%	—	—
Current Drawdown Current decline from peak	-0.65%	-25.83%	+25.18%
Average Drawdown Average peak-to-trough decline	-4.64%	-6.32%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	12.55%	-10.47%

Volatility

FXM.TO vs. VALT.TO - Volatility Comparison

The current volatility for CI Morningstar Canada Value Index ETF (FXM.TO) is 2.53%, while CI Gold Bullion ETF (VALT.TO) has a volatility of 6.01%. This indicates that FXM.TO experiences smaller price fluctuations and is considered to be less risky than VALT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXM.TO	VALT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	6.01%	-3.48%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	21.25%	-12.98%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	28.27%	-17.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	18.65%	-4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	18.21%	-1.33%

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

FXM.TO has a 0.64% expense ratio, which is higher than VALT.TO's 0.17% expense ratio.

Dividends

FXM.TO vs. VALT.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.72%, while VALT.TO has not paid dividends to shareholders.

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%
VALT.TO CI Gold Bullion 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%

Frequently Asked Questions

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

FXM.TO and VALT.TO have a correlation of 0.50, 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 VALT.TO?

On fees, VALT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VALT.TO is cheaper with a 0.17% expense ratio, compared with 0.64% for FXM.TO.

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

FXM.TO is categorized as Canada Equities, while VALT.TO is Gold. FXM.TO tracks Morningstar Canada Target Value Index, while VALT.TO tracks No Index (Physical Commodity). Their fees differ too: 0.64% for FXM.TO and 0.17% for VALT.TO.