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

FXM.TO vs. XCV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar Canada Value Index ETF (FXM.TO) and iShares Canadian Value Index ETF (XCV.TO).

FXM.TO and XCV.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. XCV.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Canada GR CAD. It was launched on Nov 6, 2006. Both FXM.TO and XCV.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FXM.TO vs. XCV.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 iShares Canadian Value Index ETF (XCV.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
FXM.TO
CI Morningstar Canada Value Index ETF		8.97%38.54%30.05%5.79%-1.19%31.47%6.15%24.14%-16.22%11.51%
XCV.TO
iShares Canadian Value Index ETF		8.06%32.17%21.26%9.47%1.87%32.71%-2.56%18.02%-11.15%8.75%

Returns By Period

In the year-to-date period, FXM.TO achieves a 8.97% return, which is significantly higher than XCV.TO's 8.06% return. Over the past 10 years, FXM.TO has outperformed XCV.TO with an annualized return of 14.20%, while XCV.TO has yielded a comparatively lower 12.78% annualized 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%

XCV.TO

1D
1.34%
1M
0.26%
YTD
8.06%
6M
13.36%
1Y
37.67%
3Y*
23.19%
5Y*
17.62%
10Y*
12.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI Morningstar Canada Value Index ETF

iShares Canadian Value Index ETF

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Often compared with XCV.TO:
XCV.TO vs. XDIV.TOXCV.TO vs. XCS.TOXCV.TO vs. XEQT.TOXCV.TO vs. VCE.TOXCV.TO vs. DGROXCV.TO vs. CDZ.TOXCV.TO vs. QQQ

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

FXM.TO has a 0.64% expense ratio, which is higher than XCV.TO's 0.55% expense ratio.

FXM.TO
CI Morningstar Canada Value Index ETF
XCV.TO
iShares Canadian Value Index ETF

Return for Risk

FXM.TO vs. XCV.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: 9797
Overall Rank
FXM.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9898
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9797
Martin Ratio Rank
XCV.TO
XCV.TO Risk / Return Rank: 9797
Overall Rank
XCV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XCV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XCV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XCV.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
XCV.TO Martin Ratio Rank: 9898
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. XCV.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 iShares Canadian Value Index ETF (XCV.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.TOXCV.TODifference

Sharpe ratio

Return per unit of total volatility

3.42

3.27

+0.15

Sortino ratio

Return per unit of downside risk

4.07

4.00

+0.07

Omega ratio

Gain probability vs. loss probability

1.70

1.73

-0.03

Calmar ratio

Return relative to maximum drawdown

4.52

3.86

+0.66

Martin ratio

Return relative to average drawdown

20.67

22.08

-1.42

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. XCV.TO - Sharpe Ratio Comparison

The current FXM.TO Sharpe Ratio is 3.42, which is comparable to the XCV.TO Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of FXM.TO and XCV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FXM.TOXCV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.42

3.27

+0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.30

1.38

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.83

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.51

+0.29

Correlation

The correlation between FXM.TO and XCV.TO is 0.65, 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. XCV.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.93%, less than XCV.TO's 2.53% yield.

TTM20252024202320222021202020192018201720162015
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%
XCV.TO
iShares Canadian Value Index ETF		2.53%2.71%3.72%3.88%3.18%2.11%3.35%3.06%3.13%2.40%2.50%3.14%

Drawdowns

FXM.TO vs. XCV.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, smaller than the maximum XCV.TO drawdown of -52.49%. Use the drawdown chart below to compare losses from any high point for FXM.TO and XCV.TO.

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Drawdown Indicators

FXM.TOXCV.TODifference

Max Drawdown

Largest peak-to-trough decline

-46.41%

-52.49%

+6.08%

Max Drawdown (1Y)

Largest decline over 1 year

-11.48%

-9.71%

-1.77%

Max Drawdown (5Y)

Largest decline over 5 years

-16.08%

-18.08%

+2.00%

Max Drawdown (10Y)

Largest decline over 10 years

-46.41%

-41.18%

-5.23%

Current Drawdown

Current decline from peak

-4.31%

-0.35%

-3.96%

Average Drawdown

Average peak-to-trough decline

-4.72%

-6.73%

+2.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

1.70%

+0.81%

Volatility

FXM.TO vs. XCV.TO - Volatility Comparison

CI Morningstar Canada Value Index ETF (FXM.TO) has a higher volatility of 4.37% compared to iShares Canadian Value Index ETF (XCV.TO) at 3.54%. This indicates that FXM.TO's price experiences larger fluctuations and is considered to be riskier than XCV.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.TOXCV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

3.54%

+0.83%

Volatility (6M)

Calculated over the trailing 6-month period

9.87%

7.21%

+2.66%

Volatility (1Y)

Calculated over the trailing 1-year period

14.95%

11.58%

+3.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.29%

12.88%

+1.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.05%

15.55%

+1.50%