HXE.TO vs. VXM.TO

Last updated Jul 18, 2026

HXE.TO (Global X S&P/TSX Capped Energy Index Corporate Class ETF) and VXM.TO (CI Morningstar International Value CAD Hedged) are both exchange-traded funds - HXE.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index (Total Return), while VXM.TO is a International Equity fund tracking the Morningstar® Developed Markets ex-North America Target Value Index. Both are passively managed. Over the past 10 years, HXE.TO returned 11.21%/yr vs 13.98%/yr for VXM.TO. At a 0.25 correlation, their price movements are largely independent. HXE.TO charges 0.27%/yr vs 0.66%/yr for VXM.TO.

Performance

HXE.TO vs. VXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) and CI Morningstar International Value CAD Hedged (VXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXE.TO achieves a 36.95% return, which is significantly higher than VXM.TO's 11.61% return. Over the past 10 years, HXE.TO has underperformed VXM.TO with an annualized return of 11.21%, while VXM.TO has yielded a comparatively higher 13.98% annualized return.

HXE.TO

• 1D: 1.61%
• 1M: 4.93%
• 6M: 31.62%
• YTD: 36.95%
• 1Y: 56.83%
• 3Y*: 25.03%
• 5Y*: 31.14%
• 10Y*: 11.21%

VXM.TO

• 1D: -0.13%
• 1M: 0.96%
• 6M: 7.49%
• YTD: 11.61%
• 1Y: 31.89%
• 3Y*: 27.44%
• 5Y*: 20.71%
• 10Y*: 13.98%

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

HXE.TO vs. VXM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	36.95%	17.30%	14.39%	3.95%	53.52%	81.48%	-33.82%	10.05%	-26.98%	-12.23%
VXM.TO CI Morningstar International Value CAD Hedged	11.61%	44.77%	19.29%	24.08%	3.19%	19.09%	-13.99%	16.55%	-15.76%	24.08%

Correlation

The correlation between HXE.TO and VXM.TO is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 24, 2014	0.25

The correlation between HXE.TO and VXM.TO shifts across timeframes, from -0.04 (1 year) to 0.25 (10 years), reflecting how their relationship changes across market environments.

HXE.TO vs. VXM.TO - Sectors Allocation Comparison

Sectors	HXE.TO	VXM.TO
Energy	100.0%	7.8%
Basic Materials	-	7.1%
Communication Services	-	3.5%
Consumer Cyclical	-	16.8%
Consumer Defensive	-	6.5%
Financial Services	-	16.0%
Healthcare	-	2.0%
Industrials	-	25.0%
Real Estate	-	1.0%
Technology	-	3.8%
Utilities	-	10.5%

Return for Risk

HXE.TO vs. VXM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HXE.TO

HXE.TO Risk / Return Rank: 82
HXE.TO Sharpe Ratio Rank: 89
HXE.TO Sortino Ratio Rank: 81
HXE.TO Omega Ratio Rank: 82
HXE.TO Calmar Ratio Rank: 83
HXE.TO Martin Ratio Rank: 74

VXM.TO

VXM.TO Risk / Return Rank: 86
VXM.TO Sharpe Ratio Rank: 90
VXM.TO Sortino Ratio Rank: 89
VXM.TO Omega Ratio Rank: 89
VXM.TO Calmar Ratio Rank: 81
VXM.TO Martin Ratio Rank: 78

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.

HXE.TO vs. VXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) and CI Morningstar International Value CAD Hedged (VXM.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.

	HXE.TO	VXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.38	-0.05
Sortino ratio: Return per unit of downside risk	2.88	3.30	-0.42
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio: Return relative to maximum drawdown	3.46	3.41	+0.05
Martin ratio: Return relative to average drawdown	10.49	11.47	-0.98

HXE.TO vs. VXM.TO - Sharpe Ratio Comparison

The current HXE.TO Sharpe Ratio is 2.33, which is comparable to the VXM.TO Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HXE.TO and VXM.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

HXE.TO vs. VXM.TO - Drawdown Comparison

The maximum HXE.TO drawdown since its inception was -85.92%, which is greater than VXM.TO's maximum drawdown of -42.73%. Use the drawdown chart below to compare losses from any high point for HXE.TO and VXM.TO.

Drawdown Indicators

	HXE.TO	VXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-85.92%	-42.73%	-43.19%
Max Drawdown (1Y) Largest decline over 1 year	-16.52%	-9.40%	-7.12%
Max Drawdown (3Y) Largest decline over 3 years	-25.34%	-13.71%	-11.63%
Max Drawdown (5Y) Largest decline over 5 years	-28.83%	-14.47%	-14.36%
Max Drawdown (10Y) Largest decline over 10 years	-80.40%	-42.73%	-37.67%
Current Drawdown Current decline from peak	-8.76%	-2.19%	-6.57%
Average Drawdown Average peak-to-trough decline	-30.61%	-7.51%	-23.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.43%	2.79%	+2.64%

Volatility

HXE.TO vs. VXM.TO - Volatility Comparison

Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) has a higher volatility of 7.88% compared to CI Morningstar International Value CAD Hedged (VXM.TO) at 3.92%. This indicates that HXE.TO's price experiences larger fluctuations and is considered to be riskier than VXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXE.TO	VXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	3.92%	+3.96%
Volatility (6M) Calculated over the trailing 6-month period	20.39%	11.70%	+8.69%
Volatility (1Y) Calculated over the trailing 1-year period	24.50%	13.45%	+11.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.30%	14.79%	+14.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.80%	16.59%	+17.21%

HXE.TO vs. VXM.TO - Expense Ratio Comparison

HXE.TO has a 0.27% expense ratio, which is lower than VXM.TO's 0.66% expense ratio.

Dividends

HXE.TO vs. VXM.TO - Dividend Comparison

HXE.TO has not paid dividends to shareholders, while VXM.TO's dividend yield for the trailing twelve months is around 1.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class 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%
VXM.TO CI Morningstar International Value CAD Hedged	1.80%	2.03%	3.60%	3.37%	3.53%	2.08%	2.27%	1.56%	2.07%	1.51%	1.85%	2.30%

Frequently Asked Questions

Can I hold both HXE.TO and VXM.TO in my portfolio?

HXE.TO and VXM.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXE.TO or VXM.TO?

On fees, HXE.TO is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXE.TO or VXM.TO?

HXE.TO is cheaper with a 0.27% expense ratio, compared with 0.66% for VXM.TO.

What is the main difference between HXE.TO and VXM.TO?

HXE.TO is categorized as Energy Equities, while VXM.TO is International Equity. HXE.TO tracks S&P/TSX Capped Energy Index (Total Return), while VXM.TO tracks Morningstar® Developed Markets ex-North America Target Value Index. They also come from different issuers: Global X and CI Investments. Their fees differ too: 0.27% for HXE.TO and 0.66% for VXM.TO.