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

JAPN.TO vs. FXM.TO

Last updated Jun 4, 2026

JAPN.TO (CI WisdomTree Japan Equity Index ETF) and FXM.TO (CI Morningstar Canada Value Index ETF) are both exchange-traded funds - JAPN.TO is a Japan Equities fund tracking the WisdomTree Japan Equity Index CAD, while FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index. Both are passively managed. Over the past 5 years, JAPN.TO returned 25.62%/yr vs 18.36%/yr for FXM.TO. At a 0.24 correlation, their price movements are largely independent. JAPN.TO charges 0.48%/yr vs 0.64%/yr for FXM.TO.

Performance

JAPN.TO vs. FXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI WisdomTree Japan Equity Index ETF (JAPN.TO) and CI Morningstar Canada Value Index ETF (FXM.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JAPN.TO achieves a 19.35% return, which is significantly higher than FXM.TO's 15.45% return.

JAPN.TO

1D
0.86%
1M
7.38%
YTD
19.35%
6M
23.23%
1Y
51.47%
3Y*
33.20%
5Y*
25.62%
10Y*
—

FXM.TO

1D
0.00%
1M
4.99%
YTD
15.45%
6M
18.22%
1Y
48.87%
3Y*
28.11%
5Y*
18.36%
10Y*
14.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
JAPN.TO
CI WisdomTree Japan Equity Index ETF		19.35%30.66%29.25%35.51%10.82%16.05%2.20%16.56%-15.95%
FXM.TO
CI Morningstar Canada Value Index ETF		15.45%38.54%30.05%5.79%-1.19%31.47%6.15%24.14%-13.79%

Correlation

The correlation between JAPN.TO and FXM.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2018

0.24

The correlation between JAPN.TO and FXM.TO shifts across timeframes, from 0.24 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
JAPN.TO
FXM.TO

Industrials

27.8%
7.1%

Financial Services

18.9%
18.0%

Consumer Cyclical

16.1%
10.2%

Technology

12.0%
5.7%

Basic Materials

7.8%
15.4%

Healthcare

6.8%

-

Consumer Defensive

4.8%
6.3%

Communication Services

3.8%
12.0%

Energy

1.9%
12.1%

Utilities

0.1%
13.2%

Real Estate

-

-

Industrials

JAPN.TO
27.8%
FXM.TO
7.1%

Financial Services

JAPN.TO
18.9%
FXM.TO
18.0%

Consumer Cyclical

JAPN.TO
16.1%
FXM.TO
10.2%

Technology

JAPN.TO
12.0%
FXM.TO
5.7%

Basic Materials

JAPN.TO
7.8%
FXM.TO
15.4%

Healthcare

JAPN.TO
6.8%
FXM.TO

-

Consumer Defensive

JAPN.TO
4.8%
FXM.TO
6.3%

Communication Services

JAPN.TO
3.8%
FXM.TO
12.0%

Energy

JAPN.TO
1.9%
FXM.TO
12.1%

Utilities

JAPN.TO
0.1%
FXM.TO
13.2%

Real Estate

JAPN.TO

-

FXM.TO

-

Compare stocks, funds, or ETFs

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CI WisdomTree Japan Equity Index ETF

CI Morningstar Canada Value Index ETF

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Often compared with FXM.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JAPN.TO
JAPN.TO Risk / Return Rank: 8686
Overall Rank
JAPN.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
JAPN.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
JAPN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
JAPN.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
JAPN.TO Martin Ratio Rank: 8484
Martin Ratio Rank
FXM.TO
FXM.TO Risk / Return Rank: 9595
Overall Rank
FXM.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9797
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9393
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.

JAPN.TO vs. FXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI WisdomTree Japan Equity Index ETF (JAPN.TO) and CI Morningstar Canada Value Index ETF (FXM.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.

JAPN.TOFXM.TODifference
Sharpe ratioReturn per unit of total volatility
2.87
4.51

-1.64

Sortino ratioReturn per unit of downside risk
4.04
5.74

-1.70

Omega ratioGain probability vs. loss probability

1.54

1.89

-0.34

Calmar ratioReturn relative to maximum drawdown

4.66

6.05

-1.39

Martin ratioReturn relative to average drawdown

17.52

24.09

-6.57

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current JAPN.TO Sharpe Ratio is 2.87, which is lower than the FXM.TO Sharpe Ratio of 4.51. The chart below compares the historical Sharpe Ratios of JAPN.TO and FXM.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.

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Sharpe Ratios by Period

JAPN.TOFXM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.87

4.51

-1.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.36

1.30

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.84

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.93

0.82

+0.11

Drawdowns

JAPN.TO vs. FXM.TO - Drawdown Comparison

The maximum JAPN.TO drawdown since its inception was -28.88%, smaller than the maximum FXM.TO drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for JAPN.TO and FXM.TO.

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Drawdown Indicators

JAPN.TOFXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.88%

-46.41%

+17.53%

Max Drawdown (1Y)

Largest decline over 1 year

-11.09%

-8.11%

-2.98%

Max Drawdown (3Y)

Largest decline over 3 years

-21.67%

-12.44%

-9.23%

Max Drawdown (5Y)

Largest decline over 5 years

-21.67%

-16.08%

-5.59%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.41%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.05%

-4.69%

-1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.95%

2.03%

+0.92%

Volatility

JAPN.TO vs. FXM.TO - Volatility Comparison

CI WisdomTree Japan Equity Index ETF (JAPN.TO) has a higher volatility of 3.65% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 1.71%. This indicates that JAPN.TO's price experiences larger fluctuations and is considered to be riskier than FXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JAPN.TOFXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.65%

1.71%

+1.94%

Volatility (6M)

Calculated over the trailing 6-month period

13.69%

8.36%

+5.33%

Volatility (1Y)

Calculated over the trailing 1-year period

18.02%

10.94%

+7.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.98%

14.25%

+4.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.67%

16.99%

+2.68%

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

JAPN.TO has a 0.48% expense ratio, which is lower than FXM.TO's 0.64% expense ratio.

Dividends

JAPN.TO vs. FXM.TO - Dividend Comparison

JAPN.TO's dividend yield for the trailing twelve months is around 2.02%, more than FXM.TO's 1.83% yield.

PositionTTM20252024202320222021202020192018201720162015
FXM.TO
CI Morningstar Canada Value Index ETF		1.83%1.91%2.17%2.96%2.18%2.19%2.40%2.03%2.52%1.70%1.83%2.24%
JAPN.TO
CI WisdomTree Japan Equity Index ETF		2.02%2.08%1.58%1.51%2.59%1.35%1.36%2.12%0.62%0.00%0.00%0.00%

Frequently Asked Questions

JAPN.TO and FXM.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, JAPN.TO is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

JAPN.TO is cheaper with a 0.48% expense ratio, compared with 0.64% for FXM.TO.

JAPN.TO is categorized as Japan Equities, while FXM.TO is Canada Equities. JAPN.TO tracks WisdomTree Japan Equity Index CAD, while FXM.TO tracks Morningstar Canada Target Value Index. Their fees differ too: 0.48% for JAPN.TO and 0.64% for FXM.TO.

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