QXM.TO vs. HVOI.TO
QXM.TO (CI Morningstar National Bank Québec Index ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both Canada Equities funds. Over the past year, QXM.TO returned 19.05% vs 19.92% for HVOI.TO. At a 0.44 correlation, their price movements are largely independent.
Performance
QXM.TO vs. HVOI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QXM.TO achieves a 5.72% return, which is significantly lower than HVOI.TO's 11.41% return.
QXM.TO
- 1D
- 0.02%
- 1M
- 0.17%
- 6M
- 2.02%
- YTD
- 5.72%
- 1Y
- 19.05%
- 3Y*
- 16.63%
- 5Y*
- 10.66%
- 10Y*
- 10.29%
HVOI.TO
- 1D
- 0.63%
- 1M
- 2.69%
- 6M
- 9.70%
- YTD
- 11.41%
- 1Y
- 19.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QXM.TO vs. HVOI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QXM.TO CI Morningstar National Bank Québec Index ETF | 5.72% | 34.18% |
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 11.41% | 15.49% |
Correlation
The correlation between QXM.TO and HVOI.TO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | 0.44 |
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Return for Risk
QXM.TO vs. HVOI.TO — Risk / Return Rank
QXM.TO
HVOI.TO
QXM.TO vs. HVOI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Morningstar National Bank Québec Index ETF (QXM.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.
| QXM.TO | HVOI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.43 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.98 | -0.81 |
| Martin ratioReturn relative to average drawdown | 7.97 | 11.93 | -3.96 |
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Drawdowns
QXM.TO vs. HVOI.TO - Drawdown Comparison
The maximum QXM.TO drawdown since its inception was -40.65%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for QXM.TO and HVOI.TO.
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Drawdown Indicators
| QXM.TO | HVOI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.65% | -6.72% | -33.93% |
Max Drawdown (1Y)Largest decline over 1 year | -9.38% | -6.72% | -2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.65% | — | — |
Current DrawdownCurrent decline from peak | -1.70% | 0.00% | -1.70% |
Average DrawdownAverage peak-to-trough decline | -4.18% | -0.89% | -3.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 1.67% | +0.88% |
Volatility
QXM.TO vs. HVOI.TO - Volatility Comparison
CI Morningstar National Bank Québec Index ETF (QXM.TO) has a higher volatility of 5.73% compared to Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) at 2.06%. This indicates that QXM.TO's price experiences larger fluctuations and is considered to be riskier than HVOI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QXM.TO | HVOI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.73% | 2.06% | +3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 12.25% | 7.06% | +5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.91% | 8.70% | +5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.01% | 8.31% | +5.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 8.31% | +7.40% |
Dividends
QXM.TO vs. HVOI.TO - Dividend Comparison
QXM.TO's dividend yield for the trailing twelve months is around 1.01%, less than HVOI.TO's 6.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 6.63% | 4.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QXM.TO CI Morningstar National Bank Québec Index ETF | 1.01% | 1.17% | 1.27% | 1.39% | 1.51% | 1.02% | 1.27% | 1.39% | 1.65% | 1.36% | 1.56% | 1.52% |
Frequently Asked Questions
QXM.TO and HVOI.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.
They also come from different issuers: CI and Harvest.
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