QXM.TO vs. NXF.TO
QXM.TO (CI Morningstar National Bank Québec Index ETF) and NXF.TO (CI Energy Giants Covered Call ETF Common Units (CAD Hedged)) are both exchange-traded funds - QXM.TO is a Canada Equities fund managed by CI, while NXF.TO is a Energy Equities fund actively managed by CI. Over the past 10 years, QXM.TO returned 10.71%/yr vs 6.24%/yr for NXF.TO. At a 0.25 correlation, their price movements are largely independent.
Performance
QXM.TO vs. NXF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QXM.TO achieves a 6.00% return, which is significantly lower than NXF.TO's 14.91% return. Over the past 10 years, QXM.TO has outperformed NXF.TO with an annualized return of 10.71%, while NXF.TO has yielded a comparatively lower 6.24% annualized return.
QXM.TO
- 1D
- -1.03%
- 1M
- 2.42%
- YTD
- 6.00%
- 6M
- 5.73%
- 1Y
- 24.00%
- 3Y*
- 17.08%
- 5Y*
- 10.70%
- 10Y*
- 10.71%
NXF.TO
- 1D
- -0.50%
- 1M
- -9.01%
- YTD
- 14.91%
- 6M
- 14.49%
- 1Y
- 23.67%
- 3Y*
- 9.39%
- 5Y*
- 14.15%
- 10Y*
- 6.24%
QXM.TO vs. NXF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QXM.TO CI Morningstar National Bank Québec Index ETF | 6.00% | 23.46% | 20.08% | 13.24% | -6.91% | 16.60% | 1.63% | 24.81% | -9.15% | 15.66% |
NXF.TO CI Energy Giants Covered Call ETF Common Units (CAD Hedged) | 14.91% | 9.09% | -4.58% | 6.48% | 43.93% | 40.62% | -35.30% | 6.23% | -9.26% | 3.08% |
Correlation
The correlation between QXM.TO and NXF.TO is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2015 | 0.25 |
The correlation between QXM.TO and NXF.TO shifts across timeframes, from -0.14 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QXM.TO vs. NXF.TO — Risk / Return Rank
QXM.TO
NXF.TO
QXM.TO vs. NXF.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 CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.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 | NXF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.21 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.35 | +1.22 |
| Martin ratioReturn relative to average drawdown | 9.52 | 5.02 | +4.50 |
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Drawdowns
QXM.TO vs. NXF.TO - Drawdown Comparison
The maximum QXM.TO drawdown since its inception was -40.65%, smaller than the maximum NXF.TO drawdown of -65.25%. Use the drawdown chart below to compare losses from any high point for QXM.TO and NXF.TO.
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Drawdown Indicators
| QXM.TO | NXF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.65% | -65.25% | +24.60% |
Max Drawdown (1Y)Largest decline over 1 year | -9.38% | -17.57% | +8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -24.32% | +8.60% |
Max Drawdown (5Y)Largest decline over 5 years | -23.01% | -24.32% | +1.31% |
Max Drawdown (10Y)Largest decline over 10 years | -40.65% | -65.25% | +24.60% |
Current DrawdownCurrent decline from peak | -1.03% | -17.57% | +16.54% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -15.98% | +11.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 4.73% | -2.20% |
Volatility
QXM.TO vs. NXF.TO - Volatility Comparison
The current volatility for CI Morningstar National Bank Québec Index ETF (QXM.TO) is 2.48%, while CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO) has a volatility of 6.34%. This indicates that QXM.TO experiences smaller price fluctuations and is considered to be less risky than NXF.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 | NXF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 6.34% | -3.86% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 16.35% | -5.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 19.83% | -6.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.84% | 23.41% | -9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 26.03% | -10.39% |
Dividends
QXM.TO vs. NXF.TO - Dividend Comparison
QXM.TO's dividend yield for the trailing twelve months is around 1.01%, less than NXF.TO's 8.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NXF.TO CI Energy Giants Covered Call ETF Common Units (CAD Hedged) | 8.91% | 7.70% | 8.50% | 8.60% | 11.22% | 9.46% | 11.24% | 7.83% | 9.39% | 6.49% | 8.24% | 8.21% |
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 NXF.TO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QXM.TO is categorized as Canada Equities, while NXF.TO is Energy Equities.
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