QXM.TO vs. VALT.TO

Last updated Jul 25, 2026

QXM.TO (CI Morningstar National Bank Québec Index ETF) and VALT.TO (CI Gold Bullion ETF) are both exchange-traded funds - QXM.TO is a Canada Equities fund tracking the Morningstar National Bank Québec Index, while VALT.TO is a Gold fund tracking the No Index (Physical Commodity). Both are passively managed. Over the past 5 years, QXM.TO returned 10.27%/yr vs 16.17%/yr for VALT.TO. At a 0.14 correlation, their price movements are largely independent. QXM.TO charges 0.57%/yr vs 0.17%/yr for VALT.TO.

Performance

QXM.TO vs. VALT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar National Bank Québec Index ETF (QXM.TO) and CI Gold Bullion ETF (VALT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QXM.TO achieves a 5.90% return, which is significantly higher than VALT.TO's -6.93% return.

QXM.TO

• 1D: -0.17%
• 1M: 0.52%
• 6M: 2.20%
• YTD: 5.90%
• 1Y: 19.12%
• 3Y*: 16.32%
• 5Y*: 10.27%
• 10Y*: 10.22%
• ALL TIME*: 12.05%

VALT.TO

• 1D: 0.19%
• 1M: 1.59%
• 6M: -19.64%
• YTD: -6.93%
• 1Y: 17.76%
• 3Y*: 25.22%
• 5Y*: 16.17%
• 10Y*: —
• ALL TIME*: 13.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QXM.TO CI Morningstar National Bank Québec Index ETF	CA$10.54K	CA$11.00K	CA$13.52K
VALT.TO CI Gold Bullion ETF	CA$185.75K	CA$223.40K	CA$363.49K

QXM.TO vs. VALT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QXM.TO CI Morningstar National Bank Québec Index ETF	5.90%	23.46%	20.08%	13.24%	-6.91%	14.46%
VALT.TO CI Gold Bullion ETF	-6.93%	60.46%	25.58%	12.35%	0.92%	-3.19%

Correlation

The correlation between QXM.TO and VALT.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.14

The correlation between QXM.TO and VALT.TO shifts across timeframes, from 0.14 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QXM.TO vs. VALT.TO — Risk / Return Rank

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

QXM.TO

QXM.TO Risk / Return Rank: 60
QXM.TO Sharpe Ratio Rank: 58
QXM.TO Sortino Ratio Rank: 62
QXM.TO Omega Ratio Rank: 60
QXM.TO Calmar Ratio Rank: 58
QXM.TO Martin Ratio Rank: 63

VALT.TO

VALT.TO Risk / Return Rank: 25
VALT.TO Sharpe Ratio Rank: 27
VALT.TO Sortino Ratio Rank: 26
VALT.TO Omega Ratio Rank: 29
VALT.TO Calmar Ratio Rank: 23
VALT.TO Martin Ratio Rank: 22

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.

QXM.TO vs. VALT.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 Gold Bullion ETF (VALT.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	VALT.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.63	+0.74
Sortino ratio: Return per unit of downside risk	2.06	0.97	+1.09
Omega ratio: Gain probability vs. loss probability	1.26	1.14	+0.12
Calmar ratio: Return relative to maximum drawdown	2.05	0.66	+1.39
Martin ratio: Return relative to average drawdown	7.53	1.48	+6.05

QXM.TO vs. VALT.TO - Sharpe Ratio Comparison

The current QXM.TO Sharpe Ratio is 1.37, which is higher than the VALT.TO Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of QXM.TO and VALT.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

QXM.TO vs. VALT.TO - Drawdown Comparison

The maximum QXM.TO drawdown since its inception was -40.65%, which is greater than VALT.TO's maximum drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for QXM.TO and VALT.TO.

Drawdown Indicators

	QXM.TO	VALT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.65%	-27.07%	-13.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-27.07%	+17.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-27.07%	+11.35%
Max Drawdown (5Y) Largest decline over 5 years	-23.01%	-27.07%	+4.06%
Max Drawdown (10Y) Largest decline over 10 years	-40.65%	—	—
Current Drawdown Current decline from peak	-1.53%	-25.75%	+24.22%
Average Drawdown Average peak-to-trough decline	-4.18%	-6.25%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	12.03%	-9.48%

Volatility

QXM.TO vs. VALT.TO - Volatility Comparison

CI Morningstar National Bank Québec Index ETF (QXM.TO) and CI Gold Bullion ETF (VALT.TO) have volatilities of 5.94% and 6.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QXM.TO	VALT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	6.20%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	24.23%	-11.89%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	28.23%	-14.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.00%	18.62%	-4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	18.21%	-2.49%

QXM.TO vs. VALT.TO - Expense Ratio Comparison

QXM.TO has a 0.57% expense ratio, which is higher than VALT.TO's 0.17% expense ratio.

Dividends

QXM.TO vs. VALT.TO - Dividend Comparison

QXM.TO's dividend yield for the trailing twelve months is around 1.01%, while VALT.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VALT.TO CI Gold Bullion 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%

Frequently Asked Questions

Can I hold both QXM.TO and VALT.TO in my portfolio?

QXM.TO and VALT.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QXM.TO or VALT.TO?

On fees, VALT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QXM.TO or VALT.TO?

VALT.TO is cheaper with a 0.17% expense ratio, compared with 0.57% for QXM.TO.

What is the main difference between QXM.TO and VALT.TO?

QXM.TO is categorized as Canada Equities, while VALT.TO is Gold. QXM.TO tracks Morningstar National Bank Québec Index, while VALT.TO tracks No Index (Physical Commodity). Their fees differ too: 0.57% for QXM.TO and 0.17% for VALT.TO.