QXM.TO vs. VCE.TO

Last updated Jul 18, 2026

QXM.TO (CI Morningstar National Bank Québec Index ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both Canada Equities funds. Over the past 10 years, QXM.TO returned 10.29%/yr vs 12.75%/yr for VCE.TO. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

QXM.TO vs. VCE.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 Vanguard FTSE Canada Index ETF (VCE.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 5.72% return, which is significantly lower than VCE.TO's 13.00% return. Over the past 10 years, QXM.TO has underperformed VCE.TO with an annualized return of 10.29%, while VCE.TO has yielded a comparatively higher 12.75% annualized 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%

VCE.TO

• 1D: -0.27%
• 1M: 1.30%
• 6M: 9.06%
• YTD: 13.00%
• 1Y: 27.98%
• 3Y*: 22.61%
• 5Y*: 14.93%
• 10Y*: 12.75%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QXM.TO CI Morningstar National Bank Québec Index ETF	5.72%	23.46%	20.08%	13.24%	-6.91%	16.60%	1.63%	24.81%	-9.15%	15.66%
VCE.TO Vanguard FTSE Canada Index ETF	13.00%	26.45%	21.50%	12.34%	-5.14%	28.63%	4.18%	23.06%	-7.82%	8.84%

Correlation

The correlation between QXM.TO and VCE.TO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012	0.52

The correlation between QXM.TO and VCE.TO has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.

QXM.TO vs. VCE.TO - Sectors Allocation Comparison

Sectors	QXM.TO	VCE.TO
Industrials	32.6%	10.3%
Financial Services	17.3%	38.3%
Consumer Defensive	12.4%	2.9%
Consumer Cyclical	11.6%	3.3%
Basic Materials	10.2%	15.9%
Communication Services	8.5%	1.6%
Technology	5.2%	8.2%
Utilities	1.2%	1.8%
Healthcare	0.9%	-
Real Estate	0.2%	0.2%
Energy	-	17.6%

Return for Risk

QXM.TO vs. VCE.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: 59
QXM.TO Sharpe Ratio Rank: 58
QXM.TO Sortino Ratio Rank: 61
QXM.TO Omega Ratio Rank: 60
QXM.TO Calmar Ratio Rank: 57
QXM.TO Martin Ratio Rank: 61

VCE.TO

VCE.TO Risk / Return Rank: 85
VCE.TO Sharpe Ratio Rank: 86
VCE.TO Sortino Ratio Rank: 82
VCE.TO Omega Ratio Rank: 84
VCE.TO Calmar Ratio Rank: 82
VCE.TO Martin Ratio Rank: 90

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. VCE.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 Vanguard FTSE Canada Index ETF (VCE.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	VCE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.23	-0.76
Sortino ratio: Return per unit of downside risk	2.18	2.97	-0.79
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.17	3.48	-1.31
Martin ratio: Return relative to average drawdown	7.97	15.86	-7.89

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

The current QXM.TO Sharpe Ratio is 1.46, which is lower than the VCE.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of QXM.TO and VCE.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. VCE.TO - Drawdown Comparison

The maximum QXM.TO drawdown since its inception was -40.65%, which is greater than VCE.TO's maximum drawdown of -35.93%. Use the drawdown chart below to compare losses from any high point for QXM.TO and VCE.TO.

Drawdown Indicators

	QXM.TO	VCE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.65%	-35.93%	-4.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-8.09%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-12.15%	-3.57%
Max Drawdown (5Y) Largest decline over 5 years	-23.01%	-15.86%	-7.15%
Max Drawdown (10Y) Largest decline over 10 years	-40.65%	-35.93%	-4.72%
Current Drawdown Current decline from peak	-1.70%	-0.27%	-1.43%
Average Drawdown Average peak-to-trough decline	-4.18%	-3.68%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	1.77%	+0.78%

Volatility

QXM.TO vs. VCE.TO - Volatility Comparison

CI Morningstar National Bank Québec Index ETF (QXM.TO) has a higher volatility of 5.73% compared to Vanguard FTSE Canada Index ETF (VCE.TO) at 2.03%. This indicates that QXM.TO's price experiences larger fluctuations and is considered to be riskier than VCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QXM.TO	VCE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	2.03%	+3.70%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	10.05%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	12.66%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.01%	12.83%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	14.98%	+0.73%

Dividends

QXM.TO vs. VCE.TO - Dividend Comparison

QXM.TO's dividend yield for the trailing twelve months is around 1.01%, less than VCE.TO's 2.12% yield.

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%
VCE.TO Vanguard FTSE Canada Index ETF	2.12%	2.46%	2.89%	3.22%	3.27%	2.66%	2.99%	3.06%	3.27%	2.62%	2.69%	3.04%

Frequently Asked Questions

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

QXM.TO and VCE.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

They also come from different issuers: CI and Vanguard.