QXM.TO vs. ZXM.TO

Last updated Jul 25, 2026

QXM.TO (CI Morningstar National Bank Québec Index ETF) and ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) are both exchange-traded funds - QXM.TO is a Canada Equities fund tracking the Morningstar National Bank Québec Index, while ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index. Both are passively managed. Over the past 10 years, QXM.TO returned 10.22%/yr vs 13.07%/yr for ZXM.TO. At a 0.35 correlation, their price movements are largely independent. QXM.TO charges 0.57%/yr vs 0.67%/yr for ZXM.TO.

Performance

QXM.TO vs. ZXM.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 Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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 lower than ZXM.TO's 13.64% return. Over the past 10 years, QXM.TO has underperformed ZXM.TO with an annualized return of 10.22%, while ZXM.TO has yielded a comparatively higher 13.07% annualized 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%

ZXM.TO

• 1D: 0.17%
• 1M: -2.07%
• 6M: 7.99%
• YTD: 13.64%
• 1Y: 29.68%
• 3Y*: 24.74%
• 5Y*: 12.45%
• 10Y*: 13.07%
• ALL TIME*: 12.67%

*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
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	CA$32.58K	CA$27.89K	CA$61.71K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QXM.TO CI Morningstar National Bank Québec Index ETF	5.90%	23.46%	20.08%	13.24%	-6.91%	16.60%	1.63%	24.81%	-9.15%	15.66%
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	13.64%	35.74%	21.42%	14.21%	-20.62%	25.67%	16.23%	30.39%	-17.00%	28.15%

Correlation

The correlation between QXM.TO and ZXM.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 19, 2014	0.35

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

Sectors	QXM.TO	ZXM.TO
Industrials	31.3%	29.0%
Financial Services	16.8%	23.9%
Consumer Defensive	13.3%	4.6%
Consumer Cyclical	11.9%	8.9%
Basic Materials	10.4%	7.0%
Communication Services	8.6%	1.9%
Technology	5.5%	14.0%
Utilities	1.2%	2.9%
Healthcare	0.8%	2.4%
Real Estate	0.2%	1.5%
Energy	-	4.0%

Return for Risk

QXM.TO vs. ZXM.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

ZXM.TO

ZXM.TO Risk / Return Rank: 80
ZXM.TO Sharpe Ratio Rank: 79
ZXM.TO Sortino Ratio Rank: 80
ZXM.TO Omega Ratio Rank: 85
ZXM.TO Calmar Ratio Rank: 78
ZXM.TO Martin Ratio Rank: 79

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. ZXM.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 Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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	ZXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.83	-0.46
Sortino ratio: Return per unit of downside risk	2.06	2.61	-0.55
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.05	2.88	-0.83
Martin ratio: Return relative to average drawdown	7.53	10.21	-2.68

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

The current QXM.TO Sharpe Ratio is 1.37, which is comparable to the ZXM.TO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of QXM.TO and ZXM.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. ZXM.TO - Drawdown Comparison

The maximum QXM.TO drawdown since its inception was -40.65%, which is greater than ZXM.TO's maximum drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for QXM.TO and ZXM.TO.

Drawdown Indicators

	QXM.TO	ZXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.65%	-35.22%	-5.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-10.35%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-12.74%	-2.98%
Max Drawdown (5Y) Largest decline over 5 years	-23.01%	-26.93%	+3.92%
Max Drawdown (10Y) Largest decline over 10 years	-40.65%	-35.22%	-5.43%
Current Drawdown Current decline from peak	-1.53%	-4.84%	+3.31%
Average Drawdown Average peak-to-trough decline	-4.18%	-6.40%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.91%	-0.36%

Volatility

QXM.TO vs. ZXM.TO - Volatility Comparison

CI Morningstar National Bank Québec Index ETF (QXM.TO) has a higher volatility of 5.94% compared to CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) at 5.33%. This indicates that QXM.TO's price experiences larger fluctuations and is considered to be riskier than ZXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QXM.TO	ZXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	5.33%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	14.68%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	16.27%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.00%	16.20%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	16.57%	-0.85%

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

QXM.TO has a 0.57% expense ratio, which is lower than ZXM.TO's 0.67% expense ratio.

Dividends

QXM.TO vs. ZXM.TO - Dividend Comparison

QXM.TO's dividend yield for the trailing twelve months is around 1.01%, less than ZXM.TO's 1.91% 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%
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	1.91%	2.39%	2.97%	3.57%	5.50%	1.58%	0.86%	1.19%	1.48%	0.88%	1.19%	1.11%

Frequently Asked Questions

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

QXM.TO and ZXM.TO have a correlation of 0.33, 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 ZXM.TO?

On fees, QXM.TO is cheaper at 0.57% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

QXM.TO is cheaper with a 0.57% expense ratio, compared with 0.67% for ZXM.TO.

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

QXM.TO is categorized as Canada Equities, while ZXM.TO is Momentum. QXM.TO tracks Morningstar National Bank Québec Index, while ZXM.TO tracks Morningstar Developed Markets ex-North America Target Momentum Index. Their fees differ too: 0.57% for QXM.TO and 0.67% for ZXM.TO.