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TQCD.TO vs. FXM.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

TQCD.TO vs. FXM.TO

Last updated Apr 2, 2026

Compare and contrast key facts about TD Q Canadian Dividend ETF (TQCD.TO) and CI Morningstar Canada Value Index ETF (FXM.TO).

TQCD.TO and FXM.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TQCD.TO is an actively managed fund by TD. It was launched on Nov 20, 2019. FXM.TO is a passively managed fund by CI Investments that tracks the performance of the Morningstar Canada Target Value Index. It was launched on Feb 13, 2012.

Performance

TQCD.TO vs. FXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q Canadian Dividend ETF (TQCD.TO) and CI Morningstar Canada Value Index ETF (FXM.TO). The values are adjusted to include any dividend payments, if applicable.

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TQCD.TO vs. FXM.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
TQCD.TO
TD Q Canadian Dividend ETF		7.84%33.11%22.27%12.29%1.68%26.29%-13.24%3.12%
FXM.TO
CI Morningstar Canada Value Index ETF		9.25%38.54%30.05%5.79%-1.19%31.47%6.15%2.60%

Returns By Period

In the year-to-date period, TQCD.TO achieves a 7.84% return, which is significantly lower than FXM.TO's 9.25% return.

TQCD.TO

1D
0.45%
1M
-2.85%
YTD
7.84%
6M
16.14%
1Y
38.27%
3Y*
23.31%
5Y*
17.81%
10Y*
—

FXM.TO

1D
0.26%
1M
-4.06%
YTD
9.25%
6M
19.53%
1Y
50.82%
3Y*
26.22%
5Y*
18.51%
10Y*
14.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TD Q Canadian Dividend ETF

CI Morningstar Canada Value Index ETF

Often compared with TQCD.TO:
TQCD.TO vs. VDY.TOTQCD.TO vs. XDIV.TOTQCD.TO vs. TTP.TOTQCD.TO vs. XIC.TOTQCD.TO vs. HDIV.TOTQCD.TO vs. SCHDTQCD.TO vs. CEW.TO
Often compared with FXM.TO:
FXM.TO vs. FCUV.TOFXM.TO vs. FCCM.NEOFXM.TO vs. VDY.TOFXM.TO vs. XDIV.TOFXM.TO vs. XCV.TOFXM.TO vs. XCS.TOFXM.TO vs. XEQT.TO

TQCD.TO vs. FXM.TO - Expense Ratio Comparison

TQCD.TO has a 0.39% expense ratio, which is lower than FXM.TO's 0.64% expense ratio.

FXM.TO
CI Morningstar Canada Value Index ETF
TQCD.TO
TD Q Canadian Dividend ETF

Return for Risk

TQCD.TO vs. FXM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQCD.TO
TQCD.TO Risk / Return Rank: 9696
Overall Rank
TQCD.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
TQCD.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
TQCD.TO Omega Ratio Rank: 9797
Omega Ratio Rank
TQCD.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
TQCD.TO Martin Ratio Rank: 9797
Martin Ratio Rank
FXM.TO
FXM.TO Risk / Return Rank: 9797
Overall Rank
FXM.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9898
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

TQCD.TO vs. FXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q Canadian Dividend ETF (TQCD.TO) and CI Morningstar Canada Value Index ETF (FXM.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.

TQCD.TOFXM.TODifference

Sharpe ratio

Return per unit of total volatility

2.97

3.42

-0.45

Sortino ratio

Return per unit of downside risk

3.68

4.07

-0.39

Omega ratio

Gain probability vs. loss probability

1.62

1.70

-0.08

Calmar ratio

Return relative to maximum drawdown

3.67

4.46

-0.79

Martin ratio

Return relative to average drawdown

19.15

20.25

-1.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQCD.TO vs. FXM.TO - Sharpe Ratio Comparison

The current TQCD.TO Sharpe Ratio is 2.97, which is comparable to the FXM.TO Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of TQCD.TO and FXM.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

TQCD.TOFXM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.97

3.42

-0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.46

1.30

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.84

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.80

-0.10

Correlation

The correlation between TQCD.TO and FXM.TO is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TQCD.TO vs. FXM.TO - Dividend Comparison

TQCD.TO's dividend yield for the trailing twelve months is around 2.87%, more than FXM.TO's 1.93% yield.

TTM20252024202320222021202020192018201720162015
TQCD.TO
TD Q Canadian Dividend ETF		2.87%2.95%3.47%3.73%4.03%4.09%6.20%0.39%0.00%0.00%0.00%0.00%
FXM.TO
CI Morningstar Canada Value Index ETF		1.93%1.91%2.17%2.96%2.18%2.19%2.40%2.03%2.52%1.70%1.83%2.24%

Drawdowns

TQCD.TO vs. FXM.TO - Drawdown Comparison

The maximum TQCD.TO drawdown since its inception was -46.47%, roughly equal to the maximum FXM.TO drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for TQCD.TO and FXM.TO.

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Drawdown Indicators

TQCD.TOFXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-46.47%

-46.41%

-0.06%

Max Drawdown (1Y)

Largest decline over 1 year

-10.74%

-11.48%

+0.74%

Max Drawdown (5Y)

Largest decline over 5 years

-15.65%

-16.08%

+0.43%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.41%

—

Current Drawdown

Current decline from peak

-2.85%

-4.06%

+1.21%

Average Drawdown

Average peak-to-trough decline

-6.14%

-4.72%

-1.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

2.53%

-0.47%

Volatility

TQCD.TO vs. FXM.TO - Volatility Comparison

TD Q Canadian Dividend ETF (TQCD.TO) has a higher volatility of 4.30% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 3.98%. This indicates that TQCD.TO's price experiences larger fluctuations and is considered to be riskier than FXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TQCD.TOFXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.30%

3.98%

+0.32%

Volatility (6M)

Calculated over the trailing 6-month period

8.42%

9.86%

-1.44%

Volatility (1Y)

Calculated over the trailing 1-year period

12.96%

14.93%

-1.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.25%

14.28%

-2.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.62%

17.05%

+2.57%