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TXF.TO vs. WXM.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TXF.TO vs. WXM.TO

Last updated Aug 4, 2026
Documentation

TXF.TO (CI Tech Giants Covered Call Common) and WXM.TO (CI Morningstar Canada Momentum Index ETF) are both exchange-traded funds - TXF.TO is a Technology Equities fund actively managed by CI, while WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index. TXF.TO is actively managed, while WXM.TO is passively managed. Over the past 10 years, TXF.TO returned 17.47%/yr vs 14.31%/yr for WXM.TO. Their 0.55 correlation means they have sometimes moved together and sometimes differently. TXF.TO charges 0.71%/yr vs 0.65%/yr for WXM.TO.

Performance

TXF.TO vs. WXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Tech Giants Covered Call Common (TXF.TO) and CI Morningstar Canada Momentum Index ETF (WXM.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TXF.TO achieves a 14.26% return, which is significantly higher than WXM.TO's 13.16% return. Over the past 10 years, TXF.TO has outperformed WXM.TO with an annualized return of 17.47%, while WXM.TO has yielded a comparatively lower 14.31% annualized return.

TXF.TO

1D
0.61%
1M
-7.56%
6M
11.76%
YTD
14.26%
1Y
36.48%
3Y*
23.28%
5Y*
13.49%
10Y*
17.47%
ALL TIME*
15.65%

WXM.TO

1D
-0.36%
1M
-3.40%
6M
9.24%
YTD
13.16%
1Y
35.28%
3Y*
26.75%
5Y*
17.32%
10Y*
14.31%
ALL TIME*
13.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

TXF.TO

CI Tech Giants Covered Call Common
CA$1.03MCA$1.20MCA$865.03K

WXM.TO

CI Morningstar Canada Momentum Index ETF
CA$2.85MCA$1.77MCA$1.16M

TXF.TO vs. WXM.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TXF.TO
CI Tech Giants Covered Call Common		14.26%24.80%18.69%60.80%-35.54%26.82%32.50%26.56%-6.78%33.65%
WXM.TO
CI Morningstar Canada Momentum Index ETF		13.16%38.16%33.93%3.35%-0.42%20.98%4.61%31.49%-4.88%10.06%

Correlation

The correlation between TXF.TO and WXM.TO is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.61

Correlation (3Y)
Balances recent behavior with more history.

0.56

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.57

Correlation (10Y)
Provides a long-term view across more market conditions.

0.58

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2012

0.55

The correlation between TXF.TO and WXM.TO has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

TXF.TO vs. WXM.TO - Sectors Allocation Comparison

Sectors
TXF.TO
WXM.TO

Technology

92.1%
7.7%

Communication Services

7.9%
6.2%

Financial Services

0.0%
17.5%

Basic Materials

-

16.8%

Consumer Cyclical

-

9.7%

Consumer Defensive

-

0.0%

Energy

-

15.1%

Healthcare

-

3.5%

Industrials

-

17.3%

Real Estate

-

3.3%

Utilities

-

3.2%

Technology

TXF.TO
92.1%
WXM.TO
7.7%

Communication Services

TXF.TO
7.9%
WXM.TO
6.2%

Financial Services

TXF.TO
0.0%
WXM.TO
17.5%

Basic Materials

TXF.TO

-

WXM.TO
16.8%

Consumer Cyclical

TXF.TO

-

WXM.TO
9.7%

Consumer Defensive

TXF.TO

-

WXM.TO
0.0%

Energy

TXF.TO

-

WXM.TO
15.1%

Healthcare

TXF.TO

-

WXM.TO
3.5%

Industrials

TXF.TO

-

WXM.TO
17.3%

Real Estate

TXF.TO

-

WXM.TO
3.3%

Utilities

TXF.TO

-

WXM.TO
3.2%

Compare stocks, funds, or ETFs

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CI Tech Giants Covered Call Common

CI Morningstar Canada Momentum Index ETF

Often compared with TXF.TO:
TXF.TO vs. QQQY.TOTXF.TO vs. QQCL.TOTXF.TO vs. HDIV.TOTXF.TO vs. XEQT.TOTXF.TO vs. HXQ.TOTXF.TO vs. HTAE.TOTXF.TO vs. VFV.TO
Often compared with WXM.TO:
WXM.TO vs. FCCM.NEOWXM.TO vs. VDY.TOWXM.TO vs. VMO.TOWXM.TO vs. XCV.TOWXM.TO vs. FCIM.NEOWXM.TO vs. VXM.TOWXM.TO vs. ZXM.TO

Return for Risk

TXF.TO vs. WXM.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
TXF.TO
TXF.TO Risk / Return Rank: 5050
Overall Rank
TXF.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
TXF.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
TXF.TO Omega Ratio Rank: 4949
Omega Ratio Rank
TXF.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
TXF.TO Martin Ratio Rank: 5252
Martin Ratio Rank
WXM.TO
WXM.TO Risk / Return Rank: 8686
Overall Rank
WXM.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
WXM.TO Sortino Ratio Rank: 8484
Sortino Ratio Rank
WXM.TO Omega Ratio Rank: 8484
Omega Ratio Rank
WXM.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
WXM.TO Martin Ratio Rank: 8989
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TXF.TO vs. WXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Tech Giants Covered Call Common (TXF.TO) and CI Morningstar Canada Momentum Index ETF (WXM.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.

TXF.TOWXM.TODifference
Sharpe ratioReturn per unit of total volatility
1.31
2.17

-0.86

Sortino ratioReturn per unit of downside risk
1.76
2.86

-1.10

Omega ratioGain probability vs. loss probability

1.23

1.37

-0.14

Calmar ratioReturn relative to maximum drawdown

1.87

3.75

-1.89

Martin ratioReturn relative to average drawdown

6.35

14.01

-7.66

TXF.TO vs. WXM.TO - Sharpe Ratio Comparison

The current TXF.TO Sharpe Ratio is 1.31, which is lower than the WXM.TO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of TXF.TO and WXM.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.

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Drawdowns

TXF.TO vs. WXM.TO - Drawdown Comparison

The maximum TXF.TO drawdown since its inception was -41.23%, roughly equal to the maximum WXM.TO drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for TXF.TO and WXM.TO.

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Drawdown Indicators

TXF.TOWXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.23%

-40.45%

-0.78%

Max Drawdown (1Y)

Largest decline over 1 year

-18.27%

-9.49%

-8.78%

Max Drawdown (3Y)

Largest decline over 3 years

-27.38%

-12.13%

-15.25%

Max Drawdown (5Y)

Largest decline over 5 years

-41.23%

-15.87%

-25.36%

Max Drawdown (10Y)

Largest decline over 10 years

-41.23%

-40.45%

-0.78%

Current Drawdown

Current decline from peak

-13.27%

-5.32%

-7.95%

Average Drawdown

Average peak-to-trough decline

-6.19%

-4.47%

-1.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.36%

2.54%

+2.82%

Volatility

TXF.TO vs. WXM.TO - Volatility Comparison

CI Tech Giants Covered Call Common (TXF.TO) has a higher volatility of 10.43% compared to CI Morningstar Canada Momentum Index ETF (WXM.TO) at 4.71%. This indicates that TXF.TO's price experiences larger fluctuations and is considered to be riskier than WXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TXF.TOWXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.43%

4.71%

+5.72%

Volatility (6M)

Calculated over the trailing 6-month period

22.79%

13.02%

+9.77%

Volatility (1Y)

Calculated over the trailing 1-year period

25.98%

16.39%

+9.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.68%

15.95%

+9.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.05%

16.90%

+7.15%

TXF.TO vs. WXM.TO - Expense Ratio Comparison

TXF.TO has a 0.71% expense ratio, which is higher than WXM.TO's 0.65% expense ratio.

Dividends

TXF.TO vs. WXM.TO - Dividend Comparison

TXF.TO's dividend yield for the trailing twelve months is around 11.84%, more than WXM.TO's 1.19% yield.

PositionTTM20252024202320222021202020192018201720162015
TXF.TO
CI Tech Giants Covered Call Common		11.84%10.59%9.75%7.48%14.13%7.77%11.01%7.29%9.29%4.89%6.16%6.15%
WXM.TO
CI Morningstar Canada Momentum Index ETF		1.19%1.25%1.27%1.38%2.25%1.04%0.78%0.94%1.44%1.38%1.58%1.51%

Frequently Asked Questions

TXF.TO and WXM.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, WXM.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

WXM.TO is cheaper with a 0.65% expense ratio, compared with 0.71% for TXF.TO.

TXF.TO is categorized as Technology Equities, while WXM.TO is Momentum. Their fees differ too: 0.71% for TXF.TO and 0.65% for WXM.TO.

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