VALT-U.TO vs. VXM-B.TO

Last updated Jul 1, 2026

VALT-U.TO (CI Gold Bullion ETF (US$ Series)) and VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) are both exchange-traded funds - VALT-U.TO is a Gold fund actively managed by CI, while VXM-B.TO is a Foreign Small & Mid Cap Equities fund tracking the Morningstar Developed Markets ex-North America Target Value Index. VALT-U.TO is actively managed, while VXM-B.TO is passively managed. Over the past 5 years, VALT-U.TO returned 17.66%/yr vs 14.35%/yr for VXM-B.TO. At a 0.20 correlation, their price movements are largely independent.

Performance

VALT-U.TO vs. VXM-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CI Gold Bullion ETF (US$ Series) (VALT-U.TO) and CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VALT-U.TO is traded in USD, while VXM-B.TO is traded in CAD. To make them comparable, the VXM-B.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VALT-U.TO achieves a -6.39% return, which is significantly lower than VXM-B.TO's 4.74% return.

VALT-U.TO

• 1D: 0.73%
• 1M: -11.06%
• YTD: -6.39%
• 6M: -7.30%
• 1Y: 22.84%
• 3Y*: 28.29%
• 5Y*: 17.66%
• 10Y*: —

VXM-B.TO

• 1D: -1.32%
• 1M: -5.21%
• YTD: 4.74%
• 6M: 4.70%
• 1Y: 23.67%
• 3Y*: 24.19%
• 5Y*: 14.35%
• 10Y*: 11.02%

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

VALT-U.TO vs. VXM-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VALT-U.TO CI Gold Bullion ETF (US$ Series)	-6.39%	65.42%	26.27%	13.43%	-0.93%	-1.30%
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	4.74%	53.76%	9.10%	21.78%	-8.31%	6.24%

Correlation

The correlation between VALT-U.TO and VXM-B.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	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.20

The correlation between VALT-U.TO and VXM-B.TO shifts across timeframes, from 0.20 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VALT-U.TO vs. VXM-B.TO — Risk / Return Rank

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

VALT-U.TO

VALT-U.TO Risk / Return Rank: 21
VALT-U.TO Sharpe Ratio Rank: 19
VALT-U.TO Sortino Ratio Rank: 21
VALT-U.TO Omega Ratio Rank: 31
VALT-U.TO Calmar Ratio Rank: 17
VALT-U.TO Martin Ratio Rank: 17

VXM-B.TO

VXM-B.TO Risk / Return Rank: 72
VXM-B.TO Sharpe Ratio Rank: 78
VXM-B.TO Sortino Ratio Rank: 76
VXM-B.TO Omega Ratio Rank: 77
VXM-B.TO Calmar Ratio Rank: 66
VXM-B.TO Martin Ratio Rank: 65

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.

VALT-U.TO vs. VXM-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion ETF (US$ Series) (VALT-U.TO) and CI Morningstar International Value Index ETF (Unhedged) (VXM-B.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.

	VALT-U.TO	VXM-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.67	-1.11
Sortino ratio: Return per unit of downside risk	1.05	2.32	-1.27
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.11
Calmar ratio: Return relative to maximum drawdown	0.60	2.22	-1.62
Martin ratio: Return relative to average drawdown	1.61	7.25	-5.64

VALT-U.TO vs. VXM-B.TO - Sharpe Ratio Comparison

The current VALT-U.TO Sharpe Ratio is 0.56, which is lower than the VXM-B.TO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of VALT-U.TO and VXM-B.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

VALT-U.TO vs. VXM-B.TO - Drawdown Comparison

The maximum VALT-U.TO drawdown since its inception was -38.65%, smaller than the maximum VXM-B.TO drawdown of -46.52%. Use the drawdown chart below to compare losses from any high point for VALT-U.TO and VXM-B.TO.

Drawdown Indicators

	VALT-U.TO	VXM-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.65%	-46.52%	+7.87%
Max Drawdown (1Y) Largest decline over 1 year	-38.65%	-10.73%	-27.92%
Max Drawdown (3Y) Largest decline over 3 years	-38.65%	-12.98%	-25.67%
Max Drawdown (5Y) Largest decline over 5 years	-38.65%	-28.01%	-10.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.52%	—
Current Drawdown Current decline from peak	-37.72%	-7.66%	-30.06%
Average Drawdown Average peak-to-trough decline	-6.11%	-11.18%	+5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.30%	3.27%	+11.03%

Volatility

VALT-U.TO vs. VXM-B.TO - Volatility Comparison

CI Gold Bullion ETF (US$ Series) (VALT-U.TO) has a higher volatility of 8.30% compared to CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) at 3.85%. This indicates that VALT-U.TO's price experiences larger fluctuations and is considered to be riskier than VXM-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALT-U.TO	VXM-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	3.85%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	39.00%	11.30%	+27.70%
Volatility (1Y) Calculated over the trailing 1-year period	41.49%	14.26%	+27.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	15.59%	+7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.39%	16.82%	+5.57%

Dividends

VALT-U.TO vs. VXM-B.TO - Dividend Comparison

VALT-U.TO has not paid dividends to shareholders, while VXM-B.TO's dividend yield for the trailing twelve months is around 2.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VALT-U.TO CI Gold Bullion ETF (US$ Series)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	2.01%	2.21%	3.97%	3.67%	3.67%	2.05%	2.18%	1.59%	2.05%	1.52%	1.42%	1.04%

Frequently Asked Questions

Can I hold both VALT-U.TO and VXM-B.TO in my portfolio?

VALT-U.TO and VXM-B.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.

What is the main difference between VALT-U.TO and VXM-B.TO?

VALT-U.TO is categorized as Gold, while VXM-B.TO is Foreign Small & Mid Cap Equities.