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VXM-B.TO vs. CAGS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXM-B.TO vs. CAGS.TO

Last updated Jul 18, 2026
Documentation

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) are both exchange-traded funds - VXM-B.TO is a Foreign Small & Mid Cap Equities fund tracking the Morningstar Developed Markets ex-North America Target Value Index, while CAGS.TO is a Short-Term Bond fund managed by CI. Over the past 5 years, VXM-B.TO returned 17.68%/yr vs 2.15%/yr for CAGS.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. CAGS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) and CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.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, VXM-B.TO achieves a 11.11% return, which is significantly higher than CAGS.TO's 1.21% return.

VXM-B.TO

1D
-0.29%
1M
-0.49%
6M
6.23%
YTD
11.11%
1Y
29.13%
3Y*
26.57%
5Y*
17.68%
10Y*
11.77%

CAGS.TO

1D
0.13%
1M
-0.06%
6M
0.89%
YTD
1.21%
1Y
3.36%
3Y*
5.03%
5Y*
2.15%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXM-B.TO vs. CAGS.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VXM-B.TO
CI Morningstar International Value Index ETF (Unhedged)		11.11%46.74%18.34%18.89%-2.50%9.58%-10.23%9.77%-11.40%9.28%
CAGS.TO
CI Canadian Short-Term Aggregate Bond Index ETF		1.21%3.95%6.07%5.02%-4.30%-1.22%4.47%4.33%1.41%0.49%

Correlation

The correlation between VXM-B.TO and CAGS.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jul 28, 2017

0.03

The correlation between VXM-B.TO and CAGS.TO shifts across timeframes, from 0.03 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

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CI Morningstar International Value Index ETF (Unhedged)

CI Canadian Short-Term Aggregate Bond Index ETF

Often compared with VXM-B.TO:
VXM-B.TO vs. CMNY.TOVXM-B.TO vs. CGXF.TOVXM-B.TO vs. CEQT.TOVXM-B.TO vs. CCOM.TOVXM-B.TO vs. NXF.TOVXM-B.TO vs. CIC.TOVXM-B.TO vs. CBCX.TO
Often compared with CAGS.TO:
CAGS.TO vs. ZSU.TOCAGS.TO vs. RCDB.NEOCAGS.TO vs. CEQP.TOCAGS.TO vs. VSC.TOCAGS.TO vs. CMNY.TOCAGS.TO vs. EHE.TOCAGS.TO vs. TCSB.TO

Return for Risk

VXM-B.TO vs. CAGS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXM-B.TO
VXM-B.TO Risk / Return Rank: 8080
Overall Rank
VXM-B.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
VXM-B.TO Sortino Ratio Rank: 8484
Sortino Ratio Rank
VXM-B.TO Omega Ratio Rank: 8484
Omega Ratio Rank
VXM-B.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
VXM-B.TO Martin Ratio Rank: 7373
Martin Ratio Rank
CAGS.TO
CAGS.TO Risk / Return Rank: 6262
Overall Rank
CAGS.TO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
CAGS.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
CAGS.TO Omega Ratio Rank: 7171
Omega Ratio Rank
CAGS.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
CAGS.TO Martin Ratio Rank: 5555
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.

VXM-B.TO vs. CAGS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) and CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.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.

VXM-B.TOCAGS.TODifference
Sharpe ratioReturn per unit of total volatility
2.16
1.64

+0.51

Sortino ratioReturn per unit of downside risk
2.97
2.28

+0.69

Omega ratioGain probability vs. loss probability

1.39

1.34

+0.06

Calmar ratioReturn relative to maximum drawdown

2.83

2.53

+0.30

Martin ratioReturn relative to average drawdown

10.18

7.65

+2.53

VXM-B.TO vs. CAGS.TO - Sharpe Ratio Comparison

The current VXM-B.TO Sharpe Ratio is 2.16, which is higher than the CAGS.TO Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of VXM-B.TO and CAGS.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

VXM-B.TO vs. CAGS.TO - Drawdown Comparison

The maximum VXM-B.TO drawdown since its inception was -38.71%, which is greater than CAGS.TO's maximum drawdown of -11.60%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and CAGS.TO.

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Drawdown Indicators

VXM-B.TOCAGS.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-11.60%

-27.11%

Max Drawdown (1Y)

Largest decline over 1 year

-10.33%

-1.33%

-9.00%

Max Drawdown (3Y)

Largest decline over 3 years

-13.31%

-1.33%

-11.98%

Max Drawdown (5Y)

Largest decline over 5 years

-22.12%

-7.58%

-14.54%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

—

—

Current Drawdown

Current decline from peak

-1.90%

-0.25%

-1.65%

Average Drawdown

Average peak-to-trough decline

-7.76%

-1.45%

-6.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

0.44%

+2.43%

Volatility

VXM-B.TO vs. CAGS.TO - Volatility Comparison

CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) has a higher volatility of 3.79% compared to CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) at 0.71%. This indicates that VXM-B.TO's price experiences larger fluctuations and is considered to be riskier than CAGS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXM-B.TOCAGS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.79%

0.71%

+3.08%

Volatility (6M)

Calculated over the trailing 6-month period

11.20%

1.62%

+9.58%

Volatility (1Y)

Calculated over the trailing 1-year period

13.59%

2.07%

+11.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.77%

2.76%

+11.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

4.63%

+10.48%

Dividends

VXM-B.TO vs. CAGS.TO - Dividend Comparison

VXM-B.TO's dividend yield for the trailing twelve months is around 1.97%, less than CAGS.TO's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
CAGS.TO
CI Canadian Short-Term Aggregate Bond Index ETF		3.28%3.16%3.37%2.62%2.61%1.96%2.59%2.83%2.72%1.06%0.00%0.00%
VXM-B.TO
CI Morningstar International Value Index ETF (Unhedged)		1.97%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

VXM-B.TO and CAGS.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while CAGS.TO is Short-Term Bond.

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