VXM-B.TO vs. CBCX.TO

Last updated Jun 4, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and CBCX.TO (CI Galaxy Blockchain Index ETF CAD) 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 CBCX.TO is a Blockchain fund tracking the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Technology NTR Hedged (CAD). Both are passively managed. Over the past 3 years, VXM-B.TO returned 28.33%/yr vs 59.59%/yr for CBCX.TO. At a 0.07 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. CBCX.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 Galaxy Blockchain Index ETF CAD (CBCX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXM-B.TO achieves a 10.02% return, which is significantly lower than CBCX.TO's 18.36% return.

VXM-B.TO

• 1D: -0.14%
• 1M: 3.74%
• YTD: 10.02%
• 6M: 12.18%
• 1Y: 33.73%
• 3Y*: 28.33%
• 5Y*: 17.51%
• 10Y*: 11.90%

CBCX.TO

• 1D: -1.13%
• 1M: 17.07%
• YTD: 18.36%
• 6M: 4.61%
• 1Y: 65.57%
• 3Y*: 59.59%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	10.02%	46.74%	18.25%	18.98%	6.21%
CBCX.TO CI Galaxy Blockchain Index ETF CAD	18.36%	21.63%	82.92%	108.11%	-46.10%

Correlation

The correlation between VXM-B.TO and CBCX.TO is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.07

Return for Risk

VXM-B.TO vs. CBCX.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: 73
VXM-B.TO Sharpe Ratio Rank: 79
VXM-B.TO Sortino Ratio Rank: 75
VXM-B.TO Omega Ratio Rank: 77
VXM-B.TO Calmar Ratio Rank: 68
VXM-B.TO Martin Ratio Rank: 68

CBCX.TO

CBCX.TO Risk / Return Rank: 28
CBCX.TO Sharpe Ratio Rank: 31
CBCX.TO Sortino Ratio Rank: 33
CBCX.TO Omega Ratio Rank: 32
CBCX.TO Calmar Ratio Rank: 26
CBCX.TO Martin Ratio Rank: 20

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. CBCX.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 Galaxy Blockchain Index ETF CAD (CBCX.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.

	VXM-B.TO	CBCX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.08	+1.47
Sortino ratio: Return per unit of downside risk	3.37	1.72	+1.65
Omega ratio: Gain probability vs. loss probability	1.46	1.21	+0.25
Calmar ratio: Return relative to maximum drawdown	3.36	1.22	+2.14
Martin ratio: Return relative to average drawdown	12.41	2.25	+10.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VXM-B.TO Sharpe Ratio is 2.54, which is higher than the CBCX.TO Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of VXM-B.TO and CBCX.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.

Sharpe Ratios by Period

	VXM-B.TO	CBCX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.08	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.74	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.49	+0.38

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -35.51%, smaller than the maximum CBCX.TO drawdown of -55.21%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and CBCX.TO.

Drawdown Indicators

	VXM-B.TO	CBCX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.51%	-55.21%	+19.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-54.19%	+43.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-55.21%	+41.90%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.51%	—	—
Current Drawdown Current decline from peak	-2.87%	-28.01%	+25.14%
Average Drawdown Average peak-to-trough decline	-5.94%	-23.79%	+17.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	29.19%	-26.42%

Volatility

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

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.79%, while CI Galaxy Blockchain Index ETF CAD (CBCX.TO) has a volatility of 15.15%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than CBCX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM-B.TO	CBCX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	15.15%	-11.36%
Volatility (6M) Calculated over the trailing 6-month period	10.48%	40.52%	-30.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	61.37%	-47.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	62.67%	-44.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	62.67%	-43.76%

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.33%, more than CBCX.TO's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBCX.TO CI Galaxy Blockchain Index ETF CAD	0.08%	0.14%	0.13%	0.06%	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)	2.33%	2.21%	3.97%	3.66%	3.67%	2.05%	2.18%	1.59%	6.77%	1.52%	1.92%	2.16%

Frequently Asked Questions

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

VXM-B.TO and CBCX.TO have a correlation of 0.10, 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 VXM-B.TO and CBCX.TO?

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while CBCX.TO is Blockchain. VXM-B.TO tracks Morningstar Developed Markets ex-North America Target Value Index, while CBCX.TO tracks Alerian Galaxy Global Cryptocurrency-Focused Blockchain Technology NTR Hedged (CAD).