VXM-B.TO vs. CEQP.TO

Last updated Jun 4, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and CEQP.TO (CI Equity+ Asset Allocation 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 CEQP.TO is a Diversified Portfolio fund actively managed by CI. VXM-B.TO is passively managed, while CEQP.TO is actively managed. At a 0.13 correlation, their price movements are largely independent. VXM-B.TO charges 0.66%/yr vs 0.30%/yr for CEQP.TO.

Performance

VXM-B.TO vs. CEQP.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 Equity+ Asset Allocation ETF (CEQP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

CEQP.TO

• 1D: 0.19%
• 1M: 4.99%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	5.32%
CEQP.TO CI Equity+ Asset Allocation ETF	7.21%

Correlation

The correlation between VXM-B.TO and CEQP.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026	0.13

Return for Risk

VXM-B.TO vs. CEQP.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

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. CEQP.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 Equity+ Asset Allocation ETF (CEQP.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	CEQP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.54	—	—
Sortino ratio: Return per unit of downside risk	3.37	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	3.36	—	—
Martin ratio: Return relative to average drawdown	12.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VXM-B.TO	CEQP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	—	—
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	1.37	-0.50

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -35.51%, which is greater than CEQP.TO's maximum drawdown of -8.33%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and CEQP.TO.

Drawdown Indicators

	VXM-B.TO	CEQP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.51%	-8.33%	-27.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	—	—
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%	0.00%	-2.87%
Average Drawdown Average peak-to-trough decline	-5.94%	-1.89%	-4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	—	—

Volatility

Volatility by Period

	VXM-B.TO	CEQP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	16.40%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	16.40%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	16.40%	+2.51%

VXM-B.TO vs. CEQP.TO - Expense Ratio Comparison

VXM-B.TO has a 0.66% expense ratio, which is higher than CEQP.TO's 0.30% expense ratio.

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.33%, more than CEQP.TO's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEQP.TO CI Equity+ Asset Allocation ETF	0.01%	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)	2.33%	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 CEQP.TO in my portfolio?

VXM-B.TO and CEQP.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VXM-B.TO or CEQP.TO?

On fees, CEQP.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VXM-B.TO or CEQP.TO?

CEQP.TO is cheaper with a 0.30% expense ratio, compared with 0.66% for VXM-B.TO.

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

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while CEQP.TO is Diversified Portfolio. Their fees differ too: 0.66% for VXM-B.TO and 0.30% for CEQP.TO.