VXM-B.TO vs. CIC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) and CI Canadian Banks Covered Call Income Class ETF (CIC.TO).

VXM-B.TO and CIC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VXM-B.TO is a passively managed fund by CI that tracks the performance of the Morningstar Developed Markets ex-North America Target Value Index. It was launched on Nov 13, 2014. CIC.TO is an actively managed fund by CI. It was launched on Aug 18, 2010.

Performance

VXM-B.TO vs. CIC.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 Banks Covered Call Income Class ETF (CIC.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	7.56%	46.74%	18.25%	18.98%	-2.49%	9.58%	-10.23%	9.77%	-6.79%	22.82%
CIC.TO CI Canadian Banks Covered Call Income Class ETF	1.51%	36.24%	21.30%	6.58%	-10.99%	33.76%	1.89%	14.12%	-8.88%	12.14%

Returns By Period

In the year-to-date period, VXM-B.TO achieves a 7.56% return, which is significantly higher than CIC.TO's 1.51% return. Both investments have delivered pretty close results over the past 10 years, with VXM-B.TO having a 12.14% annualized return and CIC.TO not far behind at 11.85%.

VXM-B.TO

• 1D: 2.88%
• 1M: -5.04%
• YTD: 7.56%
• 6M: 13.35%
• 1Y: 39.53%
• 3Y*: 27.32%
• 5Y*: 17.05%
• 10Y*: 12.14%

CIC.TO

• 1D: 1.51%
• 1M: -3.47%
• YTD: 1.51%
• 6M: 12.87%
• 1Y: 42.80%
• 3Y*: 21.09%
• 5Y*: 13.42%
• 10Y*: 11.85%

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

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

VXM-B.TO has a 0.66% expense ratio, which is lower than CIC.TO's 0.87% expense ratio.

CIC.TO

CI Canadian Banks Covered Call Income Class ETF

VXM-B.TO

CI Morningstar International Value Index ETF (Unhedged)

Return for Risk

VXM-B.TO vs. CIC.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: 95
VXM-B.TO Sharpe Ratio Rank: 96
VXM-B.TO Sortino Ratio Rank: 95
VXM-B.TO Omega Ratio Rank: 96
VXM-B.TO Calmar Ratio Rank: 95
VXM-B.TO Martin Ratio Rank: 96

CIC.TO

CIC.TO Risk / Return Rank: 98
CIC.TO Sharpe Ratio Rank: 98
CIC.TO Sortino Ratio Rank: 98
CIC.TO Omega Ratio Rank: 98
CIC.TO Calmar Ratio Rank: 97
CIC.TO Martin Ratio Rank: 97

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. CIC.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 Banks Covered Call Income Class ETF (CIC.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	CIC.TO	Difference
Sharpe ratio Return per unit of total volatility	2.53	3.45	-0.92
Sortino ratio Return per unit of downside risk	3.22	4.45	-1.23
Omega ratio Gain probability vs. loss probability	1.50	1.71	-0.22
Calmar ratio Return relative to maximum drawdown	3.93	5.28	-1.34
Martin ratio Return relative to average drawdown	17.75	22.30	-4.55
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. CIC.TO - Sharpe Ratio Comparison

The current VXM-B.TO Sharpe Ratio is 2.53, which is comparable to the CIC.TO Sharpe Ratio of 3.45. The chart below compares the historical Sharpe Ratios of VXM-B.TO and CIC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VXM-B.TO	CIC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	3.45	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.75	1.08	+0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.73	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.64	+0.23

Correlation

The correlation between VXM-B.TO and CIC.TO is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.38%, less than CIC.TO's 5.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	2.38%	2.21%	3.97%	3.66%	3.67%	2.05%	2.18%	1.59%	6.77%	1.52%	1.92%	2.16%
CIC.TO CI Canadian Banks Covered Call Income Class ETF	5.85%	5.72%	6.71%	7.37%	7.64%	5.48%	9.56%	6.16%	6.61%	5.68%	6.72%	7.31%

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -35.51%, smaller than the maximum CIC.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and CIC.TO.

Drawdown Indicators

	VXM-B.TO	CIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.51%	-38.55%	+3.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-8.23%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-26.34%	+4.22%
Max Drawdown (10Y) Largest decline over 10 years	-35.51%	-38.55%	+3.04%
Current Drawdown Current decline from peak	-5.04%	-5.35%	+0.31%
Average Drawdown Average peak-to-trough decline	-5.99%	-5.54%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.95%	+1.00%

Volatility

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

CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) has a higher volatility of 7.15% compared to CI Canadian Banks Covered Call Income Class ETF (CIC.TO) at 5.39%. This indicates that VXM-B.TO's price experiences larger fluctuations and is considered to be riskier than CIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM-B.TO	CIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	5.39%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	9.06%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	12.48%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	12.56%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	16.26%	+2.67%