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

VXM-B.TO vs. CMAG.TO

Last updated Jul 1, 2026
See Documentation

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and CMAG.TO (CI Munro Alternative Global Growth Fund) 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 CMAG.TO is a Long-Short fund actively managed by CI. VXM-B.TO is passively managed, while CMAG.TO is actively managed. Over the past 5 years, VXM-B.TO returned 17.52%/yr vs 13.00%/yr for CMAG.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. CMAG.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 Munro Alternative Global Growth Fund (CMAG.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 8.67% return, which is significantly lower than CMAG.TO's 19.65% return.

VXM-B.TO

1D
-1.19%
1M
-2.28%
YTD
8.67%
6M
8.70%
1Y
28.44%
3Y*
27.12%
5Y*
17.52%
10Y*
12.06%

CMAG.TO

1D
1.88%
1M
4.29%
YTD
19.65%
6M
18.78%
1Y
25.76%
3Y*
26.00%
5Y*
13.00%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
VXM-B.TO
CI Morningstar International Value Index ETF (Unhedged)		8.67%46.74%18.34%18.89%-2.50%9.58%-7.16%
CMAG.TO
CI Munro Alternative Global Growth Fund		19.65%13.08%37.11%16.07%-19.04%9.21%34.62%

Correlation

The correlation between VXM-B.TO and CMAG.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

0.22

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

0.24

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2020

0.22

The correlation between VXM-B.TO and CMAG.TO shifts across timeframes, from 0.22 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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CI Morningstar International Value Index ETF (Unhedged)

CI Munro Alternative Global Growth Fund

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VXM-B.TO vs. CMNY.TOVXM-B.TO vs. CGXF.TOVXM-B.TO vs. CCOM.TOVXM-B.TO vs. CEQT.TOVXM-B.TO vs. NXF.TOVXM-B.TO vs. CIC.TOVXM-B.TO vs. CBCX.TO

Return for Risk

VXM-B.TO vs. CMAG.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: 7272
Overall Rank
VXM-B.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
VXM-B.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
VXM-B.TO Omega Ratio Rank: 7777
Omega Ratio Rank
VXM-B.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
VXM-B.TO Martin Ratio Rank: 6565
Martin Ratio Rank
CMAG.TO
CMAG.TO Risk / Return Rank: 4444
Overall Rank
CMAG.TO Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
CMAG.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
CMAG.TO Omega Ratio Rank: 4141
Omega Ratio Rank
CMAG.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
CMAG.TO Martin Ratio Rank: 4444
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. CMAG.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 Munro Alternative Global Growth Fund (CMAG.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.TOCMAG.TODifference
Sharpe ratioReturn per unit of total volatility
2.14
1.29

+0.85

Sortino ratioReturn per unit of downside risk
2.91
1.80

+1.11

Omega ratioGain probability vs. loss probability

1.38

1.24

+0.14

Calmar ratioReturn relative to maximum drawdown

2.76

2.24

+0.52

Martin ratioReturn relative to average drawdown

9.99

6.23

+3.76

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

The current VXM-B.TO Sharpe Ratio is 2.14, which is higher than the CMAG.TO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of VXM-B.TO and CMAG.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. CMAG.TO - Drawdown Comparison

The maximum VXM-B.TO drawdown since its inception was -38.71%, which is greater than CMAG.TO's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and CMAG.TO.

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Drawdown Indicators

VXM-B.TOCMAG.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-23.94%

-14.77%

Max Drawdown (1Y)

Largest decline over 1 year

-10.33%

-11.54%

+1.21%

Max Drawdown (3Y)

Largest decline over 3 years

-13.31%

-18.87%

+5.56%

Max Drawdown (5Y)

Largest decline over 5 years

-22.12%

-23.94%

+1.82%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

—

—

Current Drawdown

Current decline from peak

-4.06%

0.00%

-4.06%

Average Drawdown

Average peak-to-trough decline

-7.79%

-8.12%

+0.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

4.14%

-1.29%

Volatility

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

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.76%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 9.23%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.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.TOCMAG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.76%

9.23%

-5.47%

Volatility (6M)

Calculated over the trailing 6-month period

10.89%

17.19%

-6.30%

Volatility (1Y)

Calculated over the trailing 1-year period

13.37%

20.04%

-6.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.75%

17.02%

-3.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.15%

17.07%

-1.92%

Dividends

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

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

PositionTTM20252024202320222021202020192018201720162015
CMAG.TO
CI Munro Alternative Global Growth Fund		0.00%0.21%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

VXM-B.TO and CMAG.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.

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while CMAG.TO is Long-Short.

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