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

VXM-B.TO vs. CMAR.TO

Last updated Jul 18, 2026
Documentation

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and CMAR.TO (CI Marret Alternative Absolute Return Bond 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 CMAR.TO is a Nontraditional Bonds fund actively managed by CI. VXM-B.TO is passively managed, while CMAR.TO is actively managed. Over the past 5 years, VXM-B.TO returned 17.68%/yr vs 1.30%/yr for CMAR.TO. At a 0.11 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. CMAR.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 Marret Alternative Absolute Return Bond Fund (CMAR.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 CMAR.TO's 1.62% 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%

CMAR.TO

1D
-0.06%
1M
-0.40%
6M
0.95%
YTD
1.62%
1Y
4.23%
3Y*
4.56%
5Y*
1.30%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
VXM-B.TO
CI Morningstar International Value Index ETF (Unhedged)		11.11%46.74%18.34%18.89%-2.50%9.58%-7.16%
CMAR.TO
CI Marret Alternative Absolute Return Bond Fund		1.62%4.98%3.37%5.33%-8.32%0.98%6.73%

Correlation

The correlation between VXM-B.TO and CMAR.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.25

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

0.16

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

0.13

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

0.11

The correlation between VXM-B.TO and CMAR.TO shifts across timeframes, from 0.11 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

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CI Morningstar International Value Index ETF (Unhedged)

CI Marret Alternative Absolute Return Bond Fund

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 CMAR.TO:
CMAR.TO vs. CBCX.TOCMAR.TO vs. CMNY.TOCMAR.TO vs. CGXF.TOCMAR.TO vs. CEQP.TOCMAR.TO vs. NXF.TOCMAR.TO vs. CEQT.TOCMAR.TO vs. CIC.TO

Return for Risk

VXM-B.TO vs. CMAR.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
CMAR.TO
CMAR.TO Risk / Return Rank: 5454
Overall Rank
CMAR.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
CMAR.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
CMAR.TO Omega Ratio Rank: 5353
Omega Ratio Rank
CMAR.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
CMAR.TO Martin Ratio Rank: 6666
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. CMAR.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 Marret Alternative Absolute Return Bond Fund (CMAR.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.TOCMAR.TODifference
Sharpe ratioReturn per unit of total volatility
2.16
1.21

+0.94

Sortino ratioReturn per unit of downside risk
2.97
1.78

+1.19

Omega ratioGain probability vs. loss probability

1.39

1.26

+0.14

Calmar ratioReturn relative to maximum drawdown

2.83

2.21

+0.63

Martin ratioReturn relative to average drawdown

10.18

8.68

+1.50

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

The current VXM-B.TO Sharpe Ratio is 2.16, which is higher than the CMAR.TO Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of VXM-B.TO and CMAR.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. CMAR.TO - Drawdown Comparison

The maximum VXM-B.TO drawdown since its inception was -38.71%, which is greater than CMAR.TO's maximum drawdown of -12.07%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and CMAR.TO.

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Drawdown Indicators

VXM-B.TOCMAR.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-12.07%

-26.64%

Max Drawdown (1Y)

Largest decline over 1 year

-10.33%

-1.92%

-8.41%

Max Drawdown (3Y)

Largest decline over 3 years

-13.31%

-5.60%

-7.71%

Max Drawdown (5Y)

Largest decline over 5 years

-22.12%

-12.07%

-10.05%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

—

—

Current Drawdown

Current decline from peak

-1.90%

-0.55%

-1.35%

Average Drawdown

Average peak-to-trough decline

-7.76%

-2.83%

-4.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

0.49%

+2.38%

Volatility

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

CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) has a higher volatility of 3.79% compared to CI Marret Alternative Absolute Return Bond Fund (CMAR.TO) at 0.91%. This indicates that VXM-B.TO's price experiences larger fluctuations and is considered to be riskier than CMAR.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.TOCMAR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.79%

0.91%

+2.88%

Volatility (6M)

Calculated over the trailing 6-month period

11.20%

2.07%

+9.13%

Volatility (1Y)

Calculated over the trailing 1-year period

13.59%

3.51%

+10.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.77%

5.81%

+7.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

5.36%

+9.75%

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 1.97%, less than CMAR.TO's 4.45% yield.

PositionTTM20252024202320222021202020192018201720162015
CMAR.TO
CI Marret Alternative Absolute Return Bond Fund		4.45%4.42%4.44%4.39%3.49%2.93%2.39%0.00%0.00%0.00%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 CMAR.TO have a correlation of 0.25, 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 CMAR.TO is Nontraditional Bonds.

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