VXM-B.TO vs. EHE.TO

Last updated Jul 1, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and EHE.TO (CI Europe Hedged Equity Index 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 EHE.TO is a Europe Equities fund tracking the WisdomTree Europe CAD-Hedged Equity Index. Both are passively managed. Over the past 5 years, VXM-B.TO returned 17.52%/yr vs 10.01%/yr for EHE.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. EHE.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 Europe Hedged Equity Index ETF (EHE.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 8.67% return, which is significantly higher than EHE.TO's 7.41% 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%

EHE.TO

• 1D: 0.58%
• 1M: 1.53%
• YTD: 7.41%
• 6M: 7.99%
• 1Y: 17.80%
• 3Y*: 13.93%
• 5Y*: 10.01%
• 10Y*: —

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

VXM-B.TO vs. EHE.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)	8.67%	46.74%	18.34%	18.89%	-2.50%	9.58%	-10.23%	9.77%	-11.40%	22.82%
EHE.TO CI Europe Hedged Equity Index ETF	7.41%	22.91%	4.19%	22.26%	-10.45%	23.79%	-5.96%	24.49%	-10.68%	15.40%

Correlation

The correlation between VXM-B.TO and EHE.TO is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 15, 2016	0.29

Over the past year, the correlation between VXM-B.TO and EHE.TO has dropped to 0.06 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Return for Risk

VXM-B.TO vs. EHE.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: 72
VXM-B.TO Sharpe Ratio Rank: 78
VXM-B.TO Sortino Ratio Rank: 76
VXM-B.TO Omega Ratio Rank: 77
VXM-B.TO Calmar Ratio Rank: 66
VXM-B.TO Martin Ratio Rank: 65

EHE.TO

EHE.TO Risk / Return Rank: 40
EHE.TO Sharpe Ratio Rank: 38
EHE.TO Sortino Ratio Rank: 40
EHE.TO Omega Ratio Rank: 40
EHE.TO Calmar Ratio Rank: 38
EHE.TO Martin Ratio Rank: 44

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. EHE.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 Europe Hedged Equity Index ETF (EHE.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.TO	EHE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.22	+0.92
Sortino ratio: Return per unit of downside risk	2.91	1.82	+1.09
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.15
Calmar ratio: Return relative to maximum drawdown	2.76	1.68	+1.09
Martin ratio: Return relative to average drawdown	9.99	6.34	+3.66

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

The current VXM-B.TO Sharpe Ratio is 2.14, which is higher than the EHE.TO Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of VXM-B.TO and EHE.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.

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -38.71%, roughly equal to the maximum EHE.TO drawdown of -38.20%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and EHE.TO.

Drawdown Indicators

	VXM-B.TO	EHE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-38.20%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-11.85%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-16.30%	+2.99%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-22.91%	+0.79%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-4.06%	-0.97%	-3.09%
Average Drawdown Average peak-to-trough decline	-7.79%	-5.32%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.13%	-0.28%

Volatility

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

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.76%, while CI Europe Hedged Equity Index ETF (EHE.TO) has a volatility of 5.06%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than EHE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM-B.TO	EHE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	5.06%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	13.37%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	16.28%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	18.09%	-4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	17.45%	-2.30%

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.01%, less than EHE.TO's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EHE.TO CI Europe Hedged Equity Index ETF	2.16%	2.16%	4.38%	3.30%	2.19%	1.90%	2.55%	2.02%	2.08%	1.37%	0.13%	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

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

VXM-B.TO and EHE.TO have a correlation of 0.06, 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 EHE.TO?

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while EHE.TO is Europe Equities. VXM-B.TO tracks Morningstar Developed Markets ex-North America Target Value Index, while EHE.TO tracks WisdomTree Europe CAD-Hedged Equity Index.