VXM-B.TO vs. ETHX-U.TO

Last updated Jul 18, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and ETHX-U.TO (CI Galaxy Ethereum ETF (US$ Series)) 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 ETHX-U.TO is a Cryptocurrency fund actively managed by CI. VXM-B.TO is passively managed, while ETHX-U.TO is actively managed. Over the past 5 years, VXM-B.TO returned 17.68%/yr vs 1.11%/yr for ETHX-U.TO. At a 0.13 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. ETHX-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) and CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VXM-B.TO is traded in CAD, while ETHX-U.TO is traded in USD. To make them comparable, the ETHX-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VXM-B.TO achieves a 11.11% return, which is significantly higher than ETHX-U.TO's -35.24% 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%

ETHX-U.TO

• 1D: -2.56%
• 1M: 4.73%
• 6M: -42.25%
• YTD: -35.24%
• 1Y: -43.18%
• 3Y*: 1.20%
• 5Y*: 1.11%
• 10Y*: —

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

VXM-B.TO vs. ETHX-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	11.11%	46.74%	18.34%	18.89%	-2.50%	0.38%
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	-35.24%	-15.57%	55.61%	88.71%	-65.91%	66.78%

Correlation

The correlation between VXM-B.TO and ETHX-U.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.13

The correlation between VXM-B.TO and ETHX-U.TO shifts across timeframes, from 0.12 (3 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VXM-B.TO vs. ETHX-U.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: 80
VXM-B.TO Sharpe Ratio Rank: 86
VXM-B.TO Sortino Ratio Rank: 84
VXM-B.TO Omega Ratio Rank: 84
VXM-B.TO Calmar Ratio Rank: 73
VXM-B.TO Martin Ratio Rank: 73

ETHX-U.TO

ETHX-U.TO Risk / Return Rank: 4
ETHX-U.TO Sharpe Ratio Rank: 4
ETHX-U.TO Sortino Ratio Rank: 4
ETHX-U.TO Omega Ratio Rank: 4
ETHX-U.TO Calmar Ratio Rank: 4
ETHX-U.TO Martin Ratio Rank: 5

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. ETHX-U.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 Galaxy Ethereum ETF (US$ Series) (ETHX-U.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	ETHX-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.16	-0.64	+2.80
Sortino ratio: Return per unit of downside risk	2.97	-0.72	+3.69
Omega ratio: Gain probability vs. loss probability	1.39	0.92	+0.47
Calmar ratio: Return relative to maximum drawdown	2.83	-0.64	+3.47
Martin ratio: Return relative to average drawdown	10.18	-0.98	+11.16

VXM-B.TO vs. ETHX-U.TO - Sharpe Ratio Comparison

The current VXM-B.TO Sharpe Ratio is 2.16, which is higher than the ETHX-U.TO Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of VXM-B.TO and ETHX-U.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. ETHX-U.TO - Drawdown Comparison

The maximum VXM-B.TO drawdown since its inception was -38.71%, smaller than the maximum ETHX-U.TO drawdown of -78.30%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and ETHX-U.TO.

Drawdown Indicators

	VXM-B.TO	ETHX-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-78.30%	+39.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-67.75%	+57.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-67.75%	+54.44%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-78.30%	+56.18%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-1.90%	-61.05%	+59.15%
Average Drawdown Average peak-to-trough decline	-7.76%	-43.13%	+35.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	44.17%	-41.30%

Volatility

VXM-B.TO vs. ETHX-U.TO - Volatility Comparison

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.79%, while CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) has a volatility of 15.13%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than ETHX-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM-B.TO	ETHX-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	15.13%	-11.34%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	46.51%	-35.31%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	68.13%	-54.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	71.16%	-57.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	74.00%	-58.89%

Dividends

VXM-B.TO vs. ETHX-U.TO - Dividend Comparison

VXM-B.TO's dividend yield for the trailing twelve months is around 1.97%, while ETHX-U.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	0.00%	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)	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

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

VXM-B.TO and ETHX-U.TO have a correlation of 0.23, 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 ETHX-U.TO?

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while ETHX-U.TO is Cryptocurrency.