VXM-B.TO vs. FCIM.NEO

Last updated Jul 1, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and FCIM.NEO (Fidelity International Momentum 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 FCIM.NEO is a Momentum fund tracking the Fidelity Canada International Momentum Index. Both are passively managed. Over the past 5 years, VXM-B.TO returned 17.52%/yr vs 18.70%/yr for FCIM.NEO. At a 0.36 correlation, their price movements are largely independent. VXM-B.TO charges 0.66%/yr vs 0.45%/yr for FCIM.NEO.

Performance

VXM-B.TO vs. FCIM.NEO - 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 Fidelity International Momentum Index ETF (FCIM.NEO). 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 lower than FCIM.NEO's 23.73% 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%

FCIM.NEO

• 1D: 0.94%
• 1M: 3.53%
• YTD: 23.73%
• 6M: 23.02%
• 1Y: 39.46%
• 3Y*: 31.36%
• 5Y*: 18.70%
• 10Y*: —

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

VXM-B.TO vs. FCIM.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	8.67%	46.74%	18.34%	18.89%	-2.50%	9.58%	5.89%
FCIM.NEO Fidelity International Momentum Index ETF	23.73%	37.03%	25.38%	16.54%	-12.40%	10.86%	18.15%

Correlation

The correlation between VXM-B.TO and FCIM.NEO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020	0.36

Over the past year, VXM-B.TO and FCIM.NEO have become more correlated (0.63) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

VXM-B.TO vs. FCIM.NEO — 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

FCIM.NEO

FCIM.NEO Risk / Return Rank: 77
FCIM.NEO Sharpe Ratio Rank: 77
FCIM.NEO Sortino Ratio Rank: 83
FCIM.NEO Omega Ratio Rank: 81
FCIM.NEO Calmar Ratio Rank: 70
FCIM.NEO Martin Ratio Rank: 75

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. FCIM.NEO - 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 Fidelity International Momentum Index ETF (FCIM.NEO). 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	FCIM.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.09	+0.05
Sortino ratio: Return per unit of downside risk	2.91	3.13	-0.22
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	2.76	3.00	-0.24
Martin ratio: Return relative to average drawdown	9.99	11.90	-1.90

VXM-B.TO vs. FCIM.NEO - Sharpe Ratio Comparison

The current VXM-B.TO Sharpe Ratio is 2.14, which is comparable to the FCIM.NEO Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of VXM-B.TO and FCIM.NEO, 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. FCIM.NEO - Drawdown Comparison

The maximum VXM-B.TO drawdown since its inception was -38.71%, which is greater than FCIM.NEO's maximum drawdown of -26.89%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and FCIM.NEO.

Drawdown Indicators

	VXM-B.TO	FCIM.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-26.89%	-11.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-13.21%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-13.21%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-26.89%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-4.06%	-2.94%	-1.12%
Average Drawdown Average peak-to-trough decline	-7.79%	-5.39%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.33%	-0.48%

Volatility

VXM-B.TO vs. FCIM.NEO - Volatility Comparison

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.76%, while Fidelity International Momentum Index ETF (FCIM.NEO) has a volatility of 10.19%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than FCIM.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM-B.TO	FCIM.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	10.19%	-6.43%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	16.88%	-5.99%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	18.99%	-5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	17.40%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	16.85%	-1.70%

VXM-B.TO vs. FCIM.NEO - Expense Ratio Comparison

VXM-B.TO has a 0.66% expense ratio, which is higher than FCIM.NEO's 0.45% expense ratio.

Dividends

VXM-B.TO vs. FCIM.NEO - Dividend Comparison

VXM-B.TO's dividend yield for the trailing twelve months is around 2.01%, more than FCIM.NEO's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCIM.NEO Fidelity International Momentum Index ETF	1.29%	1.59%	1.26%	1.70%	1.86%	2.70%	0.52%	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

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

VXM-B.TO and FCIM.NEO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VXM-B.TO or FCIM.NEO?

On fees, FCIM.NEO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VXM-B.TO or FCIM.NEO?

FCIM.NEO is cheaper with a 0.45% expense ratio, compared with 0.66% for VXM-B.TO.

What is the main difference between VXM-B.TO and FCIM.NEO?

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while FCIM.NEO is Momentum. VXM-B.TO tracks Morningstar Developed Markets ex-North America Target Value Index, while FCIM.NEO tracks Fidelity Canada International Momentum Index. They also come from different issuers: CI and Fidelity. Their fees differ too: 0.66% for VXM-B.TO and 0.45% for FCIM.NEO.