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

VXM-B.TO vs. FSF.TO

Last updated Jul 18, 2026
Documentation

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and FSF.TO (CI Global Financial Sector 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 FSF.TO is a Financials Equities fund actively managed by CI. VXM-B.TO is passively managed, while FSF.TO is actively managed. Over the past 10 years, VXM-B.TO returned 11.77%/yr vs 21.54%/yr for FSF.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. FSF.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 Global Financial Sector ETF (FSF.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 FSF.TO's 7.53% return. Over the past 10 years, VXM-B.TO has underperformed FSF.TO with an annualized return of 11.77%, while FSF.TO has yielded a comparatively higher 21.54% annualized 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%

FSF.TO

1D
0.49%
1M
3.43%
6M
5.04%
YTD
7.53%
1Y
18.90%
3Y*
23.65%
5Y*
12.80%
10Y*
21.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
VXM-B.TO
CI Morningstar International Value Index ETF (Unhedged)		11.11%46.74%18.34%18.89%-2.50%9.58%-10.23%9.77%-11.40%22.82%
FSF.TO
CI Global Financial Sector ETF		7.53%20.68%33.83%10.49%-11.77%30.71%-1.98%25.77%-21.19%23.28%

Correlation

The correlation between VXM-B.TO and FSF.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.18

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

0.27

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

0.33

Correlation (10Y)
Calculated over the trailing 10-year period

0.30

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2014

0.29

The correlation between VXM-B.TO and FSF.TO shifts across timeframes, from 0.18 (1 year) to 0.33 (5 years), 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 Global Financial Sector ETF

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 FSF.TO:
FSF.TO vs. EHE.TOFSF.TO vs. CAGG.TOFSF.TO vs. CGRE.TOFSF.TO vs. CGXF.TOFSF.TO vs. CMAG.TOFSF.TO vs. HXF.TOFSF.TO vs. CBCX.TO

Return for Risk

VXM-B.TO vs. FSF.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
FSF.TO
FSF.TO Risk / Return Rank: 4242
Overall Rank
FSF.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FSF.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
FSF.TO Omega Ratio Rank: 5151
Omega Ratio Rank
FSF.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
FSF.TO Martin Ratio Rank: 3434
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. FSF.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 Global Financial Sector ETF (FSF.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.TOFSF.TODifference
Sharpe ratioReturn per unit of total volatility
2.16
1.25

+0.91

Sortino ratioReturn per unit of downside risk
2.97
1.83

+1.14

Omega ratioGain probability vs. loss probability

1.39

1.25

+0.14

Calmar ratioReturn relative to maximum drawdown

2.83

1.30

+1.53

Martin ratioReturn relative to average drawdown

10.18

3.82

+6.35

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

The current VXM-B.TO Sharpe Ratio is 2.16, which is higher than the FSF.TO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of VXM-B.TO and FSF.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. FSF.TO - Drawdown Comparison

The maximum VXM-B.TO drawdown since its inception was -38.71%, smaller than the maximum FSF.TO drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and FSF.TO.

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Drawdown Indicators

VXM-B.TOFSF.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-73.78%

+35.07%

Max Drawdown (1Y)

Largest decline over 1 year

-10.33%

-15.09%

+4.76%

Max Drawdown (3Y)

Largest decline over 3 years

-13.31%

-17.26%

+3.95%

Max Drawdown (5Y)

Largest decline over 5 years

-22.12%

-26.08%

+3.96%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

-73.78%

+35.07%

Current Drawdown

Current decline from peak

-1.90%

0.00%

-1.90%

Average Drawdown

Average peak-to-trough decline

-7.76%

-16.22%

+8.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

5.11%

-2.24%

Volatility

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

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.79%, while CI Global Financial Sector ETF (FSF.TO) has a volatility of 4.66%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than FSF.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.TOFSF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.79%

4.66%

-0.87%

Volatility (6M)

Calculated over the trailing 6-month period

11.20%

12.94%

-1.74%

Volatility (1Y)

Calculated over the trailing 1-year period

13.59%

15.80%

-2.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.77%

19.38%

-5.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

212.64%

-197.53%

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 1.97%, more than FSF.TO's 1.36% yield.

PositionTTM20252024202320222021202020192018201720162015
FSF.TO
CI Global Financial Sector ETF		1.36%1.28%1.41%2.10%2.35%0.74%1.28%1.91%2.30%0.96%0.79%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 FSF.TO have a correlation of 0.18, 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 FSF.TO is Financials Equities.

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