VXM-B.TO vs. NXF.TO

Last updated Jun 4, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and NXF.TO (CI Energy Giants Covered Call ETF Common Units (CAD Hedged)) 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 NXF.TO is a Energy Equities fund actively managed by CI. VXM-B.TO is passively managed, while NXF.TO is actively managed. Over the past 10 years, VXM-B.TO returned 11.90%/yr vs 8.23%/yr for NXF.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. NXF.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 Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.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 10.02% return, which is significantly lower than NXF.TO's 32.43% return. Over the past 10 years, VXM-B.TO has outperformed NXF.TO with an annualized return of 11.90%, while NXF.TO has yielded a comparatively lower 8.23% annualized return.

VXM-B.TO

• 1D: -0.14%
• 1M: 3.74%
• YTD: 10.02%
• 6M: 12.18%
• 1Y: 33.73%
• 3Y*: 28.33%
• 5Y*: 17.51%
• 10Y*: 11.90%

NXF.TO

• 1D: 1.17%
• 1M: -2.11%
• YTD: 32.43%
• 6M: 29.37%
• 1Y: 45.90%
• 3Y*: 15.64%
• 5Y*: 17.39%
• 10Y*: 8.23%

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

VXM-B.TO vs. NXF.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)	10.02%	46.74%	18.25%	18.98%	-2.49%	9.58%	-10.23%	9.77%	-6.79%	22.82%
NXF.TO CI Energy Giants Covered Call ETF Common Units (CAD Hedged)	32.43%	9.19%	-4.66%	6.48%	43.93%	40.64%	-35.30%	6.23%	-9.27%	3.08%

Correlation

The correlation between VXM-B.TO and NXF.TO is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Feb 13, 2015	0.22

The correlation between VXM-B.TO and NXF.TO shifts across timeframes, from -0.02 (1 year) to 0.23 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

VXM-B.TO vs. NXF.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: 73
VXM-B.TO Sharpe Ratio Rank: 79
VXM-B.TO Sortino Ratio Rank: 75
VXM-B.TO Omega Ratio Rank: 77
VXM-B.TO Calmar Ratio Rank: 68
VXM-B.TO Martin Ratio Rank: 68

NXF.TO

NXF.TO Risk / Return Rank: 73
NXF.TO Sharpe Ratio Rank: 73
NXF.TO Sortino Ratio Rank: 66
NXF.TO Omega Ratio Rank: 64
NXF.TO Calmar Ratio Rank: 87
NXF.TO Martin Ratio Rank: 74

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. NXF.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 Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.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.

	VXM-B.TO	NXF.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.36	+0.18
Sortino ratio: Return per unit of downside risk	3.37	3.03	+0.34
Omega ratio: Gain probability vs. loss probability	1.46	1.38	+0.07
Calmar ratio: Return relative to maximum drawdown	3.36	4.90	-1.55
Martin ratio: Return relative to average drawdown	12.41	13.97	-1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VXM-B.TO Sharpe Ratio is 2.54, which is comparable to the NXF.TO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of VXM-B.TO and NXF.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.

Sharpe Ratios by Period

	VXM-B.TO	NXF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.36	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.74	0.75	+1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	0.32	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.22	+0.66

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -35.51%, smaller than the maximum NXF.TO drawdown of -65.25%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and NXF.TO.

Drawdown Indicators

	VXM-B.TO	NXF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.51%	-65.25%	+29.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-9.41%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-24.26%	+10.95%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-24.26%	+2.14%
Max Drawdown (10Y) Largest decline over 10 years	-35.51%	-65.25%	+29.74%
Current Drawdown Current decline from peak	-2.87%	-5.01%	+2.14%
Average Drawdown Average peak-to-trough decline	-5.94%	-16.04%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.30%	-0.53%

Volatility

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

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.79%, while CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO) has a volatility of 7.55%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than NXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM-B.TO	NXF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	7.55%	-3.76%
Volatility (6M) Calculated over the trailing 6-month period	10.48%	15.65%	-5.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	19.57%	-5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	23.39%	-5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	26.16%	-7.25%

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.33%, less than NXF.TO's 8.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NXF.TO CI Energy Giants Covered Call ETF Common Units (CAD Hedged)	8.04%	7.70%	8.50%	8.60%	11.22%	9.48%	11.23%	7.83%	9.38%	6.50%	8.24%	8.05%
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	2.33%	2.21%	3.97%	3.66%	3.67%	2.05%	2.18%	1.59%	6.77%	1.52%	1.92%	2.16%

Frequently Asked Questions

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

VXM-B.TO and NXF.TO have a correlation of -0.02, 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 NXF.TO?

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while NXF.TO is Energy Equities.