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

VXM-B.TO vs. QXM.TO

Last updated Jul 18, 2026
Documentation

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and QXM.TO (CI Morningstar National Bank Québec 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 QXM.TO is a Canada Equities fund managed by CI. Over the past 10 years, VXM-B.TO returned 11.77%/yr vs 10.29%/yr for QXM.TO. At a 0.32 correlation, their price movements are largely independent.

Performance

VXM-B.TO vs. QXM.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 Morningstar National Bank Québec Index ETF (QXM.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 QXM.TO's 5.72% return. Over the past 10 years, VXM-B.TO has outperformed QXM.TO with an annualized return of 11.77%, while QXM.TO has yielded a comparatively lower 10.29% 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%

QXM.TO

1D
0.02%
1M
0.17%
6M
2.02%
YTD
5.72%
1Y
19.05%
3Y*
16.63%
5Y*
10.66%
10Y*
10.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXM-B.TO vs. QXM.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%
QXM.TO
CI Morningstar National Bank Québec Index ETF		5.72%23.46%20.08%13.24%-6.91%16.60%1.63%24.81%-9.15%15.66%

Correlation

The correlation between VXM-B.TO and QXM.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.29

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

0.31

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

0.36

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2014

0.32

The correlation between VXM-B.TO and QXM.TO shifts across timeframes, from 0.29 (3 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

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CI Morningstar International Value Index ETF (Unhedged)

CI Morningstar National Bank Québec Index 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 QXM.TO:
QXM.TO vs. CBCX.TOQXM.TO vs. DMEC.TOQXM.TO vs. NXF.TOQXM.TO vs. CMNY.TOQXM.TO vs. EHE.TOQXM.TO vs. TLV.TOQXM.TO vs. XEI.TO

Return for Risk

VXM-B.TO vs. QXM.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
QXM.TO
QXM.TO Risk / Return Rank: 5959
Overall Rank
QXM.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
QXM.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
QXM.TO Omega Ratio Rank: 6060
Omega Ratio Rank
QXM.TO Calmar Ratio Rank: 5757
Calmar Ratio Rank
QXM.TO Martin Ratio Rank: 6161
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. QXM.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 Morningstar National Bank Québec Index ETF (QXM.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.TOQXM.TODifference
Sharpe ratioReturn per unit of total volatility
2.16
1.46

+0.69

Sortino ratioReturn per unit of downside risk
2.97
2.18

+0.79

Omega ratioGain probability vs. loss probability

1.39

1.28

+0.11

Calmar ratioReturn relative to maximum drawdown

2.83

2.17

+0.66

Martin ratioReturn relative to average drawdown

10.18

7.97

+2.21

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

The current VXM-B.TO Sharpe Ratio is 2.16, which is higher than the QXM.TO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VXM-B.TO and QXM.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. QXM.TO - Drawdown Comparison

The maximum VXM-B.TO drawdown since its inception was -38.71%, roughly equal to the maximum QXM.TO drawdown of -40.65%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and QXM.TO.

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Drawdown Indicators

VXM-B.TOQXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-40.65%

+1.94%

Max Drawdown (1Y)

Largest decline over 1 year

-10.33%

-9.38%

-0.95%

Max Drawdown (3Y)

Largest decline over 3 years

-13.31%

-15.72%

+2.41%

Max Drawdown (5Y)

Largest decline over 5 years

-22.12%

-23.01%

+0.89%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

-40.65%

+1.94%

Current Drawdown

Current decline from peak

-1.90%

-1.70%

-0.20%

Average Drawdown

Average peak-to-trough decline

-7.76%

-4.18%

-3.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

2.55%

+0.32%

Volatility

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

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.79%, while CI Morningstar National Bank Québec Index ETF (QXM.TO) has a volatility of 5.73%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than QXM.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.TOQXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.79%

5.73%

-1.94%

Volatility (6M)

Calculated over the trailing 6-month period

11.20%

12.25%

-1.05%

Volatility (1Y)

Calculated over the trailing 1-year period

13.59%

13.91%

-0.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.77%

14.01%

-0.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

15.71%

-0.60%

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 1.97%, more than QXM.TO's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
QXM.TO
CI Morningstar National Bank Québec Index ETF		1.01%1.17%1.27%1.39%1.51%1.02%1.27%1.39%1.65%1.36%1.56%1.52%
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 QXM.TO have a correlation of 0.40, 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 QXM.TO is Canada Equities.

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