VXM-B.TO vs. VE.TO
VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and VE.TO (Vanguard FTSE Developed Europe All Cap 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 VE.TO is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, VXM-B.TO returned 11.90%/yr vs 9.78%/yr for VE.TO. A 0.53 correlation means they provide meaningful diversification when combined. VXM-B.TO charges 0.66%/yr vs 0.22%/yr for VE.TO.
Performance
VXM-B.TO vs. VE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VXM-B.TO achieves a 10.02% return, which is significantly higher than VE.TO's 6.65% return. Over the past 10 years, VXM-B.TO has outperformed VE.TO with an annualized return of 11.90%, while VE.TO has yielded a comparatively lower 9.78% 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%
VE.TO
- 1D
- -0.65%
- 1M
- 4.95%
- YTD
- 6.65%
- 6M
- 8.13%
- 1Y
- 18.98%
- 3Y*
- 17.46%
- 5Y*
- 11.07%
- 10Y*
- 9.78%
VXM-B.TO vs. VE.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% |
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF | 6.65% | 29.58% | 10.77% | 16.67% | -10.07% | 15.65% | 3.00% | 18.14% | -7.96% | 18.82% |
Correlation
The correlation between VXM-B.TO and VE.TO is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2014 | 0.53 |
The correlation between VXM-B.TO and VE.TO shifts across timeframes, from 0.44 (5 years) to 0.72 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VXM-B.TO vs. VE.TO — Risk / Return Rank
VXM-B.TO
VE.TO
VXM-B.TO vs. VE.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 Vanguard FTSE Developed Europe All Cap Index ETF (VE.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 | VE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.23 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 1.50 | +1.85 |
| Martin ratioReturn relative to average drawdown | 12.41 | 5.84 | +6.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VXM-B.TO | VE.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 1.28 | +1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.74 | 0.74 | +1.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.95 | 0.61 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.54 | +0.33 |
Drawdowns
VXM-B.TO vs. VE.TO - Drawdown Comparison
The maximum VXM-B.TO drawdown since its inception was -35.51%, which is greater than VE.TO's maximum drawdown of -31.66%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and VE.TO.
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Drawdown Indicators
| VXM-B.TO | VE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.51% | -31.66% | -3.85% |
Max Drawdown (1Y)Largest decline over 1 year | -10.33% | -12.68% | +2.35% |
Max Drawdown (3Y)Largest decline over 3 years | -13.31% | -14.67% | +1.36% |
Max Drawdown (5Y)Largest decline over 5 years | -22.12% | -27.26% | +5.14% |
Max Drawdown (10Y)Largest decline over 10 years | -35.51% | -31.66% | -3.85% |
Current DrawdownCurrent decline from peak | -2.87% | -2.80% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -5.94% | -5.60% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 3.26% | -0.49% |
Volatility
VXM-B.TO vs. VE.TO - Volatility Comparison
The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.79%, while Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) has a volatility of 6.11%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than VE.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.TO | VE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.79% | 6.11% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.48% | 12.48% | -2.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 14.90% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.04% | 15.04% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.91% | 16.20% | +2.71% |
VXM-B.TO vs. VE.TO - Expense Ratio Comparison
VXM-B.TO has a 0.66% expense ratio, which is higher than VE.TO's 0.22% expense ratio.
Dividends
VXM-B.TO vs. VE.TO - Dividend Comparison
VXM-B.TO's dividend yield for the trailing twelve months is around 2.33%, less than VE.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF | 2.42% | 2.58% | 2.97% | 2.97% | 3.20% | 2.97% | 2.41% | 3.79% | 3.57% | 2.22% | 2.33% | 2.47% |
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
VXM-B.TO and VE.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VE.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VE.TO is cheaper with a 0.22% expense ratio, compared with 0.66% for VXM-B.TO.
VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while VE.TO is Europe Equities. VXM-B.TO tracks Morningstar Developed Markets ex-North America Target Value Index, while VE.TO tracks FTSE Developed Europe All Cap Index. They also come from different issuers: CI and Vanguard. Their fees differ too: 0.66% for VXM-B.TO and 0.22% for VE.TO.
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