VXM-B.TO vs. VEQT.TO

Last updated Jun 4, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and VEQT.TO (Vanguard All-Equity ETF Portfolio) 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 VEQT.TO is a Global Equities fund actively managed by Vanguard. VXM-B.TO is passively managed, while VEQT.TO is actively managed. Over the past 5 years, VXM-B.TO returned 17.51%/yr vs 14.01%/yr for VEQT.TO. At a 0.43 correlation, their price movements are largely independent. VXM-B.TO charges 0.66%/yr vs 0.24%/yr for VEQT.TO.

Performance

VXM-B.TO vs. VEQT.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 Vanguard All-Equity ETF Portfolio (VEQT.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 VEQT.TO's 12.75% 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%

VEQT.TO

• 1D: -0.54%
• 1M: 6.10%
• YTD: 12.75%
• 6M: 12.66%
• 1Y: 31.65%
• 3Y*: 22.37%
• 5Y*: 14.01%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	10.02%	46.74%	18.25%	18.98%	-2.49%	9.58%	-10.23%	4.93%
VEQT.TO Vanguard All-Equity ETF Portfolio	12.75%	20.37%	24.73%	16.70%	-10.76%	19.62%	11.42%	12.94%

Correlation

The correlation between VXM-B.TO and VEQT.TO is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 6, 2019	0.43

Over the past year, VXM-B.TO and VEQT.TO have become more correlated (0.64) than their long-term average of 0.43, meaning their price movements have been converging.

Return for Risk

VXM-B.TO vs. VEQT.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

VEQT.TO

VEQT.TO Risk / Return Rank: 81
VEQT.TO Sharpe Ratio Rank: 82
VEQT.TO Sortino Ratio Rank: 83
VEQT.TO Omega Ratio Rank: 82
VEQT.TO Calmar Ratio Rank: 76
VEQT.TO Martin Ratio Rank: 83

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. VEQT.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 All-Equity ETF Portfolio (VEQT.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	VEQT.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.74	-0.20
Sortino ratio: Return per unit of downside risk	3.37	3.77	-0.41
Omega ratio: Gain probability vs. loss probability	1.46	1.51	-0.05
Calmar ratio: Return relative to maximum drawdown	3.36	3.95	-0.59
Martin ratio: Return relative to average drawdown	12.41	17.38	-4.97
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. VEQT.TO - Sharpe Ratio Comparison

The current VXM-B.TO Sharpe Ratio is 2.54, which is comparable to the VEQT.TO Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of VXM-B.TO and VEQT.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	VEQT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.74	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.74	1.09	+0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.91	-0.03

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -35.51%, which is greater than VEQT.TO's maximum drawdown of -30.45%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and VEQT.TO.

Drawdown Indicators

	VXM-B.TO	VEQT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.51%	-30.45%	-5.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-8.05%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-15.46%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-18.32%	-3.80%
Max Drawdown (10Y) Largest decline over 10 years	-35.51%	—	—
Current Drawdown Current decline from peak	-2.87%	-0.54%	-2.33%
Average Drawdown Average peak-to-trough decline	-5.94%	-3.71%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	1.83%	+0.94%

Volatility

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

CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) and Vanguard All-Equity ETF Portfolio (VEQT.TO) have volatilities of 3.79% and 3.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM-B.TO	VEQT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	3.68%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	10.48%	9.37%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	11.61%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	12.90%	+5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	15.77%	+3.14%

VXM-B.TO vs. VEQT.TO - Expense Ratio Comparison

VXM-B.TO has a 0.66% expense ratio, which is higher than VEQT.TO's 0.24% expense ratio.

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.33%, more than VEQT.TO's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEQT.TO Vanguard All-Equity ETF Portfolio	1.26%	1.42%	1.58%	1.88%	2.09%	1.40%	1.48%	1.42%	0.00%	0.00%	0.00%	0.00%
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 VEQT.TO in my portfolio?

VXM-B.TO and VEQT.TO have a correlation of 0.64, 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 VEQT.TO?

On fees, VEQT.TO is cheaper at 0.24% 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 VEQT.TO?

VEQT.TO is cheaper with a 0.24% expense ratio, compared with 0.66% for VXM-B.TO.

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

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while VEQT.TO is Global Equities. They also come from different issuers: CI and Vanguard. Their fees differ too: 0.66% for VXM-B.TO and 0.24% for VEQT.TO.