VXM-B.TO vs. VXM.TO

Last updated Jul 1, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and VXM.TO (CI Morningstar International Value 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 VXM.TO is a International Equity fund tracking the Morningstar® Developed Markets ex-North America Target Value Index. Both are passively managed. Over the past 10 years, VXM-B.TO returned 12.06%/yr vs 14.15%/yr for VXM.TO. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.66% expense ratio.

Performance

VXM-B.TO vs. VXM.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 International Value CAD Hedged (VXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VXM-B.TO having a 8.67% return and VXM.TO slightly lower at 8.58%. Over the past 10 years, VXM-B.TO has underperformed VXM.TO with an annualized return of 12.06%, while VXM.TO has yielded a comparatively higher 14.15% annualized return.

VXM-B.TO

• 1D: -1.19%
• 1M: -2.28%
• YTD: 8.67%
• 6M: 8.70%
• 1Y: 28.44%
• 3Y*: 27.12%
• 5Y*: 17.52%
• 10Y*: 12.06%

VXM.TO

• 1D: -0.92%
• 1M: -1.41%
• YTD: 8.58%
• 6M: 8.33%
• 1Y: 32.24%
• 3Y*: 26.49%
• 5Y*: 19.92%
• 10Y*: 14.15%

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

VXM-B.TO vs. VXM.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)	8.67%	46.74%	18.34%	18.89%	-2.50%	9.58%	-10.23%	9.77%	-11.40%	22.82%
VXM.TO CI Morningstar International Value CAD Hedged	8.58%	44.77%	19.29%	24.08%	3.19%	19.09%	-13.99%	16.55%	-15.76%	24.08%

Correlation

The correlation between VXM-B.TO and VXM.TO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Nov 24, 2014	0.47

Over the past year, VXM-B.TO and VXM.TO have become more correlated (0.79) than their long-term average of 0.47, meaning their price movements have been converging.

Return for Risk

VXM-B.TO vs. VXM.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: 72
VXM-B.TO Sharpe Ratio Rank: 78
VXM-B.TO Sortino Ratio Rank: 76
VXM-B.TO Omega Ratio Rank: 77
VXM-B.TO Calmar Ratio Rank: 66
VXM-B.TO Martin Ratio Rank: 65

VXM.TO

VXM.TO Risk / Return Rank: 83
VXM.TO Sharpe Ratio Rank: 88
VXM.TO Sortino Ratio Rank: 87
VXM.TO Omega Ratio Rank: 88
VXM.TO Calmar Ratio Rank: 78
VXM.TO Martin Ratio Rank: 75

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. VXM.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 International Value CAD Hedged (VXM.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.TO	VXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.44	-0.30
Sortino ratio: Return per unit of downside risk	2.91	3.34	-0.43
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.07
Calmar ratio: Return relative to maximum drawdown	2.76	3.45	-0.68
Martin ratio: Return relative to average drawdown	9.99	11.81	-1.82

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

The current VXM-B.TO Sharpe Ratio is 2.14, which is comparable to the VXM.TO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of VXM-B.TO and VXM.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.

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -38.71%, smaller than the maximum VXM.TO drawdown of -42.73%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and VXM.TO.

Drawdown Indicators

	VXM-B.TO	VXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-42.73%	+4.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-9.40%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-13.71%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-22.12%	-14.47%	-7.65%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	-42.73%	+4.02%
Current Drawdown Current decline from peak	-4.06%	-4.85%	+0.79%
Average Drawdown Average peak-to-trough decline	-7.79%	-7.53%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.74%	+0.11%

Volatility

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

CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) and CI Morningstar International Value CAD Hedged (VXM.TO) have volatilities of 3.76% and 3.87%, 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	VXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.87%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	11.50%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	13.28%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	14.80%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	16.68%	-1.53%

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

Both VXM-B.TO and VXM.TO have an expense ratio of 0.66%.

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.01%, more than VXM.TO's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VXM-B.TO CI Morningstar International Value Index ETF (Unhedged)	2.01%	2.21%	3.97%	3.67%	3.67%	2.05%	2.18%	1.59%	2.05%	1.52%	1.42%	1.04%
VXM.TO CI Morningstar International Value CAD Hedged	1.85%	2.03%	3.60%	3.37%	3.53%	2.08%	2.27%	1.56%	2.07%	1.51%	1.85%	2.30%

Frequently Asked Questions

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

VXM-B.TO and VXM.TO have a correlation of 0.79, 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 VXM.TO?

Both ETFs have the same 0.66% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VXM-B.TO or VXM.TO?

VXM-B.TO and VXM.TO have the same expense ratio: 0.66% per year.

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

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while VXM.TO is International Equity. VXM-B.TO tracks Morningstar Developed Markets ex-North America Target Value Index, while VXM.TO tracks Morningstar® Developed Markets ex-North America Target Value Index. They also come from different issuers: CI and CI Investments.