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

VXM-B.TO vs. XCSR.TO

Last updated Jun 4, 2026

VXM-B.TO (CI Morningstar International Value Index ETF (Unhedged)) and XCSR.TO (iShares ESG Advanced MSCI Canada 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 XCSR.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. Both are passively managed. Over the past 5 years, VXM-B.TO returned 17.51%/yr vs 13.38%/yr for XCSR.TO. At a 0.32 correlation, their price movements are largely independent. VXM-B.TO charges 0.66%/yr vs 0.17%/yr for XCSR.TO.

Performance

VXM-B.TO vs. XCSR.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 iShares ESG Advanced MSCI Canada Index ETF (XCSR.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 10.02% return, which is significantly higher than XCSR.TO's 6.62% 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%

XCSR.TO

1D
-1.10%
1M
4.20%
YTD
6.62%
6M
7.53%
1Y
30.67%
3Y*
24.50%
5Y*
13.38%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
VXM-B.TO
CI Morningstar International Value Index ETF (Unhedged)		10.02%46.74%18.25%18.98%-2.49%9.58%19.07%
XCSR.TO
iShares ESG Advanced MSCI Canada Index ETF		6.62%35.35%23.27%15.18%-14.41%22.30%4,511.52%

Correlation

The correlation between VXM-B.TO and XCSR.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.34

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

0.31

Correlation (All Time)
Calculated using the full available price history since Apr 23, 2020

0.32

The correlation between VXM-B.TO and XCSR.TO shifts across timeframes, from 0.31 (5 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

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CI Morningstar International Value Index ETF (Unhedged)

iShares ESG Advanced MSCI Canada 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 XCSR.TO:
XCSR.TO vs. XESG.TOXCSR.TO vs. XCS.TOXCSR.TO vs. XUSR.TOXCSR.TO vs. XMD.TOXCSR.TO vs. XEN.TOXCSR.TO vs. XIT.TOXCSR.TO vs. CSIQ

Return for Risk

VXM-B.TO vs. XCSR.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: 7373
Overall Rank
VXM-B.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
VXM-B.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
VXM-B.TO Omega Ratio Rank: 7777
Omega Ratio Rank
VXM-B.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
VXM-B.TO Martin Ratio Rank: 6868
Martin Ratio Rank
XCSR.TO
XCSR.TO Risk / Return Rank: 5858
Overall Rank
XCSR.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
XCSR.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
XCSR.TO Omega Ratio Rank: 5959
Omega Ratio Rank
XCSR.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
XCSR.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. XCSR.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 iShares ESG Advanced MSCI Canada Index ETF (XCSR.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.TOXCSR.TODifference
Sharpe ratioReturn per unit of total volatility
2.54
2.04

+0.50

Sortino ratioReturn per unit of downside risk
3.37
2.76

+0.61

Omega ratioGain probability vs. loss probability

1.46

1.36

+0.09

Calmar ratioReturn relative to maximum drawdown

3.36

2.77

+0.59

Martin ratioReturn relative to average drawdown

12.41

11.03

+1.38

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. XCSR.TO - Sharpe Ratio Comparison

The current VXM-B.TO Sharpe Ratio is 2.54, which is comparable to the XCSR.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VXM-B.TO and XCSR.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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Sharpe Ratios by Period

VXM-B.TOXCSR.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.54

2.04

+0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.74

0.97

+0.78

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

0.08

+0.79

Drawdowns

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

The maximum VXM-B.TO drawdown since its inception was -35.51%, which is greater than XCSR.TO's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for VXM-B.TO and XCSR.TO.

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Drawdown Indicators

VXM-B.TOXCSR.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.51%

-23.56%

-11.95%

Max Drawdown (1Y)

Largest decline over 1 year

-10.33%

-11.12%

+0.79%

Max Drawdown (3Y)

Largest decline over 3 years

-13.31%

-12.14%

-1.17%

Max Drawdown (5Y)

Largest decline over 5 years

-22.12%

-23.56%

+1.44%

Max Drawdown (10Y)

Largest decline over 10 years

-35.51%

—

—

Current Drawdown

Current decline from peak

-2.87%

-1.10%

-1.77%

Average Drawdown

Average peak-to-trough decline

-5.94%

-5.12%

-0.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.77%

2.79%

-0.02%

Volatility

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

The current volatility for CI Morningstar International Value Index ETF (Unhedged) (VXM-B.TO) is 3.79%, while iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) has a volatility of 4.10%. This indicates that VXM-B.TO experiences smaller price fluctuations and is considered to be less risky than XCSR.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.TOXCSR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.79%

4.10%

-0.31%

Volatility (6M)

Calculated over the trailing 6-month period

10.48%

12.45%

-1.97%

Volatility (1Y)

Calculated over the trailing 1-year period

13.68%

15.07%

-1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.04%

13.94%

+4.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.91%

1,368.32%

-1,349.41%

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

VXM-B.TO has a 0.66% expense ratio, which is higher than XCSR.TO's 0.17% expense ratio.

Dividends

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

VXM-B.TO's dividend yield for the trailing twelve months is around 2.33%, more than XCSR.TO's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XCSR.TO
iShares ESG Advanced MSCI Canada Index ETF		1.65%1.73%2.20%2.61%2.78%1.53%0.81%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VXM-B.TO and XCSR.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XCSR.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCSR.TO is cheaper with a 0.17% expense ratio, compared with 0.66% for VXM-B.TO.

VXM-B.TO is categorized as Foreign Small & Mid Cap Equities, while XCSR.TO is Canada Equities. VXM-B.TO tracks Morningstar Developed Markets ex-North America Target Value Index, while XCSR.TO tracks Morningstar Canada GR CAD. They also come from different issuers: CI and iShares. Their fees differ too: 0.66% for VXM-B.TO and 0.17% for XCSR.TO.

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