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VXM.TO vs. AVDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXM.TO vs. AVDV

Last updated Jun 4, 2026

VXM.TO (CI Morningstar International Value CAD Hedged) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - VXM.TO is a International Equity fund tracking the Morningstar® Developed Markets ex-North America Target Value Index, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. VXM.TO is passively managed, while AVDV is actively managed. Over the past 5 years, VXM.TO returned 19.56%/yr vs 16.97%/yr for AVDV. At a 0.44 correlation, their price movements are largely independent. VXM.TO charges 0.66%/yr vs 0.36%/yr for AVDV.

Performance

VXM.TO vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Value CAD Hedged (VXM.TO) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VXM.TO is traded in CAD, while AVDV is traded in USD. To make them comparable, the AVDV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VXM.TO achieves a 10.12% return, which is significantly lower than AVDV's 17.51% return.

VXM.TO

1D
-0.19%
1M
3.10%
YTD
10.12%
6M
14.12%
1Y
36.80%
3Y*
29.48%
5Y*
19.56%
10Y*
13.33%

AVDV

1D
-0.32%
1M
6.06%
YTD
17.51%
6M
19.08%
1Y
46.09%
3Y*
29.50%
5Y*
16.97%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXM.TO vs. AVDV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
VXM.TO
CI Morningstar International Value CAD Hedged		10.12%44.77%19.29%24.09%3.19%19.09%-13.99%8.32%
AVDV
Avantis International Small Cap Value ETF		17.51%42.52%18.00%14.27%-5.16%14.75%3.23%9.58%

Correlation

The correlation between VXM.TO and AVDV is 0.66, 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

0.66

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

0.47

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

0.42

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2019

0.44

Over the past year, VXM.TO and AVDV have become more correlated (0.66) than their long-term average of 0.44, meaning their price movements have been converging.

VXM.TO vs. AVDV - Sectors Allocation Comparison

Sectors
VXM.TO
AVDV

Industrials

25.0%
21.3%

Consumer Cyclical

16.8%
14.4%

Financial Services

16.0%
13.7%

Utilities

10.5%
1.7%

Energy

7.8%
10.8%

Basic Materials

7.1%
22.5%

Consumer Defensive

6.5%
3.4%

Technology

3.8%
6.4%

Communication Services

3.5%
2.0%

Healthcare

2.0%
2.1%

Real Estate

1.0%
1.1%

Industrials

VXM.TO
25.0%
AVDV
21.3%

Consumer Cyclical

VXM.TO
16.8%
AVDV
14.4%

Financial Services

VXM.TO
16.0%
AVDV
13.7%

Utilities

VXM.TO
10.5%
AVDV
1.7%

Energy

VXM.TO
7.8%
AVDV
10.8%

Basic Materials

VXM.TO
7.1%
AVDV
22.5%

Consumer Defensive

VXM.TO
6.5%
AVDV
3.4%

Technology

VXM.TO
3.8%
AVDV
6.4%

Communication Services

VXM.TO
3.5%
AVDV
2.0%

Healthcare

VXM.TO
2.0%
AVDV
2.1%

Real Estate

VXM.TO
1.0%
AVDV
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI Morningstar International Value CAD Hedged

Avantis International Small Cap Value ETF

Often compared with VXM.TO:
VXM.TO vs. FCIM.NEOVXM.TO vs. VMO.TOVXM.TO vs. VIDY.TOVXM.TO vs. VIU.TOVXM.TO vs. VVL.TOVXM.TO vs. XHC.TOVXM.TO vs. ZXM.TO
Often compared with AVDV:
AVDV vs. VXUSAVDV vs. AVDEAVDV vs. VSSAVDV vs. DISVXAVDV vs. AVDVXAVDV vs. ISVLAVDV vs. AVIV

Return for Risk

VXM.TO vs. AVDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXM.TO
VXM.TO Risk / Return Rank: 8282
Overall Rank
VXM.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
VXM.TO Sortino Ratio Rank: 8484
Sortino Ratio Rank
VXM.TO Omega Ratio Rank: 8787
Omega Ratio Rank
VXM.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
VXM.TO Martin Ratio Rank: 7575
Martin Ratio Rank
AVDV
AVDV Risk / Return Rank: 7878
Overall Rank
AVDV Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
AVDV Sortino Ratio Rank: 8383
Sortino Ratio Rank
AVDV Omega Ratio Rank: 8484
Omega Ratio Rank
AVDV Calmar Ratio Rank: 6666
Calmar Ratio Rank
AVDV Martin Ratio Rank: 7272
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.TO vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Value CAD Hedged (VXM.TO) and Avantis International Small Cap Value ETF (AVDV). 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.TOAVDVDifference
Sharpe ratioReturn per unit of total volatility
2.85
3.25

-0.40

Sortino ratioReturn per unit of downside risk
3.83
4.23

-0.40

Omega ratioGain probability vs. loss probability

1.54

1.60

-0.06

Calmar ratioReturn relative to maximum drawdown

3.93

3.65

+0.28

Martin ratioReturn relative to average drawdown

14.50

15.82

-1.32

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.TO vs. AVDV - Sharpe Ratio Comparison

The current VXM.TO Sharpe Ratio is 2.85, which is comparable to the AVDV Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of VXM.TO and AVDV, 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.TOAVDVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.85

3.25

-0.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.33

1.22

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

1.03

-0.39

Drawdowns

VXM.TO vs. AVDV - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, which is greater than AVDV's maximum drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for VXM.TO and AVDV.

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Drawdown Indicators

VXM.TOAVDVDifference

Max Drawdown

Largest peak-to-trough decline

-42.73%

-36.44%

-6.29%

Max Drawdown (1Y)

Largest decline over 1 year

-9.40%

-12.67%

+3.27%

Max Drawdown (3Y)

Largest decline over 3 years

-13.71%

-14.64%

+0.93%

Max Drawdown (5Y)

Largest decline over 5 years

-14.47%

-21.76%

+7.29%

Max Drawdown (10Y)

Largest decline over 10 years

-42.73%

—

—

Current Drawdown

Current decline from peak

-3.49%

-0.75%

-2.74%

Average Drawdown

Average peak-to-trough decline

-7.51%

-4.85%

-2.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

2.92%

-0.38%

Volatility

VXM.TO vs. AVDV - Volatility Comparison

CI Morningstar International Value CAD Hedged (VXM.TO) has a higher volatility of 5.92% compared to Avantis International Small Cap Value ETF (AVDV) at 4.74%. This indicates that VXM.TO's price experiences larger fluctuations and is considered to be riskier than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXM.TOAVDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

4.74%

+1.18%

Volatility (6M)

Calculated over the trailing 6-month period

11.01%

12.09%

-1.08%

Volatility (1Y)

Calculated over the trailing 1-year period

12.99%

14.28%

-1.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.82%

14.02%

+0.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

16.18%

+0.79%

VXM.TO vs. AVDV - Expense Ratio Comparison

VXM.TO has a 0.66% expense ratio, which is higher than AVDV's 0.36% expense ratio.

Dividends

VXM.TO vs. AVDV - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 2.14%, less than AVDV's 2.74% yield.

PositionTTM20252024202320222021202020192018201720162015
AVDV
Avantis International Small Cap Value ETF		2.74%3.05%4.31%3.29%3.17%2.39%1.67%0.36%0.00%0.00%0.00%0.00%
VXM.TO
CI Morningstar International Value CAD Hedged		2.14%2.03%3.60%3.37%3.54%2.08%2.27%1.56%2.07%1.51%1.85%2.14%

Frequently Asked Questions

VXM.TO and AVDV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, AVDV is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.

AVDV is cheaper with a 0.36% expense ratio, compared with 0.66% for VXM.TO.

VXM.TO is categorized as International Equity, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: CI Investments and Avantis. Their fees differ too: 0.66% for VXM.TO and 0.36% for AVDV.

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