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

VXM.TO vs. AVNV

Last updated Jun 4, 2026

VXM.TO (CI Morningstar International Value CAD Hedged) and AVNV (Avantis All International Markets 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 AVNV is a Foreign Large Cap Equities fund actively managed by Avantis. VXM.TO is passively managed, while AVNV is actively managed. Over the past year, VXM.TO returned 36.80% vs 38.60% for AVNV. At a 0.49 correlation, their price movements are largely independent. VXM.TO charges 0.66%/yr vs 0.34%/yr for AVNV.

Performance

VXM.TO vs. AVNV - 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 All International Markets Value ETF (AVNV). 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 AVNV is traded in USD. To make them comparable, the AVNV 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 AVNV's 15.72% 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%

AVNV

1D
-0.48%
1M
5.89%
YTD
15.72%
6M
16.96%
1Y
38.60%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXM.TO vs. AVNV - Yearly Performance Comparison

2026 (YTD)202520242023
VXM.TO
CI Morningstar International Value CAD Hedged		10.12%44.77%19.29%8.99%
AVNV
Avantis All International Markets Value ETF		15.72%33.51%14.48%9.55%

Correlation

The correlation between VXM.TO and AVNV is 0.65, 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

0.65

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2023

0.49

The correlation between VXM.TO and AVNV shifts across timeframes, from 0.49 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.

VXM.TO vs. AVNV - Sectors Allocation Comparison

Sectors
VXM.TO
AVNV

Industrials

25.0%
17.5%

Consumer Cyclical

16.8%
11.1%

Financial Services

16.0%
24.2%

Utilities

10.5%
1.5%

Energy

7.8%
10.4%

Basic Materials

7.1%
14.2%

Consumer Defensive

6.5%
3.4%

Technology

3.8%
8.6%

Communication Services

3.5%
4.3%

Healthcare

2.0%
3.3%

Real Estate

1.0%
1.6%

Industrials

VXM.TO
25.0%
AVNV
17.5%

Consumer Cyclical

VXM.TO
16.8%
AVNV
11.1%

Financial Services

VXM.TO
16.0%
AVNV
24.2%

Utilities

VXM.TO
10.5%
AVNV
1.5%

Energy

VXM.TO
7.8%
AVNV
10.4%

Basic Materials

VXM.TO
7.1%
AVNV
14.2%

Consumer Defensive

VXM.TO
6.5%
AVNV
3.4%

Technology

VXM.TO
3.8%
AVNV
8.6%

Communication Services

VXM.TO
3.5%
AVNV
4.3%

Healthcare

VXM.TO
2.0%
AVNV
3.3%

Real Estate

VXM.TO
1.0%
AVNV
1.6%

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 All International Markets 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 AVNV:
AVNV vs. AVNMAVNV vs. VXUSAVNV vs. VEAAVNV vs. VWOAVNV vs. VOOAVNV vs. VTIAVNV vs. IQLT

Return for Risk

VXM.TO vs. AVNV — 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
AVNV
AVNV Risk / Return Rank: 7171
Overall Rank
AVNV Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
AVNV Sortino Ratio Rank: 7474
Sortino Ratio Rank
AVNV Omega Ratio Rank: 7676
Omega Ratio Rank
AVNV Calmar Ratio Rank: 6363
Calmar Ratio Rank
AVNV Martin Ratio Rank: 6666
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. AVNV - 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 All International Markets Value ETF (AVNV). 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.TOAVNVDifference
Sharpe ratioReturn per unit of total volatility
2.85
2.90

-0.05

Sortino ratioReturn per unit of downside risk
3.83
3.87

-0.04

Omega ratioGain probability vs. loss probability

1.54

1.54

0.00

Calmar ratioReturn relative to maximum drawdown

3.93

3.41

+0.52

Martin ratioReturn relative to average drawdown

14.50

13.97

+0.54

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. AVNV - Sharpe Ratio Comparison

The current VXM.TO Sharpe Ratio is 2.85, which is comparable to the AVNV Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of VXM.TO and AVNV, 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.TOAVNVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.85

2.90

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.33

—

—

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

1.99

-1.35

Drawdowns

VXM.TO vs. AVNV - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, which is greater than AVNV's maximum drawdown of -14.25%. Use the drawdown chart below to compare losses from any high point for VXM.TO and AVNV.

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Drawdown Indicators

VXM.TOAVNVDifference

Max Drawdown

Largest peak-to-trough decline

-42.73%

-14.25%

-28.48%

Max Drawdown (1Y)

Largest decline over 1 year

-9.40%

-11.36%

+1.96%

Max Drawdown (3Y)

Largest decline over 3 years

-13.71%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-14.47%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-42.73%

—

—

Current Drawdown

Current decline from peak

-3.49%

-0.48%

-3.01%

Average Drawdown

Average peak-to-trough decline

-7.51%

-1.58%

-5.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

2.77%

-0.23%

Volatility

VXM.TO vs. AVNV - Volatility Comparison

CI Morningstar International Value CAD Hedged (VXM.TO) has a higher volatility of 5.92% compared to Avantis All International Markets Value ETF (AVNV) at 4.66%. This indicates that VXM.TO's price experiences larger fluctuations and is considered to be riskier than AVNV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXM.TOAVNVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

4.66%

+1.26%

Volatility (6M)

Calculated over the trailing 6-month period

11.01%

11.46%

-0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

12.99%

13.40%

-0.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.82%

12.83%

+1.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

12.83%

+4.14%

VXM.TO vs. AVNV - Expense Ratio Comparison

VXM.TO has a 0.66% expense ratio, which is higher than AVNV's 0.34% expense ratio.

Dividends

VXM.TO vs. AVNV - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 2.14%, less than AVNV's 2.86% yield.

PositionTTM20252024202320222021202020192018201720162015
AVNV
Avantis All International Markets Value ETF		2.86%3.14%3.51%1.64%0.00%0.00%0.00%0.00%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 AVNV have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, AVNV is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

AVNV is cheaper with a 0.34% expense ratio, compared with 0.66% for VXM.TO.

VXM.TO is categorized as International Equity, while AVNV is Foreign Large Cap Equities. They also come from different issuers: CI Investments and Avantis. Their fees differ too: 0.66% for VXM.TO and 0.34% for AVNV.

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