VXM.TO vs. DFIV

Last updated Jun 25, 2026

VXM.TO (CI Morningstar International Value CAD Hedged) and DFIV (Dimensional International 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 DFIV is a Foreign Large Cap Equities fund actively managed by Dimensional. VXM.TO is passively managed, while DFIV is actively managed. Over the past 3 years, VXM.TO returned 26.50%/yr vs 26.29%/yr for DFIV. At a 0.33 correlation, their price movements are largely independent. VXM.TO charges 0.66%/yr vs 0.27%/yr for DFIV.

Performance

VXM.TO vs. DFIV - 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 Dimensional International Value ETF (DFIV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VXM.TO is traded in CAD, while DFIV is traded in USD. To make them comparable, the DFIV 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 9.44% return, which is significantly lower than DFIV's 13.46% return.

VXM.TO

• 1D: -0.30%
• 1M: -4.09%
• YTD: 9.44%
• 6M: 9.87%
• 1Y: 35.96%
• 3Y*: 26.50%
• 5Y*: 20.21%
• 10Y*: 14.48%

DFIV

• 1D: -0.25%
• 1M: 1.12%
• YTD: 13.46%
• 6M: 13.17%
• 1Y: 35.33%
• 3Y*: 26.29%
• 5Y*: —
• 10Y*: —

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

VXM.TO vs. DFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VXM.TO CI Morningstar International Value CAD Hedged	9.44%	44.77%	19.29%	24.08%	3.19%	-0.65%
DFIV Dimensional International Value ETF	13.46%	38.73%	16.34%	14.95%	2.41%	1.02%

Correlation

The correlation between VXM.TO and DFIV is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021	0.33

Over the past year, VXM.TO and DFIV have become more correlated (0.67) than their long-term average of 0.33, meaning their price movements have been converging.

VXM.TO vs. DFIV - Sectors Allocation Comparison

Sectors	VXM.TO	DFIV
Industrials	25.0%	9.8%
Consumer Cyclical	16.8%	10.0%
Financial Services	16.0%	32.4%
Utilities	10.5%	2.2%
Energy	7.8%	15.3%
Basic Materials	7.1%	11.4%
Consumer Defensive	6.5%	4.9%
Technology	3.8%	3.2%
Communication Services	3.5%	4.3%
Healthcare	2.0%	4.9%
Real Estate	1.0%	1.7%

Return for Risk

VXM.TO vs. DFIV — 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: 86
VXM.TO Sharpe Ratio Rank: 90
VXM.TO Sortino Ratio Rank: 90
VXM.TO Omega Ratio Rank: 90
VXM.TO Calmar Ratio Rank: 81
VXM.TO Martin Ratio Rank: 78

DFIV

DFIV Risk / Return Rank: 74
DFIV Sharpe Ratio Rank: 76
DFIV Sortino Ratio Rank: 76
DFIV Omega Ratio Rank: 74
DFIV Calmar Ratio Rank: 70
DFIV Martin Ratio Rank: 73

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. DFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Value CAD Hedged (VXM.TO) and Dimensional International Value ETF (DFIV). 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.TO	DFIV	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.45	+0.27
Sortino ratio: Return per unit of downside risk	3.68	3.36	+0.32
Omega ratio: Gain probability vs. loss probability	1.51	1.42	+0.09
Calmar ratio: Return relative to maximum drawdown	3.84	3.77	+0.08
Martin ratio: Return relative to average drawdown	13.42	14.55	-1.12

VXM.TO vs. DFIV - Sharpe Ratio Comparison

The current VXM.TO Sharpe Ratio is 2.71, which is comparable to the DFIV Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of VXM.TO and DFIV, 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.TO vs. DFIV - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, which is greater than DFIV's maximum drawdown of -19.88%. Use the drawdown chart below to compare losses from any high point for VXM.TO and DFIV.

Drawdown Indicators

	VXM.TO	DFIV	Difference
Max Drawdown Largest peak-to-trough decline	-42.73%	-19.88%	-22.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-9.42%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-13.71%	-15.09%	+1.38%
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	-4.09%	-1.67%	-2.42%
Average Drawdown Average peak-to-trough decline	-7.54%	-3.39%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.44%	+0.25%

Volatility

VXM.TO vs. DFIV - Volatility Comparison

The current volatility for CI Morningstar International Value CAD Hedged (VXM.TO) is 3.82%, while Dimensional International Value ETF (DFIV) has a volatility of 4.62%. This indicates that VXM.TO experiences smaller price fluctuations and is considered to be less risky than DFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM.TO	DFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	4.62%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	12.00%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	13.34%	14.53%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	17.57%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	17.57%	-0.81%

VXM.TO vs. DFIV - Expense Ratio Comparison

VXM.TO has a 0.66% expense ratio, which is higher than DFIV's 0.27% expense ratio.

Dividends

VXM.TO vs. DFIV - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 1.83%, less than DFIV's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIV Dimensional International Value ETF	2.75%	2.92%	3.88%	3.93%	3.84%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VXM.TO CI Morningstar International Value CAD Hedged	1.83%	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.TO and DFIV in my portfolio?

VXM.TO and DFIV have a correlation of 0.67, 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.TO or DFIV?

On fees, DFIV is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VXM.TO or DFIV?

DFIV is cheaper with a 0.27% expense ratio, compared with 0.66% for VXM.TO.

What is the main difference between VXM.TO and DFIV?

VXM.TO is categorized as International Equity, while DFIV is Foreign Large Cap Equities. They also come from different issuers: CI Investments and Dimensional. Their fees differ too: 0.66% for VXM.TO and 0.27% for DFIV.