VXM.TO vs. FDT

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar International Value CAD Hedged (VXM.TO) and First Trust Developed Markets ex-US AlphaDEX Fund (FDT).

VXM.TO and FDT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VXM.TO is a passively managed fund by CI Investments that tracks the performance of the Morningstar® Developed Markets ex-North America Target Value Index. It was launched on Nov 13, 2014. FDT is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX DM Ex-US Index. It was launched on Apr 18, 2011. Both VXM.TO and FDT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VXM.TO vs. FDT - 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 First Trust Developed Markets ex-US AlphaDEX Fund (FDT). The values are adjusted to include any dividend payments, if applicable.

VXM.TO vs. FDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXM.TO CI Morningstar International Value CAD Hedged	6.94%	44.77%	19.29%	24.09%	3.19%	19.09%	-13.99%	16.55%	-15.76%	24.08%
FDT First Trust Developed Markets ex-US AlphaDEX Fund	11.31%	45.23%	16.16%	12.50%	-13.77%	10.42%	2.53%	11.07%	-13.19%	25.86%

Different Trading Currencies

VXM.TO is traded in CAD, while FDT is traded in USD. To make them comparable, the FDT 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 6.94% return, which is significantly lower than FDT's 11.31% return. Over the past 10 years, VXM.TO has outperformed FDT with an annualized return of 13.43%, while FDT has yielded a comparatively lower 10.46% annualized return.

VXM.TO

• 1D: 2.30%
• 1M: -5.49%
• YTD: 6.94%
• 6M: 16.56%
• 1Y: 42.61%
• 3Y*: 28.58%
• 5Y*: 19.48%
• 10Y*: 13.43%

FDT

• 1D: 3.47%
• 1M: -8.53%
• YTD: 11.31%
• 6M: 17.28%
• 1Y: 49.77%
• 3Y*: 25.67%
• 5Y*: 13.57%
• 10Y*: 10.46%

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

VXM.TO vs. FDT - Expense Ratio Comparison

VXM.TO has a 0.66% expense ratio, which is lower than FDT's 0.80% expense ratio.

FDT

First Trust Developed Markets ex-US AlphaDEX Fund

VXM.TO

CI Morningstar International Value CAD Hedged

Return for Risk

VXM.TO vs. FDT — 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: 96
VXM.TO Sharpe Ratio Rank: 97
VXM.TO Sortino Ratio Rank: 97
VXM.TO Omega Ratio Rank: 97
VXM.TO Calmar Ratio Rank: 94
VXM.TO Martin Ratio Rank: 95

FDT

FDT Risk / Return Rank: 96
FDT Sharpe Ratio Rank: 97
FDT Sortino Ratio Rank: 97
FDT Omega Ratio Rank: 97
FDT Calmar Ratio Rank: 95
FDT Martin Ratio Rank: 96

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. FDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Value CAD Hedged (VXM.TO) and First Trust Developed Markets ex-US AlphaDEX Fund (FDT). 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.TO	FDT	Difference
Sharpe ratio Return per unit of total volatility	2.69	2.79	-0.11
Sortino ratio Return per unit of downside risk	3.48	3.39	+0.09
Omega ratio Gain probability vs. loss probability	1.57	1.54	+0.03
Calmar ratio Return relative to maximum drawdown	3.61	3.95	-0.34
Martin ratio Return relative to average drawdown	15.88	15.73	+0.15
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. FDT - Sharpe Ratio Comparison

The current VXM.TO Sharpe Ratio is 2.69, which is comparable to the FDT Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of VXM.TO and FDT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VXM.TO	FDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.79	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.35	0.92	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.68	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.59	+0.04

Correlation

The correlation between VXM.TO and FDT is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VXM.TO vs. FDT - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 2.20%, less than FDT's 3.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VXM.TO CI Morningstar International Value CAD Hedged	2.20%	2.03%	3.60%	3.37%	3.54%	2.08%	2.27%	1.56%	2.07%	1.51%	1.85%	2.14%
FDT First Trust Developed Markets ex-US AlphaDEX Fund	3.24%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%

Drawdowns

VXM.TO vs. FDT - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, which is greater than FDT's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for VXM.TO and FDT.

Drawdown Indicators

	VXM.TO	FDT	Difference
Max Drawdown Largest peak-to-trough decline	-42.73%	-46.10%	+3.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.23%	-13.41%	+2.18%
Max Drawdown (5Y) Largest decline over 5 years	-14.47%	-33.18%	+18.71%
Max Drawdown (10Y) Largest decline over 10 years	-42.73%	-46.10%	+3.37%
Current Drawdown Current decline from peak	-5.87%	-10.30%	+4.43%
Average Drawdown Average peak-to-trough decline	-7.57%	-10.86%	+3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	3.22%	-0.67%

Volatility

VXM.TO vs. FDT - Volatility Comparison

The current volatility for CI Morningstar International Value CAD Hedged (VXM.TO) is 6.23%, while First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a volatility of 9.55%. This indicates that VXM.TO experiences smaller price fluctuations and is considered to be less risky than FDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM.TO	FDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	9.55%	-3.32%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	13.30%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	17.90%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	14.80%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	15.50%	+1.47%