VXM.TO vs. HXE.TO

Last updated Jul 16, 2026

VXM.TO (CI Morningstar International Value CAD Hedged) and HXE.TO (Global X S&P/TSX Capped Energy Index Corporate Class 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 HXE.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index (Total Return). Both are passively managed. Over the past 10 years, VXM.TO returned 13.99%/yr vs 11.14%/yr for HXE.TO. At a 0.25 correlation, their price movements are largely independent. VXM.TO charges 0.66%/yr vs 0.27%/yr for HXE.TO.

Performance

VXM.TO vs. HXE.TO - 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 Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXM.TO achieves a 12.15% return, which is significantly lower than HXE.TO's 36.07% return. Over the past 10 years, VXM.TO has outperformed HXE.TO with an annualized return of 13.99%, while HXE.TO has yielded a comparatively lower 11.14% annualized return.

VXM.TO

• 1D: 0.36%
• 1M: 0.92%
• 6M: 8.02%
• YTD: 12.15%
• 1Y: 33.55%
• 3Y*: 28.19%
• 5Y*: 20.83%
• 10Y*: 13.99%

HXE.TO

• 1D: 0.18%
• 1M: 1.10%
• 6M: 29.41%
• YTD: 36.07%
• 1Y: 53.23%
• 3Y*: 25.40%
• 5Y*: 30.97%
• 10Y*: 11.14%

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

VXM.TO vs. HXE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXM.TO CI Morningstar International Value CAD Hedged	12.15%	44.77%	19.29%	24.08%	3.19%	19.09%	-13.99%	16.55%	-15.76%	24.08%
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	36.07%	17.30%	14.39%	3.95%	53.52%	81.48%	-33.82%	10.05%	-26.98%	-12.23%

Correlation

The correlation between VXM.TO and HXE.TO is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 24, 2014	0.25

The correlation between VXM.TO and HXE.TO shifts across timeframes, from -0.04 (1 year) to 0.25 (10 years), reflecting how their relationship changes across market environments.

VXM.TO vs. HXE.TO - Sectors Allocation Comparison

Sectors	VXM.TO	HXE.TO
Industrials	25.0%	-
Consumer Cyclical	16.8%	-
Financial Services	16.0%	-
Utilities	10.5%	-
Energy	7.8%	100.0%
Basic Materials	7.1%	-
Consumer Defensive	6.5%	-
Technology	3.8%	-
Communication Services	3.5%	-
Healthcare	2.0%	-
Real Estate	1.0%	-

Return for Risk

VXM.TO vs. HXE.TO — 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: 87
VXM.TO Sharpe Ratio Rank: 91
VXM.TO Sortino Ratio Rank: 91
VXM.TO Omega Ratio Rank: 91
VXM.TO Calmar Ratio Rank: 83
VXM.TO Martin Ratio Rank: 79

HXE.TO

HXE.TO Risk / Return Rank: 77
HXE.TO Sharpe Ratio Rank: 85
HXE.TO Sortino Ratio Rank: 76
HXE.TO Omega Ratio Rank: 78
HXE.TO Calmar Ratio Rank: 78
HXE.TO Martin Ratio Rank: 69

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. HXE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Value CAD Hedged (VXM.TO) and Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.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.

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	HXE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.18	+0.33
Sortino ratio: Return per unit of downside risk	3.45	2.72	+0.73
Omega ratio: Gain probability vs. loss probability	1.47	1.36	+0.11
Calmar ratio: Return relative to maximum drawdown	3.58	3.24	+0.35
Martin ratio: Return relative to average drawdown	12.09	9.95	+2.14

VXM.TO vs. HXE.TO - Sharpe Ratio Comparison

The current VXM.TO Sharpe Ratio is 2.51, which is comparable to the HXE.TO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of VXM.TO and HXE.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.

Drawdowns

VXM.TO vs. HXE.TO - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, smaller than the maximum HXE.TO drawdown of -85.92%. Use the drawdown chart below to compare losses from any high point for VXM.TO and HXE.TO.

Drawdown Indicators

	VXM.TO	HXE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-42.73%	-85.92%	+43.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-16.52%	+7.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.71%	-25.34%	+11.63%
Max Drawdown (5Y) Largest decline over 5 years	-14.47%	-28.83%	+14.36%
Max Drawdown (10Y) Largest decline over 10 years	-42.73%	-80.40%	+37.67%
Current Drawdown Current decline from peak	-1.71%	-9.35%	+7.64%
Average Drawdown Average peak-to-trough decline	-7.52%	-30.63%	+23.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	5.37%	-2.59%

Volatility

VXM.TO vs. HXE.TO - Volatility Comparison

The current volatility for CI Morningstar International Value CAD Hedged (VXM.TO) is 3.92%, while Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) has a volatility of 8.05%. This indicates that VXM.TO experiences smaller price fluctuations and is considered to be less risky than HXE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXM.TO	HXE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	8.05%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	20.35%	-8.66%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	24.54%	-11.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	29.34%	-14.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	33.80%	-17.20%

VXM.TO vs. HXE.TO - Expense Ratio Comparison

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

Dividends

VXM.TO vs. HXE.TO - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 1.79%, while HXE.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VXM.TO CI Morningstar International Value CAD Hedged	1.79%	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 HXE.TO in my portfolio?

VXM.TO and HXE.TO have a correlation of -0.04, 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 HXE.TO?

On fees, HXE.TO 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 HXE.TO?

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

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

VXM.TO is categorized as International Equity, while HXE.TO is Energy Equities. VXM.TO tracks Morningstar® Developed Markets ex-North America Target Value Index, while HXE.TO tracks S&P/TSX Capped Energy Index (Total Return). They also come from different issuers: CI Investments and Global X. Their fees differ too: 0.66% for VXM.TO and 0.27% for HXE.TO.