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

VXM.TO vs. VVL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar International Value CAD Hedged (VXM.TO) and Vanguard Global Value Factor ETF CAD (VVL.TO).

VXM.TO and VVL.TO 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. VVL.TO is an actively managed fund by Vanguard. It was launched on Jun 14, 2016.

Performance

VXM.TO vs. VVL.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 Vanguard Global Value Factor ETF CAD (VVL.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
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%
VVL.TO
Vanguard Global Value Factor ETF CAD		3.80%21.53%14.96%16.51%0.45%29.74%-3.32%13.38%-9.42%12.32%

Returns By Period

In the year-to-date period, VXM.TO achieves a 6.94% return, which is significantly higher than VVL.TO's 3.80% 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%

VVL.TO

1D
2.04%
1M
-3.64%
YTD
3.80%
6M
8.67%
1Y
24.81%
3Y*
18.53%
5Y*
13.27%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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CI Morningstar International Value CAD Hedged

Vanguard Global Value Factor ETF CAD

Often compared with VXM.TO:
VXM.TO vs. FCIM.NEOVXM.TO vs. VIDY.TOVXM.TO vs. VMO.TOVXM.TO vs. XHC.TOVXM.TO vs. VIU.TOVXM.TO vs. ZSP.TOVXM.TO vs. DFIV
Often compared with VVL.TO:
VVL.TO vs. VFV.TOVVL.TO vs. XEQT.TOVVL.TO vs. VTVVVL.TO vs. VTVVL.TO vs. ZID.TOVVL.TO vs. SCHDVVL.TO vs. VGG.TO

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

VXM.TO has a 0.66% expense ratio, which is higher than VVL.TO's 0.38% expense ratio.

VXM.TO
CI Morningstar International Value CAD Hedged
VVL.TO
Vanguard Global Value Factor ETF CAD

Return for Risk

VXM.TO vs. VVL.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: 9696
Overall Rank
VXM.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
VXM.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
VXM.TO Omega Ratio Rank: 9797
Omega Ratio Rank
VXM.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
VXM.TO Martin Ratio Rank: 9595
Martin Ratio Rank
VVL.TO
VVL.TO Risk / Return Rank: 7272
Overall Rank
VVL.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
VVL.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
VVL.TO Omega Ratio Rank: 7373
Omega Ratio Rank
VVL.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
VVL.TO 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. VVL.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 Vanguard Global Value Factor ETF CAD (VVL.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.

VXM.TOVVL.TODifference

Sharpe ratio

Return per unit of total volatility

2.69

1.26

+1.43

Sortino ratio

Return per unit of downside risk

3.48

1.77

+1.71

Omega ratio

Gain probability vs. loss probability

1.57

1.26

+0.31

Calmar ratio

Return relative to maximum drawdown

3.61

1.79

+1.82

Martin ratio

Return relative to average drawdown

15.88

7.07

+8.80

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. VVL.TO - Sharpe Ratio Comparison

The current VXM.TO Sharpe Ratio is 2.69, which is higher than the VVL.TO Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of VXM.TO and VVL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

VXM.TOVVL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.69

1.26

+1.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.35

0.83

+0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.80

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.63

+0.01

Correlation

The correlation between VXM.TO and VVL.TO is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VXM.TO vs. VVL.TO - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 2.20%, more than VVL.TO's 1.82% yield.

TTM20252024202320222021202020192018201720162015
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%
VVL.TO
Vanguard Global Value Factor ETF CAD		1.82%1.89%2.19%2.65%2.52%1.48%1.67%2.60%2.11%1.33%0.59%0.00%

Drawdowns

VXM.TO vs. VVL.TO - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, roughly equal to the maximum VVL.TO drawdown of -43.93%. Use the drawdown chart below to compare losses from any high point for VXM.TO and VVL.TO.

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Drawdown Indicators

VXM.TOVVL.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.73%

-43.93%

+1.20%

Max Drawdown (1Y)

Largest decline over 1 year

-11.23%

-14.38%

+3.15%

Max Drawdown (5Y)

Largest decline over 5 years

-14.47%

-18.10%

+3.63%

Max Drawdown (10Y)

Largest decline over 10 years

-42.73%

—

—

Current Drawdown

Current decline from peak

-5.87%

-4.83%

-1.04%

Average Drawdown

Average peak-to-trough decline

-7.57%

-5.79%

-1.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

3.63%

-1.08%

Volatility

VXM.TO vs. VVL.TO - Volatility Comparison

CI Morningstar International Value CAD Hedged (VXM.TO) has a higher volatility of 6.23% compared to Vanguard Global Value Factor ETF CAD (VVL.TO) at 5.32%. This indicates that VXM.TO's price experiences larger fluctuations and is considered to be riskier than VVL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXM.TOVVL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.23%

5.32%

+0.91%

Volatility (6M)

Calculated over the trailing 6-month period

9.51%

10.48%

-0.97%

Volatility (1Y)

Calculated over the trailing 1-year period

16.00%

19.82%

-3.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.55%

16.08%

-1.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

18.85%

-1.88%