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

VXM.TO vs. XEG.TO

Last updated Jul 16, 2026
Documentation

VXM.TO (CI Morningstar International Value CAD Hedged) and XEG.TO (iShares S&P/TSX Capped Energy Index 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 XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, VXM.TO returned 13.99%/yr vs 10.85%/yr for XEG.TO. At a 0.27 correlation, their price movements are largely independent. VXM.TO charges 0.66%/yr vs 0.60%/yr for XEG.TO.

Performance

VXM.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VXM.TO achieves a 12.15% return, which is significantly lower than XEG.TO's 35.02% return. Over the past 10 years, VXM.TO has outperformed XEG.TO with an annualized return of 13.99%, while XEG.TO has yielded a comparatively lower 10.85% 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%

XEG.TO

1D
-0.47%
1M
0.08%
6M
28.16%
YTD
35.02%
1Y
53.08%
3Y*
24.73%
5Y*
30.32%
10Y*
10.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		35.02%16.72%14.04%3.55%53.25%83.71%-34.44%9.04%-27.05%-11.17%

Correlation

The correlation between VXM.TO and XEG.TO is -0.02, 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

-0.02

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

0.27

Correlation (All Time)
Calculated using the full available price history since Nov 24, 2014

0.27

The correlation between VXM.TO and XEG.TO shifts across timeframes, from -0.02 (1 year) to 0.27 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
VXM.TO
XEG.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%

-

Industrials

VXM.TO
25.0%
XEG.TO

-

Consumer Cyclical

VXM.TO
16.8%
XEG.TO

-

Financial Services

VXM.TO
16.0%
XEG.TO

-

Utilities

VXM.TO
10.5%
XEG.TO

-

Energy

VXM.TO
7.8%
XEG.TO
100.0%

Basic Materials

VXM.TO
7.1%
XEG.TO

-

Consumer Defensive

VXM.TO
6.5%
XEG.TO

-

Technology

VXM.TO
3.8%
XEG.TO

-

Communication Services

VXM.TO
3.5%
XEG.TO

-

Healthcare

VXM.TO
2.0%
XEG.TO

-

Real Estate

VXM.TO
1.0%
XEG.TO

-

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

iShares S&P/TSX Capped Energy Index ETF

Often compared with VXM.TO:
VXM.TO vs. FCIM.NEOVXM.TO vs. VMO.TOVXM.TO vs. VIU.TOVXM.TO vs. VIDY.TOVXM.TO vs. VVL.TOVXM.TO vs. XHC.TOVXM.TO vs. ZXM.TO
Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. ZEO.TOXEG.TO vs. HXE.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

VXM.TO vs. XEG.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: 8787
Overall Rank
VXM.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
VXM.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
VXM.TO Omega Ratio Rank: 9191
Omega Ratio Rank
VXM.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
VXM.TO Martin Ratio Rank: 7979
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 7878
Overall Rank
XEG.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 6969
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. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
2.51
2.23

+0.28

Sortino ratioReturn per unit of downside risk
3.45
2.75

+0.69

Omega ratioGain probability vs. loss probability

1.47

1.36

+0.11

Calmar ratioReturn relative to maximum drawdown

3.58

3.24

+0.35

Martin ratioReturn relative to average drawdown

12.09

10.01

+2.09

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

The current VXM.TO Sharpe Ratio is 2.51, which is comparable to the XEG.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of VXM.TO and XEG.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.

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Drawdowns

VXM.TO vs. XEG.TO - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for VXM.TO and XEG.TO.

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Drawdown Indicators

VXM.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.73%

-87.51%

+44.78%

Max Drawdown (1Y)

Largest decline over 1 year

-9.40%

-16.47%

+7.07%

Max Drawdown (3Y)

Largest decline over 3 years

-13.71%

-25.67%

+11.96%

Max Drawdown (5Y)

Largest decline over 5 years

-14.47%

-28.42%

+13.95%

Max Drawdown (10Y)

Largest decline over 10 years

-42.73%

-79.66%

+36.93%

Current Drawdown

Current decline from peak

-1.71%

-10.20%

+8.49%

Average Drawdown

Average peak-to-trough decline

-7.52%

-34.52%

+27.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.78%

5.32%

-2.54%

Volatility

VXM.TO vs. XEG.TO - Volatility Comparison

The current volatility for CI Morningstar International Value CAD Hedged (VXM.TO) is 3.92%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 8.00%. This indicates that VXM.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.92%

8.00%

-4.08%

Volatility (6M)

Calculated over the trailing 6-month period

11.69%

19.83%

-8.14%

Volatility (1Y)

Calculated over the trailing 1-year period

13.45%

23.95%

-10.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.80%

28.67%

-13.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.60%

33.41%

-16.81%

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

VXM.TO has a 0.66% expense ratio, which is higher than XEG.TO's 0.60% expense ratio.

Dividends

VXM.TO vs. XEG.TO - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 1.79%, less than XEG.TO's 2.73% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.73%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

VXM.TO and XEG.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEG.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEG.TO is cheaper with a 0.60% expense ratio, compared with 0.66% for VXM.TO.

VXM.TO is categorized as International Equity, while XEG.TO is Energy Equities. VXM.TO tracks Morningstar® Developed Markets ex-North America Target Value Index, while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: CI Investments and iShares. Their fees differ too: 0.66% for VXM.TO and 0.60% for XEG.TO.

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