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

VXM.TO vs. XEQT.TO

Last updated Jun 4, 2026

VXM.TO (CI Morningstar International Value CAD Hedged) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - VXM.TO is a International Equity fund tracking the Morningstar® Developed Markets ex-North America Target Value Index, while XEQT.TO is a Global Equities fund actively managed by iShares. VXM.TO is passively managed, while XEQT.TO is actively managed. Over the past 5 years, VXM.TO returned 19.56%/yr vs 13.72%/yr for XEQT.TO. At a 0.36 correlation, their price movements are largely independent. VXM.TO charges 0.66%/yr vs 0.20%/yr for XEQT.TO.

Performance

VXM.TO vs. XEQT.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 Core Equity ETF Portfolio (XEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VXM.TO achieves a 10.12% return, which is significantly lower than XEQT.TO's 12.29% return.

VXM.TO

1D
-0.19%
1M
3.10%
YTD
10.12%
6M
14.12%
1Y
36.80%
3Y*
29.48%
5Y*
19.56%
10Y*
13.33%

XEQT.TO

1D
-0.56%
1M
5.98%
YTD
12.29%
6M
11.20%
1Y
29.24%
3Y*
21.78%
5Y*
13.72%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
VXM.TO
CI Morningstar International Value CAD Hedged		10.12%44.77%19.29%24.09%3.19%19.09%-13.99%19.77%
XEQT.TO
iShares Core Equity ETF Portfolio		12.29%19.47%24.36%17.25%-11.01%18.94%11.82%9.89%

Correlation

The correlation between VXM.TO and XEQT.TO is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.43

Correlation (5Y)
Calculated over the trailing 5-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2019

0.36

Over the past year, VXM.TO and XEQT.TO have become more correlated (0.64) than their long-term average of 0.36, meaning their price movements have been converging.

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

Sectors
VXM.TO
XEQT.TO

Industrials

25.0%
12.1%

Consumer Cyclical

16.8%
7.8%

Financial Services

16.0%
20.3%

Utilities

10.5%
2.8%

Energy

7.8%
7.2%

Basic Materials

7.1%
7.3%

Consumer Defensive

6.5%
4.4%

Technology

3.8%
22.9%

Communication Services

3.5%
6.4%

Healthcare

2.0%
6.6%

Real Estate

1.0%
2.2%

Industrials

VXM.TO
25.0%
XEQT.TO
12.1%

Consumer Cyclical

VXM.TO
16.8%
XEQT.TO
7.8%

Financial Services

VXM.TO
16.0%
XEQT.TO
20.3%

Utilities

VXM.TO
10.5%
XEQT.TO
2.8%

Energy

VXM.TO
7.8%
XEQT.TO
7.2%

Basic Materials

VXM.TO
7.1%
XEQT.TO
7.3%

Consumer Defensive

VXM.TO
6.5%
XEQT.TO
4.4%

Technology

VXM.TO
3.8%
XEQT.TO
22.9%

Communication Services

VXM.TO
3.5%
XEQT.TO
6.4%

Healthcare

VXM.TO
2.0%
XEQT.TO
6.6%

Real Estate

VXM.TO
1.0%
XEQT.TO
2.2%

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 Core Equity ETF Portfolio

Often compared with VXM.TO:
VXM.TO vs. FCIM.NEOVXM.TO vs. VMO.TOVXM.TO vs. VIDY.TOVXM.TO vs. VIU.TOVXM.TO vs. VVL.TOVXM.TO vs. XHC.TOVXM.TO vs. ZXM.TO
Often compared with XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. VOO

Return for Risk

VXM.TO vs. XEQT.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: 8282
Overall Rank
VXM.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
VXM.TO Sortino Ratio Rank: 8484
Sortino Ratio Rank
VXM.TO Omega Ratio Rank: 8787
Omega Ratio Rank
VXM.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
VXM.TO Martin Ratio Rank: 7575
Martin Ratio Rank
XEQT.TO
XEQT.TO Risk / Return Rank: 7575
Overall Rank
XEQT.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 7878
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. XEQT.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 Core Equity ETF Portfolio (XEQT.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.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
2.85
2.53

+0.32

Sortino ratioReturn per unit of downside risk
3.83
3.49

+0.34

Omega ratioGain probability vs. loss probability

1.54

1.47

+0.08

Calmar ratioReturn relative to maximum drawdown

3.93

3.56

+0.37

Martin ratioReturn relative to average drawdown

14.50

15.50

-1.00

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. XEQT.TO - Sharpe Ratio Comparison

The current VXM.TO Sharpe Ratio is 2.85, which is comparable to the XEQT.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of VXM.TO and XEQT.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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Sharpe Ratios by Period

VXM.TOXEQT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.85

2.53

+0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.33

1.05

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.95

-0.31

Drawdowns

VXM.TO vs. XEQT.TO - Drawdown Comparison

The maximum VXM.TO drawdown since its inception was -42.73%, which is greater than XEQT.TO's maximum drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for VXM.TO and XEQT.TO.

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Drawdown Indicators

VXM.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.73%

-29.74%

-12.99%

Max Drawdown (1Y)

Largest decline over 1 year

-9.40%

-8.25%

-1.15%

Max Drawdown (3Y)

Largest decline over 3 years

-13.71%

-15.08%

+1.37%

Max Drawdown (5Y)

Largest decline over 5 years

-14.47%

-19.56%

+5.09%

Max Drawdown (10Y)

Largest decline over 10 years

-42.73%

—

—

Current Drawdown

Current decline from peak

-3.49%

-0.56%

-2.93%

Average Drawdown

Average peak-to-trough decline

-7.51%

-4.11%

-3.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

1.89%

+0.65%

Volatility

VXM.TO vs. XEQT.TO - Volatility Comparison

CI Morningstar International Value CAD Hedged (VXM.TO) has a higher volatility of 5.92% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 3.70%. This indicates that VXM.TO's price experiences larger fluctuations and is considered to be riskier than XEQT.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.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

3.70%

+2.22%

Volatility (6M)

Calculated over the trailing 6-month period

11.01%

9.38%

+1.63%

Volatility (1Y)

Calculated over the trailing 1-year period

12.99%

11.63%

+1.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.82%

13.12%

+1.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

15.56%

+1.41%

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

VXM.TO has a 0.66% expense ratio, which is higher than XEQT.TO's 0.20% expense ratio.

Dividends

VXM.TO vs. XEQT.TO - Dividend Comparison

VXM.TO's dividend yield for the trailing twelve months is around 2.14%, more than XEQT.TO's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
VXM.TO
CI Morningstar International Value CAD Hedged		2.14%2.03%3.60%3.37%3.54%2.08%2.27%1.56%2.07%1.51%1.85%2.14%
XEQT.TO
iShares Core Equity ETF Portfolio		1.48%1.66%2.01%2.07%2.12%1.64%1.66%1.19%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VXM.TO and XEQT.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.66% for VXM.TO.

VXM.TO is categorized as International Equity, while XEQT.TO is Global Equities. They also come from different issuers: CI Investments and iShares. Their fees differ too: 0.66% for VXM.TO and 0.20% for XEQT.TO.

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