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WXM.TO vs. JAPN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

WXM.TO vs. JAPN.TO

Last updated Aug 4, 2026
Documentation

WXM.TO (CI Morningstar Canada Momentum Index ETF) and JAPN.TO (CI WisdomTree Japan Equity Index ETF) are both exchange-traded funds - WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index, while JAPN.TO is a Japan Equities fund tracking the WisdomTree Japan Equity Index CAD. Both are passively managed. Over the past 5 years, WXM.TO returned 17.32%/yr vs 25.86%/yr for JAPN.TO. Their 0.23 correlation means their historical movements had little consistent relationship. WXM.TO charges 0.65%/yr vs 0.48%/yr for JAPN.TO.

Performance

WXM.TO vs. JAPN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar Canada Momentum Index ETF (WXM.TO) and CI WisdomTree Japan Equity Index ETF (JAPN.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, WXM.TO achieves a 13.16% return, which is significantly lower than JAPN.TO's 20.60% return.

WXM.TO

1D
-0.36%
1M
-3.40%
6M
9.24%
YTD
13.16%
1Y
35.28%
3Y*
26.75%
5Y*
17.32%
10Y*
14.31%
ALL TIME*
13.36%

JAPN.TO

1D
-0.52%
1M
-0.53%
6M
12.92%
YTD
20.60%
1Y
47.23%
3Y*
28.88%
5Y*
25.86%
10Y*
—
ALL TIME*
16.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

JAPN.TO

CI WisdomTree Japan Equity Index ETF
CA$71.61KCA$96.18KCA$111.76K

WXM.TO

CI Morningstar Canada Momentum Index ETF
CA$2.85MCA$1.77MCA$1.16M

WXM.TO vs. JAPN.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
WXM.TO
CI Morningstar Canada Momentum Index ETF		13.16%38.16%33.93%3.35%-0.42%20.98%4.61%31.49%-17.57%
JAPN.TO
CI WisdomTree Japan Equity Index ETF		20.60%30.67%29.25%35.51%10.82%16.05%2.20%16.56%-17.12%

Correlation

The correlation between WXM.TO and JAPN.TO is 0.46, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.46

Correlation (3Y)
Balances recent behavior with more history.

0.36

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.28

Correlation (All Time)
Calculated using the full available price history since Aug 1, 2018

0.23

Over the past year, WXM.TO and JAPN.TO have become more correlated (0.46) than their long-term average of 0.23, meaning their price movements have been converging.

WXM.TO vs. JAPN.TO - Sectors Allocation Comparison

Sectors
WXM.TO
JAPN.TO

Financial Services

17.5%
19.5%

Industrials

17.3%
25.5%

Basic Materials

16.8%
7.6%

Energy

15.1%
1.5%

Consumer Cyclical

9.7%
15.5%

Technology

7.7%
15.7%

Communication Services

6.2%
3.5%

Healthcare

3.5%
6.2%

Real Estate

3.3%

-

Utilities

3.2%
0.1%

Consumer Defensive

0.0%
4.8%

Financial Services

WXM.TO
17.5%
JAPN.TO
19.5%

Industrials

WXM.TO
17.3%
JAPN.TO
25.5%

Basic Materials

WXM.TO
16.8%
JAPN.TO
7.6%

Energy

WXM.TO
15.1%
JAPN.TO
1.5%

Consumer Cyclical

WXM.TO
9.7%
JAPN.TO
15.5%

Technology

WXM.TO
7.7%
JAPN.TO
15.7%

Communication Services

WXM.TO
6.2%
JAPN.TO
3.5%

Healthcare

WXM.TO
3.5%
JAPN.TO
6.2%

Real Estate

WXM.TO
3.3%
JAPN.TO

-

Utilities

WXM.TO
3.2%
JAPN.TO
0.1%

Consumer Defensive

WXM.TO
0.0%
JAPN.TO
4.8%

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 Canada Momentum Index ETF

CI WisdomTree Japan Equity Index ETF

Often compared with WXM.TO:
WXM.TO vs. FCCM.NEOWXM.TO vs. VDY.TOWXM.TO vs. VMO.TOWXM.TO vs. XCV.TOWXM.TO vs. FCIM.NEOWXM.TO vs. VXM.TOWXM.TO vs. ZXM.TO
Often compared with JAPN.TO:
JAPN.TO vs. VOOJAPN.TO vs. VGTJAPN.TO vs. YCSJAPN.TO vs. EWTJAPN.TO vs. DXJSJAPN.TO vs. DXJJAPN.TO vs. CJP.NEO

Return for Risk

WXM.TO vs. JAPN.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
WXM.TO
WXM.TO Risk / Return Rank: 8686
Overall Rank
WXM.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
WXM.TO Sortino Ratio Rank: 8484
Sortino Ratio Rank
WXM.TO Omega Ratio Rank: 8484
Omega Ratio Rank
WXM.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
WXM.TO Martin Ratio Rank: 8989
Martin Ratio Rank
JAPN.TO
JAPN.TO Risk / Return Rank: 9191
Overall Rank
JAPN.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
JAPN.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
JAPN.TO Omega Ratio Rank: 9292
Omega Ratio Rank
JAPN.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
JAPN.TO Martin Ratio Rank: 9090
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WXM.TO vs. JAPN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar Canada Momentum Index ETF (WXM.TO) and CI WisdomTree Japan Equity Index ETF (JAPN.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.

WXM.TOJAPN.TODifference
Sharpe ratioReturn per unit of total volatility
2.17
2.51

-0.34

Sortino ratioReturn per unit of downside risk
2.86
3.37

-0.51

Omega ratioGain probability vs. loss probability

1.37

1.46

-0.08

Calmar ratioReturn relative to maximum drawdown

3.75

4.10

-0.34

Martin ratioReturn relative to average drawdown

14.01

14.95

-0.94

WXM.TO vs. JAPN.TO - Sharpe Ratio Comparison

The current WXM.TO Sharpe Ratio is 2.17, which is comparable to the JAPN.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of WXM.TO and JAPN.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

WXM.TO vs. JAPN.TO - Drawdown Comparison

The maximum WXM.TO drawdown since its inception was -40.45%, which is greater than JAPN.TO's maximum drawdown of -28.88%. Use the drawdown chart below to compare losses from any high point for WXM.TO and JAPN.TO.

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Drawdown Indicators

WXM.TOJAPN.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.45%

-28.88%

-11.57%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-11.09%

+1.60%

Max Drawdown (3Y)

Largest decline over 3 years

-12.13%

-21.67%

+9.54%

Max Drawdown (5Y)

Largest decline over 5 years

-15.87%

-21.67%

+5.80%

Max Drawdown (10Y)

Largest decline over 10 years

-40.45%

—

—

Current Drawdown

Current decline from peak

-5.32%

-2.73%

-2.59%

Average Drawdown

Average peak-to-trough decline

-4.47%

-5.93%

+1.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

3.03%

-0.49%

Volatility

WXM.TO vs. JAPN.TO - Volatility Comparison

The current volatility for CI Morningstar Canada Momentum Index ETF (WXM.TO) is 4.71%, while CI WisdomTree Japan Equity Index ETF (JAPN.TO) has a volatility of 5.07%. This indicates that WXM.TO experiences smaller price fluctuations and is considered to be less risky than JAPN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

WXM.TOJAPN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.71%

5.07%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

13.02%

14.22%

-1.20%

Volatility (1Y)

Calculated over the trailing 1-year period

16.39%

18.07%

-1.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.95%

19.17%

-3.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.90%

19.23%

-2.33%

WXM.TO vs. JAPN.TO - Expense Ratio Comparison

WXM.TO has a 0.65% expense ratio, which is higher than JAPN.TO's 0.48% expense ratio.

Dividends

WXM.TO vs. JAPN.TO - Dividend Comparison

WXM.TO's dividend yield for the trailing twelve months is around 1.19%, less than JAPN.TO's 1.55% yield.

PositionTTM20252024202320222021202020192018201720162015
JAPN.TO
CI WisdomTree Japan Equity Index ETF		1.55%2.08%1.58%1.51%2.59%1.35%1.36%2.12%0.62%0.00%0.00%0.00%
WXM.TO
CI Morningstar Canada Momentum Index ETF		1.19%1.25%1.27%1.38%2.25%1.04%0.78%0.94%1.44%1.38%1.58%1.51%

Frequently Asked Questions

WXM.TO and JAPN.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, JAPN.TO is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

JAPN.TO is cheaper with a 0.48% expense ratio, compared with 0.65% for WXM.TO.

WXM.TO is categorized as Momentum, while JAPN.TO is Japan Equities. WXM.TO tracks Morningstar Canada Target Momentum Index, while JAPN.TO tracks WisdomTree Japan Equity Index CAD. Their fees differ too: 0.65% for WXM.TO and 0.48% for JAPN.TO.

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