XCV.TO vs. FXM.TO
XCV.TO (iShares Canadian Value Index ETF) and FXM.TO (CI Morningstar Canada Value Index ETF) are both Canada Equities funds - XCV.TO tracks the Morningstar Canada GR CAD while FXM.TO tracks the Morningstar Canada Target Value Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 14.19%/yr for FXM.TO. A 0.64 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.64%/yr for FXM.TO.
Performance
XCV.TO vs. FXM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 19.17% return, which is significantly higher than FXM.TO's 15.45% return. Over the past 10 years, XCV.TO has underperformed FXM.TO with an annualized return of 13.20%, while FXM.TO has yielded a comparatively higher 14.19% annualized return.
XCV.TO
- 1D
- -0.02%
- 1M
- 4.70%
- YTD
- 19.17%
- 6M
- 19.26%
- 1Y
- 44.26%
- 3Y*
- 27.30%
- 5Y*
- 17.83%
- 10Y*
- 13.20%
FXM.TO
- 1D
- 0.00%
- 1M
- 4.99%
- YTD
- 15.45%
- 6M
- 18.22%
- 1Y
- 48.87%
- 3Y*
- 28.11%
- 5Y*
- 18.36%
- 10Y*
- 14.19%
XCV.TO vs. FXM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 19.17% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | -2.56% | 18.02% | -11.15% | 8.75% |
FXM.TO CI Morningstar Canada Value Index ETF | 15.45% | 38.54% | 30.05% | 5.79% | -1.19% | 31.47% | 6.15% | 24.14% | -16.22% | 11.51% |
Correlation
The correlation between XCV.TO and FXM.TO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012 | 0.64 |
The correlation between XCV.TO and FXM.TO shifts across timeframes, from 0.55 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. FXM.TO — Risk / Return Rank
XCV.TO
FXM.TO
XCV.TO vs. FXM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and CI Morningstar Canada Value Index ETF (FXM.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.
| XCV.TO | FXM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.89 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 6.05 | +5.48 |
| Martin ratioReturn relative to average drawdown | 43.47 | 24.09 | +19.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCV.TO | FXM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 4.51 | +0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 1.30 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.84 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.82 | -0.28 |
Drawdowns
XCV.TO vs. FXM.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than FXM.TO's maximum drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for XCV.TO and FXM.TO.
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Drawdown Indicators
| XCV.TO | FXM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -46.41% | -6.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -8.11% | +4.25% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -12.44% | +2.73% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -16.08% | -2.00% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -46.41% | +5.23% |
Current DrawdownCurrent decline from peak | -0.89% | 0.00% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -4.69% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.03% | -1.01% |
Volatility
XCV.TO vs. FXM.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) has a higher volatility of 3.27% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 1.71%. This indicates that XCV.TO's price experiences larger fluctuations and is considered to be riskier than FXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCV.TO | FXM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 1.71% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 8.36% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 10.94% | -1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 14.25% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 16.99% | -1.45% |
XCV.TO vs. FXM.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is lower than FXM.TO's 0.64% expense ratio.
Dividends
XCV.TO vs. FXM.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, more than FXM.TO's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXM.TO CI Morningstar Canada Value Index ETF | 1.83% | 1.91% | 2.17% | 2.96% | 2.18% | 2.19% | 2.40% | 2.03% | 2.52% | 1.70% | 1.83% | 2.24% |
XCV.TO iShares Canadian Value Index ETF | 2.29% | 2.71% | 3.72% | 3.88% | 3.18% | 2.11% | 3.35% | 3.06% | 3.13% | 2.40% | 2.50% | 3.14% |
Frequently Asked Questions
XCV.TO and FXM.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCV.TO is cheaper with a 0.55% expense ratio, compared with 0.64% for FXM.TO.
XCV.TO tracks Morningstar Canada GR CAD, while FXM.TO tracks Morningstar Canada Target Value Index. They also come from different issuers: iShares and CI Investments. Their fees differ too: 0.55% for XCV.TO and 0.64% for FXM.TO.
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