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XMTM.TO vs. ZXM.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMTM.TO vs. ZXM.TO

Last updated Jun 4, 2026

XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) and ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) are both Momentum funds - XMTM.TO tracks the MSCI USA Momentum SR Variant Index while ZXM.TO tracks the Morningstar Developed Markets ex-North America Target Momentum Index. Both are passively managed. Over the past 5 years, XMTM.TO returned 17.92%/yr vs 13.11%/yr for ZXM.TO. At a 0.28 correlation, their price movements are largely independent. XMTM.TO charges 0.31%/yr vs 0.67%/yr for ZXM.TO.

Performance

XMTM.TO vs. ZXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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, XMTM.TO achieves a 33.39% return, which is significantly higher than ZXM.TO's 12.33% return.

XMTM.TO

1D
4.00%
1M
19.00%
YTD
33.39%
6M
29.32%
1Y
40.58%
3Y*
35.55%
5Y*
17.92%
10Y*
—

ZXM.TO

1D
-0.83%
1M
2.88%
YTD
12.33%
6M
14.29%
1Y
33.18%
3Y*
25.69%
5Y*
13.11%
10Y*
13.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMTM.TO vs. ZXM.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		33.39%14.02%43.59%6.48%-14.53%15.01%25.77%3.42%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		12.33%35.75%21.41%14.22%-20.61%25.67%16.23%11.21%

Correlation

The correlation between XMTM.TO and ZXM.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

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

0.28

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

0.31

Correlation (All Time)
Calculated using the full available price history since Sep 18, 2019

0.28

XMTM.TO vs. ZXM.TO - Sectors Allocation Comparison

Sectors
XMTM.TO
ZXM.TO

Technology

44.7%
8.9%

Industrials

15.3%
33.6%

Financial Services

10.5%
19.0%

Communication Services

7.0%
1.5%

Healthcare

7.0%
3.2%

Consumer Cyclical

3.7%
9.4%

Energy

3.6%
4.0%

Consumer Defensive

3.3%
3.9%

Real Estate

1.8%
1.4%

Basic Materials

1.7%
9.8%

Utilities

1.6%
5.5%

Technology

XMTM.TO
44.7%
ZXM.TO
8.9%

Industrials

XMTM.TO
15.3%
ZXM.TO
33.6%

Financial Services

XMTM.TO
10.5%
ZXM.TO
19.0%

Communication Services

XMTM.TO
7.0%
ZXM.TO
1.5%

Healthcare

XMTM.TO
7.0%
ZXM.TO
3.2%

Consumer Cyclical

XMTM.TO
3.7%
ZXM.TO
9.4%

Energy

XMTM.TO
3.6%
ZXM.TO
4.0%

Consumer Defensive

XMTM.TO
3.3%
ZXM.TO
3.9%

Real Estate

XMTM.TO
1.8%
ZXM.TO
1.4%

Basic Materials

XMTM.TO
1.7%
ZXM.TO
9.8%

Utilities

XMTM.TO
1.6%
ZXM.TO
5.5%

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iShares MSCI USA Momentum Factor Index ETF

CI Morningstar International Momentum Index ETF Common Units CAD Hedged

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Often compared with ZXM.TO:
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Return for Risk

XMTM.TO vs. ZXM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMTM.TO
XMTM.TO Risk / Return Rank: 6565
Overall Rank
XMTM.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XMTM.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
XMTM.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XMTM.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XMTM.TO Martin Ratio Rank: 5858
Martin Ratio Rank
ZXM.TO
ZXM.TO Risk / Return Rank: 7171
Overall Rank
ZXM.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 7979
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 7070
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.

XMTM.TO vs. ZXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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.

XMTM.TOZXM.TODifference
Sharpe ratioReturn per unit of total volatility
2.20
2.28

-0.09

Sortino ratioReturn per unit of downside risk
3.07
3.26

-0.18

Omega ratioGain probability vs. loss probability

1.39

1.47

-0.08

Calmar ratioReturn relative to maximum drawdown

3.57

3.22

+0.35

Martin ratioReturn relative to average drawdown

10.21

12.91

-2.70

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMTM.TO vs. ZXM.TO - Sharpe Ratio Comparison

The current XMTM.TO Sharpe Ratio is 2.20, which is comparable to the ZXM.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of XMTM.TO and ZXM.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

XMTM.TOZXM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.20

2.28

-0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.96

0.83

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.79

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.88

0.74

+0.14

Drawdowns

XMTM.TO vs. ZXM.TO - Drawdown Comparison

The maximum XMTM.TO drawdown since its inception was -29.01%, smaller than the maximum ZXM.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for XMTM.TO and ZXM.TO.

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Drawdown Indicators

XMTM.TOZXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.01%

-35.22%

+6.21%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-10.35%

-1.07%

Max Drawdown (3Y)

Largest decline over 3 years

-20.64%

-12.74%

-7.90%

Max Drawdown (5Y)

Largest decline over 5 years

-29.01%

-26.93%

-2.08%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.22%

—

Current Drawdown

Current decline from peak

0.00%

-2.45%

+2.45%

Average Drawdown

Average peak-to-trough decline

-7.96%

-6.44%

-1.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.99%

2.58%

+1.41%

Volatility

XMTM.TO vs. ZXM.TO - Volatility Comparison

iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a higher volatility of 7.86% compared to CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) at 5.51%. This indicates that XMTM.TO's price experiences larger fluctuations and is considered to be riskier than ZXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMTM.TOZXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.86%

5.51%

+2.35%

Volatility (6M)

Calculated over the trailing 6-month period

16.02%

12.93%

+3.09%

Volatility (1Y)

Calculated over the trailing 1-year period

18.57%

14.62%

+3.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.79%

15.96%

+2.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.07%

16.70%

+3.37%

XMTM.TO vs. ZXM.TO - Expense Ratio Comparison

XMTM.TO has a 0.31% expense ratio, which is lower than ZXM.TO's 0.67% expense ratio.

Dividends

XMTM.TO vs. ZXM.TO - Dividend Comparison

XMTM.TO's dividend yield for the trailing twelve months is around 0.46%, less than ZXM.TO's 2.25% yield.

PositionTTM20252024202320222021202020192018201720162015
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		0.46%0.70%0.62%0.84%1.66%0.33%0.64%1.24%0.00%0.00%0.00%0.00%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		2.25%2.39%2.97%3.57%5.50%1.58%0.86%1.19%1.49%0.89%1.19%1.11%

Frequently Asked Questions

XMTM.TO and ZXM.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMTM.TO is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMTM.TO is cheaper with a 0.31% expense ratio, compared with 0.67% for ZXM.TO.

XMTM.TO tracks MSCI USA Momentum SR Variant Index, while ZXM.TO tracks Morningstar Developed Markets ex-North America Target Momentum Index. They also come from different issuers: iShares and CI Global Asset Management. Their fees differ too: 0.31% for XMTM.TO and 0.67% for ZXM.TO.

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