ZXM.TO vs. CGHY.TO
ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and CGHY.TO (CI High Yield Bond Private Pool ETF C$ Series) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while CGHY.TO is a High Yield Bonds fund actively managed by CI Global Asset Management. ZXM.TO is passively managed, while CGHY.TO is actively managed. Over the past 10 years, ZXM.TO returned 13.06%/yr vs 6.68%/yr for CGHY.TO. At a 0.12 correlation, their price movements are largely independent. ZXM.TO charges 0.67%/yr vs 0.76%/yr for CGHY.TO.
Performance
ZXM.TO vs. CGHY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZXM.TO achieves a 12.33% return, which is significantly higher than CGHY.TO's 3.03% return. Over the past 10 years, ZXM.TO has outperformed CGHY.TO with an annualized return of 13.06%, while CGHY.TO has yielded a comparatively lower 6.68% annualized return.
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%
CGHY.TO
- 1D
- 0.29%
- 1M
- 1.40%
- YTD
- 3.03%
- 6M
- 2.75%
- 1Y
- 7.80%
- 3Y*
- 9.27%
- 5Y*
- 9.45%
- 10Y*
- 6.68%
ZXM.TO vs. CGHY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 30.39% | -17.00% | 28.15% |
CGHY.TO CI High Yield Bond Private Pool ETF C$ Series | 3.03% | 6.19% | 9.66% | 13.41% | 13.50% | 2.47% | -1.13% | 10.73% | -2.45% | 5.87% |
Correlation
The correlation between ZXM.TO and CGHY.TO is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2015 | 0.12 |
The correlation between ZXM.TO and CGHY.TO shifts across timeframes, from 0.01 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZXM.TO vs. CGHY.TO — Risk / Return Rank
ZXM.TO
CGHY.TO
ZXM.TO vs. CGHY.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and CI High Yield Bond Private Pool ETF C$ Series (CGHY.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.
| ZXM.TO | CGHY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.23 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 3.60 | -0.38 |
| Martin ratioReturn relative to average drawdown | 12.91 | 11.65 | +1.26 |
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
| ZXM.TO | CGHY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.28 | 1.23 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | 0.66 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.52 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.46 | +0.28 |
Drawdowns
ZXM.TO vs. CGHY.TO - Drawdown Comparison
The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than CGHY.TO's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and CGHY.TO.
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Drawdown Indicators
| ZXM.TO | CGHY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.22% | -24.44% | -10.78% |
Max Drawdown (1Y)Largest decline over 1 year | -10.35% | -2.18% | -8.17% |
Max Drawdown (3Y)Largest decline over 3 years | -12.74% | -4.92% | -7.82% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -9.81% | -17.12% |
Max Drawdown (10Y)Largest decline over 10 years | -35.22% | -24.44% | -10.78% |
Current DrawdownCurrent decline from peak | -2.45% | 0.00% | -2.45% |
Average DrawdownAverage peak-to-trough decline | -6.44% | -2.05% | -4.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 0.67% | +1.91% |
Volatility
ZXM.TO vs. CGHY.TO - Volatility Comparison
CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a higher volatility of 5.51% compared to CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) at 1.34%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than CGHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZXM.TO | CGHY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 1.34% | +4.17% |
Volatility (6M)Calculated over the trailing 6-month period | 12.93% | 5.14% | +7.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.62% | 6.38% | +8.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.96% | 14.51% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.70% | 13.00% | +3.70% |
ZXM.TO vs. CGHY.TO - Expense Ratio Comparison
ZXM.TO has a 0.67% expense ratio, which is lower than CGHY.TO's 0.76% expense ratio.
Dividends
ZXM.TO vs. CGHY.TO - Dividend Comparison
ZXM.TO's dividend yield for the trailing twelve months is around 2.25%, less than CGHY.TO's 5.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGHY.TO CI High Yield Bond Private Pool ETF C$ Series | 5.25% | 5.40% | 4.99% | 5.14% | 5.08% | 6.32% | 6.08% | 5.65% | 5.91% | 5.45% | 5.57% | 5.23% |
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
ZXM.TO and CGHY.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZXM.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZXM.TO is cheaper with a 0.67% expense ratio, compared with 0.76% for CGHY.TO.
ZXM.TO is categorized as Momentum, while CGHY.TO is High Yield Bonds. Their fees differ too: 0.67% for ZXM.TO and 0.76% for CGHY.TO.
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