ZXM.TO vs. CSAV.TO
ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and CSAV.TO (CI High Interest Savings ETF) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while CSAV.TO is a Money Market fund actively managed by CI. ZXM.TO is passively managed, while CSAV.TO is actively managed. Over the past 5 years, ZXM.TO returned 12.06%/yr vs 3.13%/yr for CSAV.TO. Their -0.03 correlation means they have often moved in opposite directions in the past. ZXM.TO charges 0.67%/yr vs 0.15%/yr for CSAV.TO.
Performance
ZXM.TO vs. CSAV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZXM.TO achieves a 12.37% return, which is significantly higher than CSAV.TO's 1.18% return.
ZXM.TO
- 1D
- 2.38%
- 1M
- -3.18%
- 6M
- 6.21%
- YTD
- 12.37%
- 1Y
- 27.46%
- 3Y*
- 23.62%
- 5Y*
- 12.06%
- 10Y*
- 12.98%
- ALL TIME*
- 12.56%
CSAV.TO
- 1D
- 0.02%
- 1M
- 0.15%
- 6M
- 1.01%
- YTD
- 1.18%
- 1Y
- 2.17%
- 3Y*
- 3.44%
- 5Y*
- 3.13%
- 10Y*
- —
- ALL TIME*
- 2.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | CA$1.49M | CA$1.26M | CA$1.48M |
| CA$43.76K | CA$31.09K | CA$57.00K |
ZXM.TO vs. CSAV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged | 12.37% | 35.74% | 21.42% | 14.21% | -20.62% | 25.67% | 16.23% | 9.78% |
CSAV.TO CI High Interest Savings ETF | 1.18% | 2.54% | 4.43% | 5.04% | 2.29% | 0.55% | 0.92% | 1.14% |
Correlation
The correlation between ZXM.TO and CSAV.TO is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | -0.03 |
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Return for Risk
ZXM.TO vs. CSAV.TO — Risk / Return Rank
ZXM.TO
CSAV.TO
ZXM.TO vs. CSAV.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 Interest Savings ETF (CSAV.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.
| ZXM.TO | CSAV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.93 | ||
| Sortino ratioReturn per unit of downside risk | -17.30 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 4.54 | -3.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 108.77 | -106.07 |
| Martin ratioReturn relative to average drawdown | 9.14 | 301.45 | -292.30 |
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Drawdowns
ZXM.TO vs. CSAV.TO - Drawdown Comparison
The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than CSAV.TO's maximum drawdown of -0.02%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and CSAV.TO.
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Drawdown Indicators
| ZXM.TO | CSAV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.22% | -0.02% | -35.20% |
Max Drawdown (1Y)Largest decline over 1 year | -10.35% | -0.02% | -10.33% |
Max Drawdown (3Y)Largest decline over 3 years | -12.74% | -0.02% | -12.72% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -0.02% | -26.91% |
Max Drawdown (10Y)Largest decline over 10 years | -35.22% | — | — |
Current DrawdownCurrent decline from peak | -5.90% | 0.00% | -5.90% |
Average DrawdownAverage peak-to-trough decline | -6.41% | 0.00% | -6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 0.01% | +3.04% |
Volatility
ZXM.TO vs. CSAV.TO - Volatility Comparison
CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a higher volatility of 6.30% compared to CI High Interest Savings ETF (CSAV.TO) at 0.07%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than CSAV.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 | CSAV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.30% | 0.07% | +6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 15.05% | 0.18% | +14.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.60% | 0.25% | +16.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.26% | 0.28% | +15.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.61% | 0.27% | +16.34% |
ZXM.TO vs. CSAV.TO - Expense Ratio Comparison
ZXM.TO has a 0.67% expense ratio, which is higher than CSAV.TO's 0.15% expense ratio.
Dividends
ZXM.TO vs. CSAV.TO - Dividend Comparison
ZXM.TO's dividend yield for the trailing twelve months is around 1.94%, less than CSAV.TO's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | 2.16% | 2.53% | 4.40% | 4.90% | 2.15% | 0.57% | 0.89% | 1.14% | 0.00% | 0.00% | 0.00% | 0.00% |
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged | 1.94% | 2.39% | 2.97% | 3.57% | 5.50% | 1.58% | 0.86% | 1.19% | 1.48% | 0.88% | 1.19% | 1.11% |
Frequently Asked Questions
ZXM.TO and CSAV.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSAV.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSAV.TO is cheaper with a 0.15% expense ratio, compared with 0.67% for ZXM.TO.
ZXM.TO is categorized as Momentum, while CSAV.TO is Money Market. Their fees differ too: 0.67% for ZXM.TO and 0.15% for CSAV.TO.
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