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

ZXM.TO vs. ETHX.TO

Last updated Jun 4, 2026

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and ETHX.TO (CI Galaxy Ethereum ETF CAD Hedged Series) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while ETHX.TO is a Cryptocurrency fund actively managed by CI Global Asset Management. ZXM.TO is passively managed, while ETHX.TO is actively managed. At a 0.26 correlation, their price movements are largely independent. ZXM.TO charges 0.67%/yr vs 0.68%/yr for ETHX.TO.

Performance

ZXM.TO vs. ETHX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and CI Galaxy Ethereum ETF CAD Hedged Series (ETHX.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, ZXM.TO achieves a 12.33% return, which is significantly higher than ETHX.TO's -40.07% 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%

ETHX.TO

1D
-5.19%
1M
-23.32%
YTD
-40.07%
6M
-43.41%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		12.33%9.11%
ETHX.TO
CI Galaxy Ethereum ETF CAD Hedged Series		-40.07%-36.30%

Correlation

The correlation between ZXM.TO and ETHX.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (All Time)
Calculated using the full available price history since Aug 28, 2025

0.26

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CI Morningstar International Momentum Index ETF Common Units CAD Hedged

CI Galaxy Ethereum ETF CAD Hedged Series

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Often compared with ETHX.TO:
ETHX.TO vs. CCCX-B.TOETHX.TO vs. ETHY.TOETHX.TO vs. CGHY.TOETHX.TO vs. ETHR.TOETHX.TO vs. CCCX.TOETHX.TO vs. BTCX-B.TOETHX.TO vs. ETHH.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
ETHX.TO
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.

ZXM.TO vs. ETHX.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 Galaxy Ethereum ETF CAD Hedged Series (ETHX.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.TOETHX.TODifference
Sharpe ratioReturn per unit of total volatility
2.28

—

—

Sortino ratioReturn per unit of downside risk
3.26

—

—

Omega ratioGain probability vs. loss probability

1.47

—

—

Calmar ratioReturn relative to maximum drawdown

3.22

—

—

Martin ratioReturn relative to average drawdown

12.91

—

—

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

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

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Sharpe Ratios by Period

ZXM.TOETHX.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

-1.04

+1.78

Drawdowns

ZXM.TO vs. ETHX.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, smaller than the maximum ETHX.TO drawdown of -62.37%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and ETHX.TO.

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Drawdown Indicators

ZXM.TOETHX.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.22%

-62.37%

+27.15%

Max Drawdown (1Y)

Largest decline over 1 year

-10.35%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-35.22%

—

—

Current Drawdown

Current decline from peak

-2.45%

-62.37%

+59.92%

Average Drawdown

Average peak-to-trough decline

-6.44%

-37.85%

+31.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

—

—

Volatility

ZXM.TO vs. ETHX.TO - Volatility Comparison

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Volatility by Period

ZXM.TOETHX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.51%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

12.93%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

14.62%

69.29%

-54.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

69.29%

-53.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.70%

69.29%

-52.59%

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

ZXM.TO has a 0.67% expense ratio, which is lower than ETHX.TO's 0.68% expense ratio.

Dividends

ZXM.TO vs. ETHX.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 2.25%, while ETHX.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ETHX.TO
CI Galaxy Ethereum ETF CAD Hedged Series		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%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

ZXM.TO and ETHX.TO have a correlation of 0.26, 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 0.68% for ETHX.TO.

ZXM.TO is categorized as Momentum, while ETHX.TO is Cryptocurrency. Their fees differ too: 0.67% for ZXM.TO and 0.68% for ETHX.TO.

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