ZXM.TO vs. FHI.TO
ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and FHI.TO (CI Health Care Giants Covered Call ETF) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while FHI.TO is a Derivative Income fund actively managed by CI. ZXM.TO is passively managed, while FHI.TO is actively managed. Over the past 5 years, ZXM.TO returned 12.06%/yr vs 5.79%/yr for FHI.TO. Their 0.21 correlation means their historical movements had little consistent relationship. ZXM.TO charges 0.67%/yr vs 0.71%/yr for FHI.TO.
Performance
ZXM.TO vs. FHI.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 FHI.TO's 6.56% 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%
FHI.TO
- 1D
- -0.18%
- 1M
- 2.27%
- 6M
- 5.17%
- YTD
- 6.56%
- 1Y
- 21.85%
- 3Y*
- 6.41%
- 5Y*
- 5.79%
- 10Y*
- —
- ALL TIME*
- 8.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$57.95K | CA$52.32K | CA$59.14K | |
| CA$43.76K | CA$31.09K | CA$57.00K |
ZXM.TO vs. FHI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | 30.39% | -21.50% |
FHI.TO CI Health Care Giants Covered Call ETF | 6.56% | 11.94% | -0.77% | 0.77% | 1.73% | 27.35% | 6.25% | 23.54% | -3.93% |
Correlation
The correlation between ZXM.TO and FHI.TO is 0.08, 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. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018 | 0.21 |
The correlation between ZXM.TO and FHI.TO shifts across timeframes, from 0.08 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
ZXM.TO vs. FHI.TO - Sectors Allocation Comparison
Sectors
ZXM.TO
FHI.TO
Industrials
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Financial Services
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Technology
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Consumer Cyclical
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Basic Materials
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Consumer Defensive
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Energy
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Utilities
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Healthcare
Communication Services
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Real Estate
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Industrials
ZXM.TO
FHI.TO
-
Financial Services
ZXM.TO
FHI.TO
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Technology
ZXM.TO
FHI.TO
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Consumer Cyclical
ZXM.TO
FHI.TO
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Basic Materials
ZXM.TO
FHI.TO
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Consumer Defensive
ZXM.TO
FHI.TO
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Energy
ZXM.TO
FHI.TO
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Utilities
ZXM.TO
FHI.TO
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Healthcare
ZXM.TO
FHI.TO
Communication Services
ZXM.TO
FHI.TO
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Real Estate
ZXM.TO
FHI.TO
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Return for Risk
ZXM.TO vs. FHI.TO — Risk / Return Rank
ZXM.TO
FHI.TO
ZXM.TO vs. FHI.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 Health Care Giants Covered Call ETF (FHI.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 | FHI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.52 | +0.18 |
| Martin ratioReturn relative to average drawdown | 9.14 | 5.86 | +3.29 |
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Drawdowns
ZXM.TO vs. FHI.TO - Drawdown Comparison
The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than FHI.TO's maximum drawdown of -29.85%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and FHI.TO.
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Drawdown Indicators
| ZXM.TO | FHI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.22% | -29.85% | -5.37% |
Max Drawdown (1Y)Largest decline over 1 year | -10.35% | -8.87% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -12.74% | -14.43% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -14.43% | -12.50% |
Max Drawdown (10Y)Largest decline over 10 years | -35.22% | — | — |
Current DrawdownCurrent decline from peak | -5.90% | -1.76% | -4.14% |
Average DrawdownAverage peak-to-trough decline | -6.41% | -4.42% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 3.80% | -0.75% |
Volatility
ZXM.TO vs. FHI.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 Health Care Giants Covered Call ETF (FHI.TO) at 4.63%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than FHI.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 | FHI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.30% | 4.63% | +1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 15.05% | 10.12% | +4.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.60% | 14.01% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.26% | 14.24% | +2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.61% | 16.54% | +0.07% |
ZXM.TO vs. FHI.TO - Expense Ratio Comparison
ZXM.TO has a 0.67% expense ratio, which is lower than FHI.TO's 0.71% expense ratio.
Dividends
ZXM.TO vs. FHI.TO - Dividend Comparison
ZXM.TO's dividend yield for the trailing twelve months is around 1.94%, less than FHI.TO's 7.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHI.TO CI Health Care Giants Covered Call ETF | 7.34% | 7.14% | 7.84% | 5.80% | 5.98% | 7.38% | 9.69% | 5.42% | 2.42% | 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 FHI.TO have a correlation of 0.08, 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 0.71% for FHI.TO.
ZXM.TO is categorized as Momentum, while FHI.TO is Derivative Income. Their fees differ too: 0.67% for ZXM.TO and 0.71% for FHI.TO.
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