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

ZXM.TO vs. TILV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and TD Q International Low Volatility ETF (TILV.TO).

ZXM.TO and TILV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZXM.TO is a passively managed fund by CI that tracks the performance of the Morningstar Developed Markets ex-North America Target Momentum Index. It was launched on Nov 13, 2014. TILV.TO is an actively managed fund by TD. It was launched on May 7, 2019.

Performance

ZXM.TO vs. TILV.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 TD Q International Low Volatility ETF (TILV.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)2025202420232022202120202019
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		3.69%35.75%21.41%14.22%-20.61%25.67%16.23%12.72%
TILV.TO
TD Q International Low Volatility ETF		9.13%19.69%13.19%8.85%-4.94%14.06%-5.88%4.32%

Returns By Period

In the year-to-date period, ZXM.TO achieves a 3.69% return, which is significantly lower than TILV.TO's 9.13% return.

ZXM.TO

1D
2.28%
1M
-7.93%
YTD
3.69%
6M
11.39%
1Y
35.07%
3Y*
22.66%
5Y*
13.15%
10Y*
12.48%

TILV.TO

1D
1.91%
1M
-2.20%
YTD
9.13%
6M
11.75%
1Y
18.26%
3Y*
15.30%
5Y*
11.23%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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CI Morningstar International Momentum Index ETF Common Units CAD Hedged

TD Q International Low Volatility ETF

Often compared with ZXM.TO:
ZXM.TO vs. WXM.TOZXM.TO vs. VXM.TOZXM.TO vs. XDSR.TOZXM.TO vs. FCIM.NEOZXM.TO vs. XEC.TOZXM.TO vs. FCIL.NEOZXM.TO vs. CCOM.TO
Often compared with TILV.TO:
TILV.TO vs. VVO.TOTILV.TO vs. TINF.TOTILV.TO vs. FCRI.TOTILV.TO vs. QDX.TOTILV.TO vs. FCIL.NEOTILV.TO vs. ZLI.TOTILV.TO vs. RIDH.TO

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

ZXM.TO has a 0.67% expense ratio, which is higher than TILV.TO's 0.40% expense ratio.

ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged
TILV.TO
TD Q International Low Volatility ETF

Return for Risk

ZXM.TO vs. TILV.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: 9191
Overall Rank
ZXM.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 9090
Martin Ratio Rank
TILV.TO
TILV.TO Risk / Return Rank: 8181
Overall Rank
TILV.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
TILV.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
TILV.TO Omega Ratio Rank: 7878
Omega Ratio Rank
TILV.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
TILV.TO Martin Ratio Rank: 8282
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.

ZXM.TO vs. TILV.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 TD Q International Low Volatility ETF (TILV.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.TOTILV.TODifference

Sharpe ratio

Return per unit of total volatility

2.07

1.59

+0.48

Sortino ratio

Return per unit of downside risk

2.51

2.14

+0.38

Omega ratio

Gain probability vs. loss probability

1.49

1.31

+0.18

Calmar ratio

Return relative to maximum drawdown

3.13

2.42

+0.71

Martin ratio

Return relative to average drawdown

12.05

9.39

+2.66

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. TILV.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 2.07, which is higher than the TILV.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of ZXM.TO and TILV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZXM.TOTILV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.07

1.59

+0.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.85

1.14

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.71

0.00

Correlation

The correlation between ZXM.TO and TILV.TO is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZXM.TO vs. TILV.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 2.44%, less than TILV.TO's 2.89% yield.

TTM20252024202320222021202020192018201720162015
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		2.44%2.39%2.97%3.57%5.50%1.58%0.86%1.19%1.49%0.89%1.19%1.11%
TILV.TO
TD Q International Low Volatility ETF		2.89%3.08%3.34%3.51%2.81%2.78%2.99%2.10%0.00%0.00%0.00%0.00%

Drawdowns

ZXM.TO vs. TILV.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than TILV.TO's maximum drawdown of -26.64%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and TILV.TO.

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Drawdown Indicators

ZXM.TOTILV.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.22%

-26.64%

-8.58%

Max Drawdown (1Y)

Largest decline over 1 year

-10.36%

-7.21%

-3.15%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-16.32%

-10.61%

Max Drawdown (10Y)

Largest decline over 10 years

-35.22%

—

—

Current Drawdown

Current decline from peak

-8.26%

-2.20%

-6.06%

Average Drawdown

Average peak-to-trough decline

-6.51%

-4.31%

-2.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.78%

1.96%

+0.82%

Volatility

ZXM.TO vs. TILV.TO - Volatility Comparison

CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a higher volatility of 6.96% compared to TD Q International Low Volatility ETF (TILV.TO) at 5.49%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than TILV.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.TOTILV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.96%

5.49%

+1.47%

Volatility (6M)

Calculated over the trailing 6-month period

9.92%

7.79%

+2.13%

Volatility (1Y)

Calculated over the trailing 1-year period

17.04%

11.51%

+5.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.62%

9.90%

+5.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.56%

11.57%

+4.99%