ZXM.TO vs. VMO.TO

Last updated Jun 4, 2026

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and VMO.TO (Vanguard Global Momentum Factor ETF CAD) are both Momentum funds. ZXM.TO is passively managed, while VMO.TO is actively managed. Over the past 5 years, ZXM.TO returned 13.11%/yr vs 17.80%/yr for VMO.TO. At a 0.42 correlation, their price movements are largely independent. ZXM.TO charges 0.67%/yr vs 0.38%/yr for VMO.TO.

Performance

ZXM.TO vs. VMO.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 Vanguard Global Momentum Factor ETF CAD (VMO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZXM.TO achieves a 12.33% return, which is significantly lower than VMO.TO's 25.71% 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%

VMO.TO

• 1D: 0.55%
• 1M: 7.68%
• YTD: 25.71%
• 6M: 24.99%
• 1Y: 48.00%
• 3Y*: 31.06%
• 5Y*: 17.80%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZXM.TO vs. VMO.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%
VMO.TO Vanguard Global Momentum Factor ETF CAD	25.71%	23.20%	29.68%	14.93%	-9.09%	15.67%	21.39%	19.55%	-5.19%	16.81%

Correlation

The correlation between ZXM.TO and VMO.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 27, 2016	0.42

ZXM.TO vs. VMO.TO - Sectors Allocation Comparison

Sectors	ZXM.TO	VMO.TO
Industrials	33.6%	24.5%
Financial Services	19.0%	11.0%
Basic Materials	9.8%	9.5%
Consumer Cyclical	9.4%	7.4%
Technology	8.9%	16.0%
Utilities	5.5%	0.1%
Energy	4.0%	6.6%
Consumer Defensive	3.9%	3.7%
Healthcare	3.2%	16.5%
Communication Services	1.5%	4.1%
Real Estate	1.4%	0.7%

Return for Risk

ZXM.TO vs. VMO.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: 71
ZXM.TO Sharpe Ratio Rank: 69
ZXM.TO Sortino Ratio Rank: 72
ZXM.TO Omega Ratio Rank: 79
ZXM.TO Calmar Ratio Rank: 65
ZXM.TO Martin Ratio Rank: 70

VMO.TO

VMO.TO Risk / Return Rank: 78
VMO.TO Sharpe Ratio Rank: 76
VMO.TO Sortino Ratio Rank: 71
VMO.TO Omega Ratio Rank: 70
VMO.TO Calmar Ratio Rank: 85
VMO.TO Martin Ratio Rank: 88

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. VMO.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 Vanguard Global Momentum Factor ETF CAD (VMO.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	VMO.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.51	-0.23
Sortino ratio: Return per unit of downside risk	3.26	3.28	-0.02
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.05
Calmar ratio: Return relative to maximum drawdown	3.22	4.79	-1.57
Martin ratio: Return relative to average drawdown	12.91	19.35	-6.44
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. VMO.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 2.28, which is comparable to the VMO.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of ZXM.TO and VMO.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZXM.TO	VMO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.51	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	1.01	-0.19
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	0.89	-0.15

Drawdowns

ZXM.TO vs. VMO.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than VMO.TO's maximum drawdown of -30.53%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and VMO.TO.

Drawdown Indicators

	ZXM.TO	VMO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.22%	-30.53%	-4.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.35%	-10.07%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.74%	-19.72%	+6.98%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-23.27%	-3.66%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	—	—
Current Drawdown Current decline from peak	-2.45%	0.00%	-2.45%
Average Drawdown Average peak-to-trough decline	-6.44%	-5.21%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.49%	+0.09%

Volatility

ZXM.TO vs. VMO.TO - Volatility Comparison

The current volatility for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) is 5.51%, while Vanguard Global Momentum Factor ETF CAD (VMO.TO) has a volatility of 6.22%. This indicates that ZXM.TO experiences smaller price fluctuations and is considered to be less risky than VMO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZXM.TO	VMO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	6.22%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	15.58%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.62%	19.21%	-4.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	17.66%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	17.91%	-1.21%

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

ZXM.TO has a 0.67% expense ratio, which is higher than VMO.TO's 0.38% expense ratio.

Dividends

ZXM.TO vs. VMO.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 2.25%, more than VMO.TO's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMO.TO Vanguard Global Momentum Factor ETF CAD	0.68%	0.85%	0.90%	1.03%	1.65%	1.09%	0.70%	1.70%	0.80%	1.15%	0.51%	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

Can I hold both ZXM.TO and VMO.TO in my portfolio?

ZXM.TO and VMO.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZXM.TO or VMO.TO?

On fees, VMO.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZXM.TO or VMO.TO?

VMO.TO is cheaper with a 0.38% expense ratio, compared with 0.67% for ZXM.TO.

What is the main difference between ZXM.TO and VMO.TO?

They also come from different issuers: CI Global Asset Management and Vanguard. Their fees differ too: 0.67% for ZXM.TO and 0.38% for VMO.TO.