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

ZXM.TO vs. XIC.TO

Last updated Jun 4, 2026

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, ZXM.TO returned 13.06%/yr vs 12.48%/yr for XIC.TO. At a 0.36 correlation, their price movements are largely independent. ZXM.TO charges 0.67%/yr vs 0.06%/yr for XIC.TO.

Performance

ZXM.TO vs. XIC.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 iShares Core S&P/TSX Capped Composite Index ETF (XIC.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 XIC.TO's 10.75% return. Both investments have delivered pretty close results over the past 10 years, with ZXM.TO having a 13.06% annualized return and XIC.TO not far behind at 12.48%.

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%

XIC.TO

1D
-1.05%
1M
3.59%
YTD
10.75%
6M
12.90%
1Y
34.79%
3Y*
23.62%
5Y*
14.60%
10Y*
12.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		10.75%31.51%21.48%11.73%-5.82%23.42%5.61%22.76%-8.72%8.99%

Correlation

The correlation between ZXM.TO and XIC.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.38

Correlation (10Y)
Calculated over the trailing 10-year period

0.40

Correlation (All Time)
Calculated using the full available price history since Nov 24, 2014

0.36

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

Sectors
ZXM.TO
XIC.TO

Industrials

33.6%
10.0%

Financial Services

19.0%
34.0%

Basic Materials

9.8%
17.2%

Consumer Cyclical

9.4%
3.7%

Technology

8.9%
6.7%

Utilities

5.5%
2.9%

Energy

4.0%
18.1%

Consumer Defensive

3.9%
2.9%

Healthcare

3.2%
0.1%

Communication Services

1.5%
1.8%

Real Estate

1.4%
1.5%

Industrials

ZXM.TO
33.6%
XIC.TO
10.0%

Financial Services

ZXM.TO
19.0%
XIC.TO
34.0%

Basic Materials

ZXM.TO
9.8%
XIC.TO
17.2%

Consumer Cyclical

ZXM.TO
9.4%
XIC.TO
3.7%

Technology

ZXM.TO
8.9%
XIC.TO
6.7%

Utilities

ZXM.TO
5.5%
XIC.TO
2.9%

Energy

ZXM.TO
4.0%
XIC.TO
18.1%

Consumer Defensive

ZXM.TO
3.9%
XIC.TO
2.9%

Healthcare

ZXM.TO
3.2%
XIC.TO
0.1%

Communication Services

ZXM.TO
1.5%
XIC.TO
1.8%

Real Estate

ZXM.TO
1.4%
XIC.TO
1.5%

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CI Morningstar International Momentum Index ETF Common Units CAD Hedged

iShares Core S&P/TSX Capped Composite Index ETF

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Return for Risk

ZXM.TO vs. XIC.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
XIC.TO
XIC.TO Risk / Return Rank: 8080
Overall Rank
XIC.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8383
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. XIC.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 iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.TOXIC.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
2.76

-0.47

Sortino ratioReturn per unit of downside risk
3.26
3.57

-0.31

Omega ratioGain probability vs. loss probability

1.47

1.50

-0.03

Calmar ratioReturn relative to maximum drawdown

3.22

3.76

-0.54

Martin ratioReturn relative to average drawdown

12.91

17.44

-4.53

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. XIC.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 2.28, which is comparable to the XIC.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of ZXM.TO and XIC.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.

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Sharpe Ratios by Period

ZXM.TOXIC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

2.76

-0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

1.12

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

0.84

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

0.54

+0.20

Drawdowns

ZXM.TO vs. XIC.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, smaller than the maximum XIC.TO drawdown of -48.21%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and XIC.TO.

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Drawdown Indicators

ZXM.TOXIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.22%

-48.21%

+12.99%

Max Drawdown (1Y)

Largest decline over 1 year

-10.35%

-9.29%

-1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-12.27%

-0.47%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-16.24%

-10.69%

Max Drawdown (10Y)

Largest decline over 10 years

-35.22%

-37.21%

+1.99%

Current Drawdown

Current decline from peak

-2.45%

-1.05%

-1.40%

Average Drawdown

Average peak-to-trough decline

-6.44%

-7.04%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

2.00%

+0.58%

Volatility

ZXM.TO vs. XIC.TO - Volatility Comparison

CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a higher volatility of 5.51% compared to iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) at 3.48%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than XIC.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.TOXIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.51%

3.48%

+2.03%

Volatility (6M)

Calculated over the trailing 6-month period

12.93%

10.33%

+2.60%

Volatility (1Y)

Calculated over the trailing 1-year period

14.62%

12.67%

+1.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

13.13%

+2.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.70%

14.96%

+1.74%

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

ZXM.TO has a 0.67% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.

Dividends

ZXM.TO vs. XIC.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 2.25%, more than XIC.TO's 2.02% yield.

PositionTTM20252024202320222021202020192018201720162015
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.02%2.23%2.64%2.95%3.10%2.44%3.03%3.01%3.19%2.49%2.72%3.21%
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 XIC.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.67% for ZXM.TO.

ZXM.TO is categorized as Momentum, while XIC.TO is Canada Equities. ZXM.TO tracks Morningstar Developed Markets ex-North America Target Momentum Index, while XIC.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: CI Global Asset Management and iShares. Their fees differ too: 0.67% for ZXM.TO and 0.06% for XIC.TO.

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