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

ZXM.TO vs. XMTM.TO

Last updated Jun 4, 2026

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) are both Momentum funds - ZXM.TO tracks the Morningstar Developed Markets ex-North America Target Momentum Index while XMTM.TO tracks the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, ZXM.TO returned 13.11%/yr vs 17.92%/yr for XMTM.TO. At a 0.28 correlation, their price movements are largely independent. ZXM.TO charges 0.67%/yr vs 0.31%/yr for XMTM.TO.

Performance

ZXM.TO vs. XMTM.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 MSCI USA Momentum Factor Index ETF (XMTM.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 lower than XMTM.TO's 33.39% 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%

XMTM.TO

1D
4.00%
1M
19.00%
YTD
33.39%
6M
29.32%
1Y
40.58%
3Y*
35.55%
5Y*
17.92%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
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%11.21%
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		33.39%14.02%43.59%6.48%-14.53%15.01%25.77%3.42%

Correlation

The correlation between ZXM.TO and XMTM.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

0.28

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

0.31

Correlation (All Time)
Calculated using the full available price history since Sep 18, 2019

0.28

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

Sectors
ZXM.TO
XMTM.TO

Industrials

33.6%
15.3%

Financial Services

19.0%
10.5%

Basic Materials

9.8%
1.7%

Consumer Cyclical

9.4%
3.7%

Technology

8.9%
44.7%

Utilities

5.5%
1.6%

Energy

4.0%
3.6%

Consumer Defensive

3.9%
3.3%

Healthcare

3.2%
7.0%

Communication Services

1.5%
7.0%

Real Estate

1.4%
1.8%

Industrials

ZXM.TO
33.6%
XMTM.TO
15.3%

Financial Services

ZXM.TO
19.0%
XMTM.TO
10.5%

Basic Materials

ZXM.TO
9.8%
XMTM.TO
1.7%

Consumer Cyclical

ZXM.TO
9.4%
XMTM.TO
3.7%

Technology

ZXM.TO
8.9%
XMTM.TO
44.7%

Utilities

ZXM.TO
5.5%
XMTM.TO
1.6%

Energy

ZXM.TO
4.0%
XMTM.TO
3.6%

Consumer Defensive

ZXM.TO
3.9%
XMTM.TO
3.3%

Healthcare

ZXM.TO
3.2%
XMTM.TO
7.0%

Communication Services

ZXM.TO
1.5%
XMTM.TO
7.0%

Real Estate

ZXM.TO
1.4%
XMTM.TO
1.8%

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CI Morningstar International Momentum Index ETF Common Units CAD Hedged

iShares MSCI USA Momentum Factor Index ETF

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Often compared with XMTM.TO:
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Return for Risk

ZXM.TO vs. XMTM.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
XMTM.TO
XMTM.TO Risk / Return Rank: 6565
Overall Rank
XMTM.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XMTM.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
XMTM.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XMTM.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XMTM.TO Martin Ratio Rank: 5858
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. XMTM.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 MSCI USA Momentum Factor Index ETF (XMTM.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.TOXMTM.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
2.20

+0.09

Sortino ratioReturn per unit of downside risk
3.26
3.07

+0.18

Omega ratioGain probability vs. loss probability

1.47

1.39

+0.08

Calmar ratioReturn relative to maximum drawdown

3.22

3.57

-0.35

Martin ratioReturn relative to average drawdown

12.91

10.21

+2.70

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. XMTM.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 2.28, which is comparable to the XMTM.TO Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of ZXM.TO and XMTM.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.TOXMTM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

2.20

+0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.96

-0.13

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

0.88

-0.14

Drawdowns

ZXM.TO vs. XMTM.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than XMTM.TO's maximum drawdown of -29.01%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and XMTM.TO.

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Drawdown Indicators

ZXM.TOXMTM.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.22%

-29.01%

-6.21%

Max Drawdown (1Y)

Largest decline over 1 year

-10.35%

-11.42%

+1.07%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-20.64%

+7.90%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-29.01%

+2.08%

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%

-7.96%

+1.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

3.99%

-1.41%

Volatility

ZXM.TO vs. XMTM.TO - Volatility Comparison

The current volatility for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) is 5.51%, while iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a volatility of 7.86%. This indicates that ZXM.TO experiences smaller price fluctuations and is considered to be less risky than XMTM.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.TOXMTM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.51%

7.86%

-2.35%

Volatility (6M)

Calculated over the trailing 6-month period

12.93%

16.02%

-3.09%

Volatility (1Y)

Calculated over the trailing 1-year period

14.62%

18.57%

-3.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

18.79%

-2.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.70%

20.07%

-3.37%

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

ZXM.TO has a 0.67% expense ratio, which is higher than XMTM.TO's 0.31% expense ratio.

Dividends

ZXM.TO vs. XMTM.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 2.25%, more than XMTM.TO's 0.46% yield.

PositionTTM20252024202320222021202020192018201720162015
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		0.46%0.70%0.62%0.84%1.66%0.33%0.64%1.24%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 XMTM.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, XMTM.TO is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMTM.TO is cheaper with a 0.31% expense ratio, compared with 0.67% for ZXM.TO.

ZXM.TO tracks Morningstar Developed Markets ex-North America Target Momentum Index, while XMTM.TO tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: CI Global Asset Management and iShares. Their fees differ too: 0.67% for ZXM.TO and 0.31% for XMTM.TO.

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