VS
Compare CI Morningstar Canada Value Index ETF (FXM) vs Vanguard FTSE Canada All Cap Index ETF (VCN) to find the best fit for your portfolio. FXM provides Non-Energy Materials, Finance, and Energy exposures, while VCN is primarily weighted in Finance, Non-Energy Materials, and Energy. When evaluating costs, FXM features a management fee (MER) of 0.6%, compared to 0.05% for VCN. Performance-wise, FXM has returned 21.61% year-to-date with +$15 M in net flows, whereas VCN is at 15.64% with +$3 B. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
FXM
VCN
| AuM | $554.59 M | $18,170.24 M |
| Management Fees | 0.60% | 0.05% |
| Exp. ratio | 0.64% | 0.06% |
| Tracking Difference | -0.96% | -0.06% |
Historical performance and flows
As of October 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | FXM | +2.31% | +5.20% | +21.61% | +30.60% | +131.35% |
VCN | +0.46% | +3.90% | +15.64% | +21.03% | +104.17% | |
| Flows | FXM | +$10 M | +$42 M | +$15 M | -$2 M | -$30 M |
VCN | +$388 M | +$961 M | +$3,433 M | +$4,034 M | +$6,527 M |
FXM vs VCN exposure
Countries
FXM
Canada
99.86%
VCN
Canada
96.50%
Sectors
FXM
Non-Energy Materials
22.76%
Finance
16.61%
Energy
16.23%
Utilities
12.78%
Consumer Non-Cyclicals
9.39%
Telecommunications
8.76%
Other
13.46%
VCN
Finance
41.26%
Non-Energy Materials
18.95%
Energy
16.67%
Industrials
7.37%
Other
15.76%
As of October 20, 2026
Top 10 Holdings
FXM
Centerra Gold, Inc.
4.70%
Torex Gold Resources, Inc.
3.89%
Russel Metals, Inc.
3.78%
CGI, Inc.
3.62%
The Bank of Nova Scotia
3.61%
OceanaGold Corp.
3.60%
Nutrien Ltd.
3.57%
Cenovus Energy, Inc.
3.57%
Open Text Corp.
3.54%
Parex Resources, Inc.
3.46%
VCN
Royal Bank of Canada
7.76%
The Toronto-Dominion Bank
5.49%
Shopify, Inc.
4.90%
Bank of Montreal
3.27%
The Bank of Nova Scotia
3.06%
Enbridge, Inc.
3.00%
Canadian Imperial Bank of Commerce
2.83%
Agnico Eagle Mines Ltd.
2.80%
Canadian Natural Resources Ltd.
2.78%
Brookfield Corp.
2.34%
Diversification
FXM
Total weight of top 10 holdings out of 30 total
37.33%
VCN
Total weight of top 10 holdings out of 209 total
38.24%
Characteristics
Compare
FXM
VCN
| Provider | CI | Vanguard |
| Management | Passively managed | Passively managed |
| Benchmark | Morningstar Canada Target Value Total Return Index - CAD | FTSE Canada All Cap Domestic Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.81% | 2.00% |
| Meets ESG criteria | No | No |
| Inception Date | February 13, 2012 | August 2, 2013 |
Frequently asked questions about FXM and VCN
Which ETF has performed better year to date: FXM or VCN?
As of October 20, 2026, FXM has returned 21.61% year to date, while VCN has returned 15.64%. FXM is ahead on YTD performance.
Which ETF is larger by assets under management: FXM or VCN?
As of October 20, 2026, FXM manages $554.59 M in assets, while VCN manages $18.17 B. VCN is the larger fund by AUM.
How are FXM and VCN managed?
FXM is passively managed by CI. It tracks the Morningstar Canada Target Value Total Return Index - CAD benchmark. VCN is passively managed by Vanguard. It tracks the FTSE Canada All Cap Domestic Total Return Index - CAD benchmark.
What sectors do FXM and VCN emphasize?
FXM is most exposed to Non-Energy Materials, Finance, and Energy. VCN is most exposed to Finance, Non-Energy Materials, and Energy.
Which ETF is attracting more investor flows: FXM or VCN?
Year to date, FXM has seen +$15.50 M in net flows, compared with +$3,432.75 M for VCN. VCN has attracted more net investor money so far.
How do the fees of FXM and VCN compare?
FXM has an expense ratio of 0.64%, while VCN has an expense ratio of 0.06%.
What are the top holdings of FXM and VCN?
FXM's largest holdings include Centerra Gold, Inc., Torex Gold Resources, Inc., and Russel Metals, Inc.. VCN's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: FXM or VCN?
FXM holds 30 securities, while VCN holds 208. On holdings count, VCN is the more diversified portfolio.
Recent articles about FXM and VCN
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.