ALA.TO vs. XEC.TO

Last updated Jun 4, 2026

ALA.TO (AltaGas Ltd.) is a stock, while XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) is Emerging Markets Equities fund tracking the Morningstar EM GR CAD. Over the past 10 years, ALA.TO returned 11.34%/yr vs 10.71%/yr for XEC.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

ALA.TO vs. XEC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in AltaGas Ltd. (ALA.TO) and iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALA.TO achieves a 30.67% return, which is significantly higher than XEC.TO's 27.92% return. Over the past 10 years, ALA.TO has outperformed XEC.TO with an annualized return of 11.34%, while XEC.TO has yielded a comparatively lower 10.71% annualized return.

ALA.TO

• 1D: 0.72%
• 1M: 3.57%
• YTD: 30.67%
• 6M: 28.23%
• 1Y: 44.08%
• 3Y*: 35.58%
• 5Y*: 21.56%
• 10Y*: 11.34%

XEC.TO

• 1D: -0.88%
• 1M: 10.15%
• YTD: 27.92%
• 6M: 28.48%
• 1Y: 54.44%
• 3Y*: 24.69%
• 5Y*: 10.21%
• 10Y*: 10.71%

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

ALA.TO vs. XEC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALA.TO AltaGas Ltd.	30.67%	29.01%	24.95%	24.42%	-10.99%	52.14%	0.41%	49.96%	-46.84%	-9.37%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	27.92%	25.78%	16.14%	7.92%	-14.68%	-1.74%	15.08%	11.53%	-8.26%	27.93%

Correlation

The correlation between ALA.TO and XEC.TO is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013	0.15

The correlation between ALA.TO and XEC.TO shifts across timeframes, from -0.25 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ALA.TO vs. XEC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALA.TO

ALA.TO Risk / Return Rank: 92
ALA.TO Sharpe Ratio Rank: 92
ALA.TO Sortino Ratio Rank: 92
ALA.TO Omega Ratio Rank: 90
ALA.TO Calmar Ratio Rank: 93
ALA.TO Martin Ratio Rank: 93

XEC.TO

XEC.TO Risk / Return Rank: 86
XEC.TO Sharpe Ratio Rank: 88
XEC.TO Sortino Ratio Rank: 85
XEC.TO Omega Ratio Rank: 88
XEC.TO Calmar Ratio Rank: 86
XEC.TO Martin Ratio Rank: 83

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.

ALA.TO vs. XEC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltaGas Ltd. (ALA.TO) and iShares Core MSCI Emerging Markets IMI Index ETF (XEC.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.

	ALA.TO	XEC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.60	3.01	-0.40
Sortino ratio: Return per unit of downside risk	3.55	3.86	-0.31
Omega ratio: Gain probability vs. loss probability	1.44	1.56	-0.12
Calmar ratio: Return relative to maximum drawdown	5.77	4.86	+0.91
Martin ratio: Return relative to average drawdown	15.56	17.00	-1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALA.TO vs. XEC.TO - Sharpe Ratio Comparison

The current ALA.TO Sharpe Ratio is 2.60, which is comparable to the XEC.TO Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of ALA.TO and XEC.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

	ALA.TO	XEC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	3.01	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	0.65	+0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.61	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.52	-0.07

Drawdowns

ALA.TO vs. XEC.TO - Drawdown Comparison

The maximum ALA.TO drawdown since its inception was -74.97%, which is greater than XEC.TO's maximum drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for ALA.TO and XEC.TO.

Drawdown Indicators

	ALA.TO	XEC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-74.97%	-32.54%	-42.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-11.25%	+3.58%
Max Drawdown (3Y) Largest decline over 3 years	-9.12%	-15.07%	+5.95%
Max Drawdown (5Y) Largest decline over 5 years	-27.83%	-29.14%	+1.31%
Max Drawdown (10Y) Largest decline over 10 years	-66.67%	-32.54%	-34.13%
Current Drawdown Current decline from peak	-0.00%	-0.88%	+0.88%
Average Drawdown Average peak-to-trough decline	-19.30%	-9.56%	-9.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.21%	-0.36%

Volatility

ALA.TO vs. XEC.TO - Volatility Comparison

The current volatility for AltaGas Ltd. (ALA.TO) is 4.71%, while iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a volatility of 7.80%. This indicates that ALA.TO experiences smaller price fluctuations and is considered to be less risky than XEC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALA.TO	XEC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	7.80%	-3.09%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	15.85%	-2.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	18.19%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	15.91%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.85%	17.60%	+11.25%

Dividends

ALA.TO vs. XEC.TO - Dividend Comparison

ALA.TO's dividend yield for the trailing twelve months is around 2.35%, more than XEC.TO's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALA.TO AltaGas Ltd.	2.35%	3.01%	3.56%	4.03%	4.53%	3.65%	5.14%	4.85%	15.06%	7.39%	5.99%	6.10%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	1.50%	1.92%	2.03%	2.16%	2.28%	2.78%	1.64%	2.87%	2.66%	2.13%	1.80%	2.19%

Frequently Asked Questions

Can I hold both ALA.TO and XEC.TO in my portfolio?

ALA.TO and XEC.TO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.