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CAR-UN.TO vs. XEH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CAR-UN.TO vs. XEH.TO

Last updated Jun 16, 2026

CAR-UN.TO (Canadian Apartment Properties Real Estate Investment Trust) is a stock, while XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) is Europe Equities fund tracking the Morningstar Eur GR CAD. Over the past 10 years, CAR-UN.TO returned 4.34%/yr vs 10.47%/yr for XEH.TO. At a 0.26 correlation, their price movements are largely independent.

Performance

CAR-UN.TO vs. XEH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) and iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.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, CAR-UN.TO achieves a -2.25% return, which is significantly lower than XEH.TO's 8.96% return. Over the past 10 years, CAR-UN.TO has underperformed XEH.TO with an annualized return of 4.34%, while XEH.TO has yielded a comparatively higher 10.47% annualized return.

CAR-UN.TO

1D
-1.03%
1M
6.53%
YTD
-2.25%
6M
-2.28%
1Y
-19.38%
3Y*
-7.85%
5Y*
-6.74%
10Y*
4.34%

XEH.TO

1D
0.34%
1M
4.85%
YTD
8.96%
6M
10.12%
1Y
19.04%
3Y*
13.62%
5Y*
9.41%
10Y*
10.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CAR-UN.TO vs. XEH.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CAR-UN.TO
Canadian Apartment Properties Real Estate Investment Trust		-2.25%-12.32%-9.85%17.89%-26.56%22.96%-2.97%22.93%22.52%23.53%
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		8.96%20.43%7.72%15.86%-8.30%21.78%-2.36%26.30%-9.64%15.67%

Correlation

The correlation between CAR-UN.TO and XEH.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.21

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

0.31

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

0.36

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

0.27

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

0.26

The correlation between CAR-UN.TO and XEH.TO shifts across timeframes, from 0.21 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

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Canadian Apartment Properties Real Estate Investment Trust

iShares MSCI Europe IMI Index ETF (CAD-Hedged)

Often compared with CAR-UN.TO:
CAR-UN.TO vs. KMP-UN.TOCAR-UN.TO vs. SRU-UN.TOCAR-UN.TO vs. BEI-UN.TOCAR-UN.TO vs. AP-UN.TOCAR-UN.TO vs. GWO.TOCAR-UN.TO vs. ^GSPCCAR-UN.TO vs. VFV.TO
Often compared with XEH.TO:
XEH.TO vs. XEU.TOXEH.TO vs. XEF.TOXEH.TO vs. VEF.TOXEH.TO vs. IWYXEH.TO vs. IEURXEH.TO vs. XEQT.TOXEH.TO vs. ZEA.TO

Return for Risk

CAR-UN.TO vs. XEH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CAR-UN.TO
CAR-UN.TO Risk / Return Rank: 1010
Overall Rank
CAR-UN.TO Sharpe Ratio Rank: 44
Sharpe Ratio Rank
CAR-UN.TO Sortino Ratio Rank: 66
Sortino Ratio Rank
CAR-UN.TO Omega Ratio Rank: 88
Omega Ratio Rank
CAR-UN.TO Calmar Ratio Rank: 1515
Calmar Ratio Rank
CAR-UN.TO Martin Ratio Rank: 1515
Martin Ratio Rank
XEH.TO
XEH.TO Risk / Return Rank: 4646
Overall Rank
XEH.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
XEH.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
XEH.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XEH.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
XEH.TO Martin Ratio Rank: 4949
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.

CAR-UN.TO vs. XEH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) and iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CAR-UN.TOXEH.TODifference
Sharpe ratioReturn per unit of total volatility
-1.09
1.49

-2.58

Sortino ratioReturn per unit of downside risk
-1.46
2.17

-3.63

Omega ratioGain probability vs. loss probability

0.84

1.28

-0.44

Calmar ratioReturn relative to maximum drawdown

-0.72

1.84

-2.57

Martin ratioReturn relative to average drawdown

-1.20

7.53

-8.73

CAR-UN.TO vs. XEH.TO - Sharpe Ratio Comparison

The current CAR-UN.TO Sharpe Ratio is -1.09, which is lower than the XEH.TO Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of CAR-UN.TO and XEH.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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Drawdowns

CAR-UN.TO vs. XEH.TO - Drawdown Comparison

The maximum CAR-UN.TO drawdown since its inception was -41.12%, which is greater than XEH.TO's maximum drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for CAR-UN.TO and XEH.TO.

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Drawdown Indicators

CAR-UN.TOXEH.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.12%

-35.81%

-5.31%

Max Drawdown (1Y)

Largest decline over 1 year

-26.88%

-10.38%

-16.50%

Max Drawdown (3Y)

Largest decline over 3 years

-38.75%

-15.01%

-23.74%

Max Drawdown (5Y)

Largest decline over 5 years

-39.29%

-20.33%

-18.96%

Max Drawdown (10Y)

Largest decline over 10 years

-39.29%

-35.81%

-3.48%

Current Drawdown

Current decline from peak

-35.33%

0.00%

-35.33%

Average Drawdown

Average peak-to-trough decline

-12.05%

-4.92%

-7.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.24%

2.53%

+13.71%

Volatility

CAR-UN.TO vs. XEH.TO - Volatility Comparison

Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) has a higher volatility of 6.14% compared to iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) at 4.44%. This indicates that CAR-UN.TO's price experiences larger fluctuations and is considered to be riskier than XEH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CAR-UN.TOXEH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.14%

4.44%

+1.70%

Volatility (6M)

Calculated over the trailing 6-month period

13.49%

10.79%

+2.70%

Volatility (1Y)

Calculated over the trailing 1-year period

17.94%

12.85%

+5.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.14%

14.23%

+6.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.05%

16.04%

+5.01%

Dividends

CAR-UN.TO vs. XEH.TO - Dividend Comparison

CAR-UN.TO's dividend yield for the trailing twelve months is around 4.43%, more than XEH.TO's 2.30% yield.

PositionTTM20252024202320222021202020192018201720162015
CAR-UN.TO
Canadian Apartment Properties Real Estate Investment Trust		4.43%4.29%3.45%2.97%3.40%2.35%2.76%2.59%2.96%3.42%3.94%4.50%
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		2.30%2.50%2.71%2.98%3.12%2.40%2.01%3.52%3.39%2.22%2.39%2.27%

Frequently Asked Questions

CAR-UN.TO and XEH.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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