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CIE.NEO vs. XIC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIE.NEO vs. XIC.TO

Last updated Jun 4, 2026

CIE.NEO (iShares International Fundamental Common Class) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - CIE.NEO is a Global Equities fund tracking the FTSE RAFI Developed ex US 1000 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, CIE.NEO returned 11.89%/yr vs 12.48%/yr for XIC.TO. A 0.57 correlation means they provide meaningful diversification when combined. CIE.NEO charges 0.73%/yr vs 0.06%/yr for XIC.TO.

Performance

CIE.NEO vs. XIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares International Fundamental Common Class (CIE.NEO) 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, CIE.NEO achieves a 17.83% 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 CIE.NEO having a 11.89% annualized return and XIC.TO not far ahead at 12.48%.

CIE.NEO

1D
-0.39%
1M
6.26%
YTD
17.83%
6M
19.92%
1Y
39.49%
3Y*
25.09%
5Y*
15.50%
10Y*
11.89%

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)

CIE.NEO vs. XIC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CIE.NEO
iShares International Fundamental Common Class		17.83%34.92%12.83%15.59%-2.83%14.42%1.33%11.29%-8.19%16.74%
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 CIE.NEO and XIC.TO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.60

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

0.61

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

0.60

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

0.60

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2009

0.57

The correlation between CIE.NEO and XIC.TO has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

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iShares International Fundamental Common Class

iShares Core S&P/TSX Capped Composite Index ETF

Often compared with CIE.NEO:
CIE.NEO vs. PXFCIE.NEO vs. VGG.TOCIE.NEO vs. SPYCIE.NEO vs. DFIVCIE.NEO vs. FCCM.NEOCIE.NEO vs. XMW.TOCIE.NEO vs. XEQT.TO
Often compared with XIC.TO:
XIC.TO vs. XIU.TOXIC.TO vs. VDY.TOXIC.TO vs. ZCN.TOXIC.TO vs. VCE.TOXIC.TO vs. XEF.TOXIC.TO vs. VEQT.TOXIC.TO vs. VO

Return for Risk

CIE.NEO vs. XIC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CIE.NEO
CIE.NEO Risk / Return Rank: 8282
Overall Rank
CIE.NEO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
CIE.NEO Sortino Ratio Rank: 8686
Sortino Ratio Rank
CIE.NEO Omega Ratio Rank: 8787
Omega Ratio Rank
CIE.NEO Calmar Ratio Rank: 7272
Calmar Ratio Rank
CIE.NEO Martin Ratio Rank: 7777
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.

CIE.NEO vs. XIC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Fundamental Common Class (CIE.NEO) 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.

CIE.NEOXIC.TODifference
Sharpe ratioReturn per unit of total volatility
2.85
2.76

+0.09

Sortino ratioReturn per unit of downside risk
3.90
3.57

+0.33

Omega ratioGain probability vs. loss probability

1.54

1.50

+0.04

Calmar ratioReturn relative to maximum drawdown

3.57

3.76

-0.19

Martin ratioReturn relative to average drawdown

14.78

17.44

-2.66

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIE.NEO vs. XIC.TO - Sharpe Ratio Comparison

The current CIE.NEO Sharpe Ratio is 2.85, which is comparable to the XIC.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of CIE.NEO 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

CIE.NEOXIC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.85

2.76

+0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

1.12

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.84

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.54

-0.10

Drawdowns

CIE.NEO vs. XIC.TO - Drawdown Comparison

The maximum CIE.NEO drawdown since its inception was -40.08%, smaller than the maximum XIC.TO drawdown of -48.21%. Use the drawdown chart below to compare losses from any high point for CIE.NEO and XIC.TO.

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Drawdown Indicators

CIE.NEOXIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.08%

-48.21%

+8.13%

Max Drawdown (1Y)

Largest decline over 1 year

-11.10%

-9.29%

-1.81%

Max Drawdown (3Y)

Largest decline over 3 years

-15.44%

-12.27%

-3.17%

Max Drawdown (5Y)

Largest decline over 5 years

-20.55%

-16.24%

-4.31%

Max Drawdown (10Y)

Largest decline over 10 years

-40.08%

-37.21%

-2.87%

Current Drawdown

Current decline from peak

-0.39%

-1.05%

+0.66%

Average Drawdown

Average peak-to-trough decline

-7.13%

-7.04%

-0.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.00%

+0.68%

Volatility

CIE.NEO vs. XIC.TO - Volatility Comparison

iShares International Fundamental Common Class (CIE.NEO) has a higher volatility of 4.85% compared to iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) at 3.48%. This indicates that CIE.NEO'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

CIE.NEOXIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.85%

3.48%

+1.37%

Volatility (6M)

Calculated over the trailing 6-month period

11.56%

10.33%

+1.23%

Volatility (1Y)

Calculated over the trailing 1-year period

13.95%

12.67%

+1.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.85%

13.13%

+0.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.19%

14.96%

+3.23%

CIE.NEO vs. XIC.TO - Expense Ratio Comparison

CIE.NEO has a 0.73% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.

Dividends

CIE.NEO vs. XIC.TO - Dividend Comparison

CIE.NEO's dividend yield for the trailing twelve months is around 2.12%, more than XIC.TO's 2.02% yield.

PositionTTM20252024202320222021202020192018201720162015
CIE.NEO
iShares International Fundamental Common Class		2.12%2.53%2.82%3.08%3.32%2.89%2.15%3.63%3.12%2.67%2.80%2.44%
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%

Frequently Asked Questions

CIE.NEO and XIC.TO have a correlation of 0.60, 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 0.73% for CIE.NEO.

CIE.NEO is categorized as Global Equities, while XIC.TO is Canada Equities. CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index, while XIC.TO tracks S&P/TSX Capped Composite Index. Their fees differ too: 0.73% for CIE.NEO and 0.06% for XIC.TO.

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