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CLF.TO vs. XEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CLF.TO vs. XEF.TO

Last updated Jun 5, 2026

CLF.TO (iShares 1-5 Year Laddered Government Bond Index ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - CLF.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). Both are passively managed. Over the past 10 years, CLF.TO returned 1.81%/yr vs 9.90%/yr for XEF.TO. At a 0.06 correlation, their price movements are largely independent. CLF.TO charges 0.17%/yr vs 0.23%/yr for XEF.TO.

Performance

CLF.TO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.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, CLF.TO achieves a 0.91% return, which is significantly lower than XEF.TO's 10.86% return. Over the past 10 years, CLF.TO has underperformed XEF.TO with an annualized return of 1.81%, while XEF.TO has yielded a comparatively higher 9.90% annualized return.

CLF.TO

1D
0.09%
1M
0.73%
YTD
0.91%
6M
0.70%
1Y
2.48%
3Y*
4.19%
5Y*
1.74%
10Y*
1.81%

XEF.TO

1D
0.82%
1M
4.86%
YTD
10.86%
6M
11.37%
1Y
23.85%
3Y*
18.31%
5Y*
11.07%
10Y*
9.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CLF.TO vs. XEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CLF.TO
iShares 1-5 Year Laddered Government Bond Index ETF		0.91%3.36%4.82%4.58%-3.98%-1.27%5.53%3.97%1.68%-0.49%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		10.86%25.69%12.04%15.21%-9.53%10.36%6.13%15.86%-6.65%18.19%

Correlation

The correlation between CLF.TO and XEF.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.41

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

0.29

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

0.21

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

0.10

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.06

Over the past year, CLF.TO and XEF.TO have become more correlated (0.41) than their long-term average of 0.06, meaning their price movements have been converging.

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iShares 1-5 Year Laddered Government Bond Index ETF

iShares Core MSCI EAFE IMI Index ETF

Often compared with CLF.TO:
CLF.TO vs. XGB.TOCLF.TO vs. XSH.TOCLF.TO vs. TLTCLF.TO vs. XBB.TOCLF.TO vs. CBIL.TOCLF.TO vs. SPYCLF.TO vs. ZSP.TO
Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO

Return for Risk

CLF.TO vs. XEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CLF.TO
CLF.TO Risk / Return Rank: 3434
Overall Rank
CLF.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
CLF.TO Sortino Ratio Rank: 3131
Sortino Ratio Rank
CLF.TO Omega Ratio Rank: 3535
Omega Ratio Rank
CLF.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
CLF.TO Martin Ratio Rank: 3434
Martin Ratio Rank
XEF.TO
XEF.TO Risk / Return Rank: 5050
Overall Rank
XEF.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5353
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 5151
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.

CLF.TO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.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.

CLF.TOXEF.TODifference
Sharpe ratioReturn per unit of total volatility
1.22
1.73

-0.51

Sortino ratioReturn per unit of downside risk
1.67
2.48

-0.81

Omega ratioGain probability vs. loss probability

1.23

1.32

-0.09

Calmar ratioReturn relative to maximum drawdown

1.80

2.13

-0.33

Martin ratioReturn relative to average drawdown

5.18

8.48

-3.30

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

CLF.TO vs. XEF.TO - Sharpe Ratio Comparison

The current CLF.TO Sharpe Ratio is 1.22, which is comparable to the XEF.TO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CLF.TO and XEF.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

CLF.TOXEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.22

1.73

-0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.82

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.67

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.71

+0.01

Drawdowns

CLF.TO vs. XEF.TO - Drawdown Comparison

The maximum CLF.TO drawdown since its inception was -6.91%, smaller than the maximum XEF.TO drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for CLF.TO and XEF.TO.

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Drawdown Indicators

CLF.TOXEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.91%

-28.51%

+21.60%

Max Drawdown (1Y)

Largest decline over 1 year

-1.38%

-11.27%

+9.89%

Max Drawdown (3Y)

Largest decline over 3 years

-1.42%

-14.32%

+12.90%

Max Drawdown (5Y)

Largest decline over 5 years

-6.80%

-24.58%

+17.78%

Max Drawdown (10Y)

Largest decline over 10 years

-6.91%

-28.51%

+21.60%

Current Drawdown

Current decline from peak

-0.26%

-0.27%

+0.01%

Average Drawdown

Average peak-to-trough decline

-1.08%

-4.61%

+3.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.48%

2.82%

-2.34%

Volatility

CLF.TO vs. XEF.TO - Volatility Comparison

The current volatility for iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) is 0.72%, while iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a volatility of 4.67%. This indicates that CLF.TO experiences smaller price fluctuations and is considered to be less risky than XEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CLF.TOXEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.72%

4.67%

-3.95%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

11.59%

-9.97%

Volatility (1Y)

Calculated over the trailing 1-year period

2.04%

13.85%

-11.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.98%

13.58%

-10.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.37%

14.85%

-11.48%

CLF.TO vs. XEF.TO - Expense Ratio Comparison

CLF.TO has a 0.17% expense ratio, which is lower than XEF.TO's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CLF.TO vs. XEF.TO - Dividend Comparison

CLF.TO's dividend yield for the trailing twelve months is around 2.25%, more than XEF.TO's 2.19% yield.

PositionTTM20252024202320222021202020192018201720162015
CLF.TO
iShares 1-5 Year Laddered Government Bond Index ETF		2.25%2.22%2.22%2.23%2.10%1.98%2.81%3.93%2.67%2.91%3.12%3.29%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.19%2.43%2.76%2.75%2.93%2.42%1.93%2.72%2.76%2.10%2.42%2.42%

Frequently Asked Questions

CLF.TO and XEF.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CLF.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CLF.TO is cheaper with a 0.17% expense ratio, compared with 0.23% for XEF.TO.

CLF.TO is categorized as Canadian Government Bonds, while XEF.TO is Foreign Large Cap Equities. CLF.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). Their fees differ too: 0.17% for CLF.TO and 0.23% for XEF.TO.

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