CMR.TO vs. XAW.TO
CMR.TO (iShares Premium Money Market ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - CMR.TO is a Money Market fund actively managed by iShares, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. CMR.TO is actively managed, while XAW.TO is passively managed. Over the past 10 years, CMR.TO returned 1.89%/yr vs 13.22%/yr for XAW.TO. At a 0.01 correlation, their price movements are largely independent. CMR.TO charges 0.14%/yr vs 0.22%/yr for XAW.TO.
Performance
CMR.TO vs. XAW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CMR.TO achieves a 0.97% return, which is significantly lower than XAW.TO's 13.70% return. Over the past 10 years, CMR.TO has underperformed XAW.TO with an annualized return of 1.89%, while XAW.TO has yielded a comparatively higher 13.22% annualized return.
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
XAW.TO
- 1D
- -0.37%
- 1M
- 7.13%
- YTD
- 13.70%
- 6M
- 12.70%
- 1Y
- 30.51%
- 3Y*
- 21.73%
- 5Y*
- 13.96%
- 10Y*
- 13.22%
CMR.TO vs. XAW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 13.70% | 15.87% | 26.31% | 18.45% | -11.84% | 18.38% | 12.37% | 19.82% | -2.28% | 16.10% |
Correlation
The correlation between CMR.TO and XAW.TO is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | 0.01 |
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Return for Risk
CMR.TO vs. XAW.TO — Risk / Return Rank
CMR.TO
XAW.TO
CMR.TO vs. XAW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Premium Money Market ETF (CMR.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.
| CMR.TO | XAW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.10 | ||
| Sortino ratioReturn per unit of downside risk | +17.64 | ||
| Omega ratioGain probability vs. loss probability | 9.57 | 1.48 | +8.09 |
| Calmar ratioReturn relative to maximum drawdown | 25.44 | 3.76 | +21.68 |
| Martin ratioReturn relative to average drawdown | 187.33 | 15.15 | +172.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMR.TO | XAW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.61 | 2.50 | +8.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.67 | 1.04 | +9.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 7.02 | 0.88 | +6.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.84 | 0.78 | +3.06 |
Drawdowns
CMR.TO vs. XAW.TO - Drawdown Comparison
The maximum CMR.TO drawdown since its inception was -0.52%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for CMR.TO and XAW.TO.
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Drawdown Indicators
| CMR.TO | XAW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.52% | -27.32% | +26.80% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -8.16% | +8.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.09% | -16.66% | +16.57% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -21.02% | +20.93% |
Max Drawdown (10Y)Largest decline over 10 years | -0.14% | -27.32% | +27.18% |
Current DrawdownCurrent decline from peak | -0.02% | -0.37% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -3.91% | +3.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 2.02% | -2.01% |
Volatility
CMR.TO vs. XAW.TO - Volatility Comparison
The current volatility for iShares Premium Money Market ETF (CMR.TO) is 0.05%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.21%. This indicates that CMR.TO experiences smaller price fluctuations and is considered to be less risky than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMR.TO | XAW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 4.21% | -4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 9.85% | -9.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.22% | 12.25% | -12.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.28% | 13.56% | -13.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.27% | 15.12% | -14.85% |
CMR.TO vs. XAW.TO - Expense Ratio Comparison
CMR.TO has a 0.14% expense ratio, which is lower than XAW.TO's 0.22% 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
CMR.TO vs. XAW.TO - Dividend Comparison
CMR.TO's dividend yield for the trailing twelve months is around 2.48%, more than XAW.TO's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 1.17% | 1.33% | 1.61% | 1.71% | 1.79% | 1.77% | 1.49% | 2.02% | 2.29% | 1.92% | 1.80% | 1.83% |
Frequently Asked Questions
CMR.TO and XAW.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.22% for XAW.TO.
CMR.TO is categorized as Money Market, while XAW.TO is Global Equities. Their fees differ too: 0.14% for CMR.TO and 0.22% for XAW.TO.
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