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CRQ.NEO vs. XEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CRQ.NEO vs. XEF.TO

Last updated Jun 5, 2026

CRQ.NEO (iShares Canadian Fundamental Index ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada Index, 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, CRQ.NEO returned 13.46%/yr vs 9.90%/yr for XEF.TO. A 0.51 correlation means they provide meaningful diversification when combined. CRQ.NEO charges 0.72%/yr vs 0.23%/yr for XEF.TO.

Performance

CRQ.NEO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Fundamental Index ETF (CRQ.NEO) 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, CRQ.NEO achieves a 17.22% return, which is significantly higher than XEF.TO's 10.86% return. Over the past 10 years, CRQ.NEO has outperformed XEF.TO with an annualized return of 13.46%, while XEF.TO has yielded a comparatively lower 9.90% annualized return.

CRQ.NEO

1D
1.11%
1M
4.70%
YTD
17.22%
6M
20.22%
1Y
44.45%
3Y*
26.75%
5Y*
17.85%
10Y*
13.46%

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)

CRQ.NEO vs. XEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CRQ.NEO
iShares Canadian Fundamental Index ETF		17.22%31.87%22.17%9.76%0.89%33.95%-2.73%19.66%-10.18%6.98%
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 CRQ.NEO and XEF.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.54

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

0.53

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

0.56

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

0.51

The correlation between CRQ.NEO and XEF.TO shifts across timeframes, from 0.43 (1 year) to 0.56 (10 years), reflecting how their relationship changes across market environments.

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iShares Canadian Fundamental Index ETF

iShares Core MSCI EAFE IMI Index ETF

Often compared with CRQ.NEO:
CRQ.NEO vs. SOXXCRQ.NEO vs. VDY.TOCRQ.NEO vs. XCV.TOCRQ.NEO vs. MYCFCRQ.NEO vs. ACWICRQ.NEO vs. RINTCRQ.NEO vs. SGOV
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

CRQ.NEO vs. XEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CRQ.NEO
CRQ.NEO Risk / Return Rank: 9696
Overall Rank
CRQ.NEO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
CRQ.NEO Sortino Ratio Rank: 9797
Sortino Ratio Rank
CRQ.NEO Omega Ratio Rank: 9898
Omega Ratio Rank
CRQ.NEO Calmar Ratio Rank: 9393
Calmar Ratio Rank
CRQ.NEO Martin Ratio Rank: 9595
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.

CRQ.NEO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) 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.

CRQ.NEOXEF.TODifference
Sharpe ratioReturn per unit of total volatility
4.55
1.73

+2.82

Sortino ratioReturn per unit of downside risk
6.36
2.48

+3.88

Omega ratioGain probability vs. loss probability

2.03

1.32

+0.71

Calmar ratioReturn relative to maximum drawdown

6.53

2.13

+4.40

Martin ratioReturn relative to average drawdown

31.92

8.48

+23.43

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

CRQ.NEO vs. XEF.TO - Sharpe Ratio Comparison

The current CRQ.NEO Sharpe Ratio is 4.55, which is higher than the XEF.TO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CRQ.NEO 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

CRQ.NEOXEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.55

1.73

+2.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.45

0.82

+0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.67

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.71

-0.02

Drawdowns

CRQ.NEO vs. XEF.TO - Drawdown Comparison

The maximum CRQ.NEO drawdown since its inception was -41.75%, which is greater than XEF.TO's maximum drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and XEF.TO.

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Drawdown Indicators

CRQ.NEOXEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.75%

-28.51%

-13.24%

Max Drawdown (1Y)

Largest decline over 1 year

-6.84%

-11.27%

+4.43%

Max Drawdown (3Y)

Largest decline over 3 years

-11.70%

-14.32%

+2.62%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-24.58%

+8.76%

Max Drawdown (10Y)

Largest decline over 10 years

-41.75%

-28.51%

-13.24%

Current Drawdown

Current decline from peak

0.00%

-0.27%

+0.27%

Average Drawdown

Average peak-to-trough decline

-5.62%

-4.61%

-1.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.40%

2.82%

-1.42%

Volatility

CRQ.NEO vs. XEF.TO - Volatility Comparison

The current volatility for iShares Canadian Fundamental Index ETF (CRQ.NEO) is 3.13%, while iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a volatility of 4.67%. This indicates that CRQ.NEO 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

CRQ.NEOXEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.13%

4.67%

-1.54%

Volatility (6M)

Calculated over the trailing 6-month period

8.07%

11.59%

-3.52%

Volatility (1Y)

Calculated over the trailing 1-year period

9.81%

13.85%

-4.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.42%

13.58%

-1.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

14.85%

+1.42%

CRQ.NEO vs. XEF.TO - Expense Ratio Comparison

CRQ.NEO has a 0.72% expense ratio, which is higher than XEF.TO's 0.23% expense ratio.

Dividends

CRQ.NEO vs. XEF.TO - Dividend Comparison

CRQ.NEO's dividend yield for the trailing twelve months is around 1.87%, less than XEF.TO's 2.19% yield.

PositionTTM20252024202320222021202020192018201720162015
CRQ.NEO
iShares Canadian Fundamental Index ETF		1.87%2.18%2.72%2.97%2.90%2.17%2.98%2.71%2.46%1.91%1.89%3.09%
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

CRQ.NEO and XEF.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.72% for CRQ.NEO.

CRQ.NEO is categorized as Canada Equities, while XEF.TO is Foreign Large Cap Equities. CRQ.NEO tracks FTSE RAFI Canada Index, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). Their fees differ too: 0.72% for CRQ.NEO and 0.23% for XEF.TO.

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