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

CRQ.NEO vs. XEI.TO

Last updated Jun 5, 2026

CRQ.NEO (iShares Canadian Fundamental Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both Canada Equities funds from iShares - CRQ.NEO tracks the FTSE RAFI Canada Index while XEI.TO tracks the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, CRQ.NEO returned 13.46%/yr vs 12.30%/yr for XEI.TO. Their correlation of 0.83 suggests significant overlap in exposure. CRQ.NEO charges 0.72%/yr vs 0.22%/yr for XEI.TO.

Performance

CRQ.NEO vs. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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 lower than XEI.TO's 23.25% return. Over the past 10 years, CRQ.NEO has outperformed XEI.TO with an annualized return of 13.46%, while XEI.TO has yielded a comparatively lower 12.30% 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%

XEI.TO

1D
0.85%
1M
3.41%
YTD
23.25%
6M
23.82%
1Y
45.53%
3Y*
22.82%
5Y*
15.75%
10Y*
12.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CRQ.NEO vs. XEI.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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		23.25%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between CRQ.NEO and XEI.TO is 0.61, 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

0.61

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

0.75

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

0.78

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

0.80

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.83

Over the past year, the correlation between CRQ.NEO and XEI.TO has dropped to 0.61 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Canadian Fundamental Index ETF

iShares S&P/TSX Composite High Dividend 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 XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

CRQ.NEO vs. XEI.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
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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.NEOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
4.55
6.34

-1.79

Sortino ratioReturn per unit of downside risk
6.36
9.47

-3.11

Omega ratioGain probability vs. loss probability

2.03

2.34

-0.31

Calmar ratioReturn relative to maximum drawdown

6.53

20.39

-13.86

Martin ratioReturn relative to average drawdown

31.92

69.23

-37.32

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. XEI.TO - Sharpe Ratio Comparison

The current CRQ.NEO Sharpe Ratio is 4.55, which is comparable to the XEI.TO Sharpe Ratio of 6.34. The chart below compares the historical Sharpe Ratios of CRQ.NEO and XEI.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.NEOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.55

6.34

-1.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.45

1.41

+0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.77

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.67

+0.02

Drawdowns

CRQ.NEO vs. XEI.TO - Drawdown Comparison

The maximum CRQ.NEO drawdown since its inception was -41.75%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and XEI.TO.

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Drawdown Indicators

CRQ.NEOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.75%

-45.51%

+3.76%

Max Drawdown (1Y)

Largest decline over 1 year

-6.84%

-2.24%

-4.60%

Max Drawdown (3Y)

Largest decline over 3 years

-11.70%

-9.92%

-1.78%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-17.32%

+1.50%

Max Drawdown (10Y)

Largest decline over 10 years

-41.75%

-45.51%

+3.76%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.62%

-5.05%

-0.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.40%

0.66%

+0.74%

Volatility

CRQ.NEO vs. XEI.TO - Volatility Comparison

iShares Canadian Fundamental Index ETF (CRQ.NEO) has a higher volatility of 3.13% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.89%. This indicates that CRQ.NEO's price experiences larger fluctuations and is considered to be riskier than XEI.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.NEOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.13%

2.89%

+0.24%

Volatility (6M)

Calculated over the trailing 6-month period

8.07%

6.03%

+2.04%

Volatility (1Y)

Calculated over the trailing 1-year period

9.81%

7.24%

+2.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.42%

11.24%

+1.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

16.01%

+0.26%

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

CRQ.NEO has a 0.72% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

CRQ.NEO vs. XEI.TO - Dividend Comparison

CRQ.NEO's dividend yield for the trailing twelve months is around 1.87%, less than XEI.TO's 3.53% 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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.53%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%

Frequently Asked Questions

CRQ.NEO and XEI.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.72% for CRQ.NEO.

CRQ.NEO tracks FTSE RAFI Canada Index, while XEI.TO tracks S&P/TSX Composite High Dividend Index. Their fees differ too: 0.72% for CRQ.NEO and 0.22% for XEI.TO.

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