DRFE.TO vs. HXEM.TO

Last updated Jul 16, 2026

DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) and HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) are both Emerging Markets Equities funds. DRFE.TO is actively managed, while HXEM.TO is passively managed. Over the past 5 years, DRFE.TO returned 11.65%/yr vs 8.46%/yr for HXEM.TO. At a 0.44 correlation, their price movements are largely independent.

Performance

DRFE.TO vs. HXEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) and Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRFE.TO achieves a 21.13% return, which is significantly lower than HXEM.TO's 22.71% return.

DRFE.TO

• 1D: -0.72%
• 1M: -5.64%
• 6M: 13.96%
• YTD: 21.13%
• 1Y: 26.63%
• 3Y*: 21.37%
• 5Y*: 11.65%
• 10Y*: —

HXEM.TO

• 1D: -0.46%
• 1M: -5.70%
• 6M: 15.10%
• YTD: 22.71%
• 1Y: 39.20%
• 3Y*: 21.20%
• 5Y*: 8.46%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DRFE.TO vs. HXEM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF	21.13%	21.25%	18.51%	10.59%	-8.03%	4.88%	17.48%
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	22.71%	26.46%	14.53%	7.09%	-16.39%	-2.71%	12.67%

Correlation

The correlation between DRFE.TO and HXEM.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 7, 2020	0.44

Over the past year, DRFE.TO and HXEM.TO have become more correlated (0.90) than their long-term average of 0.44, meaning their price movements have been converging.

Return for Risk

DRFE.TO vs. HXEM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRFE.TO

DRFE.TO Risk / Return Rank: 46
DRFE.TO Sharpe Ratio Rank: 43
DRFE.TO Sortino Ratio Rank: 39
DRFE.TO Omega Ratio Rank: 48
DRFE.TO Calmar Ratio Rank: 53
DRFE.TO Martin Ratio Rank: 50

HXEM.TO

HXEM.TO Risk / Return Rank: 66
HXEM.TO Sharpe Ratio Rank: 62
HXEM.TO Sortino Ratio Rank: 56
HXEM.TO Omega Ratio Rank: 66
HXEM.TO Calmar Ratio Rank: 77
HXEM.TO Martin Ratio Rank: 69

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.

DRFE.TO vs. HXEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) and Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DRFE.TO	HXEM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.67	-0.40
Sortino ratio: Return per unit of downside risk	1.74	2.20	-0.46
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.17	3.19	-1.02
Martin ratio: Return relative to average drawdown	6.93	10.13	-3.20

DRFE.TO vs. HXEM.TO - Sharpe Ratio Comparison

The current DRFE.TO Sharpe Ratio is 1.27, which is comparable to the HXEM.TO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of DRFE.TO and HXEM.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.

Drawdowns

DRFE.TO vs. HXEM.TO - Drawdown Comparison

The maximum DRFE.TO drawdown since its inception was -25.26%, smaller than the maximum HXEM.TO drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for DRFE.TO and HXEM.TO.

Drawdown Indicators

	DRFE.TO	HXEM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.26%	-35.00%	+9.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-12.34%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-15.40%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-21.05%	-29.64%	+8.59%
Current Drawdown Current decline from peak	-8.52%	-8.69%	+0.17%
Average Drawdown Average peak-to-trough decline	-6.88%	-13.56%	+6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	3.88%	-0.03%

Volatility

DRFE.TO vs. HXEM.TO - Volatility Comparison

The current volatility for Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) is 9.86%, while Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) has a volatility of 10.85%. This indicates that DRFE.TO experiences smaller price fluctuations and is considered to be less risky than HXEM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRFE.TO	HXEM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.86%	10.85%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	19.33%	21.62%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	23.57%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	18.08%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	17.73%	-0.51%

Dividends

DRFE.TO vs. HXEM.TO - Dividend Comparison

DRFE.TO's dividend yield for the trailing twelve months is around 1.61%, while HXEM.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF	1.61%	2.10%	2.60%	3.04%	3.00%	2.49%	2.45%	2.05%
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DRFE.TO and HXEM.TO in my portfolio?

With a correlation of 0.90, DRFE.TO and HXEM.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

What is the main difference between DRFE.TO and HXEM.TO?

They also come from different issuers: Desjardins and Global X.