EMP-A.TO vs. XEF-U.TO

Last updated Jul 21, 2026

EMP-A.TO (Empire Company Limited) is a stock, while XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) is Global Equities fund tracking the MSCI EAFE® Investable Market Index. Over the past 10 years, EMP-A.TO returned 11.41%/yr vs 6.72%/yr for XEF-U.TO. At a 0.08 correlation, their price movements are largely independent.

Performance

EMP-A.TO vs. XEF-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Empire Company Limited (EMP-A.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMP-A.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMP-A.TO achieves a 7.91% return, which is significantly lower than XEF-U.TO's 11.04% return. Over the past 10 years, EMP-A.TO has outperformed XEF-U.TO with an annualized return of 11.41%, while XEF-U.TO has yielded a comparatively lower 6.72% annualized return.

EMP-A.TO

• 1D: 3.70%
• 1M: 0.26%
• 6M: 12.37%
• YTD: 7.91%
• 1Y: -7.19%
• 3Y*: 13.43%
• 5Y*: 6.96%
• 10Y*: 11.41%
• ALL TIME*: 9.80%

XEF-U.TO

• 1D: -0.90%
• 1M: -2.07%
• 6M: 6.17%
• YTD: 11.04%
• 1Y: 22.29%
• 3Y*: 17.55%
• 5Y*: 10.57%
• 10Y*: 6.72%
• ALL TIME*: 9.30%

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

EMP-A.TO vs. XEF-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMP-A.TO Empire Company Limited	7.91%	10.63%	27.94%	0.17%	-5.96%	12.40%	15.98%	7.18%	19.80%	59.11%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	11.04%	25.69%	11.75%	13.94%	-9.57%	11.30%	7.69%	-15.98%	0.56%	9.18%

Correlation

The correlation between EMP-A.TO and XEF-U.TO is -0.05, 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	-0.05
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	0.04
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013	0.08

The correlation between EMP-A.TO and XEF-U.TO shifts across timeframes, from -0.05 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMP-A.TO vs. XEF-U.TO — Risk / Return Rank

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

EMP-A.TO

EMP-A.TO Risk / Return Rank: 32
EMP-A.TO Sharpe Ratio Rank: 32
EMP-A.TO Sortino Ratio Rank: 27
EMP-A.TO Omega Ratio Rank: 27
EMP-A.TO Calmar Ratio Rank: 35
EMP-A.TO Martin Ratio Rank: 36

XEF-U.TO

XEF-U.TO Risk / Return Rank: 50
XEF-U.TO Sharpe Ratio Rank: 51
XEF-U.TO Sortino Ratio Rank: 52
XEF-U.TO Omega Ratio Rank: 51
XEF-U.TO Calmar Ratio Rank: 45
XEF-U.TO Martin Ratio Rank: 52

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.

EMP-A.TO vs. XEF-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Empire Company Limited (EMP-A.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF-U.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.

	EMP-A.TO	XEF-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	1.46	-1.77
Sortino ratio: Return per unit of downside risk	-0.27	2.11	-2.38
Omega ratio: Gain probability vs. loss probability	0.97	1.26	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.31	1.99	-2.30
Martin ratio: Return relative to average drawdown	-0.50	7.64	-8.13

EMP-A.TO vs. XEF-U.TO - Sharpe Ratio Comparison

The current EMP-A.TO Sharpe Ratio is -0.31, which is lower than the XEF-U.TO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of EMP-A.TO and XEF-U.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

EMP-A.TO vs. XEF-U.TO - Drawdown Comparison

The maximum EMP-A.TO drawdown since its inception was -50.52%, which is greater than XEF-U.TO's maximum drawdown of -42.21%. Use the drawdown chart below to compare losses from any high point for EMP-A.TO and XEF-U.TO.

Drawdown Indicators

	EMP-A.TO	XEF-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-50.52%	-42.21%	-8.31%
Max Drawdown (1Y) Largest decline over 1 year	-23.44%	-11.34%	-12.10%
Max Drawdown (3Y) Largest decline over 3 years	-23.44%	-14.64%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	-27.69%	-25.28%	-2.41%
Max Drawdown (10Y) Largest decline over 10 years	-34.51%	-42.21%	+7.70%
Current Drawdown Current decline from peak	-10.50%	-4.07%	-6.43%
Average Drawdown Average peak-to-trough decline	-12.02%	-8.97%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.43%	2.94%	+11.49%

Volatility

EMP-A.TO vs. XEF-U.TO - Volatility Comparison

Empire Company Limited (EMP-A.TO) has a higher volatility of 7.61% compared to iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) at 3.84%. This indicates that EMP-A.TO's price experiences larger fluctuations and is considered to be riskier than XEF-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMP-A.TO	XEF-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	3.84%	+3.77%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	13.35%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	23.51%	15.52%	+7.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.79%	17.61%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.84%	18.12%	+7.72%

Dividends

EMP-A.TO vs. XEF-U.TO - Dividend Comparison

EMP-A.TO's dividend yield for the trailing twelve months is around 1.78%, less than XEF-U.TO's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMP-A.TO Empire Company Limited	1.78%	1.76%	1.74%	1.98%	1.77%	1.45%	1.44%	1.51%	1.49%	1.69%	2.58%	4.04%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	2.39%	2.44%	2.85%	2.76%	2.98%	2.43%	1.86%	2.72%	2.07%	1.62%	1.84%	1.86%

Frequently Asked Questions

Can I hold both EMP-A.TO and XEF-U.TO in my portfolio?

EMP-A.TO and XEF-U.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.