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EVO.TO vs. XAW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EVO.TO vs. XAW.TO

Last updated Jul 1, 2026
See Documentation

EVO.TO (Evovest Global Equity ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both Global Equities funds. EVO.TO is actively managed, while XAW.TO is passively managed. Over the past year, EVO.TO returned 2.29% vs 29.03% for XAW.TO. A 0.75 correlation means they provide meaningful diversification when combined. EVO.TO charges 1.15%/yr vs 0.22%/yr for XAW.TO.

Performance

EVO.TO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evovest Global Equity ETF (EVO.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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, EVO.TO achieves a 13.09% return, which is significantly lower than XAW.TO's 15.80% return.

EVO.TO

1D
-0.26%
1M
4.32%
YTD
13.09%
6M
12.64%
1Y
2.29%
3Y*
—
5Y*
—
10Y*
—

XAW.TO

1D
0.58%
1M
2.53%
YTD
15.80%
6M
15.35%
1Y
29.03%
3Y*
21.87%
5Y*
13.77%
10Y*
13.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EVO.TO vs. XAW.TO - Yearly Performance Comparison

2026 (YTD)20252024
EVO.TO
Evovest Global Equity ETF		13.09%4.38%1.04%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		15.80%15.87%14.20%

Correlation

The correlation between EVO.TO and XAW.TO is 0.78, 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

0.78

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2024

0.75

The correlation between EVO.TO and XAW.TO has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

Evovest Global Equity ETF

iShares Core MSCI All Country World ex Canada Index ETF

Often compared with EVO.TO:
EVO.TO vs. NSCE.TOEVO.TO vs. KNGG.TOEVO.TO vs. BGIE.TOEVO.TO vs. NHYB.TOEVO.TO vs. FCIN.NEOEVO.TO vs. FGEP.TOEVO.TO vs. VXM.TO
Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

EVO.TO vs. XAW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EVO.TO
EVO.TO Risk / Return Rank: 1111
Overall Rank
EVO.TO Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EVO.TO Sortino Ratio Rank: 1010
Sortino Ratio Rank
EVO.TO Omega Ratio Rank: 1212
Omega Ratio Rank
EVO.TO Calmar Ratio Rank: 1010
Calmar Ratio Rank
EVO.TO Martin Ratio Rank: 1010
Martin Ratio Rank
XAW.TO
XAW.TO Risk / Return Rank: 8383
Overall Rank
XAW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 8484
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.

EVO.TO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evovest Global Equity ETF (EVO.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.

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.

EVO.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
0.11
2.25

-2.14

Sortino ratioReturn per unit of downside risk
0.25
3.11

-2.85

Omega ratioGain probability vs. loss probability

1.06

1.43

-0.37

Calmar ratioReturn relative to maximum drawdown

0.12

3.58

-3.46

Martin ratioReturn relative to average drawdown

0.25

14.15

-13.90

EVO.TO vs. XAW.TO - Sharpe Ratio Comparison

The current EVO.TO Sharpe Ratio is 0.11, which is lower than the XAW.TO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of EVO.TO and XAW.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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Drawdowns

EVO.TO vs. XAW.TO - Drawdown Comparison

The maximum EVO.TO drawdown since its inception was -19.36%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for EVO.TO and XAW.TO.

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Drawdown Indicators

EVO.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-19.36%

-27.32%

+7.96%

Max Drawdown (1Y)

Largest decline over 1 year

-19.36%

-8.16%

-11.20%

Max Drawdown (3Y)

Largest decline over 3 years

—

-16.66%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-21.02%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.32%

—

Current Drawdown

Current decline from peak

-6.35%

-0.20%

-6.15%

Average Drawdown

Average peak-to-trough decline

-4.81%

-3.89%

-0.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.35%

2.06%

+7.29%

Volatility

EVO.TO vs. XAW.TO - Volatility Comparison

The current volatility for Evovest Global Equity ETF (EVO.TO) is 3.95%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 5.27%. This indicates that EVO.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

EVO.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.95%

5.27%

-1.32%

Volatility (6M)

Calculated over the trailing 6-month period

10.53%

10.90%

-0.37%

Volatility (1Y)

Calculated over the trailing 1-year period

20.97%

12.97%

+8.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.83%

13.73%

+6.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.83%

15.11%

+4.72%

EVO.TO vs. XAW.TO - Expense Ratio Comparison

EVO.TO has a 1.15% expense ratio, which is higher than XAW.TO's 0.22% expense ratio.

Dividends

EVO.TO vs. XAW.TO - Dividend Comparison

EVO.TO's dividend yield for the trailing twelve months is around 0.59%, less than XAW.TO's 1.20% yield.

PositionTTM20252024202320222021202020192018201720162015
EVO.TO
Evovest Global Equity ETF		0.59%0.67%0.82%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.20%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.28%1.94%1.79%1.81%

Frequently Asked Questions

EVO.TO and XAW.TO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XAW.TO is cheaper with a 0.22% expense ratio, compared with 1.15% for EVO.TO.

They also come from different issuers: National Bank Investments and iShares. Their fees differ too: 1.15% for EVO.TO and 0.22% for XAW.TO.

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