FGEP.TO vs. XEF.TO

Last updated Jun 26, 2026

FGEP.TO (Fidelity Global Equity+ Fund ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - FGEP.TO is a Global Equities fund actively managed by Fidelity, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). FGEP.TO is actively managed, while XEF.TO is passively managed. Over the past year, FGEP.TO returned 31.72% vs 26.07% for XEF.TO. A 0.73 correlation means they provide meaningful diversification when combined. FGEP.TO charges 1.16%/yr vs 0.23%/yr for XEF.TO.

Performance

FGEP.TO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Global Equity+ Fund ETF (FGEP.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGEP.TO achieves a 17.56% return, which is significantly higher than XEF.TO's 12.66% return.

FGEP.TO

• 1D: 0.07%
• 1M: 1.74%
• YTD: 17.56%
• 6M: 17.28%
• 1Y: 31.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XEF.TO

• 1D: 0.49%
• 1M: 2.06%
• YTD: 12.66%
• 6M: 12.64%
• 1Y: 26.07%
• 3Y*: 19.81%
• 5Y*: 11.22%
• 10Y*: 10.94%

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

FGEP.TO vs. XEF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FGEP.TO Fidelity Global Equity+ Fund ETF	17.56%	17.44%	9.88%
XEF.TO iShares Core MSCI EAFE IMI Index ETF	12.66%	25.69%	1.06%

Correlation

The correlation between FGEP.TO and XEF.TO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since May 22, 2024	0.73

The correlation between FGEP.TO and XEF.TO has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

FGEP.TO vs. XEF.TO — Risk / Return Rank

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

FGEP.TO

FGEP.TO Risk / Return Rank: 91
FGEP.TO Sharpe Ratio Rank: 93
FGEP.TO Sortino Ratio Rank: 93
FGEP.TO Omega Ratio Rank: 92
FGEP.TO Calmar Ratio Rank: 88
FGEP.TO Martin Ratio Rank: 91

XEF.TO

XEF.TO Risk / Return Rank: 62
XEF.TO Sharpe Ratio Rank: 64
XEF.TO Sortino Ratio Rank: 65
XEF.TO Omega Ratio Rank: 66
XEF.TO Calmar Ratio Rank: 55
XEF.TO Martin Ratio Rank: 60

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.

FGEP.TO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Global Equity+ Fund ETF (FGEP.TO) 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.

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.

	FGEP.TO	XEF.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.90	1.82	+1.08
Sortino ratio: Return per unit of downside risk	3.95	2.59	+1.35
Omega ratio: Gain probability vs. loss probability	1.54	1.34	+0.20
Calmar ratio: Return relative to maximum drawdown	4.46	2.32	+2.14
Martin ratio: Return relative to average drawdown	18.47	9.24	+9.23

FGEP.TO vs. XEF.TO - Sharpe Ratio Comparison

The current FGEP.TO Sharpe Ratio is 2.90, which is higher than the XEF.TO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of FGEP.TO 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.

Drawdowns

FGEP.TO vs. XEF.TO - Drawdown Comparison

The maximum FGEP.TO drawdown since its inception was -14.78%, smaller than the maximum XEF.TO drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for FGEP.TO and XEF.TO.

Drawdown Indicators

	FGEP.TO	XEF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.78%	-28.51%	+13.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-11.27%	+4.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.51%	—
Current Drawdown Current decline from peak	-1.62%	-1.09%	-0.53%
Average Drawdown Average peak-to-trough decline	-1.62%	-4.59%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	2.83%	-1.11%

Volatility

FGEP.TO vs. XEF.TO - Volatility Comparison

The current volatility for Fidelity Global Equity+ Fund ETF (FGEP.TO) is 4.13%, while iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a volatility of 4.77%. This indicates that FGEP.TO 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.

Volatility by Period

	FGEP.TO	XEF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	4.77%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	12.31%	-3.31%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	14.38%	-3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	13.71%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.78%	14.71%	-1.93%

FGEP.TO vs. XEF.TO - Expense Ratio Comparison

FGEP.TO has a 1.16% expense ratio, which is higher than XEF.TO's 0.23% expense ratio.

Dividends

FGEP.TO vs. XEF.TO - Dividend Comparison

FGEP.TO has not paid dividends to shareholders, while XEF.TO's dividend yield for the trailing twelve months is around 2.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGEP.TO Fidelity Global Equity+ Fund ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XEF.TO iShares Core MSCI EAFE IMI Index ETF	2.34%	2.43%	2.76%	2.75%	2.93%	2.42%	1.93%	2.71%	2.75%	2.11%	2.45%	2.42%

Frequently Asked Questions

Can I hold both FGEP.TO and XEF.TO in my portfolio?

FGEP.TO and XEF.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FGEP.TO or XEF.TO?

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.

Which ETF is cheaper, FGEP.TO or XEF.TO?

XEF.TO is cheaper with a 0.23% expense ratio, compared with 1.16% for FGEP.TO.

What is the main difference between FGEP.TO and XEF.TO?

FGEP.TO is categorized as Global Equities, while XEF.TO is Foreign Large Cap Equities. They also come from different issuers: Fidelity and iShares. Their fees differ too: 1.16% for FGEP.TO and 0.23% for XEF.TO.