HEQL.TO vs. MAW120.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Enhanced All-Equity Asset Allocation ETF CAD (HEQL.TO) and Mawer Global Equity Fund A (MAW120.TO).

HEQL.TO is an actively managed fund by Global X. It was launched on Oct 10, 2023. MAW120.TO is managed by Mawer. It was launched on Oct 22, 2009.

Performance

HEQL.TO vs. MAW120.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced All-Equity Asset Allocation ETF CAD (HEQL.TO) and Mawer Global Equity Fund A (MAW120.TO). The values are adjusted to include any dividend payments, if applicable.

HEQL.TO vs. MAW120.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HEQL.TO Global X Enhanced All-Equity Asset Allocation ETF CAD	0.05%	22.78%	28.97%	8.75%
MAW120.TO Mawer Global Equity Fund A	-3.73%	-5.87%	10.26%	3.41%

Returns By Period

In the year-to-date period, HEQL.TO achieves a 0.05% return, which is significantly higher than MAW120.TO's -3.73% return.

HEQL.TO

• 1D: 3.03%
• 1M: -5.59%
• YTD: 0.05%
• 6M: 3.41%
• 1Y: 23.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAW120.TO

• 1D: 0.84%
• 1M: -4.78%
• YTD: -3.73%
• 6M: -7.39%
• 1Y: -6.90%
• 3Y*: 3.25%
• 5Y*: 3.79%
• 10Y*: —

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

HEQL.TO vs. MAW120.TO - Expense Ratio Comparison

HEQL.TO has a 1.46% expense ratio, which is higher than MAW120.TO's 1.29% expense ratio.

HEQL.TO

Global X Enhanced All-Equity Asset Allocation ETF CAD

MAW120.TO

Mawer Global Equity Fund A

Return for Risk

HEQL.TO vs. MAW120.TO — Risk / Return Rank

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

HEQL.TO

HEQL.TO Risk / Return Rank: 59
HEQL.TO Sharpe Ratio Rank: 71
HEQL.TO Sortino Ratio Rank: 73
HEQL.TO Omega Ratio Rank: 71
HEQL.TO Calmar Ratio Rank: 37
HEQL.TO Martin Ratio Rank: 42

MAW120.TO

MAW120.TO Risk / Return Rank: 1
MAW120.TO Sharpe Ratio Rank: 1
MAW120.TO Sortino Ratio Rank: 1
MAW120.TO Omega Ratio Rank: 1
MAW120.TO Calmar Ratio Rank: 1
MAW120.TO Martin Ratio Rank: 1

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.

HEQL.TO vs. MAW120.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced All-Equity Asset Allocation ETF CAD (HEQL.TO) and Mawer Global Equity Fund A (MAW120.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.

	HEQL.TO	MAW120.TO	Difference
Sharpe ratio Return per unit of total volatility	1.24	-0.70	+1.95
Sortino ratio Return per unit of downside risk	1.82	-0.85	+2.66
Omega ratio Gain probability vs. loss probability	1.26	0.88	+0.37
Calmar ratio Return relative to maximum drawdown	0.89	-0.77	+1.66
Martin ratio Return relative to average drawdown	3.82	-1.83	+5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEQL.TO vs. MAW120.TO - Sharpe Ratio Comparison

The current HEQL.TO Sharpe Ratio is 1.24, which is higher than the MAW120.TO Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of HEQL.TO and MAW120.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HEQL.TO	MAW120.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	-0.70	+1.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	0.53	+1.17

Correlation

The correlation between HEQL.TO and MAW120.TO is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HEQL.TO vs. MAW120.TO - Dividend Comparison

HEQL.TO's dividend yield for the trailing twelve months is around 1.67%, while MAW120.TO has not paid dividends to shareholders.

	TTM	2025	2024	2023
HEQL.TO Global X Enhanced All-Equity Asset Allocation ETF CAD	1.67%	1.82%	1.75%	0.55%
MAW120.TO Mawer Global Equity Fund A	0.00%	0.00%	0.00%	0.00%

Drawdowns

HEQL.TO vs. MAW120.TO - Drawdown Comparison

The maximum HEQL.TO drawdown since its inception was -19.86%, smaller than the maximum MAW120.TO drawdown of -25.02%. Use the drawdown chart below to compare losses from any high point for HEQL.TO and MAW120.TO.

Drawdown Indicators

	HEQL.TO	MAW120.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.86%	-25.02%	+5.16%
Max Drawdown (1Y) Largest decline over 1 year	-15.14%	-10.70%	-4.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Current Drawdown Current decline from peak	-6.79%	-13.19%	+6.40%
Average Drawdown Average peak-to-trough decline	-1.91%	-4.43%	+2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	4.51%	+0.12%

Volatility

HEQL.TO vs. MAW120.TO - Volatility Comparison

Global X Enhanced All-Equity Asset Allocation ETF CAD (HEQL.TO) has a higher volatility of 7.68% compared to Mawer Global Equity Fund A (MAW120.TO) at 3.48%. This indicates that HEQL.TO's price experiences larger fluctuations and is considered to be riskier than MAW120.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQL.TO	MAW120.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	3.48%	+4.20%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	8.00%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	21.32%	12.37%	+8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.57%	11.47%	+7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	13.00%	+5.57%