HEQT.TO vs. CIE.NEO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and CIE.NEO (iShares International Fundamental Common Class) are both Global Equities funds. HEQT.TO is actively managed, while CIE.NEO is passively managed. Over the past 5 years, HEQT.TO returned 16.89%/yr vs 15.60%/yr for CIE.NEO. A 0.61 correlation means they provide meaningful diversification when combined. HEQT.TO charges 0.20%/yr vs 0.73%/yr for CIE.NEO.
Performance
HEQT.TO vs. CIE.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT.TO achieves a 14.13% return, which is significantly lower than CIE.NEO's 18.32% return.
HEQT.TO
- 1D
- 0.50%
- 1M
- 6.41%
- YTD
- 14.13%
- 6M
- 13.38%
- 1Y
- 32.17%
- 3Y*
- 25.88%
- 5Y*
- 16.89%
- 10Y*
- —
CIE.NEO
- 1D
- 0.42%
- 1M
- 6.88%
- YTD
- 18.32%
- 6M
- 20.08%
- 1Y
- 40.12%
- 3Y*
- 24.89%
- 5Y*
- 15.60%
- 10Y*
- 11.97%
HEQT.TO vs. CIE.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 14.13% | 19.82% | 25.95% | 31.63% | -12.65% | 23.11% | 16.34% | 7.76% |
CIE.NEO iShares International Fundamental Common Class | 18.32% | 34.92% | 12.83% | 15.59% | -2.83% | 14.42% | 1.33% | 4.17% |
Correlation
The correlation between HEQT.TO and CIE.NEO is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.61 |
The correlation between HEQT.TO and CIE.NEO shifts across timeframes, from 0.61 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEQT.TO vs. CIE.NEO — Risk / Return Rank
HEQT.TO
CIE.NEO
HEQT.TO vs. CIE.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizons All-Equity Asset Allocation ETF (HEQT.TO) and iShares International Fundamental Common Class (CIE.NEO). 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.
| HEQT.TO | CIE.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.55 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 3.63 | +0.18 |
| Martin ratioReturn relative to average drawdown | 16.80 | 15.02 | +1.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEQT.TO | CIE.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 2.89 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 1.13 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 0.44 | +0.62 |
Drawdowns
HEQT.TO vs. CIE.NEO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, smaller than the maximum CIE.NEO drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and CIE.NEO.
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Drawdown Indicators
| HEQT.TO | CIE.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -40.08% | +8.26% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -11.10% | +2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -15.44% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -20.55% | -3.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.08% | — |
Current DrawdownCurrent decline from peak | -0.08% | 0.00% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -4.28% | -7.13% | +2.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 2.68% | -0.76% |
Volatility
HEQT.TO vs. CIE.NEO - Volatility Comparison
The current volatility for Horizons All-Equity Asset Allocation ETF (HEQT.TO) is 3.48%, while iShares International Fundamental Common Class (CIE.NEO) has a volatility of 4.82%. This indicates that HEQT.TO experiences smaller price fluctuations and is considered to be less risky than CIE.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEQT.TO | CIE.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 4.82% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 11.56% | -1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.96% | 13.94% | -1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 13.85% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 18.18% | -1.02% |
HEQT.TO vs. CIE.NEO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than CIE.NEO's 0.73% expense ratio.
Dividends
HEQT.TO vs. CIE.NEO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, less than CIE.NEO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIE.NEO iShares International Fundamental Common Class | 2.11% | 2.53% | 2.82% | 3.08% | 3.32% | 2.89% | 2.15% | 3.63% | 3.12% | 2.67% | 2.80% | 2.44% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.61% | 1.70% | 3.22% | 7.85% | 7.31% | 0.48% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEQT.TO and CIE.NEO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.73% for CIE.NEO.
They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.73% for CIE.NEO.
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