HEQT.TO vs. XEF-U.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both Global Equities funds. HEQT.TO is actively managed, while XEF-U.TO is passively managed. Over the past 5 years, HEQT.TO returned 16.89%/yr vs 10.42%/yr for XEF-U.TO. At a 0.37 correlation, their price movements are largely independent. HEQT.TO charges 0.20%/yr vs 0.21%/yr for XEF-U.TO.
Performance
HEQT.TO vs. XEF-U.TO - Performance Comparison
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Different Trading Currencies
HEQT.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, HEQT.TO achieves a 14.13% return, which is significantly higher than XEF-U.TO's 10.75% 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*
- —
XEF-U.TO
- 1D
- 0.97%
- 1M
- 4.89%
- YTD
- 10.75%
- 6M
- 11.16%
- 1Y
- 23.21%
- 3Y*
- 17.45%
- 5Y*
- 10.42%
- 10Y*
- —
HEQT.TO vs. XEF-U.TO - 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% | 6.48% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 10.75% | 25.22% | 11.01% | 13.32% | -9.54% | 9.81% | 6.64% | 2.91% |
Correlation
The correlation between HEQT.TO and XEF-U.TO is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019 | 0.37 |
Over the past year, HEQT.TO and XEF-U.TO have become more correlated (0.82) than their long-term average of 0.37, meaning their price movements have been converging.
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Return for Risk
HEQT.TO vs. XEF-U.TO — Risk / Return Rank
HEQT.TO
XEF-U.TO
HEQT.TO vs. XEF-U.TO - 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 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.
| HEQT.TO | XEF-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.30 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 2.07 | +1.74 |
| Martin ratioReturn relative to average drawdown | 16.80 | 8.33 | +8.47 |
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 | XEF-U.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 1.65 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.92 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 0.92 | +0.14 |
Drawdowns
HEQT.TO vs. XEF-U.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, which is greater than XEF-U.TO's maximum drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and XEF-U.TO.
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Drawdown Indicators
| HEQT.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -27.28% | -4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -11.37% | +2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -13.81% | -1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -25.05% | +0.80% |
Current DrawdownCurrent decline from peak | -0.08% | -0.09% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -4.28% | -3.89% | -0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 2.81% | -0.89% |
Volatility
HEQT.TO vs. XEF-U.TO - Volatility Comparison
The current volatility for Horizons All-Equity Asset Allocation ETF (HEQT.TO) is 3.48%, while iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a volatility of 4.63%. This indicates that HEQT.TO experiences smaller price fluctuations and is considered to be less risky than XEF-U.TO 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 | XEF-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 4.63% | -1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 11.86% | -2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.96% | 14.28% | -2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 17.82% | -2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 20.34% | -3.18% |
HEQT.TO vs. XEF-U.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than XEF-U.TO's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HEQT.TO vs. XEF-U.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, which matches XEF-U.TO's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.61% | 1.70% | 3.22% | 7.85% | 7.31% | 0.48% | 1.40% | 0.22% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 1.62% | 1.77% | 2.05% | 2.09% | 2.27% | 1.94% | 1.41% | 0.77% |
Frequently Asked Questions
HEQT.TO and XEF-U.TO have a correlation of 0.82, 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 0.21% for XEF-U.TO.
They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.21% for XEF-U.TO.
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