HEQT.TO vs. XIC.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - HEQT.TO is a Global Equities fund actively managed by Horizons, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. HEQT.TO is actively managed, while XIC.TO is passively managed. Over the past 5 years, HEQT.TO returned 12.70%/yr vs 14.57%/yr for XIC.TO. A 0.74 correlation means they provide meaningful diversification when combined. HEQT.TO charges 0.20%/yr vs 0.06%/yr for XIC.TO.
Performance
HEQT.TO vs. XIC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT.TO achieves a 13.37% return, which is significantly higher than XIC.TO's 11.27% return.
HEQT.TO
- 1D
- 0.59%
- 1M
- 2.47%
- YTD
- 13.37%
- 6M
- 13.85%
- 1Y
- 32.15%
- 3Y*
- 21.39%
- 5Y*
- 12.70%
- 10Y*
- —
XIC.TO
- 1D
- 0.79%
- 1M
- 2.23%
- YTD
- 11.27%
- 6M
- 11.99%
- 1Y
- 34.84%
- 3Y*
- 23.86%
- 5Y*
- 14.57%
- 10Y*
- 12.79%
HEQT.TO vs. XIC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.37% | 19.82% | 23.83% | 22.29% | -18.95% | 22.54% | 16.34% | 7.44% |
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF | 11.27% | 31.51% | 21.48% | 11.74% | -5.82% | 23.43% | 5.61% | 2.35% |
Correlation
The correlation between HEQT.TO and XIC.TO 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 | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.74 |
The correlation between HEQT.TO and XIC.TO has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.
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Return for Risk
HEQT.TO vs. XIC.TO — Risk / Return Rank
HEQT.TO
XIC.TO
HEQT.TO vs. XIC.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 S&P/TSX Capped Composite Index ETF (XIC.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.
| HEQT.TO | XIC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.47 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 3.72 | -0.12 |
| Martin ratioReturn relative to average drawdown | 15.68 | 17.02 | -1.34 |
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Drawdowns
HEQT.TO vs. XIC.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, smaller than the maximum XIC.TO drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and XIC.TO.
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Drawdown Indicators
| HEQT.TO | XIC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -47.27% | +15.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -9.29% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -12.27% | -3.06% |
Max Drawdown (5Y)Largest decline over 5 years | -24.89% | -16.24% | -8.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.21% | — |
Current DrawdownCurrent decline from peak | -0.75% | -0.75% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -6.73% | +1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.03% | -0.08% |
Volatility
HEQT.TO vs. XIC.TO - Volatility Comparison
Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a higher volatility of 4.92% compared to iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) at 4.53%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than XIC.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 | XIC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 4.53% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.45% | 10.73% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 13.06% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.98% | 13.21% | +1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 14.98% | +1.92% |
HEQT.TO vs. XIC.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is higher than XIC.TO's 0.06% expense ratio. However, 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. XIC.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.62%, less than XIC.TO's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.62% | 1.70% | 1.67% | 0.84% | 0.03% | 0.02% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF | 2.01% | 2.23% | 2.64% | 2.96% | 3.10% | 2.45% | 3.03% | 3.01% | 3.19% | 2.49% | 2.72% | 3.21% |
Frequently Asked Questions
HEQT.TO and XIC.TO 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, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.20% for HEQT.TO.
HEQT.TO is categorized as Global Equities, while XIC.TO is Canada Equities. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.06% for XIC.TO.
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