HEQT.TO vs. XMI.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and XMI.TO (iShares MSCI Min Vol EAFE Index ETF) are both Global Equities funds. HEQT.TO is actively managed, while XMI.TO is passively managed. Over the past 5 years, HEQT.TO returned 16.89%/yr vs 8.65%/yr for XMI.TO. At a 0.48 correlation, their price movements are largely independent. HEQT.TO charges 0.20%/yr vs 0.40%/yr for XMI.TO.
Performance
HEQT.TO vs. XMI.TO - 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 higher than XMI.TO's 5.57% 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*
- —
XMI.TO
- 1D
- 0.53%
- 1M
- 0.68%
- YTD
- 5.57%
- 6M
- 4.96%
- 1Y
- 10.69%
- 3Y*
- 13.79%
- 5Y*
- 8.65%
- 10Y*
- 6.14%
HEQT.TO vs. XMI.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% | 7.76% |
XMI.TO iShares MSCI Min Vol EAFE Index ETF | 5.57% | 19.69% | 13.51% | 9.32% | -10.50% | 7.01% | -2.02% | 1.58% |
Correlation
The correlation between HEQT.TO and XMI.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.48 |
The correlation between HEQT.TO and XMI.TO has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.
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Return for Risk
HEQT.TO vs. XMI.TO — Risk / Return Rank
HEQT.TO
XMI.TO
HEQT.TO vs. XMI.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 MSCI Min Vol EAFE Index ETF (XMI.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 | XMI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.19 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 1.75 | +2.05 |
| Martin ratioReturn relative to average drawdown | 16.80 | 5.22 | +11.58 |
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 | XMI.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 1.03 | +1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.88 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 0.78 | +0.27 |
Drawdowns
HEQT.TO vs. XMI.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, which is greater than XMI.TO's maximum drawdown of -23.08%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and XMI.TO.
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Drawdown Indicators
| HEQT.TO | XMI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -23.08% | -8.74% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -6.12% | -2.37% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -7.97% | -7.36% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -21.18% | -3.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.08% | — |
Current DrawdownCurrent decline from peak | -0.08% | -3.39% | +3.31% |
Average DrawdownAverage peak-to-trough decline | -4.28% | -4.04% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 2.05% | -0.13% |
Volatility
HEQT.TO vs. XMI.TO - Volatility Comparison
Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a higher volatility of 3.48% compared to iShares MSCI Min Vol EAFE Index ETF (XMI.TO) at 3.22%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than XMI.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 | XMI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 3.22% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 8.22% | +1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.96% | 10.45% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 9.87% | +5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 11.48% | +5.68% |
HEQT.TO vs. XMI.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than XMI.TO's 0.40% expense ratio.
Dividends
HEQT.TO vs. XMI.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, less than XMI.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XMI.TO iShares MSCI Min Vol EAFE Index ETF | 2.55% | 2.69% | 2.64% | 2.56% | 1.99% | 1.93% | 1.16% | 3.74% | 2.92% | 2.07% | 3.29% | 2.02% |
Frequently Asked Questions
HEQT.TO and XMI.TO have a correlation of 0.49, 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 0.40% for XMI.TO.
They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.40% for XMI.TO.
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