HEQT.TO vs. XML.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and XML.TO (iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)) are both Global Equities funds. HEQT.TO is actively managed, while XML.TO is passively managed. Over the past 5 years, HEQT.TO returned 16.89%/yr vs 9.34%/yr for XML.TO. At a 0.40 correlation, their price movements are largely independent. HEQT.TO charges 0.20%/yr vs 0.40%/yr for XML.TO.
Performance
HEQT.TO vs. XML.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 XML.TO's 3.89% 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*
- —
XML.TO
- 1D
- -0.12%
- 1M
- -0.03%
- YTD
- 3.89%
- 6M
- 5.30%
- 1Y
- 9.96%
- 3Y*
- 13.01%
- 5Y*
- 9.34%
- 10Y*
- 7.35%
HEQT.TO vs. XML.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% |
XML.TO iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) | 3.89% | 17.56% | 14.13% | 11.69% | -6.94% | 13.27% | -5.87% | 2.62% |
Correlation
The correlation between HEQT.TO and XML.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.40 |
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Return for Risk
HEQT.TO vs. XML.TO — Risk / Return Rank
HEQT.TO
XML.TO
HEQT.TO vs. XML.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 (CAD-Hedged) (XML.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 | XML.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.23 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 2.00 | +1.81 |
| Martin ratioReturn relative to average drawdown | 16.80 | 5.42 | +11.38 |
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 | XML.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 1.15 | +1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.97 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 0.62 | +0.44 |
Drawdowns
HEQT.TO vs. XML.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, which is greater than XML.TO's maximum drawdown of -28.62%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and XML.TO.
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Drawdown Indicators
| HEQT.TO | XML.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -28.62% | -3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -4.88% | -3.61% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -7.46% | -7.87% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -12.34% | -11.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.62% | — |
Current DrawdownCurrent decline from peak | -0.08% | -4.26% | +4.18% |
Average DrawdownAverage peak-to-trough decline | -4.28% | -3.41% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 1.80% | +0.12% |
Volatility
HEQT.TO vs. XML.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 (CAD-Hedged) (XML.TO) at 2.60%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than XML.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 | XML.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 2.60% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 6.48% | +3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.96% | 8.50% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 9.70% | +5.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 12.09% | +5.07% |
HEQT.TO vs. XML.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than XML.TO's 0.40% expense ratio.
Dividends
HEQT.TO vs. XML.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, less than XML.TO's 2.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XML.TO iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) | 2.66% | 2.76% | 2.67% | 2.56% | 2.02% | 1.92% | 1.11% | 3.62% | 2.77% | 1.92% | 3.34% |
Frequently Asked Questions
HEQT.TO and XML.TO have a correlation of 0.31, 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 XML.TO.
They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.40% for XML.TO.
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