HEQT.TO vs. XMW.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and XMW.TO (iShares MSCI Min Vol Global Index ETF) are both Global Equities funds. HEQT.TO is actively managed, while XMW.TO is passively managed. Over the past 5 years, HEQT.TO returned 16.89%/yr vs 7.90%/yr for XMW.TO. At a 0.46 correlation, their price movements are largely independent. HEQT.TO charges 0.20%/yr vs 0.48%/yr for XMW.TO.
Performance
HEQT.TO vs. XMW.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HEQT.TO achieves a 14.13% return, which is significantly higher than XMW.TO's 3.63% 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*
- —
XMW.TO
- 1D
- 0.03%
- 1M
- 2.78%
- YTD
- 3.63%
- 6M
- 2.00%
- 1Y
- 6.15%
- 3Y*
- 10.79%
- 5Y*
- 7.90%
- 10Y*
- 7.58%
HEQT.TO vs. XMW.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% |
XMW.TO iShares MSCI Min Vol Global Index ETF | 3.63% | 5.84% | 20.05% | 4.68% | -4.33% | 12.80% | 0.51% | 0.63% |
Correlation
The correlation between HEQT.TO and XMW.TO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.46 |
The correlation between HEQT.TO and XMW.TO has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HEQT.TO vs. XMW.TO — Risk / Return Rank
HEQT.TO
XMW.TO
HEQT.TO vs. XMW.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 Global Index ETF (XMW.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 | XMW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.15 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 1.20 | +2.61 |
| Martin ratioReturn relative to average drawdown | 16.80 | 3.30 | +13.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| HEQT.TO | XMW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 0.81 | +1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.91 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 0.94 | +0.11 |
Drawdowns
HEQT.TO vs. XMW.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, which is greater than XMW.TO's maximum drawdown of -21.42%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and XMW.TO.
Loading charts...
Drawdown Indicators
| HEQT.TO | XMW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -21.42% | -10.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -5.14% | -3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -8.59% | -6.74% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -14.45% | -9.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.42% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.55% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -4.28% | -2.74% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 1.87% | +0.05% |
Volatility
HEQT.TO vs. XMW.TO - Volatility Comparison
Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a higher volatility of 3.48% compared to iShares MSCI Min Vol Global Index ETF (XMW.TO) at 1.81%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than XMW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HEQT.TO | XMW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 1.81% | +1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 5.58% | +4.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.96% | 7.67% | +4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 8.70% | +6.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 11.07% | +6.09% |
HEQT.TO vs. XMW.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than XMW.TO's 0.48% expense ratio.
Dividends
HEQT.TO vs. XMW.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, more than XMW.TO's 1.52% 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% |
XMW.TO iShares MSCI Min Vol Global Index ETF | 1.52% | 1.58% | 1.81% | 1.98% | 1.66% | 1.43% | 1.52% | 2.20% | 2.01% | 1.61% | 2.02% | 1.85% |
Frequently Asked Questions
HEQT.TO and XMW.TO have a correlation of 0.50, 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 0.48% for XMW.TO.
They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.48% for XMW.TO.
Find the right allocation for HEQT.TO and XMW.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer