HEQT.TO vs. XVLU.TO

Last updated Jun 5, 2026

HEQT.TO (Horizons All-Equity Asset Allocation ETF) and XVLU.TO (iShares MSCI USA Value Factor Index ETF) are both exchange-traded funds - HEQT.TO is a Global Equities fund actively managed by Horizons, while XVLU.TO is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index. HEQT.TO is actively managed, while XVLU.TO is passively managed. Over the past 5 years, HEQT.TO returned 16.89%/yr vs 18.74%/yr for XVLU.TO. A 0.52 correlation means they provide meaningful diversification when combined. HEQT.TO charges 0.20%/yr vs 0.32%/yr for XVLU.TO.

Performance

HEQT.TO vs. XVLU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons All-Equity Asset Allocation ETF (HEQT.TO) and iShares MSCI USA Value Factor Index ETF (XVLU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEQT.TO achieves a 14.13% return, which is significantly lower than XVLU.TO's 48.82% 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*: —

XVLU.TO

• 1D: -1.19%
• 1M: 17.77%
• YTD: 48.82%
• 6M: 49.49%
• 1Y: 91.40%
• 3Y*: 34.66%
• 5Y*: 18.74%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HEQT.TO vs. XVLU.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%
XVLU.TO iShares MSCI USA Value Factor Index ETF	48.82%	26.17%	15.37%	11.09%	-8.87%	28.64%	-3.66%	6.32%

Correlation

The correlation between HEQT.TO and XVLU.TO is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019	0.52

Over the past year, HEQT.TO and XVLU.TO have become more correlated (0.73) than their long-term average of 0.52, meaning their price movements have been converging.

Return for Risk

HEQT.TO vs. XVLU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HEQT.TO

HEQT.TO Risk / Return Rank: 82
HEQT.TO Sharpe Ratio Rank: 84
HEQT.TO Sortino Ratio Rank: 84
HEQT.TO Omega Ratio Rank: 84
HEQT.TO Calmar Ratio Rank: 76
HEQT.TO Martin Ratio Rank: 83

XVLU.TO

XVLU.TO Risk / Return Rank: 98
XVLU.TO Sharpe Ratio Rank: 98
XVLU.TO Sortino Ratio Rank: 98
XVLU.TO Omega Ratio Rank: 97
XVLU.TO Calmar Ratio Rank: 98
XVLU.TO Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HEQT.TO vs. XVLU.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 USA Value Factor Index ETF (XVLU.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	XVLU.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.70	5.32	-2.62
Sortino ratio: Return per unit of downside risk	3.76	6.87	-3.12
Omega ratio: Gain probability vs. loss probability	1.51	1.92	-0.41
Calmar ratio: Return relative to maximum drawdown	3.81	12.74	-8.93
Martin ratio: Return relative to average drawdown	16.80	52.60	-35.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEQT.TO vs. XVLU.TO - Sharpe Ratio Comparison

The current HEQT.TO Sharpe Ratio is 2.70, which is lower than the XVLU.TO Sharpe Ratio of 5.32. The chart below compares the historical Sharpe Ratios of HEQT.TO and XVLU.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HEQT.TO	XVLU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	5.32	-2.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	1.18	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.92	+0.14

Drawdowns

HEQT.TO vs. XVLU.TO - Drawdown Comparison

The maximum HEQT.TO drawdown since its inception was -31.82%, smaller than the maximum XVLU.TO drawdown of -34.40%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and XVLU.TO.

Drawdown Indicators

	HEQT.TO	XVLU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.82%	-34.40%	+2.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-7.22%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-17.13%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-20.16%	-4.09%
Current Drawdown Current decline from peak	-0.08%	-1.19%	+1.11%
Average Drawdown Average peak-to-trough decline	-4.28%	-6.48%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.74%	+0.18%

Volatility

HEQT.TO vs. XVLU.TO - Volatility Comparison

The current volatility for Horizons All-Equity Asset Allocation ETF (HEQT.TO) is 3.48%, while iShares MSCI USA Value Factor Index ETF (XVLU.TO) has a volatility of 7.41%. This indicates that HEQT.TO experiences smaller price fluctuations and is considered to be less risky than XVLU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT.TO	XVLU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	7.41%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	14.14%	-4.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	17.30%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	15.95%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	18.82%	-1.66%

HEQT.TO vs. XVLU.TO - Expense Ratio Comparison

HEQT.TO has a 0.20% expense ratio, which is lower than XVLU.TO's 0.32% expense ratio.

Dividends

HEQT.TO vs. XVLU.TO - Dividend Comparison

HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, more than XVLU.TO's 1.13% 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%
XVLU.TO iShares MSCI USA Value Factor Index ETF	1.13%	1.75%	2.17%	2.26%	2.51%	2.03%	2.72%	0.68%

Frequently Asked Questions

Can I hold both HEQT.TO and XVLU.TO in my portfolio?

HEQT.TO and XVLU.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEQT.TO or XVLU.TO?

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.

Which ETF is cheaper, HEQT.TO or XVLU.TO?

HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.32% for XVLU.TO.

What is the main difference between HEQT.TO and XVLU.TO?

HEQT.TO is categorized as Global Equities, while XVLU.TO is Large Cap Value Equities. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.32% for XVLU.TO.