HEWB.TO vs. PXC.TO

Last updated Jun 25, 2026

HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds - HEWB.TO tracks the Solactive Equal Weight Canada Banks Index while PXC.TO tracks the RAFI Canada Index. Both are passively managed. Over the past 5 years, HEWB.TO returned 20.24%/yr vs 16.75%/yr for PXC.TO. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

HEWB.TO vs. PXC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) and Invesco RAFI Canadian Index ETF (PXC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEWB.TO achieves a 29.89% return, which is significantly higher than PXC.TO's 17.12% return.

HEWB.TO

• 1D: -0.39%
• 1M: 6.90%
• YTD: 29.89%
• 6M: 29.34%
• 1Y: 71.45%
• 3Y*: 37.65%
• 5Y*: 20.24%
• 10Y*: —

PXC.TO

• 1D: -0.64%
• 1M: -0.22%
• YTD: 17.12%
• 6M: 12.82%
• 1Y: 36.76%
• 3Y*: 25.64%
• 5Y*: 16.75%
• 10Y*: 13.41%

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

HEWB.TO vs. PXC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	29.89%	43.48%	24.54%	11.00%	-10.46%	39.19%	4.74%	3.56%
PXC.TO Invesco RAFI Canadian Index ETF	17.12%	26.50%	19.57%	9.28%	1.37%	34.11%	-1.11%	7.62%

Correlation

The correlation between HEWB.TO and PXC.TO is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 4, 2019	0.60

The correlation between HEWB.TO and PXC.TO has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

HEWB.TO vs. PXC.TO - Sectors Allocation Comparison

Sectors	HEWB.TO	PXC.TO
Financial Services	100.0%	34.7%
Basic Materials	-	13.0%
Communication Services	-	2.7%
Consumer Cyclical	-	6.6%
Consumer Defensive	-	2.9%
Energy	-	26.6%
Healthcare	-	0.2%
Industrials	-	7.2%
Real Estate	-	0.8%
Technology	-	2.2%
Utilities	-	3.1%

Return for Risk

HEWB.TO vs. PXC.TO — Risk / Return Rank

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

HEWB.TO

HEWB.TO Risk / Return Rank: 97
HEWB.TO Sharpe Ratio Rank: 98
HEWB.TO Sortino Ratio Rank: 98
HEWB.TO Omega Ratio Rank: 98
HEWB.TO Calmar Ratio Rank: 96
HEWB.TO Martin Ratio Rank: 97

PXC.TO

PXC.TO Risk / Return Rank: 96
PXC.TO Sharpe Ratio Rank: 96
PXC.TO Sortino Ratio Rank: 95
PXC.TO Omega Ratio Rank: 96
PXC.TO Calmar Ratio Rank: 96
PXC.TO Martin Ratio Rank: 96

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.

HEWB.TO vs. PXC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) and Invesco RAFI Canadian Index ETF (PXC.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.

	HEWB.TO	PXC.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.52	3.55	+1.97
Sortino ratio: Return per unit of downside risk	7.29	4.65	+2.64
Omega ratio: Gain probability vs. loss probability	2.01	1.69	+0.31
Calmar ratio: Return relative to maximum drawdown	8.01	7.95	+0.06
Martin ratio: Return relative to average drawdown	36.49	31.61	+4.88

HEWB.TO vs. PXC.TO - Sharpe Ratio Comparison

The current HEWB.TO Sharpe Ratio is 5.52, which is higher than the PXC.TO Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of HEWB.TO and PXC.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.

Drawdowns

HEWB.TO vs. PXC.TO - Drawdown Comparison

The maximum HEWB.TO drawdown since its inception was -39.43%, smaller than the maximum PXC.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for HEWB.TO and PXC.TO.

Drawdown Indicators

	HEWB.TO	PXC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.43%	-41.78%	+2.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-4.64%	-4.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	-10.99%	-3.85%
Max Drawdown (5Y) Largest decline over 5 years	-25.89%	-15.75%	-10.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.78%	—
Current Drawdown Current decline from peak	-0.39%	-1.30%	+0.91%
Average Drawdown Average peak-to-trough decline	-7.21%	-5.05%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.17%	+0.79%

Volatility

HEWB.TO vs. PXC.TO - Volatility Comparison

Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) has a higher volatility of 4.07% compared to Invesco RAFI Canadian Index ETF (PXC.TO) at 3.14%. This indicates that HEWB.TO's price experiences larger fluctuations and is considered to be riskier than PXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEWB.TO	PXC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	3.14%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	11.39%	8.56%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	10.39%	+2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	13.27%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	16.41%	+2.84%

Dividends

HEWB.TO vs. PXC.TO - Dividend Comparison

HEWB.TO has not paid dividends to shareholders, while PXC.TO's dividend yield for the trailing twelve months is around 2.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PXC.TO Invesco RAFI Canadian Index ETF	2.27%	2.65%	3.17%	3.48%	3.42%	2.58%	3.10%	2.92%	2.86%	2.23%	2.57%	3.13%

Frequently Asked Questions

Can I hold both HEWB.TO and PXC.TO in my portfolio?

HEWB.TO and PXC.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HEWB.TO and PXC.TO?

HEWB.TO tracks Solactive Equal Weight Canada Banks Index, while PXC.TO tracks RAFI Canada Index. They also come from different issuers: Global X and Invesco.