HXEM.TO vs. DRFE.TO

Last updated Jul 18, 2026

HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) and DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) are both Emerging Markets Equities funds. HXEM.TO is passively managed, while DRFE.TO is actively managed. Over the past 5 years, HXEM.TO returned 7.68%/yr vs 11.04%/yr for DRFE.TO. At a 0.44 correlation, their price movements are largely independent.

Performance

HXEM.TO vs. DRFE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HXEM.TO having a 18.35% return and DRFE.TO slightly lower at 17.85%.

HXEM.TO

• 1D: -1.49%
• 1M: -8.55%
• 6M: 10.42%
• YTD: 18.35%
• 1Y: 32.60%
• 3Y*: 20.17%
• 5Y*: 7.68%
• 10Y*: —

DRFE.TO

• 1D: -1.72%
• 1M: -8.01%
• 6M: 10.15%
• YTD: 17.85%
• 1Y: 22.92%
• 3Y*: 20.19%
• 5Y*: 11.04%
• 10Y*: —

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

HXEM.TO vs. DRFE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	18.35%	26.46%	14.53%	7.09%	-16.39%	-2.71%	12.67%
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF	17.85%	21.25%	18.51%	10.59%	-8.03%	4.88%	17.48%

Correlation

The correlation between HXEM.TO and DRFE.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 7, 2020	0.44

Over the past year, HXEM.TO and DRFE.TO have become more correlated (0.90) than their long-term average of 0.44, meaning their price movements have been converging.

Return for Risk

HXEM.TO vs. DRFE.TO — Risk / Return Rank

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

HXEM.TO

HXEM.TO Risk / Return Rank: 57
HXEM.TO Sharpe Ratio Rank: 52
HXEM.TO Sortino Ratio Rank: 48
HXEM.TO Omega Ratio Rank: 56
HXEM.TO Calmar Ratio Rank: 70
HXEM.TO Martin Ratio Rank: 61

DRFE.TO

DRFE.TO Risk / Return Rank: 43
DRFE.TO Sharpe Ratio Rank: 40
DRFE.TO Sortino Ratio Rank: 37
DRFE.TO Omega Ratio Rank: 44
DRFE.TO Calmar Ratio Rank: 48
DRFE.TO Martin Ratio Rank: 47

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.

HXEM.TO vs. DRFE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.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.

	HXEM.TO	DRFE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.09	+0.29
Sortino ratio: Return per unit of downside risk	1.88	1.52	+0.36
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.65	1.87	+0.78
Martin ratio: Return relative to average drawdown	8.15	5.81	+2.35

HXEM.TO vs. DRFE.TO - Sharpe Ratio Comparison

The current HXEM.TO Sharpe Ratio is 1.38, which is comparable to the DRFE.TO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of HXEM.TO and DRFE.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

HXEM.TO vs. DRFE.TO - Drawdown Comparison

The maximum HXEM.TO drawdown since its inception was -35.00%, which is greater than DRFE.TO's maximum drawdown of -25.26%. Use the drawdown chart below to compare losses from any high point for HXEM.TO and DRFE.TO.

Drawdown Indicators

	HXEM.TO	DRFE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.00%	-25.26%	-9.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-12.31%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	-14.27%	-1.13%
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	-21.05%	-8.59%
Current Drawdown Current decline from peak	-11.93%	-11.00%	-0.93%
Average Drawdown Average peak-to-trough decline	-13.56%	-6.88%	-6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	3.96%	+0.05%

Volatility

HXEM.TO vs. DRFE.TO - Volatility Comparison

Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) has a higher volatility of 10.95% compared to Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) at 9.91%. This indicates that HXEM.TO's price experiences larger fluctuations and is considered to be riskier than DRFE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXEM.TO	DRFE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.95%	9.91%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	21.77%	19.43%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	23.72%	21.09%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	16.61%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.75%	17.23%	+0.52%

Dividends

HXEM.TO vs. DRFE.TO - Dividend Comparison

HXEM.TO has not paid dividends to shareholders, while DRFE.TO's dividend yield for the trailing twelve months is around 1.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF	1.65%	2.10%	2.60%	3.04%	3.00%	2.49%	2.45%	2.05%
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HXEM.TO and DRFE.TO in my portfolio?

With a correlation of 0.90, HXEM.TO and DRFE.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

What is the main difference between HXEM.TO and DRFE.TO?

They also come from different issuers: Global X and Desjardins.