IDIV-B.TO vs. XEF.TO

Last updated Jul 16, 2026

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - IDIV-B.TO is a Dividend fund actively managed by Manulife, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). IDIV-B.TO is actively managed, while XEF.TO is passively managed. Over the past 3 years, IDIV-B.TO returned 20.10%/yr vs 18.14%/yr for XEF.TO. A 0.61 correlation means they provide meaningful diversification when combined. IDIV-B.TO charges 0.55%/yr vs 0.23%/yr for XEF.TO.

Performance

IDIV-B.TO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IDIV-B.TO achieves a 15.90% return, which is significantly higher than XEF.TO's 13.03% return.

IDIV-B.TO

• 1D: 0.80%
• 1M: 1.41%
• 6M: 11.15%
• YTD: 15.90%
• 1Y: 24.21%
• 3Y*: 20.10%
• 5Y*: —
• 10Y*: —

XEF.TO

• 1D: 0.33%
• 1M: 0.70%
• 6M: 8.06%
• YTD: 13.03%
• 1Y: 25.38%
• 3Y*: 18.14%
• 5Y*: 11.18%
• 10Y*: 10.22%

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

IDIV-B.TO vs. XEF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	15.90%	30.89%	11.95%	12.28%	7.59%
XEF.TO iShares Core MSCI EAFE IMI Index ETF	13.03%	25.69%	12.04%	15.21%	8.50%

Correlation

The correlation between IDIV-B.TO and XEF.TO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 10, 2022	0.61

The correlation between IDIV-B.TO and XEF.TO shifts across timeframes, from 0.61 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IDIV-B.TO vs. XEF.TO — Risk / Return Rank

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

IDIV-B.TO

IDIV-B.TO Risk / Return Rank: 57
IDIV-B.TO Sharpe Ratio Rank: 53
IDIV-B.TO Sortino Ratio Rank: 47
IDIV-B.TO Omega Ratio Rank: 59
IDIV-B.TO Calmar Ratio Rank: 59
IDIV-B.TO Martin Ratio Rank: 65

XEF.TO

XEF.TO Risk / Return Rank: 65
XEF.TO Sharpe Ratio Rank: 68
XEF.TO Sortino Ratio Rank: 68
XEF.TO Omega Ratio Rank: 69
XEF.TO Calmar Ratio Rank: 56
XEF.TO Martin Ratio Rank: 63

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.

IDIV-B.TO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.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.

	IDIV-B.TO	XEF.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.77	-0.28
Sortino ratio: Return per unit of downside risk	1.98	2.50	-0.52
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.42	2.26	+0.16
Martin ratio: Return relative to average drawdown	9.37	8.95	+0.42

IDIV-B.TO vs. XEF.TO - Sharpe Ratio Comparison

The current IDIV-B.TO Sharpe Ratio is 1.49, which is comparable to the XEF.TO Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and XEF.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

IDIV-B.TO vs. XEF.TO - Drawdown Comparison

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum XEF.TO drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and XEF.TO.

Drawdown Indicators

	IDIV-B.TO	XEF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.62%	-28.51%	+14.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-11.27%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.62%	-14.31%	+0.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.51%	—
Current Drawdown Current decline from peak	-0.82%	-2.00%	+1.18%
Average Drawdown Average peak-to-trough decline	-1.77%	-4.58%	+2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.84%	-0.25%

Volatility

IDIV-B.TO vs. XEF.TO - Volatility Comparison

Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO) have volatilities of 3.32% and 3.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDIV-B.TO	XEF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	3.41%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	13.16%	12.41%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	14.46%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	13.74%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	14.65%	-0.32%

IDIV-B.TO vs. XEF.TO - Expense Ratio Comparison

IDIV-B.TO has a 0.55% expense ratio, which is higher than XEF.TO's 0.23% expense ratio.

Dividends

IDIV-B.TO vs. XEF.TO - Dividend Comparison

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.92%, more than XEF.TO's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.92%	3.12%	3.52%	1.73%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XEF.TO iShares Core MSCI EAFE IMI Index ETF	2.34%	2.43%	2.76%	2.75%	2.93%	2.42%	1.93%	2.71%	2.75%	2.11%	2.45%	2.42%

Frequently Asked Questions

Can I hold both IDIV-B.TO and XEF.TO in my portfolio?

IDIV-B.TO and XEF.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IDIV-B.TO or XEF.TO?

On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IDIV-B.TO or XEF.TO?

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.55% for IDIV-B.TO.

What is the main difference between IDIV-B.TO and XEF.TO?

IDIV-B.TO is categorized as Dividend, while XEF.TO is Foreign Large Cap Equities. They also come from different issuers: Manulife and iShares. Their fees differ too: 0.55% for IDIV-B.TO and 0.23% for XEF.TO.