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MA vs. XEH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MA vs. XEH.TO

Last updated Jun 16, 2026

MA (Mastercard Incorporated) is a stock, while XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) is Europe Equities fund tracking the Morningstar Eur GR CAD. Over the past 10 years, MA returned 18.76%/yr vs 9.61%/yr for XEH.TO. At a 0.44 correlation, their price movements are largely independent.

Performance

MA vs. XEH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mastercard Incorporated (MA) and iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

MA is traded in USD, while XEH.TO is traded in CAD. To make them comparable, the XEH.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MA achieves a -13.78% return, which is significantly lower than XEH.TO's 6.87% return. Over the past 10 years, MA has outperformed XEH.TO with an annualized return of 18.76%, while XEH.TO has yielded a comparatively lower 9.61% annualized return.

MA

1D
0.13%
1M
-0.72%
YTD
-13.78%
6M
-13.51%
1Y
-12.19%
3Y*
9.87%
5Y*
6.78%
10Y*
18.76%

XEH.TO

1D
0.41%
1M
3.05%
YTD
6.87%
6M
8.57%
1Y
15.91%
3Y*
11.57%
5Y*
6.47%
10Y*
9.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MA vs. XEH.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MA
Mastercard Incorporated		-13.78%9.04%24.17%23.40%-2.66%1.16%20.19%59.16%25.31%47.69%
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		6.87%26.19%-0.69%18.69%-13.77%21.84%0.02%31.73%-16.65%24.07%

Correlation

The correlation between MA and XEH.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (10Y)
Calculated over the trailing 10-year period

0.43

Correlation (All Time)
Calculated using the full available price history since Apr 24, 2014

0.44

Over the past year, the correlation between MA and XEH.TO has dropped to 0.19 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

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Mastercard Incorporated

iShares MSCI Europe IMI Index ETF (CAD-Hedged)

Often compared with MA:
MA vs. VMA vs. AXPMA vs. SPYMA vs. MSFTMA vs. MCDMA vs. BRK-BMA vs. COST
Often compared with XEH.TO:
XEH.TO vs. XEU.TOXEH.TO vs. XEF.TOXEH.TO vs. VEF.TOXEH.TO vs. IWYXEH.TO vs. IEURXEH.TO vs. XEQT.TOXEH.TO vs. ZEA.TO

Return for Risk

MA vs. XEH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MA
MA Risk / Return Rank: 1818
Overall Rank
MA Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
MA Sortino Ratio Rank: 1818
Sortino Ratio Rank
MA Omega Ratio Rank: 1818
Omega Ratio Rank
MA Calmar Ratio Rank: 2121
Calmar Ratio Rank
MA Martin Ratio Rank: 1616
Martin Ratio Rank
XEH.TO
XEH.TO Risk / Return Rank: 4646
Overall Rank
XEH.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
XEH.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
XEH.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XEH.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
XEH.TO Martin Ratio Rank: 4949
Martin Ratio Rank
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.

MA vs. XEH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mastercard Incorporated (MA) and iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.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.

MAXEH.TODifference
Sharpe ratioReturn per unit of total volatility
-0.56
1.15

-1.71

Sortino ratioReturn per unit of downside risk
-0.65
1.70

-2.35

Omega ratioGain probability vs. loss probability

0.92

1.21

-0.29

Calmar ratioReturn relative to maximum drawdown

-0.58

1.48

-2.07

Martin ratioReturn relative to average drawdown

-1.18

5.68

-6.85

MA vs. XEH.TO - Sharpe Ratio Comparison

The current MA Sharpe Ratio is -0.56, which is lower than the XEH.TO Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of MA and XEH.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.

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Drawdowns

MA vs. XEH.TO - Drawdown Comparison

The maximum MA drawdown since its inception was -62.67%, which is greater than XEH.TO's maximum drawdown of -40.46%. Use the drawdown chart below to compare losses from any high point for MA and XEH.TO.

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Drawdown Indicators

MAXEH.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.67%

-40.46%

-22.21%

Max Drawdown (1Y)

Largest decline over 1 year

-20.91%

-10.77%

-10.14%

Max Drawdown (3Y)

Largest decline over 3 years

-20.91%

-14.66%

-6.25%

Max Drawdown (5Y)

Largest decline over 5 years

-28.25%

-27.32%

-0.93%

Max Drawdown (10Y)

Largest decline over 10 years

-41.00%

-40.46%

-0.54%

Current Drawdown

Current decline from peak

-17.71%

-1.13%

-16.58%

Average Drawdown

Average peak-to-trough decline

-9.83%

-7.86%

-1.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.38%

2.81%

+7.57%

Volatility

MA vs. XEH.TO - Volatility Comparison

Mastercard Incorporated (MA) has a higher volatility of 6.46% compared to iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) at 4.54%. This indicates that MA's price experiences larger fluctuations and is considered to be riskier than XEH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MAXEH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.46%

4.54%

+1.92%

Volatility (6M)

Calculated over the trailing 6-month period

16.91%

11.29%

+5.62%

Volatility (1Y)

Calculated over the trailing 1-year period

21.90%

13.91%

+7.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.02%

15.60%

+8.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.93%

17.46%

+9.47%

Dividends

MA vs. XEH.TO - Dividend Comparison

MA's dividend yield for the trailing twelve months is around 0.66%, less than XEH.TO's 2.30% yield.

PositionTTM20252024202320222021202020192018201720162015
MA
Mastercard Incorporated		0.66%0.53%0.50%0.53%0.56%0.49%0.45%0.44%0.53%0.58%0.74%0.66%
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		2.30%2.50%2.71%2.98%3.12%2.40%2.01%3.52%3.39%2.22%2.39%2.27%

Frequently Asked Questions

MA and XEH.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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