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MEQT.TO vs. XEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MEQT.TO vs. XEF.TO

Last updated Jun 4, 2026

MEQT.TO (Mackenzie All-Equity Allocation ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both Global Equities funds. MEQT.TO is actively managed, while XEF.TO is passively managed. Over the past year, MEQT.TO returned 33.09% vs 23.12% for XEF.TO. At a 0.44 correlation, their price movements are largely independent. MEQT.TO charges 0.17%/yr vs 0.22%/yr for XEF.TO.

Performance

MEQT.TO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie All-Equity Allocation ETF (MEQT.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MEQT.TO achieves a 12.88% return, which is significantly higher than XEF.TO's 9.95% return.

MEQT.TO

1D
-0.41%
1M
6.44%
YTD
12.88%
6M
13.09%
1Y
33.09%
3Y*
—
5Y*
—
10Y*
—

XEF.TO

1D
-0.41%
1M
5.38%
YTD
9.95%
6M
10.72%
1Y
23.12%
3Y*
17.83%
5Y*
10.89%
10Y*
9.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MEQT.TO vs. XEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023
MEQT.TO
Mackenzie All-Equity Allocation ETF		12.88%21.31%25.87%2.16%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		9.95%25.69%12.04%2.56%

Correlation

The correlation between MEQT.TO and XEF.TO is 0.63, 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

0.63

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2023

0.44

The correlation between MEQT.TO and XEF.TO shifts across timeframes, from 0.44 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Mackenzie All-Equity Allocation ETF

iShares Core MSCI EAFE IMI Index ETF

Often compared with MEQT.TO:
MEQT.TO vs. VXC.TOMEQT.TO vs. ZEQT.TOMEQT.TO vs. XEQT.TOMEQT.TO vs. CAGE.TOMEQT.TO vs. FCIN.NEOMEQT.TO vs. TINF.TOMEQT.TO vs. XDG.TO
Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO

Return for Risk

MEQT.TO vs. XEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MEQT.TO
MEQT.TO Risk / Return Rank: 8888
Overall Rank
MEQT.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
MEQT.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
MEQT.TO Omega Ratio Rank: 9191
Omega Ratio Rank
MEQT.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
MEQT.TO Martin Ratio Rank: 8787
Martin Ratio Rank
XEF.TO
XEF.TO Risk / Return Rank: 4747
Overall Rank
XEF.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 4848
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.

MEQT.TO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie All-Equity Allocation ETF (MEQT.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.

MEQT.TOXEF.TODifference
Sharpe ratioReturn per unit of total volatility
3.05
1.68

+1.37

Sortino ratioReturn per unit of downside risk
4.35
2.41

+1.93

Omega ratioGain probability vs. loss probability

1.60

1.31

+0.28

Calmar ratioReturn relative to maximum drawdown

4.33

2.06

+2.27

Martin ratioReturn relative to average drawdown

18.61

8.22

+10.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEQT.TO vs. XEF.TO - Sharpe Ratio Comparison

The current MEQT.TO Sharpe Ratio is 3.05, which is higher than the XEF.TO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of MEQT.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.

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Sharpe Ratios by Period

MEQT.TOXEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.05

1.68

+1.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.81

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.66

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.12

0.71

+1.41

Drawdowns

MEQT.TO vs. XEF.TO - Drawdown Comparison

The maximum MEQT.TO drawdown since its inception was -15.14%, smaller than the maximum XEF.TO drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for MEQT.TO and XEF.TO.

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Drawdown Indicators

MEQT.TOXEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-15.14%

-28.51%

+13.37%

Max Drawdown (1Y)

Largest decline over 1 year

-7.68%

-11.27%

+3.59%

Max Drawdown (3Y)

Largest decline over 3 years

—

-14.32%

—

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

-0.41%

-1.09%

+0.68%

Average Drawdown

Average peak-to-trough decline

-1.29%

-4.62%

+3.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.78%

2.82%

-1.04%

Volatility

MEQT.TO vs. XEF.TO - Volatility Comparison

The current volatility for Mackenzie All-Equity Allocation ETF (MEQT.TO) is 2.96%, while iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a volatility of 4.77%. This indicates that MEQT.TO experiences smaller price fluctuations and is considered to be less risky than XEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MEQT.TOXEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.96%

4.77%

-1.81%

Volatility (6M)

Calculated over the trailing 6-month period

9.02%

11.56%

-2.54%

Volatility (1Y)

Calculated over the trailing 1-year period

10.92%

13.85%

-2.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.87%

13.58%

-1.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.87%

14.85%

-2.98%

MEQT.TO vs. XEF.TO - Expense Ratio Comparison

MEQT.TO has a 0.17% expense ratio, which is lower than XEF.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MEQT.TO vs. XEF.TO - Dividend Comparison

MEQT.TO's dividend yield for the trailing twelve months is around 1.45%, less than XEF.TO's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
MEQT.TO
Mackenzie All-Equity Allocation ETF		1.45%1.60%1.73%0.81%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.21%2.43%2.76%2.75%2.93%2.42%1.93%2.72%2.76%2.10%2.42%2.42%

Frequently Asked Questions

MEQT.TO and XEF.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MEQT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MEQT.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XEF.TO.

They also come from different issuers: Mackenzie Investments and iShares. Their fees differ too: 0.17% for MEQT.TO and 0.22% for XEF.TO.

Portfolio Optimizer

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