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MIVG.TO vs. CIE.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MIVG.TO vs. CIE.NEO

Last updated Jul 16, 2026
Documentation

MIVG.TO (Mackenzie Ivy Global Equity ETF) and CIE.NEO (iShares International Fundamental Common Class) are both Global Equities funds. MIVG.TO is actively managed, while CIE.NEO is passively managed. Over the past 5 years, MIVG.TO returned 8.69%/yr vs 15.96%/yr for CIE.NEO. At a 0.27 correlation, their price movements are largely independent.

Performance

MIVG.TO vs. CIE.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Ivy Global Equity ETF (MIVG.TO) and iShares International Fundamental Common Class (CIE.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MIVG.TO achieves a 4.03% return, which is significantly lower than CIE.NEO's 18.56% return.

MIVG.TO

1D
0.52%
1M
2.75%
6M
1.92%
YTD
4.03%
1Y
9.96%
3Y*
13.54%
5Y*
8.69%
10Y*
—

CIE.NEO

1D
0.13%
1M
-0.59%
6M
13.24%
YTD
18.56%
1Y
37.24%
3Y*
23.77%
5Y*
15.96%
10Y*
12.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MIVG.TO vs. CIE.NEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MIVG.TO
Mackenzie Ivy Global Equity ETF		4.03%9.98%23.80%11.57%-8.98%12.79%11.20%17.97%-0.62%0.72%
CIE.NEO
iShares International Fundamental Common Class		18.56%34.92%12.83%15.59%-2.83%14.42%1.33%11.29%-8.19%1.75%

Correlation

The correlation between MIVG.TO and CIE.NEO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.23

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

0.24

Correlation (All Time)
Calculated using the full available price history since Nov 23, 2017

0.27

The correlation between MIVG.TO and CIE.NEO shifts across timeframes, from 0.23 (3 years) to 0.37 (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 Ivy Global Equity ETF

iShares International Fundamental Common Class

Often compared with CIE.NEO:
CIE.NEO vs. PXFCIE.NEO vs. VGG.TOCIE.NEO vs. SPYCIE.NEO vs. FCCM.NEOCIE.NEO vs. DFIVCIE.NEO vs. XMW.TOCIE.NEO vs. XEQT.TO

Return for Risk

MIVG.TO vs. CIE.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MIVG.TO
MIVG.TO Risk / Return Rank: 2323
Overall Rank
MIVG.TO Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
MIVG.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
MIVG.TO Omega Ratio Rank: 2222
Omega Ratio Rank
MIVG.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
MIVG.TO Martin Ratio Rank: 2323
Martin Ratio Rank
CIE.NEO
CIE.NEO Risk / Return Rank: 8888
Overall Rank
CIE.NEO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
CIE.NEO Sortino Ratio Rank: 9191
Sortino Ratio Rank
CIE.NEO Omega Ratio Rank: 9292
Omega Ratio Rank
CIE.NEO Calmar Ratio Rank: 8080
Calmar Ratio Rank
CIE.NEO Martin Ratio Rank: 8585
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.

MIVG.TO vs. CIE.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Ivy Global Equity ETF (MIVG.TO) and iShares International Fundamental Common Class (CIE.NEO). 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.

MIVG.TOCIE.NEODifference
Sharpe ratioReturn per unit of total volatility
0.73
2.50

-1.77

Sortino ratioReturn per unit of downside risk
1.14
3.46

-2.32

Omega ratioGain probability vs. loss probability

1.13

1.49

-0.35

Calmar ratioReturn relative to maximum drawdown

0.81

3.39

-2.58

Martin ratioReturn relative to average drawdown

2.31

13.70

-11.38

MIVG.TO vs. CIE.NEO - Sharpe Ratio Comparison

The current MIVG.TO Sharpe Ratio is 0.73, which is lower than the CIE.NEO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of MIVG.TO and CIE.NEO, 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

MIVG.TO vs. CIE.NEO - Drawdown Comparison

The maximum MIVG.TO drawdown since its inception was -22.69%, smaller than the maximum CIE.NEO drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for MIVG.TO and CIE.NEO.

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Drawdown Indicators

MIVG.TOCIE.NEODifference

Max Drawdown

Largest peak-to-trough decline

-22.69%

-40.08%

+17.39%

Max Drawdown (1Y)

Largest decline over 1 year

-10.67%

-11.10%

+0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-12.16%

-15.44%

+3.28%

Max Drawdown (5Y)

Largest decline over 5 years

-18.88%

-20.55%

+1.67%

Max Drawdown (10Y)

Largest decline over 10 years

—

-40.08%

—

Current Drawdown

Current decline from peak

-1.09%

-1.72%

+0.63%

Average Drawdown

Average peak-to-trough decline

-3.56%

-7.09%

+3.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

2.73%

+0.98%

Volatility

MIVG.TO vs. CIE.NEO - Volatility Comparison

Mackenzie Ivy Global Equity ETF (MIVG.TO) has a higher volatility of 4.64% compared to iShares International Fundamental Common Class (CIE.NEO) at 3.52%. This indicates that MIVG.TO's price experiences larger fluctuations and is considered to be riskier than CIE.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MIVG.TOCIE.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.64%

3.52%

+1.12%

Volatility (6M)

Calculated over the trailing 6-month period

9.50%

12.92%

-3.42%

Volatility (1Y)

Calculated over the trailing 1-year period

11.82%

15.02%

-3.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.39%

14.07%

-1.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.42%

18.03%

-4.61%

Dividends

MIVG.TO vs. CIE.NEO - Dividend Comparison

MIVG.TO's dividend yield for the trailing twelve months is around 0.63%, less than CIE.NEO's 2.17% yield.

PositionTTM20252024202320222021202020192018201720162015
CIE.NEO
iShares International Fundamental Common Class		2.17%2.53%2.82%3.08%3.32%2.89%2.15%3.63%3.12%2.67%2.80%2.44%
MIVG.TO
Mackenzie Ivy Global Equity ETF		0.63%0.66%0.54%1.17%1.11%0.59%0.86%1.18%0.91%0.04%0.00%0.00%

Frequently Asked Questions

MIVG.TO and CIE.NEO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Mackenzie and iShares.

Portfolio Optimizer

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