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PZW.TO vs. XIN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PZW.TO vs. XIN.TO

Last updated Jul 1, 2026
See Documentation

PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and XIN.TO (iShares MSCI EAFE Index ETF (CAD-Hedged)) are both Global Equities funds - PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index while XIN.TO tracks the MSCI EAFE 100% Hedged to CAD Index. Both are passively managed. Over the past 10 years, PZW.TO returned 11.60%/yr vs 10.77%/yr for XIN.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

PZW.TO vs. XIN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.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, PZW.TO achieves a 17.33% return, which is significantly higher than XIN.TO's 12.28% return. Over the past 10 years, PZW.TO has outperformed XIN.TO with an annualized return of 11.60%, while XIN.TO has yielded a comparatively lower 10.77% annualized return.

PZW.TO

1D
0.29%
1M
3.40%
YTD
17.33%
6M
16.85%
1Y
32.19%
3Y*
20.71%
5Y*
10.71%
10Y*
11.60%

XIN.TO

1D
0.58%
1M
2.93%
YTD
12.28%
6M
11.75%
1Y
25.02%
3Y*
15.67%
5Y*
11.65%
10Y*
10.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PZW.TO vs. XIN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		17.33%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%
XIN.TO
iShares MSCI EAFE Index ETF (CAD-Hedged)		12.28%20.30%10.20%18.55%-6.09%18.49%-0.36%22.63%-10.94%15.80%

Correlation

The correlation between PZW.TO and XIN.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.24

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

0.26

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

0.35

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

0.28

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.27

The correlation between PZW.TO and XIN.TO shifts across timeframes, from 0.24 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.

PZW.TO vs. XIN.TO - Sectors Allocation Comparison

Sectors
PZW.TO
XIN.TO

Industrials

19.2%
16.2%

Financial Services

13.3%
23.7%

Healthcare

12.7%
9.6%

Technology

12.2%
12.3%

Consumer Cyclical

12.1%
7.0%

Real Estate

8.8%
1.4%

Basic Materials

7.0%
5.8%

Consumer Defensive

4.6%
6.6%

Energy

4.1%
2.9%

Communication Services

3.8%
3.8%

Utilities

2.3%
3.1%

Industrials

PZW.TO
19.2%
XIN.TO
16.2%

Financial Services

PZW.TO
13.3%
XIN.TO
23.7%

Healthcare

PZW.TO
12.7%
XIN.TO
9.6%

Technology

PZW.TO
12.2%
XIN.TO
12.3%

Consumer Cyclical

PZW.TO
12.1%
XIN.TO
7.0%

Real Estate

PZW.TO
8.8%
XIN.TO
1.4%

Basic Materials

PZW.TO
7.0%
XIN.TO
5.8%

Consumer Defensive

PZW.TO
4.6%
XIN.TO
6.6%

Energy

PZW.TO
4.1%
XIN.TO
2.9%

Communication Services

PZW.TO
3.8%
XIN.TO
3.8%

Utilities

PZW.TO
2.3%
XIN.TO
3.1%

Compare stocks, funds, or ETFs

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Invesco FTSE RAFI Global Small-Mid ETF

iShares MSCI EAFE Index ETF (CAD-Hedged)

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Often compared with XIN.TO:
XIN.TO vs. XEF.TOXIN.TO vs. XFH.TOXIN.TO vs. XWD.TOXIN.TO vs. XIU.TOXIN.TO vs. GBAL.TOXIN.TO vs. XUS-U.TOXIN.TO vs. XDW0.L

Return for Risk

PZW.TO vs. XIN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PZW.TO
PZW.TO Risk / Return Rank: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
Martin Ratio Rank
XIN.TO
XIN.TO Risk / Return Rank: 6868
Overall Rank
XIN.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
XIN.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
XIN.TO Omega Ratio Rank: 7272
Omega Ratio Rank
XIN.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
XIN.TO Martin Ratio Rank: 6969
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.

PZW.TO vs. XIN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.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.

PZW.TOXIN.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
1.89

+0.39

Sortino ratioReturn per unit of downside risk
3.35
2.66

+0.69

Omega ratioGain probability vs. loss probability

1.45

1.36

+0.09

Calmar ratioReturn relative to maximum drawdown

3.79

2.59

+1.20

Martin ratioReturn relative to average drawdown

13.53

10.60

+2.93

PZW.TO vs. XIN.TO - Sharpe Ratio Comparison

The current PZW.TO Sharpe Ratio is 2.28, which is comparable to the XIN.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of PZW.TO and XIN.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

PZW.TO vs. XIN.TO - Drawdown Comparison

The maximum PZW.TO drawdown since its inception was -32.45%, smaller than the maximum XIN.TO drawdown of -58.55%. Use the drawdown chart below to compare losses from any high point for PZW.TO and XIN.TO.

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Drawdown Indicators

PZW.TOXIN.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.45%

-58.55%

+26.10%

Max Drawdown (1Y)

Largest decline over 1 year

-8.50%

-9.72%

+1.22%

Max Drawdown (3Y)

Largest decline over 3 years

-16.88%

-14.23%

-2.65%

Max Drawdown (5Y)

Largest decline over 5 years

-22.13%

-15.60%

-6.53%

Max Drawdown (10Y)

Largest decline over 10 years

-32.45%

-33.67%

+1.22%

Current Drawdown

Current decline from peak

0.00%

-0.32%

+0.32%

Average Drawdown

Average peak-to-trough decline

-5.72%

-13.85%

+8.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

2.37%

+0.01%

Volatility

PZW.TO vs. XIN.TO - Volatility Comparison

The current volatility for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) is 2.90%, while iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.TO) has a volatility of 4.51%. This indicates that PZW.TO experiences smaller price fluctuations and is considered to be less risky than XIN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PZW.TOXIN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

4.51%

-1.61%

Volatility (6M)

Calculated over the trailing 6-month period

10.41%

11.38%

-0.97%

Volatility (1Y)

Calculated over the trailing 1-year period

14.17%

13.31%

+0.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.65%

14.05%

+0.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.90%

15.92%

-0.02%

Dividends

PZW.TO vs. XIN.TO - Dividend Comparison

PZW.TO's dividend yield for the trailing twelve months is around 1.65%, less than XIN.TO's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.65%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
XIN.TO
iShares MSCI EAFE Index ETF (CAD-Hedged)		2.77%2.90%2.69%2.51%2.18%2.65%1.81%2.58%2.87%2.15%2.39%2.33%

Frequently Asked Questions

PZW.TO and XIN.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index, while XIN.TO tracks MSCI EAFE 100% Hedged to CAD Index. They also come from different issuers: Invesco and iShares.

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