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SVR-C.TO vs. XEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SVR-C.TO vs. XEF.TO

Last updated Jun 4, 2026

SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - SVR-C.TO is a Silver fund tracking the LBMA Silver Price, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). Both are passively managed. Over the past 10 years, SVR-C.TO returned 16.32%/yr vs 9.77%/yr for XEF.TO. At a 0.09 correlation, their price movements are largely independent. SVR-C.TO charges 0.66%/yr vs 0.23%/yr for XEF.TO.

Performance

SVR-C.TO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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, SVR-C.TO achieves a 3.58% return, which is significantly lower than XEF.TO's 9.95% return. Over the past 10 years, SVR-C.TO has outperformed XEF.TO with an annualized return of 16.32%, while XEF.TO has yielded a comparatively lower 9.77% annualized return.

SVR-C.TO

1D
-2.08%
1M
2.36%
YTD
3.58%
6M
23.35%
1Y
112.17%
3Y*
46.44%
5Y*
24.24%
10Y*
16.32%

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)

SVR-C.TO vs. XEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SVR-C.TO
iShares Silver Bullion ETF (Non-Hedged)		3.58%132.91%30.61%-2.65%9.31%-12.72%43.88%9.28%-2.35%-2.30%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		9.95%25.69%12.04%15.21%-9.53%10.36%6.13%15.86%-6.65%18.19%

Correlation

The correlation between SVR-C.TO and XEF.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.25

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

0.20

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

0.14

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.09

Over the past year, SVR-C.TO and XEF.TO have become more correlated (0.34) than their long-term average of 0.09, meaning their price movements have been converging.

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iShares Silver Bullion ETF (Non-Hedged)

iShares Core MSCI EAFE IMI Index ETF

Often compared with SVR-C.TO:
SVR-C.TO vs. SVR.TOSVR-C.TO vs. PSLV.TOSVR-C.TO vs. MNS.TOSVR-C.TO vs. SBT.TOSVR-C.TO vs. HUG.TOSVR-C.TO vs. CGL.TOSVR-C.TO vs. GDX
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

SVR-C.TO vs. XEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SVR-C.TO
SVR-C.TO Risk / Return Rank: 5050
Overall Rank
SVR-C.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SVR-C.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
SVR-C.TO Omega Ratio Rank: 5858
Omega Ratio Rank
SVR-C.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
SVR-C.TO Martin Ratio Rank: 3737
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.

SVR-C.TO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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.

SVR-C.TOXEF.TODifference
Sharpe ratioReturn per unit of total volatility
1.99
1.68

+0.31

Sortino ratioReturn per unit of downside risk
2.13
2.41

-0.28

Omega ratioGain probability vs. loss probability

1.36

1.31

+0.05

Calmar ratioReturn relative to maximum drawdown

2.72

2.06

+0.65

Martin ratioReturn relative to average drawdown

5.83

8.22

-2.39

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

SVR-C.TO vs. XEF.TO - Sharpe Ratio Comparison

The current SVR-C.TO Sharpe Ratio is 1.99, which is comparable to the XEF.TO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SVR-C.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

SVR-C.TOXEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

1.68

+0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.81

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.66

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.71

-0.48

Drawdowns

SVR-C.TO vs. XEF.TO - Drawdown Comparison

The maximum SVR-C.TO drawdown since its inception was -61.14%, which is greater than XEF.TO's maximum drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for SVR-C.TO and XEF.TO.

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Drawdown Indicators

SVR-C.TOXEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.14%

-28.51%

-32.63%

Max Drawdown (1Y)

Largest decline over 1 year

-41.54%

-11.27%

-30.27%

Max Drawdown (3Y)

Largest decline over 3 years

-41.54%

-14.32%

-27.22%

Max Drawdown (5Y)

Largest decline over 5 years

-41.54%

-24.58%

-16.96%

Max Drawdown (10Y)

Largest decline over 10 years

-41.54%

-28.51%

-13.03%

Current Drawdown

Current decline from peak

-35.92%

-1.09%

-34.83%

Average Drawdown

Average peak-to-trough decline

-35.58%

-4.62%

-30.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

19.30%

2.82%

+16.48%

Volatility

SVR-C.TO vs. XEF.TO - Volatility Comparison

iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) has a higher volatility of 16.01% compared to iShares Core MSCI EAFE IMI Index ETF (XEF.TO) at 4.77%. This indicates that SVR-C.TO's price experiences larger fluctuations and is considered to be riskier 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

SVR-C.TOXEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.01%

4.77%

+11.24%

Volatility (6M)

Calculated over the trailing 6-month period

55.45%

11.56%

+43.89%

Volatility (1Y)

Calculated over the trailing 1-year period

56.72%

13.85%

+42.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.57%

13.58%

+22.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.57%

14.85%

+18.72%

SVR-C.TO vs. XEF.TO - Expense Ratio Comparison

SVR-C.TO has a 0.66% expense ratio, which is higher than XEF.TO's 0.23% expense ratio.

Dividends

SVR-C.TO vs. XEF.TO - Dividend Comparison

SVR-C.TO has not paid dividends to shareholders, while XEF.TO's dividend yield for the trailing twelve months is around 2.21%.

PositionTTM20252024202320222021202020192018201720162015
SVR-C.TO
iShares Silver Bullion ETF (Non-Hedged)		0.00%0.00%0.00%0.00%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

SVR-C.TO and XEF.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.66% for SVR-C.TO.

SVR-C.TO is categorized as Silver, while XEF.TO is Foreign Large Cap Equities. SVR-C.TO tracks LBMA Silver Price, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). Their fees differ too: 0.66% for SVR-C.TO and 0.23% for XEF.TO.

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