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TOU.TO vs. XAW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TOU.TO vs. XAW.TO

Last updated Jun 6, 2026

TOU.TO (Tourmaline Oil Corp.) is a stock, while XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) is Global Equities fund tracking the MSCI ACWI ex Canada IMI Index. Over the past 10 years, TOU.TO returned 10.61%/yr vs 12.93%/yr for XAW.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

TOU.TO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Tourmaline Oil Corp. (TOU.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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, TOU.TO achieves a 4.29% return, which is significantly lower than XAW.TO's 11.05% return. Over the past 10 years, TOU.TO has underperformed XAW.TO with an annualized return of 10.61%, while XAW.TO has yielded a comparatively higher 12.93% annualized return.

TOU.TO

1D
-2.58%
1M
-4.67%
YTD
4.29%
6M
-1.19%
1Y
5.03%
3Y*
7.09%
5Y*
23.20%
10Y*
10.61%

XAW.TO

1D
-2.72%
1M
1.32%
YTD
11.05%
6M
10.72%
1Y
28.09%
3Y*
20.74%
5Y*
13.43%
10Y*
12.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TOU.TO vs. XAW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TOU.TO
Tourmaline Oil Corp.		4.29%-2.98%16.24%-4.35%83.22%147.05%17.24%-8.82%-25.16%-36.56%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		11.05%15.87%26.31%18.45%-11.83%18.39%12.37%19.82%-2.29%16.12%

Correlation

The correlation between TOU.TO and XAW.TO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.06

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

0.08

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

0.13

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

0.18

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2015

0.16

The correlation between TOU.TO and XAW.TO shifts across timeframes, from -0.06 (1 year) to 0.18 (10 years), reflecting how their relationship changes across market environments.

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Tourmaline Oil Corp.

iShares Core MSCI All Country World ex Canada Index ETF

Often compared with TOU.TO:
TOU.TO vs. CNQ.TOTOU.TO vs. ARX.TOTOU.TO vs. CVE.TOTOU.TO vs. PEY.TOTOU.TO vs. BIR.TOTOU.TO vs. ATD.TOTOU.TO vs. OVV
Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

TOU.TO vs. XAW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TOU.TO
TOU.TO Risk / Return Rank: 4747
Overall Rank
TOU.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
TOU.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
TOU.TO Omega Ratio Rank: 4242
Omega Ratio Rank
TOU.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
TOU.TO Martin Ratio Rank: 4949
Martin Ratio Rank
XAW.TO
XAW.TO Risk / Return Rank: 7575
Overall Rank
XAW.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7777
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.

TOU.TO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tourmaline Oil Corp. (TOU.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.

TOU.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
0.20
2.25

-2.05

Sortino ratioReturn per unit of downside risk
0.44
3.08

-2.64

Omega ratioGain probability vs. loss probability

1.06

1.43

-0.37

Calmar ratioReturn relative to maximum drawdown

0.34

3.46

-3.12

Martin ratioReturn relative to average drawdown

0.63

13.91

-13.27

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

TOU.TO vs. XAW.TO - Sharpe Ratio Comparison

The current TOU.TO Sharpe Ratio is 0.20, which is lower than the XAW.TO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TOU.TO and XAW.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

TOU.TOXAW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

2.25

-2.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.99

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

0.86

-0.56

Sharpe Ratio (All Time)

Calculated using the full available price history

0.29

0.77

-0.48

Drawdowns

TOU.TO vs. XAW.TO - Drawdown Comparison

The maximum TOU.TO drawdown since its inception was -87.99%, which is greater than XAW.TO's maximum drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for TOU.TO and XAW.TO.

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Drawdown Indicators

TOU.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-87.99%

-27.32%

-60.67%

Max Drawdown (1Y)

Largest decline over 1 year

-15.04%

-8.16%

-6.88%

Max Drawdown (3Y)

Largest decline over 3 years

-26.61%

-16.66%

-9.95%

Max Drawdown (5Y)

Largest decline over 5 years

-32.50%

-21.02%

-11.48%

Max Drawdown (10Y)

Largest decline over 10 years

-81.85%

-27.32%

-54.53%

Current Drawdown

Current decline from peak

-8.33%

-2.72%

-5.61%

Average Drawdown

Average peak-to-trough decline

-31.59%

-3.91%

-27.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.96%

2.03%

+5.93%

Volatility

TOU.TO vs. XAW.TO - Volatility Comparison

Tourmaline Oil Corp. (TOU.TO) has a higher volatility of 7.60% compared to iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) at 4.73%. This indicates that TOU.TO's price experiences larger fluctuations and is considered to be riskier than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TOU.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.60%

4.73%

+2.87%

Volatility (6M)

Calculated over the trailing 6-month period

19.31%

10.26%

+9.05%

Volatility (1Y)

Calculated over the trailing 1-year period

25.25%

12.56%

+12.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.70%

13.62%

+18.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.59%

15.14%

+20.45%

Dividends

TOU.TO vs. XAW.TO - Dividend Comparison

TOU.TO's dividend yield for the trailing twelve months is around 4.08%, more than XAW.TO's 1.20% yield.

PositionTTM20252024202320222021202020192018201720162015
TOU.TO
Tourmaline Oil Corp.		4.08%4.79%3.79%10.09%8.64%3.48%2.91%1.58%0.47%0.00%0.00%0.00%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.20%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.28%1.94%1.79%1.81%

Frequently Asked Questions

TOU.TO and XAW.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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