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TPE.TO vs. XFH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TPE.TO vs. XFH.TO

Last updated Jun 4, 2026

TPE.TO (TD International Equity Index ETF) and XFH.TO (iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)) are both exchange-traded funds - TPE.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR), while XFH.TO is a Global Equities fund tracking the Morningstar DM xNA GR CAD. Both are passively managed. Over the past 10 years, TPE.TO returned 9.84%/yr vs 10.13%/yr for XFH.TO. A 0.68 correlation means they provide meaningful diversification when combined. TPE.TO charges 0.19%/yr vs 0.22%/yr for XFH.TO.

Performance

TPE.TO vs. XFH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD International Equity Index ETF (TPE.TO) and iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.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, TPE.TO achieves a 9.84% return, which is significantly higher than XFH.TO's 9.22% return. Both investments have delivered pretty close results over the past 10 years, with TPE.TO having a 9.84% annualized return and XFH.TO not far ahead at 10.13%.

TPE.TO

1D
-0.43%
1M
5.26%
YTD
9.84%
6M
10.54%
1Y
23.20%
3Y*
17.84%
5Y*
11.09%
10Y*
9.84%

XFH.TO

1D
-0.46%
1M
4.38%
YTD
9.22%
6M
11.32%
1Y
22.60%
3Y*
16.07%
5Y*
10.16%
10Y*
10.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TPE.TO vs. XFH.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TPE.TO
TD International Equity Index ETF		9.84%25.30%12.36%15.65%-9.18%10.41%6.19%16.38%-6.63%17.27%
XFH.TO
iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)		9.22%21.68%11.68%18.28%-6.60%12.13%0.84%23.05%-10.97%17.50%

Correlation

The correlation between TPE.TO and XFH.TO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.92

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

0.85

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

0.81

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

0.69

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2016

0.68

Over the past year, TPE.TO and XFH.TO have become more correlated (0.92) than their long-term average of 0.68, meaning their price movements have been converging.

TPE.TO vs. XFH.TO - Sectors Allocation Comparison

Sectors
TPE.TO
XFH.TO

Financial Services

24.0%
22.9%

Industrials

19.8%
20.5%

Technology

10.4%
10.2%

Healthcare

10.4%
9.8%

Consumer Cyclical

7.8%
8.2%

Consumer Defensive

6.7%
6.4%

Basic Materials

6.1%
6.6%

Communication Services

4.5%
4.5%

Energy

4.2%
4.0%

Utilities

3.9%
3.8%

Real Estate

2.2%
3.1%

Financial Services

TPE.TO
24.0%
XFH.TO
22.9%

Industrials

TPE.TO
19.8%
XFH.TO
20.5%

Technology

TPE.TO
10.4%
XFH.TO
10.2%

Healthcare

TPE.TO
10.4%
XFH.TO
9.8%

Consumer Cyclical

TPE.TO
7.8%
XFH.TO
8.2%

Consumer Defensive

TPE.TO
6.7%
XFH.TO
6.4%

Basic Materials

TPE.TO
6.1%
XFH.TO
6.6%

Communication Services

TPE.TO
4.5%
XFH.TO
4.5%

Energy

TPE.TO
4.2%
XFH.TO
4.0%

Utilities

TPE.TO
3.9%
XFH.TO
3.8%

Real Estate

TPE.TO
2.2%
XFH.TO
3.1%

Compare stocks, funds, or ETFs

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TD International Equity Index ETF

iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)

Often compared with TPE.TO:
TPE.TO vs. VIU.TOTPE.TO vs. XEF.TOTPE.TO vs. TPU.TOTPE.TO vs. ZEA.TOTPE.TO vs. VIDY.TOTPE.TO vs. GSIDTPE.TO vs. AVDV
Often compared with XFH.TO:
XFH.TO vs. XEF.TOXFH.TO vs. XIN.TOXFH.TO vs. XLCXFH.TO vs. VIU.TOXFH.TO vs. VEQT.TOXFH.TO vs. QQC.TOXFH.TO vs. VOO

Return for Risk

TPE.TO vs. XFH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TPE.TO
TPE.TO Risk / Return Rank: 4545
Overall Rank
TPE.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
TPE.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
TPE.TO Omega Ratio Rank: 4646
Omega Ratio Rank
TPE.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
TPE.TO Martin Ratio Rank: 4848
Martin Ratio Rank
XFH.TO
XFH.TO Risk / Return Rank: 5454
Overall Rank
XFH.TO Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
XFH.TO Sortino Ratio Rank: 5656
Sortino Ratio Rank
XFH.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XFH.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
XFH.TO Martin Ratio Rank: 5555
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.

TPE.TO vs. XFH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD International Equity Index ETF (TPE.TO) and iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.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.

TPE.TOXFH.TODifference
Sharpe ratioReturn per unit of total volatility
1.57
1.89

-0.33

Sortino ratioReturn per unit of downside risk
2.27
2.71

-0.44

Omega ratioGain probability vs. loss probability

1.29

1.36

-0.06

Calmar ratioReturn relative to maximum drawdown

2.06

2.36

-0.30

Martin ratioReturn relative to average drawdown

7.95

9.71

-1.76

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

TPE.TO vs. XFH.TO - Sharpe Ratio Comparison

The current TPE.TO Sharpe Ratio is 1.57, which is comparable to the XFH.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TPE.TO and XFH.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

TPE.TOXFH.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

1.89

-0.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.73

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.63

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.50

+0.15

Drawdowns

TPE.TO vs. XFH.TO - Drawdown Comparison

The maximum TPE.TO drawdown since its inception was -27.42%, smaller than the maximum XFH.TO drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for TPE.TO and XFH.TO.

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Drawdown Indicators

TPE.TOXFH.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.42%

-33.85%

+6.43%

Max Drawdown (1Y)

Largest decline over 1 year

-11.33%

-9.63%

-1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-14.41%

-14.14%

-0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-24.81%

-20.59%

-4.22%

Max Drawdown (10Y)

Largest decline over 10 years

-27.42%

-33.85%

+6.43%

Current Drawdown

Current decline from peak

-3.37%

-1.29%

-2.08%

Average Drawdown

Average peak-to-trough decline

-4.42%

-5.61%

+1.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

2.33%

+0.60%

Volatility

TPE.TO vs. XFH.TO - Volatility Comparison

TD International Equity Index ETF (TPE.TO) has a higher volatility of 6.99% compared to iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.TO) at 4.08%. This indicates that TPE.TO's price experiences larger fluctuations and is considered to be riskier than XFH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TPE.TOXFH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.99%

4.08%

+2.91%

Volatility (6M)

Calculated over the trailing 6-month period

12.56%

9.85%

+2.71%

Volatility (1Y)

Calculated over the trailing 1-year period

14.90%

12.00%

+2.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.05%

14.03%

+0.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.90%

16.16%

-1.26%

TPE.TO vs. XFH.TO - Expense Ratio Comparison

TPE.TO has a 0.19% expense ratio, which is lower than XFH.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

TPE.TO vs. XFH.TO - Dividend Comparison

TPE.TO's dividend yield for the trailing twelve months is around 2.13%, more than XFH.TO's 1.98% yield.

PositionTTM20252024202320222021202020192018201720162015
TPE.TO
TD International Equity Index ETF		2.13%2.30%2.37%2.66%2.89%2.41%2.42%2.60%2.94%2.35%2.21%0.00%
XFH.TO
iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)		1.98%2.16%2.47%2.91%2.91%2.29%1.73%2.43%2.66%2.11%2.03%2.45%

Frequently Asked Questions

With a correlation of 0.92, TPE.TO and XFH.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, TPE.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TPE.TO is cheaper with a 0.19% expense ratio, compared with 0.22% for XFH.TO.

TPE.TO is categorized as International Equity, while XFH.TO is Global Equities. TPE.TO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR), while XFH.TO tracks Morningstar DM xNA GR CAD. They also come from different issuers: TD and iShares. Their fees differ too: 0.19% for TPE.TO and 0.22% for XFH.TO.

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