VEF.TO vs. XFH.TO
VEF.TO (Vanguard FTSE Developed All Cap Ex US) and XFH.TO (iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)) are both Global Equities funds - VEF.TO tracks the Spliced FTSE Developed ex US Index Hedged in CAD while XFH.TO tracks the Morningstar DM xNA GR CAD. Both are passively managed. Over the past 10 years, VEF.TO returned 11.33%/yr vs 10.13%/yr for XFH.TO. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.22% expense ratio.
Performance
VEF.TO vs. XFH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VEF.TO achieves a 16.05% return, which is significantly higher than XFH.TO's 9.22% return. Over the past 10 years, VEF.TO has outperformed XFH.TO with an annualized return of 11.33%, while XFH.TO has yielded a comparatively lower 10.13% annualized return.
VEF.TO
- 1D
- -0.44%
- 1M
- 7.02%
- YTD
- 16.05%
- 6M
- 18.30%
- 1Y
- 33.85%
- 3Y*
- 19.04%
- 5Y*
- 12.71%
- 10Y*
- 11.33%
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%
VEF.TO vs. XFH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEF.TO Vanguard FTSE Developed All Cap Ex US | 16.05% | 24.61% | 10.91% | 18.02% | -7.54% | 18.04% | 2.10% | 22.61% | -11.96% | 16.90% |
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 VEF.TO and XFH.TO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2015 | 0.86 |
The correlation between VEF.TO and XFH.TO has been stable across timeframes, ranging from 0.86 to 0.96 - a consistent structural relationship.
VEF.TO vs. XFH.TO - Sectors Allocation Comparison
Sectors
VEF.TO
XFH.TO
Financial Services
Industrials
Technology
Healthcare
Basic Materials
Consumer Cyclical
Consumer Defensive
Energy
Communication Services
Utilities
Real Estate
Financial Services
VEF.TO
XFH.TO
Industrials
VEF.TO
XFH.TO
Technology
VEF.TO
XFH.TO
Healthcare
VEF.TO
XFH.TO
Basic Materials
VEF.TO
XFH.TO
Consumer Cyclical
VEF.TO
XFH.TO
Consumer Defensive
VEF.TO
XFH.TO
Energy
VEF.TO
XFH.TO
Communication Services
VEF.TO
XFH.TO
Utilities
VEF.TO
XFH.TO
Real Estate
VEF.TO
XFH.TO
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Return for Risk
VEF.TO vs. XFH.TO — Risk / Return Rank
VEF.TO
XFH.TO
VEF.TO vs. XFH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed All Cap Ex US (VEF.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.
| VEF.TO | XFH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.36 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 2.36 | +1.08 |
| Martin ratioReturn relative to average drawdown | 14.77 | 9.71 | +5.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VEF.TO | XFH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.59 | 1.89 | +0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.95 | 0.73 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.63 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.50 | +0.21 |
Drawdowns
VEF.TO vs. XFH.TO - Drawdown Comparison
The maximum VEF.TO drawdown since its inception was -33.03%, roughly equal to the maximum XFH.TO drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for VEF.TO and XFH.TO.
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Drawdown Indicators
| VEF.TO | XFH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.03% | -33.85% | +0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -9.89% | -9.63% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -13.78% | -14.14% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -16.35% | -20.59% | +4.24% |
Max Drawdown (10Y)Largest decline over 10 years | -33.03% | -33.85% | +0.82% |
Current DrawdownCurrent decline from peak | -0.44% | -1.29% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -5.61% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.30% | 2.33% | -0.03% |
Volatility
VEF.TO vs. XFH.TO - Volatility Comparison
Vanguard FTSE Developed All Cap Ex US (VEF.TO) has a higher volatility of 4.94% compared to iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.TO) at 4.08%. This indicates that VEF.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
| VEF.TO | XFH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 4.08% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 9.85% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.11% | 12.00% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.51% | 14.03% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 16.16% | -0.66% |
VEF.TO vs. XFH.TO - Expense Ratio Comparison
Both VEF.TO and XFH.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VEF.TO vs. XFH.TO - Dividend Comparison
VEF.TO's dividend yield for the trailing twelve months is around 2.05%, more than XFH.TO's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEF.TO Vanguard FTSE Developed All Cap Ex US | 2.05% | 2.61% | 2.55% | 2.50% | 2.21% | 2.55% | 1.73% | 2.41% | 2.64% | 2.21% | 2.31% | 2.39% |
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 0.96, VEF.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.
Both ETFs have the same 0.22% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
VEF.TO and XFH.TO have the same expense ratio: 0.22% per year.
VEF.TO tracks Spliced FTSE Developed ex US Index Hedged in CAD, while XFH.TO tracks Morningstar DM xNA GR CAD. They also come from different issuers: Vanguard and iShares.
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