XAW.TO vs. CIE.NEO
XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and CIE.NEO (iShares International Fundamental Common Class) are both Global Equities funds from iShares - XAW.TO tracks the Morningstar Gbl GR CAD while CIE.NEO tracks the FTSE RAFI Developed ex US 1000 Index. Both are passively managed. Over the past 10 years, XAW.TO returned 13.22%/yr vs 11.89%/yr for CIE.NEO. A 0.69 correlation means they provide meaningful diversification when combined. XAW.TO charges 0.22%/yr vs 0.73%/yr for CIE.NEO.
Performance
XAW.TO vs. CIE.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, XAW.TO achieves a 13.70% return, which is significantly lower than CIE.NEO's 17.83% return. Over the past 10 years, XAW.TO has outperformed CIE.NEO with an annualized return of 13.22%, while CIE.NEO has yielded a comparatively lower 11.89% annualized return.
XAW.TO
- 1D
- -0.37%
- 1M
- 7.13%
- YTD
- 13.70%
- 6M
- 12.70%
- 1Y
- 30.51%
- 3Y*
- 21.73%
- 5Y*
- 13.96%
- 10Y*
- 13.22%
CIE.NEO
- 1D
- -0.39%
- 1M
- 6.26%
- YTD
- 17.83%
- 6M
- 19.92%
- 1Y
- 39.49%
- 3Y*
- 25.09%
- 5Y*
- 15.50%
- 10Y*
- 11.89%
XAW.TO vs. CIE.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 13.70% | 15.87% | 26.31% | 18.45% | -11.84% | 18.38% | 12.37% | 19.82% | -2.28% | 16.10% |
CIE.NEO iShares International Fundamental Common Class | 17.83% | 34.92% | 12.83% | 15.59% | -2.83% | 14.42% | 1.33% | 11.29% | -8.19% | 16.74% |
Correlation
The correlation between XAW.TO and CIE.NEO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | 0.69 |
The correlation between XAW.TO and CIE.NEO has been stable across timeframes, ranging from 0.65 to 0.75 - a consistent structural relationship.
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Return for Risk
XAW.TO vs. CIE.NEO — Risk / Return Rank
XAW.TO
CIE.NEO
XAW.TO vs. CIE.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and iShares International Fundamental Common Class (CIE.NEO). 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.
| XAW.TO | CIE.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.54 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.76 | 3.57 | +0.18 |
| Martin ratioReturn relative to average drawdown | 15.15 | 14.78 | +0.37 |
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
| XAW.TO | CIE.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.85 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.04 | 1.13 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.66 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.44 | +0.34 |
Drawdowns
XAW.TO vs. CIE.NEO - Drawdown Comparison
The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum CIE.NEO drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for XAW.TO and CIE.NEO.
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Drawdown Indicators
| XAW.TO | CIE.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.32% | -40.08% | +12.76% |
Max Drawdown (1Y)Largest decline over 1 year | -8.16% | -11.10% | +2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | -15.44% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -21.02% | -20.55% | -0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -40.08% | +12.76% |
Current DrawdownCurrent decline from peak | -0.37% | -0.39% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -7.13% | +3.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 2.68% | -0.66% |
Volatility
XAW.TO vs. CIE.NEO - Volatility Comparison
The current volatility for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) is 4.21%, while iShares International Fundamental Common Class (CIE.NEO) has a volatility of 4.85%. This indicates that XAW.TO experiences smaller price fluctuations and is considered to be less risky than CIE.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XAW.TO | CIE.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 4.85% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 9.85% | 11.56% | -1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.25% | 13.95% | -1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 13.85% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.12% | 18.19% | -3.07% |
XAW.TO vs. CIE.NEO - Expense Ratio Comparison
XAW.TO has a 0.22% expense ratio, which is lower than CIE.NEO's 0.73% expense ratio.
Dividends
XAW.TO vs. CIE.NEO - Dividend Comparison
XAW.TO's dividend yield for the trailing twelve months is around 1.17%, less than CIE.NEO's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIE.NEO iShares International Fundamental Common Class | 2.12% | 2.53% | 2.82% | 3.08% | 3.32% | 2.89% | 2.15% | 3.63% | 3.12% | 2.67% | 2.80% | 2.44% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 1.17% | 1.33% | 1.61% | 1.71% | 1.79% | 1.77% | 1.49% | 2.02% | 2.29% | 1.92% | 1.80% | 1.83% |
Frequently Asked Questions
XAW.TO and CIE.NEO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.73% for CIE.NEO.
XAW.TO tracks Morningstar Gbl GR CAD, while CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index. Their fees differ too: 0.22% for XAW.TO and 0.73% for CIE.NEO.
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