XAW.TO vs. HEQT.TO
XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and HEQT.TO (Horizons All-Equity Asset Allocation ETF) are both Global Equities funds. XAW.TO is passively managed, while HEQT.TO is actively managed. Over the past 5 years, XAW.TO returned 13.96%/yr vs 16.77%/yr for HEQT.TO. Their correlation of 0.83 suggests significant overlap in exposure. XAW.TO charges 0.22%/yr vs 0.20%/yr for HEQT.TO.
Performance
XAW.TO vs. HEQT.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with XAW.TO having a 13.70% return and HEQT.TO slightly lower at 13.56%.
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%
HEQT.TO
- 1D
- -0.58%
- 1M
- 6.87%
- YTD
- 13.56%
- 6M
- 13.18%
- 1Y
- 31.58%
- 3Y*
- 25.58%
- 5Y*
- 16.77%
- 10Y*
- —
XAW.TO vs. HEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 5.21% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.56% | 19.82% | 25.95% | 31.63% | -12.65% | 23.11% | 16.34% | 7.76% |
Correlation
The correlation between XAW.TO and HEQT.TO is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.83 |
The correlation between XAW.TO and HEQT.TO shifts across timeframes, from 0.83 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XAW.TO vs. HEQT.TO — Risk / Return Rank
XAW.TO
HEQT.TO
XAW.TO vs. HEQT.TO - 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 Horizons All-Equity Asset Allocation ETF (HEQT.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.
| XAW.TO | HEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.50 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.76 | 3.74 | +0.02 |
| Martin ratioReturn relative to average drawdown | 15.15 | 16.49 | -1.33 |
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 | HEQT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.65 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.04 | 1.10 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 1.05 | -0.27 |
Drawdowns
XAW.TO vs. HEQT.TO - Drawdown Comparison
The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum HEQT.TO drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for XAW.TO and HEQT.TO.
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Drawdown Indicators
| XAW.TO | HEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.32% | -31.82% | +4.50% |
Max Drawdown (1Y)Largest decline over 1 year | -8.16% | -8.49% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | -15.33% | -1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -21.02% | -24.25% | +3.23% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.58% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -4.29% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 1.92% | +0.10% |
Volatility
XAW.TO vs. HEQT.TO - Volatility Comparison
iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 4.21% compared to Horizons All-Equity Asset Allocation ETF (HEQT.TO) at 3.53%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than HEQT.TO 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 | HEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 3.53% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 9.85% | 9.67% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.25% | 11.96% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 15.33% | -1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.12% | 17.16% | -2.04% |
XAW.TO vs. HEQT.TO - Expense Ratio Comparison
XAW.TO has a 0.22% expense ratio, which is higher than HEQT.TO's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XAW.TO vs. HEQT.TO - Dividend Comparison
XAW.TO's dividend yield for the trailing twelve months is around 1.17%, less than HEQT.TO's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.61% | 1.70% | 3.22% | 7.85% | 7.31% | 0.48% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.94, XAW.TO and HEQT.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, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.22% for XAW.TO.
They also come from different issuers: iShares and Horizons. Their fees differ too: 0.22% for XAW.TO and 0.20% for HEQT.TO.
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