XAW.TO vs. MEQT.TO
XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and MEQT.TO (Mackenzie All-Equity Allocation ETF) are both Global Equities funds. XAW.TO is passively managed, while MEQT.TO is actively managed. Over the past year, XAW.TO returned 30.51% vs 33.09% for MEQT.TO. A 0.53 correlation means they provide meaningful diversification when combined. XAW.TO charges 0.22%/yr vs 0.17%/yr for MEQT.TO.
Performance
XAW.TO vs. MEQT.TO - 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 higher than MEQT.TO's 12.88% 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%
MEQT.TO
- 1D
- -0.41%
- 1M
- 6.44%
- YTD
- 12.88%
- 6M
- 13.09%
- 1Y
- 33.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XAW.TO vs. MEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 13.70% | 15.87% | 26.31% | 1.64% |
MEQT.TO Mackenzie All-Equity Allocation ETF | 12.88% | 21.31% | 25.87% | 2.16% |
Correlation
The correlation between XAW.TO and MEQT.TO is 0.71, 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 | 0.71 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023 | 0.53 |
The correlation between XAW.TO and MEQT.TO shifts across timeframes, from 0.53 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XAW.TO vs. MEQT.TO — Risk / Return Rank
XAW.TO
MEQT.TO
XAW.TO vs. MEQT.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 Mackenzie All-Equity Allocation ETF (MEQT.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 | MEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.60 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.76 | 4.33 | -0.57 |
| Martin ratioReturn relative to average drawdown | 15.15 | 18.61 | -3.45 |
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 | MEQT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 3.05 | -0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.04 | — | — |
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 | 2.12 | -1.34 |
Drawdowns
XAW.TO vs. MEQT.TO - Drawdown Comparison
The maximum XAW.TO drawdown since its inception was -27.32%, which is greater than MEQT.TO's maximum drawdown of -15.14%. Use the drawdown chart below to compare losses from any high point for XAW.TO and MEQT.TO.
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Drawdown Indicators
| XAW.TO | MEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.32% | -15.14% | -12.18% |
Max Drawdown (1Y)Largest decline over 1 year | -8.16% | -7.68% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.41% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -1.29% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 1.78% | +0.24% |
Volatility
XAW.TO vs. MEQT.TO - Volatility Comparison
iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 4.21% compared to Mackenzie All-Equity Allocation ETF (MEQT.TO) at 2.96%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than MEQT.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 | MEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 2.96% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 9.85% | 9.02% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.25% | 10.92% | +1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 11.87% | +1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.12% | 11.87% | +3.25% |
XAW.TO vs. MEQT.TO - Expense Ratio Comparison
XAW.TO has a 0.22% expense ratio, which is higher than MEQT.TO's 0.17% 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. MEQT.TO - Dividend Comparison
XAW.TO's dividend yield for the trailing twelve months is around 1.17%, less than MEQT.TO's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEQT.TO Mackenzie All-Equity Allocation ETF | 1.45% | 1.60% | 1.73% | 0.81% | 0.00% | 0.00% | 0.00% | 0.00% | 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
XAW.TO and MEQT.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MEQT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MEQT.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XAW.TO.
They also come from different issuers: iShares and Mackenzie Investments. Their fees differ too: 0.22% for XAW.TO and 0.17% for MEQT.TO.
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