XAW.TO vs. PSA.TO
XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and PSA.TO (Purpose High Interest Savings Fund) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD, while PSA.TO is a Money Market fund actively managed by Purpose Investments. XAW.TO is passively managed, while PSA.TO is actively managed. Over the past 10 years, XAW.TO returned 13.22%/yr vs 2.25%/yr for PSA.TO. At a 0.05 correlation, their price movements are largely independent. XAW.TO charges 0.22%/yr vs 0.17%/yr for PSA.TO.
Performance
XAW.TO vs. PSA.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 PSA.TO's 0.89% return. Over the past 10 years, XAW.TO has outperformed PSA.TO with an annualized return of 13.22%, while PSA.TO has yielded a comparatively lower 2.25% 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%
PSA.TO
- 1D
- 0.00%
- 1M
- 0.17%
- YTD
- 0.89%
- 6M
- 1.08%
- 1Y
- 2.35%
- 3Y*
- 3.73%
- 5Y*
- 3.17%
- 10Y*
- 2.25%
XAW.TO vs. PSA.TO - 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% |
PSA.TO Purpose High Interest Savings Fund | 0.89% | 2.64% | 4.56% | 5.12% | 2.34% | 0.60% | 0.93% | 2.22% | 1.65% | 1.09% |
Correlation
The correlation between XAW.TO and PSA.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | 0.05 |
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Return for Risk
XAW.TO vs. PSA.TO — Risk / Return Rank
XAW.TO
PSA.TO
XAW.TO vs. PSA.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 Purpose High Interest Savings Fund (PSA.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 | PSA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.83 | ||
| Sortino ratioReturn per unit of downside risk | -24.71 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 6.27 | -4.80 |
| Calmar ratioReturn relative to maximum drawdown | 3.76 | 117.76 | -114.00 |
| Martin ratioReturn relative to average drawdown | 15.15 | 422.79 | -407.64 |
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 | PSA.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 10.34 | -7.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.04 | 11.66 | -10.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 9.68 | -8.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 9.26 | -8.48 |
Drawdowns
XAW.TO vs. PSA.TO - Drawdown Comparison
The maximum XAW.TO drawdown since its inception was -27.32%, which is greater than PSA.TO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for XAW.TO and PSA.TO.
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Drawdown Indicators
| XAW.TO | PSA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.32% | -0.04% | -27.28% |
Max Drawdown (1Y)Largest decline over 1 year | -8.16% | -0.02% | -8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | -0.02% | -16.64% |
Max Drawdown (5Y)Largest decline over 5 years | -21.02% | -0.04% | -20.98% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -0.04% | -27.28% |
Current DrawdownCurrent decline from peak | -0.37% | 0.00% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -0.00% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 0.01% | +2.01% |
Volatility
XAW.TO vs. PSA.TO - Volatility Comparison
iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 4.21% compared to Purpose High Interest Savings Fund (PSA.TO) at 0.06%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than PSA.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 | PSA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 0.06% | +4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 9.85% | 0.16% | +9.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.25% | 0.23% | +12.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 0.27% | +13.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.12% | 0.24% | +14.88% |
XAW.TO vs. PSA.TO - Expense Ratio Comparison
XAW.TO has a 0.22% expense ratio, which is higher than PSA.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. PSA.TO - Dividend Comparison
XAW.TO's dividend yield for the trailing twelve months is around 1.17%, less than PSA.TO's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSA.TO Purpose High Interest Savings Fund | 2.33% | 2.61% | 4.47% | 5.05% | 2.26% | 0.59% | 0.94% | 2.18% | 1.66% | 1.07% | 0.99% | 1.07% |
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 PSA.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PSA.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PSA.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XAW.TO.
XAW.TO is categorized as Global Equities, while PSA.TO is Money Market. They also come from different issuers: iShares and Purpose Investments. Their fees differ too: 0.22% for XAW.TO and 0.17% for PSA.TO.
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