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XAW.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XAW.TO vs. PZW.TO

Last updated Jun 25, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - XAW.TO tracks the MSCI ACWI ex Canada IMI Index while PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, XAW.TO returned 13.66%/yr vs 11.53%/yr for PZW.TO. At a 0.32 correlation, their price movements are largely independent.

Performance

XAW.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XAW.TO achieves a 14.12% return, which is significantly lower than PZW.TO's 15.70% return. Over the past 10 years, XAW.TO has outperformed PZW.TO with an annualized return of 13.66%, while PZW.TO has yielded a comparatively lower 11.53% annualized return.

XAW.TO

1D
0.09%
1M
0.40%
YTD
14.12%
6M
13.56%
1Y
28.38%
3Y*
22.30%
5Y*
13.55%
10Y*
13.66%

PZW.TO

1D
-0.63%
1M
3.40%
YTD
15.70%
6M
14.72%
1Y
32.76%
3Y*
21.00%
5Y*
10.35%
10Y*
11.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XAW.TO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		14.12%15.87%26.31%18.45%-11.83%18.39%12.37%19.82%-2.29%16.12%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		15.70%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%

Correlation

The correlation between XAW.TO and PZW.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.33

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.32

The correlation between XAW.TO and PZW.TO shifts across timeframes, from 0.28 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

XAW.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors
XAW.TO
PZW.TO

Technology

31.5%
12.2%

Financial Services

14.6%
13.3%

Industrials

11.5%
19.2%

Consumer Cyclical

9.5%
12.1%

Communication Services

8.3%
3.8%

Healthcare

8.1%
12.7%

Consumer Defensive

4.7%
4.6%

Basic Materials

3.6%
7.0%

Energy

3.4%
4.1%

Utilities

2.5%
2.3%

Real Estate

2.4%
8.8%

Technology

XAW.TO
31.5%
PZW.TO
12.2%

Financial Services

XAW.TO
14.6%
PZW.TO
13.3%

Industrials

XAW.TO
11.5%
PZW.TO
19.2%

Consumer Cyclical

XAW.TO
9.5%
PZW.TO
12.1%

Communication Services

XAW.TO
8.3%
PZW.TO
3.8%

Healthcare

XAW.TO
8.1%
PZW.TO
12.7%

Consumer Defensive

XAW.TO
4.7%
PZW.TO
4.6%

Basic Materials

XAW.TO
3.6%
PZW.TO
7.0%

Energy

XAW.TO
3.4%
PZW.TO
4.1%

Utilities

XAW.TO
2.5%
PZW.TO
2.3%

Real Estate

XAW.TO
2.4%
PZW.TO
8.8%

Compare stocks, funds, or ETFs

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iShares Core MSCI All Country World ex Canada Index ETF

Invesco FTSE RAFI Global Small-Mid ETF

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Often compared with PZW.TO:
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Return for Risk

XAW.TO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XAW.TO
XAW.TO Risk / Return Rank: 7878
Overall Rank
XAW.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7979
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8484
Overall Rank
PZW.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XAW.TO vs. PZW.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 Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

XAW.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
2.20
2.32

-0.12

Sortino ratioReturn per unit of downside risk
3.05
3.41

-0.36

Omega ratioGain probability vs. loss probability

1.42

1.45

-0.03

Calmar ratioReturn relative to maximum drawdown

3.50

3.87

-0.38

Martin ratioReturn relative to average drawdown

13.88

13.82

+0.06

XAW.TO vs. PZW.TO - Sharpe Ratio Comparison

The current XAW.TO Sharpe Ratio is 2.20, which is comparable to the PZW.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of XAW.TO and PZW.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XAW.TO vs. PZW.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for XAW.TO and PZW.TO.

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Drawdown Indicators

XAW.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.32%

-32.45%

+5.13%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-8.50%

+0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-16.66%

-16.88%

+0.22%

Max Drawdown (5Y)

Largest decline over 5 years

-21.02%

-22.13%

+1.11%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-32.45%

+5.13%

Current Drawdown

Current decline from peak

-1.65%

-0.67%

-0.98%

Average Drawdown

Average peak-to-trough decline

-3.90%

-5.72%

+1.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

2.38%

-0.33%

Volatility

XAW.TO vs. PZW.TO - Volatility Comparison

iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 5.13% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 2.82%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than PZW.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.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.13%

2.82%

+2.31%

Volatility (6M)

Calculated over the trailing 6-month period

10.83%

10.41%

+0.42%

Volatility (1Y)

Calculated over the trailing 1-year period

12.99%

14.20%

-1.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.72%

14.67%

-0.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.13%

15.91%

-0.78%

Dividends

XAW.TO vs. PZW.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.16%, less than PZW.TO's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.68%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.16%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.28%1.94%1.79%1.81%

Frequently Asked Questions

XAW.TO and PZW.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XAW.TO tracks MSCI ACWI ex Canada IMI Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. They also come from different issuers: iShares and Invesco.

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