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

XAW.TO vs. VEF.TO

Last updated Jun 26, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and VEF.TO (Vanguard FTSE Developed All Cap Ex US) are both Global Equities funds - XAW.TO tracks the MSCI ACWI ex Canada IMI Index while VEF.TO tracks the Spliced FTSE Developed ex US Index Hedged in CAD. Both are passively managed. Over the past 10 years, XAW.TO returned 13.83%/yr vs 12.15%/yr for VEF.TO. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.22% expense ratio.

Performance

XAW.TO vs. VEF.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 Vanguard FTSE Developed All Cap Ex US (VEF.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 14.23% return, which is significantly lower than VEF.TO's 17.70% return. Over the past 10 years, XAW.TO has outperformed VEF.TO with an annualized return of 13.83%, while VEF.TO has yielded a comparatively lower 12.15% annualized return.

XAW.TO

1D
0.10%
1M
1.37%
YTD
14.23%
6M
13.67%
1Y
28.78%
3Y*
22.53%
5Y*
13.57%
10Y*
13.83%

VEF.TO

1D
1.07%
1M
2.00%
YTD
17.70%
6M
17.76%
1Y
36.07%
3Y*
19.71%
5Y*
12.61%
10Y*
12.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		14.23%15.87%26.31%18.45%-11.83%18.39%12.37%19.82%-2.29%16.12%
VEF.TO
Vanguard FTSE Developed All Cap Ex US		17.70%24.61%9.69%18.03%-7.56%18.04%2.10%22.61%-11.95%16.91%

Correlation

The correlation between XAW.TO and VEF.TO is 0.86, 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

0.86

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

0.80

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

0.82

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

0.80

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2015

0.80

The correlation between XAW.TO and VEF.TO has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

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

Sectors
XAW.TO
VEF.TO

Technology

31.5%
13.8%

Financial Services

14.6%
23.3%

Industrials

11.5%
19.2%

Consumer Cyclical

9.5%
7.5%

Communication Services

8.3%
3.4%

Healthcare

8.1%
8.2%

Consumer Defensive

4.7%
5.6%

Basic Materials

3.6%
7.5%

Energy

3.4%
5.4%

Utilities

2.5%
3.3%

Real Estate

2.4%
2.7%

Technology

XAW.TO
31.5%
VEF.TO
13.8%

Financial Services

XAW.TO
14.6%
VEF.TO
23.3%

Industrials

XAW.TO
11.5%
VEF.TO
19.2%

Consumer Cyclical

XAW.TO
9.5%
VEF.TO
7.5%

Communication Services

XAW.TO
8.3%
VEF.TO
3.4%

Healthcare

XAW.TO
8.1%
VEF.TO
8.2%

Consumer Defensive

XAW.TO
4.7%
VEF.TO
5.6%

Basic Materials

XAW.TO
3.6%
VEF.TO
7.5%

Energy

XAW.TO
3.4%
VEF.TO
5.4%

Utilities

XAW.TO
2.5%
VEF.TO
3.3%

Real Estate

XAW.TO
2.4%
VEF.TO
2.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI All Country World ex Canada Index ETF

Vanguard FTSE Developed All Cap Ex US

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Often compared with VEF.TO:
VEF.TO vs. XEF.TOVEF.TO vs. VDU.TOVEF.TO vs. VEAVEF.TO vs. VFV.TOVEF.TO vs. VXUSVEF.TO vs. XEH.TOVEF.TO vs. VUG

Return for Risk

XAW.TO vs. VEF.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: 8181
Overall Rank
XAW.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8383
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 8282
Martin Ratio Rank
VEF.TO
VEF.TO Risk / Return Rank: 8686
Overall Rank
VEF.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VEF.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
VEF.TO Omega Ratio Rank: 8989
Omega Ratio Rank
VEF.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
VEF.TO Martin Ratio Rank: 8585
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. VEF.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 Vanguard FTSE Developed All Cap Ex US (VEF.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.TOVEF.TODifference
Sharpe ratioReturn per unit of total volatility
2.24
2.55

-0.32

Sortino ratioReturn per unit of downside risk
3.09
3.40

-0.31

Omega ratioGain probability vs. loss probability

1.43

1.49

-0.06

Calmar ratioReturn relative to maximum drawdown

3.55

3.66

-0.12

Martin ratioReturn relative to average drawdown

14.06

15.42

-1.36

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

The current XAW.TO Sharpe Ratio is 2.24, which is comparable to the VEF.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XAW.TO and VEF.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. VEF.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum VEF.TO drawdown of -33.03%. Use the drawdown chart below to compare losses from any high point for XAW.TO and VEF.TO.

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Drawdown Indicators

XAW.TOVEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.32%

-33.03%

+5.71%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-9.89%

+1.73%

Max Drawdown (3Y)

Largest decline over 3 years

-16.66%

-13.78%

-2.88%

Max Drawdown (5Y)

Largest decline over 5 years

-21.02%

-16.34%

-4.68%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-33.03%

+5.71%

Current Drawdown

Current decline from peak

-1.55%

-2.15%

+0.60%

Average Drawdown

Average peak-to-trough decline

-3.90%

-4.26%

+0.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

2.35%

-0.30%

Volatility

XAW.TO vs. VEF.TO - Volatility Comparison

The current volatility for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) is 5.13%, while Vanguard FTSE Developed All Cap Ex US (VEF.TO) has a volatility of 6.12%. This indicates that XAW.TO experiences smaller price fluctuations and is considered to be less risky than VEF.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.TOVEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.13%

6.12%

-0.99%

Volatility (6M)

Calculated over the trailing 6-month period

10.83%

12.44%

-1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

12.94%

14.21%

-1.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.72%

13.76%

-0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.12%

15.44%

-0.32%

XAW.TO vs. VEF.TO - Expense Ratio Comparison

Both XAW.TO and VEF.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XAW.TO vs. VEF.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.22%, less than VEF.TO's 1.95% yield.

PositionTTM20252024202320222021202020192018201720162015
VEF.TO
Vanguard FTSE Developed All Cap Ex US		1.95%2.61%2.56%2.50%2.20%2.55%1.73%2.41%2.64%2.21%2.31%2.39%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.22%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 VEF.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.22% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

XAW.TO and VEF.TO have the same expense ratio: 0.22% per year.

XAW.TO tracks MSCI ACWI ex Canada IMI Index, while VEF.TO tracks Spliced FTSE Developed ex US Index Hedged in CAD. They also come from different issuers: iShares and Vanguard.

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