XAW.TO vs. XBAL.TO
XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and XBAL.TO (iShares Core Balanced ETF Portfolio) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index, while XBAL.TO is a Diversified Portfolio fund actively managed by iShares. XAW.TO is passively managed, while XBAL.TO is actively managed. Over the past 10 years, XAW.TO returned 13.66%/yr vs 7.81%/yr for XBAL.TO. A 0.74 correlation means they provide meaningful diversification when combined. XAW.TO charges 0.22%/yr vs 0.20%/yr for XBAL.TO.
Performance
XAW.TO vs. XBAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XAW.TO achieves a 14.12% return, which is significantly higher than XBAL.TO's 8.27% return. Over the past 10 years, XAW.TO has outperformed XBAL.TO with an annualized return of 13.66%, while XBAL.TO has yielded a comparatively lower 7.81% 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%
XBAL.TO
- 1D
- 0.03%
- 1M
- 0.28%
- YTD
- 8.27%
- 6M
- 6.33%
- 1Y
- 16.60%
- 3Y*
- 14.84%
- 5Y*
- 7.99%
- 10Y*
- 7.81%
XAW.TO vs. XBAL.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 | 14.12% | 15.87% | 26.31% | 18.45% | -11.83% | 18.39% | 12.37% | 19.82% | -2.29% | 16.12% |
XBAL.TO iShares Core Balanced ETF Portfolio | 8.27% | 11.90% | 15.80% | 13.05% | -11.16% | 10.16% | 10.73% | 15.34% | -2.73% | 5.55% |
Correlation
The correlation between XAW.TO and XBAL.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 | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2015 | 0.74 |
The correlation between XAW.TO and XBAL.TO shifts across timeframes, from 0.74 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XAW.TO vs. XBAL.TO — Risk / Return Rank
XAW.TO
XBAL.TO
XAW.TO vs. XBAL.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 iShares Core Balanced ETF Portfolio (XBAL.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.TO | XBAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.34 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 2.75 | +0.75 |
| Martin ratioReturn relative to average drawdown | 13.88 | 11.26 | +2.61 |
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Drawdowns
XAW.TO vs. XBAL.TO - Drawdown Comparison
The maximum XAW.TO drawdown since its inception was -27.32%, roughly equal to the maximum XBAL.TO drawdown of -28.55%. Use the drawdown chart below to compare losses from any high point for XAW.TO and XBAL.TO.
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Drawdown Indicators
| XAW.TO | XBAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.32% | -28.55% | +1.23% |
Max Drawdown (1Y)Largest decline over 1 year | -8.16% | -6.06% | -2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | -9.34% | -7.32% |
Max Drawdown (5Y)Largest decline over 5 years | -21.02% | -17.10% | -3.92% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -20.93% | -6.39% |
Current DrawdownCurrent decline from peak | -1.65% | -2.60% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -3.35% | -0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 1.48% | +0.57% |
Volatility
XAW.TO vs. XBAL.TO - Volatility Comparison
iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 5.13% compared to iShares Core Balanced ETF Portfolio (XBAL.TO) at 3.86%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than XBAL.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 | XBAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 3.86% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.83% | 7.99% | +2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.99% | 9.18% | +3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.72% | 8.94% | +4.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.13% | 9.80% | +5.33% |
XAW.TO vs. XBAL.TO - Expense Ratio Comparison
XAW.TO has a 0.22% expense ratio, which is higher than XBAL.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. XBAL.TO - Dividend Comparison
XAW.TO's dividend yield for the trailing twelve months is around 1.16%, less than XBAL.TO's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XBAL.TO iShares Core Balanced ETF Portfolio | 2.10% | 2.27% | 2.72% | 2.43% | 2.12% | 1.78% | 2.04% | 2.31% | 3.47% | 3.00% | 3.72% | 3.38% |
Frequently Asked Questions
XAW.TO and XBAL.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.
On fees, XBAL.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBAL.TO is cheaper with a 0.20% expense ratio, compared with 0.22% for XAW.TO.
XAW.TO is categorized as Global Equities, while XBAL.TO is Diversified Portfolio. Their fees differ too: 0.22% for XAW.TO and 0.20% for XBAL.TO.
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