PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XAW.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XAW.TO vs. XEI.TO

Last updated Jun 4, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, XAW.TO returned 13.22%/yr vs 12.32%/yr for XEI.TO. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.22% expense ratio.

Performance

XAW.TO vs. XEI.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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XAW.TO achieves a 13.70% return, which is significantly lower than XEI.TO's 22.21% return. Over the past 10 years, XAW.TO has outperformed XEI.TO with an annualized return of 13.22%, while XEI.TO has yielded a comparatively lower 12.32% 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%

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between XAW.TO and XEI.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.26

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

0.45

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

0.50

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

0.55

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2015

0.53

Over the past year, the correlation between XAW.TO and XEI.TO has dropped to 0.26 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

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

Sectors
XAW.TO
XEI.TO

Technology

32.6%
0.7%

Financial Services

13.7%
31.4%

Industrials

9.1%
0.7%

Consumer Cyclical

8.8%
6.2%

Communication Services

8.7%
7.6%

Healthcare

7.8%
0.2%

Consumer Defensive

4.6%
0.5%

Energy

3.3%
32.1%

Basic Materials

2.8%
4.6%

Utilities

2.2%
11.2%

Real Estate

1.4%
4.8%

Technology

XAW.TO
32.6%
XEI.TO
0.7%

Financial Services

XAW.TO
13.7%
XEI.TO
31.4%

Industrials

XAW.TO
9.1%
XEI.TO
0.7%

Consumer Cyclical

XAW.TO
8.8%
XEI.TO
6.2%

Communication Services

XAW.TO
8.7%
XEI.TO
7.6%

Healthcare

XAW.TO
7.8%
XEI.TO
0.2%

Consumer Defensive

XAW.TO
4.6%
XEI.TO
0.5%

Energy

XAW.TO
3.3%
XEI.TO
32.1%

Basic Materials

XAW.TO
2.8%
XEI.TO
4.6%

Utilities

XAW.TO
2.2%
XEI.TO
11.2%

Real Estate

XAW.TO
1.4%
XEI.TO
4.8%

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

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

XAW.TO vs. XEI.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: 7676
Overall Rank
XAW.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7777
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
2.50
6.08

-3.57

Sortino ratioReturn per unit of downside risk
3.49
9.07

-5.58

Omega ratioGain probability vs. loss probability

1.48

2.27

-0.80

Calmar ratioReturn relative to maximum drawdown

3.76

19.53

-15.77

Martin ratioReturn relative to average drawdown

15.15

66.28

-51.13

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XAW.TO Sharpe Ratio is 2.50, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of XAW.TO and XEI.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.

Loading charts...

Sharpe Ratios by Period

XAW.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.50

6.08

-3.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

1.39

-0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

0.77

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.67

+0.12

Drawdowns

XAW.TO vs. XEI.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for XAW.TO and XEI.TO.

Loading charts...

Drawdown Indicators

XAW.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.32%

-45.51%

+18.19%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-2.24%

-5.92%

Max Drawdown (3Y)

Largest decline over 3 years

-16.66%

-9.92%

-6.74%

Max Drawdown (5Y)

Largest decline over 5 years

-21.02%

-17.32%

-3.70%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-45.51%

+18.19%

Current Drawdown

Current decline from peak

-0.37%

-0.76%

+0.39%

Average Drawdown

Average peak-to-trough decline

-3.91%

-5.05%

+1.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.02%

0.66%

+1.36%

Volatility

XAW.TO vs. XEI.TO - Volatility Comparison

iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 4.21% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XAW.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

2.87%

+1.34%

Volatility (6M)

Calculated over the trailing 6-month period

9.85%

6.01%

+3.84%

Volatility (1Y)

Calculated over the trailing 1-year period

12.25%

7.21%

+5.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.56%

11.24%

+2.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.12%

16.01%

-0.89%

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

Both XAW.TO and XEI.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. XEI.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.17%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%

Frequently Asked Questions

XAW.TO and XEI.TO have a correlation of 0.26, 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 XEI.TO have the same expense ratio: 0.22% per year.

XAW.TO is categorized as Global Equities, while XEI.TO is Canada Equities. XAW.TO tracks Morningstar Gbl GR CAD, while XEI.TO tracks S&P/TSX Composite High Dividend Index.

Portfolio Optimizer

Find the right allocation for XAW.TO and XEI.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer