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

XAW.TO vs. XUT.TO

Last updated Jul 18, 2026
Documentation

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and XUT.TO (iShares S&P/TSX Capped Utilities Index ETF) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index, while XUT.TO is a Utilities Equities fund tracking the S&P/TSX Capped Utilities Index. Both are passively managed. Over the past 10 years, XAW.TO returned 12.82%/yr vs 8.74%/yr for XUT.TO. At a 0.34 correlation, their price movements are largely independent. XAW.TO charges 0.22%/yr vs 0.61%/yr for XUT.TO.

Performance

XAW.TO vs. XUT.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 Capped Utilities Index ETF (XUT.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 12.81% return, which is significantly lower than XUT.TO's 18.96% return. Over the past 10 years, XAW.TO has outperformed XUT.TO with an annualized return of 12.82%, while XUT.TO has yielded a comparatively lower 8.74% annualized return.

XAW.TO

1D
-1.14%
1M
-1.31%
6M
8.32%
YTD
12.81%
1Y
23.27%
3Y*
19.97%
5Y*
12.87%
10Y*
12.82%

XUT.TO

1D
0.30%
1M
2.68%
6M
17.60%
YTD
18.96%
1Y
23.33%
3Y*
14.04%
5Y*
7.03%
10Y*
8.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		12.81%15.87%26.31%18.45%-11.83%18.39%12.37%19.82%-2.29%16.12%
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF		18.96%14.74%13.09%-0.45%-11.02%8.92%14.74%36.63%-8.30%10.16%

Correlation

The correlation between XAW.TO and XUT.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.04

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

0.28

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

0.30

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

0.31

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

0.34

Over the past year, the correlation between XAW.TO and XUT.TO has dropped to 0.04 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

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

Sectors
XAW.TO
XUT.TO

Technology

31.5%

-

Financial Services

14.6%

-

Industrials

11.5%

-

Consumer Cyclical

9.5%

-

Communication Services

8.3%

-

Healthcare

8.1%

-

Consumer Defensive

4.7%

-

Basic Materials

3.6%

-

Energy

3.4%
9.5%

Utilities

2.5%
90.5%

Real Estate

2.4%

-

Technology

XAW.TO
31.5%
XUT.TO

-

Financial Services

XAW.TO
14.6%
XUT.TO

-

Industrials

XAW.TO
11.5%
XUT.TO

-

Consumer Cyclical

XAW.TO
9.5%
XUT.TO

-

Communication Services

XAW.TO
8.3%
XUT.TO

-

Healthcare

XAW.TO
8.1%
XUT.TO

-

Consumer Defensive

XAW.TO
4.7%
XUT.TO

-

Basic Materials

XAW.TO
3.6%
XUT.TO

-

Energy

XAW.TO
3.4%
XUT.TO
9.5%

Utilities

XAW.TO
2.5%
XUT.TO
90.5%

Real Estate

XAW.TO
2.4%
XUT.TO

-

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 Capped Utilities Index ETF

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Often compared with XUT.TO:
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Return for Risk

XAW.TO vs. XUT.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: 7171
Overall Rank
XAW.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7171
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7676
Martin Ratio Rank
XUT.TO
XUT.TO Risk / Return Rank: 8383
Overall Rank
XUT.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
XUT.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
XUT.TO Omega Ratio Rank: 9393
Omega Ratio Rank
XUT.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
XUT.TO Martin Ratio Rank: 6262
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. XUT.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 Capped Utilities Index ETF (XUT.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.TOXUT.TODifference
Sharpe ratioReturn per unit of total volatility
1.77
2.62

-0.85

Sortino ratioReturn per unit of downside risk
2.50
3.38

-0.88

Omega ratioGain probability vs. loss probability

1.33

1.51

-0.17

Calmar ratioReturn relative to maximum drawdown

2.87

3.07

-0.20

Martin ratioReturn relative to average drawdown

11.20

8.67

+2.52

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

The current XAW.TO Sharpe Ratio is 1.77, which is lower than the XUT.TO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of XAW.TO and XUT.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. XUT.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum XUT.TO drawdown of -37.65%. Use the drawdown chart below to compare losses from any high point for XAW.TO and XUT.TO.

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Drawdown Indicators

XAW.TOXUT.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.32%

-37.65%

+10.33%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-7.64%

-0.52%

Max Drawdown (3Y)

Largest decline over 3 years

-16.66%

-17.51%

+0.85%

Max Drawdown (5Y)

Largest decline over 5 years

-21.02%

-28.54%

+7.52%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-37.65%

+10.33%

Current Drawdown

Current decline from peak

-3.24%

0.00%

-3.24%

Average Drawdown

Average peak-to-trough decline

-3.88%

-5.78%

+1.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.08%

2.70%

-0.62%

Volatility

XAW.TO vs. XUT.TO - Volatility Comparison

iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 3.82% compared to iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) at 2.26%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than XUT.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.TOXUT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.82%

2.26%

+1.56%

Volatility (6M)

Calculated over the trailing 6-month period

11.08%

6.84%

+4.24%

Volatility (1Y)

Calculated over the trailing 1-year period

13.21%

8.94%

+4.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.76%

12.80%

+0.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.09%

16.15%

-1.06%

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

XAW.TO has a 0.22% expense ratio, which is lower than XUT.TO's 0.61% expense ratio.

Dividends

XAW.TO vs. XUT.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.23%, less than XUT.TO's 3.11% yield.

PositionTTM20252024202320222021202020192018201720162015
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.23%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.28%1.94%1.79%1.81%
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF		3.11%3.91%4.00%3.90%3.80%3.04%4.51%3.57%4.52%3.57%3.74%4.05%

Frequently Asked Questions

XAW.TO and XUT.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.61% for XUT.TO.

XAW.TO is categorized as Global Equities, while XUT.TO is Utilities Equities. XAW.TO tracks MSCI ACWI ex Canada IMI Index, while XUT.TO tracks S&P/TSX Capped Utilities Index. Their fees differ too: 0.22% for XAW.TO and 0.61% for XUT.TO.

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