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

XDG.TO vs. PZW.TO

Last updated Jun 26, 2026

XDG.TO (iShares Core MSCI Global Quality Dividend Index ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - XDG.TO tracks the Morningstar Gbl GR CAD 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 5 years, XDG.TO returned 11.17%/yr vs 10.35%/yr for PZW.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

XDG.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Global Quality Dividend Index ETF (XDG.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, XDG.TO achieves a 12.62% return, which is significantly lower than PZW.TO's 15.70% return.

XDG.TO

1D
0.38%
1M
2.62%
YTD
12.62%
6M
11.02%
1Y
21.98%
3Y*
15.86%
5Y*
11.17%
10Y*
—

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)

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

2026 (YTD)202520242023202220212020201920182017
XDG.TO
iShares Core MSCI Global Quality Dividend Index ETF		12.62%12.26%14.74%7.06%1.78%15.16%-1.68%17.32%0.95%2.14%
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%5.17%

Correlation

The correlation between XDG.TO and PZW.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.17

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

0.25

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

0.32

Correlation (All Time)
Calculated using the full available price history since Jun 14, 2017

0.27

The correlation between XDG.TO and PZW.TO shifts across timeframes, from 0.17 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XDG.TO
PZW.TO

Healthcare

21.1%
12.7%

Consumer Defensive

14.5%
4.6%

Financial Services

13.7%
13.3%

Industrials

11.7%
19.2%

Energy

11.2%
4.1%

Consumer Cyclical

9.6%
12.1%

Technology

6.7%
12.2%

Utilities

5.8%
2.3%

Communication Services

3.2%
3.8%

Basic Materials

2.4%
7.0%

Real Estate

0.1%
8.8%

Healthcare

XDG.TO
21.1%
PZW.TO
12.7%

Consumer Defensive

XDG.TO
14.5%
PZW.TO
4.6%

Financial Services

XDG.TO
13.7%
PZW.TO
13.3%

Industrials

XDG.TO
11.7%
PZW.TO
19.2%

Energy

XDG.TO
11.2%
PZW.TO
4.1%

Consumer Cyclical

XDG.TO
9.6%
PZW.TO
12.1%

Technology

XDG.TO
6.7%
PZW.TO
12.2%

Utilities

XDG.TO
5.8%
PZW.TO
2.3%

Communication Services

XDG.TO
3.2%
PZW.TO
3.8%

Basic Materials

XDG.TO
2.4%
PZW.TO
7.0%

Real Estate

XDG.TO
0.1%
PZW.TO
8.8%

Compare stocks, funds, or ETFs

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iShares Core MSCI Global Quality Dividend Index ETF

Invesco FTSE RAFI Global Small-Mid ETF

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Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. INAI.TOPZW.TO vs. TEQT.TOPZW.TO vs. XWD.TOPZW.TO vs. QQCE.TOPZW.TO vs. QQC.TOPZW.TO vs. VDU.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XDG.TO
XDG.TO Risk / Return Rank: 7171
Overall Rank
XDG.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XDG.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XDG.TO Omega Ratio Rank: 7272
Omega Ratio Rank
XDG.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
XDG.TO Martin Ratio Rank: 6363
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.

XDG.TO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Global Quality Dividend Index ETF (XDG.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.

XDG.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
2.12
2.32

-0.20

Sortino ratioReturn per unit of downside risk
3.04
3.41

-0.37

Omega ratioGain probability vs. loss probability

1.37

1.45

-0.08

Calmar ratioReturn relative to maximum drawdown

2.81

3.87

-1.06

Martin ratioReturn relative to average drawdown

9.95

13.82

-3.87

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

The current XDG.TO Sharpe Ratio is 2.12, which is comparable to the PZW.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of XDG.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

XDG.TO vs. PZW.TO - Drawdown Comparison

The maximum XDG.TO drawdown since its inception was -27.08%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for XDG.TO and PZW.TO.

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Drawdown Indicators

XDG.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.08%

-32.45%

+5.37%

Max Drawdown (1Y)

Largest decline over 1 year

-7.87%

-8.50%

+0.63%

Max Drawdown (3Y)

Largest decline over 3 years

-12.33%

-16.88%

+4.55%

Max Drawdown (5Y)

Largest decline over 5 years

-12.33%

-22.13%

+9.80%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.45%

—

Current Drawdown

Current decline from peak

0.00%

-0.67%

+0.67%

Average Drawdown

Average peak-to-trough decline

-3.12%

-5.72%

+2.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.21%

2.38%

-0.17%

Volatility

XDG.TO vs. PZW.TO - Volatility Comparison

The current volatility for iShares Core MSCI Global Quality Dividend Index ETF (XDG.TO) is 2.64%, while Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) has a volatility of 2.82%. This indicates that XDG.TO experiences smaller price fluctuations and is considered to be less risky 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

XDG.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.64%

2.82%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

8.23%

10.41%

-2.18%

Volatility (1Y)

Calculated over the trailing 1-year period

10.44%

14.20%

-3.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.11%

14.67%

-3.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.85%

15.91%

-2.06%

Dividends

XDG.TO vs. PZW.TO - Dividend Comparison

XDG.TO's dividend yield for the trailing twelve months is around 2.75%, more 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%
XDG.TO
iShares Core MSCI Global Quality Dividend Index ETF		2.75%2.92%2.96%3.13%3.27%2.97%3.27%3.18%3.47%1.67%0.00%0.00%

Frequently Asked Questions

XDG.TO and PZW.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XDG.TO tracks Morningstar Gbl GR CAD, 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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