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XEC.TO vs. AVDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEC.TO vs. AVDV

Last updated Jun 13, 2026

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - XEC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets IMI Index, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. XEC.TO is passively managed, while AVDV is actively managed. Over the past 5 years, XEC.TO returned 9.78%/yr vs 16.96%/yr for AVDV. A 0.54 correlation means they provide meaningful diversification when combined. XEC.TO charges 0.28%/yr vs 0.36%/yr for AVDV.

Performance

XEC.TO vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XEC.TO is traded in CAD, while AVDV is traded in USD. To make them comparable, the AVDV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEC.TO achieves a 25.33% return, which is significantly higher than AVDV's 17.32% return.

XEC.TO

1D
0.76%
1M
2.43%
YTD
25.33%
6M
27.75%
1Y
49.06%
3Y*
23.24%
5Y*
9.78%
10Y*
10.85%

AVDV

1D
1.08%
1M
-0.08%
YTD
17.32%
6M
18.86%
1Y
45.84%
3Y*
28.62%
5Y*
16.96%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEC.TO vs. AVDV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		25.33%25.78%16.14%7.92%-14.76%-1.75%15.08%8.30%
AVDV
Avantis International Small Cap Value ETF		17.32%42.55%17.87%14.07%-5.86%15.74%2.51%10.13%

Correlation

The correlation between XEC.TO and AVDV is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.62

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

0.53

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

0.54

Correlation (All Time)
Calculated using the full available price history since Sep 26, 2019

0.54

The correlation between XEC.TO and AVDV has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.

XEC.TO vs. AVDV - Sectors Allocation Comparison

Sectors
XEC.TO
AVDV

Technology

35.0%
6.4%

Financial Services

18.4%
13.7%

Consumer Cyclical

9.6%
14.4%

Industrials

9.0%
21.3%

Basic Materials

6.9%
22.5%

Communication Services

6.4%
2.0%

Energy

3.9%
10.8%

Healthcare

3.7%
2.1%

Consumer Defensive

3.3%
3.4%

Utilities

2.2%
1.7%

Real Estate

1.7%
1.1%

Technology

XEC.TO
35.0%
AVDV
6.4%

Financial Services

XEC.TO
18.4%
AVDV
13.7%

Consumer Cyclical

XEC.TO
9.6%
AVDV
14.4%

Industrials

XEC.TO
9.0%
AVDV
21.3%

Basic Materials

XEC.TO
6.9%
AVDV
22.5%

Communication Services

XEC.TO
6.4%
AVDV
2.0%

Energy

XEC.TO
3.9%
AVDV
10.8%

Healthcare

XEC.TO
3.7%
AVDV
2.1%

Consumer Defensive

XEC.TO
3.3%
AVDV
3.4%

Utilities

XEC.TO
2.2%
AVDV
1.7%

Real Estate

XEC.TO
1.7%
AVDV
1.1%

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets IMI Index ETF

Avantis International Small Cap Value ETF

Often compared with XEC.TO:
XEC.TO vs. XEF.TOXEC.TO vs. VEE.TOXEC.TO vs. XEM.TOXEC.TO vs. ZEM.TOXEC.TO vs. XEQT.TOXEC.TO vs. VFV.TOXEC.TO vs. XIC.TO
Often compared with AVDV:
AVDV vs. VXUSAVDV vs. AVDEAVDV vs. VSSAVDV vs. DISVXAVDV vs. AVDVXAVDV vs. ISVLAVDV vs. AVIV

Return for Risk

XEC.TO vs. AVDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEC.TO
XEC.TO Risk / Return Rank: 8383
Overall Rank
XEC.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 8181
Martin Ratio Rank
AVDV
AVDV Risk / Return Rank: 8181
Overall Rank
AVDV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AVDV Sortino Ratio Rank: 8686
Sortino Ratio Rank
AVDV Omega Ratio Rank: 8686
Omega Ratio Rank
AVDV Calmar Ratio Rank: 7171
Calmar Ratio Rank
AVDV Martin Ratio Rank: 7676
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.

XEC.TO vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and Avantis International Small Cap Value ETF (AVDV). 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.

XEC.TOAVDVDifference
Sharpe ratioReturn per unit of total volatility
2.34
2.69

-0.36

Sortino ratioReturn per unit of downside risk
3.00
3.54

-0.54

Omega ratioGain probability vs. loss probability

1.45

1.46

-0.02

Calmar ratioReturn relative to maximum drawdown

4.13

3.46

+0.67

Martin ratioReturn relative to average drawdown

13.90

14.20

-0.30

XEC.TO vs. AVDV - Sharpe Ratio Comparison

The current XEC.TO Sharpe Ratio is 2.34, which is comparable to the AVDV Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of XEC.TO and AVDV, 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

XEC.TO vs. AVDV - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, smaller than the maximum AVDV drawdown of -37.43%. Use the drawdown chart below to compare losses from any high point for XEC.TO and AVDV.

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Drawdown Indicators

XEC.TOAVDVDifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-37.43%

+4.89%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-12.81%

+1.56%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-14.53%

-0.54%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-22.53%

-6.61%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

—

—

Current Drawdown

Current decline from peak

-2.89%

-1.05%

-1.84%

Average Drawdown

Average peak-to-trough decline

-9.57%

-5.01%

-4.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

3.12%

+0.22%

Volatility

XEC.TO vs. AVDV - Volatility Comparison

iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a higher volatility of 10.20% compared to Avantis International Small Cap Value ETF (AVDV) at 6.39%. This indicates that XEC.TO's price experiences larger fluctuations and is considered to be riskier than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEC.TOAVDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.20%

6.39%

+3.81%

Volatility (6M)

Calculated over the trailing 6-month period

17.86%

14.17%

+3.69%

Volatility (1Y)

Calculated over the trailing 1-year period

19.90%

16.48%

+3.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.31%

18.25%

-1.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.77%

20.45%

-2.68%

XEC.TO vs. AVDV - Expense Ratio Comparison

XEC.TO has a 0.28% expense ratio, which is lower than AVDV's 0.36% expense ratio.

Dividends

XEC.TO vs. AVDV - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.53%, less than AVDV's 4.11% yield.

PositionTTM20252024202320222021202020192018201720162015
AVDV
Avantis International Small Cap Value ETF		4.11%3.05%4.31%3.29%3.17%2.39%1.67%0.36%0.00%0.00%0.00%0.00%
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.53%1.92%2.03%2.15%2.19%2.78%1.64%2.87%2.66%2.13%1.80%2.19%

Frequently Asked Questions

XEC.TO and AVDV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEC.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEC.TO is cheaper with a 0.28% expense ratio, compared with 0.36% for AVDV.

XEC.TO is categorized as Emerging Markets Equities, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.28% for XEC.TO and 0.36% for AVDV.

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