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

XEC.TO vs. DRFE.TO

Last updated Jul 18, 2026
Documentation

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) are both Emerging Markets Equities funds. XEC.TO is passively managed, while DRFE.TO is actively managed. Over the past 5 years, XEC.TO returned 8.19%/yr vs 11.04%/yr for DRFE.TO. At a 0.38 correlation, their price movements are largely independent.

Performance

XEC.TO vs. DRFE.TO - 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 Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with XEC.TO having a 17.71% return and DRFE.TO slightly higher at 17.85%.

XEC.TO

1D
-1.85%
1M
-8.10%
6M
10.20%
YTD
17.71%
1Y
30.89%
3Y*
20.44%
5Y*
8.19%
10Y*
9.13%

DRFE.TO

1D
-1.72%
1M
-8.01%
6M
10.15%
YTD
17.85%
1Y
22.92%
3Y*
20.19%
5Y*
11.04%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEC.TO vs. DRFE.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		17.71%25.78%16.14%7.92%-14.76%-1.75%15.08%3.68%
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		17.85%21.25%18.51%10.59%-8.03%4.88%7.49%0.47%

Correlation

The correlation between XEC.TO and DRFE.TO is 0.90, 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

0.90

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

0.68

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

0.45

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2019

0.38

Over the past year, XEC.TO and DRFE.TO have become more correlated (0.90) than their long-term average of 0.38, meaning their price movements have been converging.

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 Emerging Markets IMI Index ETF

Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF

Often compared with XEC.TO:
XEC.TO vs. XEF.TOXEC.TO vs. VEE.TOXEC.TO vs. ZEM.TOXEC.TO vs. XEM.TOXEC.TO vs. XEQT.TOXEC.TO vs. VFV.TOXEC.TO vs. XIC.TO
Often compared with DRFE.TO:
DRFE.TO vs. DANC.TODRFE.TO vs. DCG.TODRFE.TO vs. DCS.TODRFE.TO vs. DRFD.TODRFE.TO vs. DRFG.TODRFE.TO vs. DRFU.TODRFE.TO vs. DRMC.TO

Return for Risk

XEC.TO vs. DRFE.TO — 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: 5555
Overall Rank
XEC.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 5555
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 5959
Martin Ratio Rank
DRFE.TO
DRFE.TO Risk / Return Rank: 4343
Overall Rank
DRFE.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
DRFE.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
DRFE.TO Omega Ratio Rank: 4444
Omega Ratio Rank
DRFE.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
DRFE.TO Martin Ratio Rank: 4747
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. DRFE.TO - 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 Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.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.

XEC.TODRFE.TODifference
Sharpe ratioReturn per unit of total volatility
1.40
1.09

+0.31

Sortino ratioReturn per unit of downside risk
1.89
1.52

+0.36

Omega ratioGain probability vs. loss probability

1.27

1.22

+0.05

Calmar ratioReturn relative to maximum drawdown

2.67

1.87

+0.80

Martin ratioReturn relative to average drawdown

8.13

5.81

+2.32

XEC.TO vs. DRFE.TO - Sharpe Ratio Comparison

The current XEC.TO Sharpe Ratio is 1.40, which is comparable to the DRFE.TO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of XEC.TO and DRFE.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

XEC.TO vs. DRFE.TO - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, which is greater than DRFE.TO's maximum drawdown of -25.26%. Use the drawdown chart below to compare losses from any high point for XEC.TO and DRFE.TO.

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Drawdown Indicators

XEC.TODRFE.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-25.26%

-7.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.61%

-12.31%

+0.70%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-14.27%

-0.80%

Max Drawdown (5Y)

Largest decline over 5 years

-28.30%

-21.05%

-7.25%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

—

—

Current Drawdown

Current decline from peak

-11.61%

-11.00%

-0.61%

Average Drawdown

Average peak-to-trough decline

-9.53%

-6.88%

-2.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

3.96%

-0.15%

Volatility

XEC.TO vs. DRFE.TO - Volatility Comparison

iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) have volatilities of 9.72% and 9.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEC.TODRFE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.72%

9.91%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

20.29%

19.43%

+0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

22.13%

21.09%

+1.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.87%

16.61%

+0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.93%

17.23%

+0.70%

Dividends

XEC.TO vs. DRFE.TO - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.67%, more than DRFE.TO's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		1.65%2.10%2.60%3.04%3.00%2.49%2.45%2.05%0.00%0.00%0.00%0.00%
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.67%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

With a correlation of 0.90, XEC.TO and DRFE.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

They also come from different issuers: iShares and Desjardins.

Portfolio Optimizer

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