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

XEC.TO vs. HXEM.TO

Last updated Jun 4, 2026

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) are both Emerging Markets Equities funds - XEC.TO tracks the Morningstar EM GR CAD while HXEM.TO tracks the Global X Emerging Markets Futures Roll Index (Total Return). Both are passively managed. Over the past 5 years, XEC.TO returned 10.21%/yr vs 9.75%/yr for HXEM.TO. Their correlation of 0.90 suggests significant overlap in exposure. XEC.TO charges 0.28%/yr vs 0.25%/yr for HXEM.TO.

Performance

XEC.TO vs. HXEM.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 Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.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 27.92% return and HXEM.TO slightly higher at 28.95%.

XEC.TO

1D
-0.88%
1M
10.15%
YTD
27.92%
6M
28.48%
1Y
54.44%
3Y*
24.69%
5Y*
10.21%
10Y*
10.71%

HXEM.TO

1D
-0.87%
1M
11.29%
YTD
28.95%
6M
29.50%
1Y
56.68%
3Y*
24.44%
5Y*
9.75%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		27.92%25.78%16.14%7.92%-14.68%-1.74%11.97%
HXEM.TO
Global X Emerging Markets Equity Index Corporate Class ETF		28.95%26.46%14.53%7.09%-16.39%-2.71%12.33%

Correlation

The correlation between XEC.TO and HXEM.TO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.95

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

0.92

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

0.92

Correlation (All Time)
Calculated using the full available price history since Aug 7, 2020

0.90

The correlation between XEC.TO and HXEM.TO has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

XEC.TO vs. HXEM.TO - Sectors Allocation Comparison

Sectors
XEC.TO
HXEM.TO

Technology

35.0%

-

Financial Services

18.4%

-

Consumer Cyclical

9.6%

-

Industrials

9.0%

-

Basic Materials

6.9%

-

Communication Services

6.4%

-

Energy

3.9%

-

Healthcare

3.7%

-

Consumer Defensive

3.3%

-

Utilities

2.2%

-

Real Estate

1.7%
16.6%

Technology

XEC.TO
35.0%
HXEM.TO

-

Financial Services

XEC.TO
18.4%
HXEM.TO

-

Consumer Cyclical

XEC.TO
9.6%
HXEM.TO

-

Industrials

XEC.TO
9.0%
HXEM.TO

-

Basic Materials

XEC.TO
6.9%
HXEM.TO

-

Communication Services

XEC.TO
6.4%
HXEM.TO

-

Energy

XEC.TO
3.9%
HXEM.TO

-

Healthcare

XEC.TO
3.7%
HXEM.TO

-

Consumer Defensive

XEC.TO
3.3%
HXEM.TO

-

Utilities

XEC.TO
2.2%
HXEM.TO

-

Real Estate

XEC.TO
1.7%
HXEM.TO
16.6%

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets IMI Index ETF

Global X Emerging Markets Equity Index Corporate Class 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 HXEM.TO:
HXEM.TO vs. ZEM.TOHXEM.TO vs. HXT.TOHXEM.TO vs. HXDM.TOHXEM.TO vs. VEE.TOHXEM.TO vs. XEM.TOHXEM.TO vs. XEMC.TOHXEM.TO vs. XSEM.TO

Return for Risk

XEC.TO vs. HXEM.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: 8686
Overall Rank
XEC.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 8888
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 8383
Martin Ratio Rank
HXEM.TO
HXEM.TO Risk / Return Rank: 8585
Overall Rank
HXEM.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
HXEM.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
HXEM.TO Omega Ratio Rank: 8787
Omega Ratio Rank
HXEM.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
HXEM.TO Martin Ratio Rank: 8383
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. HXEM.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 Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.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.

XEC.TOHXEM.TODifference
Sharpe ratioReturn per unit of total volatility
3.01
2.91

+0.10

Sortino ratioReturn per unit of downside risk
3.86
3.72

+0.14

Omega ratioGain probability vs. loss probability

1.56

1.53

+0.03

Calmar ratioReturn relative to maximum drawdown

4.86

4.61

+0.25

Martin ratioReturn relative to average drawdown

17.00

16.65

+0.35

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

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

The current XEC.TO Sharpe Ratio is 3.01, which is comparable to the HXEM.TO Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of XEC.TO and HXEM.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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Sharpe Ratios by Period

XEC.TOHXEM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.01

2.91

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.58

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.65

-0.13

Drawdowns

XEC.TO vs. HXEM.TO - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, smaller than the maximum HXEM.TO drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for XEC.TO and HXEM.TO.

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Drawdown Indicators

XEC.TOHXEM.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-35.00%

+2.46%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-12.34%

+1.09%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-15.40%

+0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-30.44%

+1.30%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

—

—

Current Drawdown

Current decline from peak

-0.88%

-0.87%

-0.01%

Average Drawdown

Average peak-to-trough decline

-9.56%

-13.75%

+4.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

3.41%

-0.20%

Volatility

XEC.TO vs. HXEM.TO - Volatility Comparison

The current volatility for iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) is 7.80%, while Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) has a volatility of 8.38%. This indicates that XEC.TO experiences smaller price fluctuations and is considered to be less risky than HXEM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEC.TOHXEM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.80%

8.38%

-0.58%

Volatility (6M)

Calculated over the trailing 6-month period

15.85%

17.05%

-1.20%

Volatility (1Y)

Calculated over the trailing 1-year period

18.19%

19.60%

-1.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.91%

17.03%

-1.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.60%

16.95%

+0.65%

XEC.TO vs. HXEM.TO - Expense Ratio Comparison

XEC.TO has a 0.28% expense ratio, which is higher than HXEM.TO's 0.25% expense ratio.

Dividends

XEC.TO vs. HXEM.TO - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.50%, while HXEM.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HXEM.TO
Global X Emerging Markets Equity Index Corporate Class ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.50%1.92%2.03%2.16%2.28%2.78%1.64%2.87%2.66%2.13%1.80%2.19%

Frequently Asked Questions

With a correlation of 0.95, XEC.TO and HXEM.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.

On fees, HXEM.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HXEM.TO is cheaper with a 0.25% expense ratio, compared with 0.28% for XEC.TO.

XEC.TO tracks Morningstar EM GR CAD, while HXEM.TO tracks Global X Emerging Markets Futures Roll Index (Total Return). They also come from different issuers: iShares and Global X. Their fees differ too: 0.28% for XEC.TO and 0.25% for HXEM.TO.

Portfolio Optimizer

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