XEC.TO vs. XEF-U.TO
XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - XEC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets IMI Index, while XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index. Both are passively managed. Over the past 10 years, XEC.TO returned 10.85%/yr vs 7.69%/yr for XEF-U.TO. At a 0.38 correlation, their price movements are largely independent. XEC.TO charges 0.28%/yr vs 0.21%/yr for XEF-U.TO.
Performance
XEC.TO vs. XEF-U.TO - Performance Comparison
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Different Trading Currencies
XEC.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-U.TO 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 XEF-U.TO's 12.07% return. Over the past 10 years, XEC.TO has outperformed XEF-U.TO with an annualized return of 10.85%, while XEF-U.TO has yielded a comparatively lower 7.69% annualized 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%
XEF-U.TO
- 1D
- 0.92%
- 1M
- 3.41%
- YTD
- 12.07%
- 6M
- 12.78%
- 1Y
- 26.15%
- 3Y*
- 18.50%
- 5Y*
- 11.30%
- 10Y*
- 7.69%
XEC.TO vs. XEF-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF | 25.33% | 25.78% | 16.14% | 7.92% | -14.76% | -1.75% | 15.08% | 11.54% | -8.26% | 27.93% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 12.07% | 25.69% | 11.75% | 13.94% | -9.57% | 11.30% | 7.69% | -15.98% | 0.56% | 9.18% |
Correlation
The correlation between XEC.TO and XEF-U.TO is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2013 | 0.38 |
Over the past year, XEC.TO and XEF-U.TO have become more correlated (0.64) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
XEC.TO vs. XEF-U.TO — Risk / Return Rank
XEC.TO
XEF-U.TO
XEC.TO vs. XEF-U.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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.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.TO | XEF-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.28 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.13 | 2.13 | +2.01 |
| Martin ratioReturn relative to average drawdown | 13.90 | 8.26 | +5.64 |
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Drawdowns
XEC.TO vs. XEF-U.TO - Drawdown Comparison
The maximum XEC.TO drawdown since its inception was -32.54%, smaller than the maximum XEF-U.TO drawdown of -42.21%. Use the drawdown chart below to compare losses from any high point for XEC.TO and XEF-U.TO.
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Drawdown Indicators
| XEC.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.54% | -42.21% | +9.67% |
Max Drawdown (1Y)Largest decline over 1 year | -11.25% | -11.34% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -15.07% | -14.64% | -0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -29.14% | -25.28% | -3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -32.54% | -42.21% | +9.67% |
Current DrawdownCurrent decline from peak | -2.89% | 0.00% | -2.89% |
Average DrawdownAverage peak-to-trough decline | -9.57% | -9.03% | -0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 2.92% | +0.42% |
Volatility
XEC.TO vs. XEF-U.TO - Volatility Comparison
iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a higher volatility of 10.20% compared to iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) at 5.42%. This indicates that XEC.TO's price experiences larger fluctuations and is considered to be riskier than XEF-U.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.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.20% | 5.42% | +4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 17.86% | 13.07% | +4.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.90% | 15.55% | +4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.31% | 17.59% | -1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.77% | 18.25% | -0.48% |
XEC.TO vs. XEF-U.TO - Expense Ratio Comparison
XEC.TO has a 0.28% expense ratio, which is higher than XEF-U.TO's 0.21% expense ratio.
Dividends
XEC.TO vs. XEF-U.TO - Dividend Comparison
XEC.TO's dividend yield for the trailing twelve months is around 1.53%, less than XEF-U.TO's 2.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 2.22% | 2.44% | 2.85% | 2.76% | 2.98% | 2.43% | 1.86% | 2.72% | 2.07% | 1.62% | 1.84% | 1.86% |
Frequently Asked Questions
XEC.TO and XEF-U.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEF-U.TO is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.28% for XEC.TO.
XEC.TO is categorized as Emerging Markets Equities, while XEF-U.TO is Global Equities. XEC.TO tracks MSCI Emerging Markets IMI Index, while XEF-U.TO tracks MSCI EAFE® Investable Market Index. Their fees differ too: 0.28% for XEC.TO and 0.21% for XEF-U.TO.
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