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

XEC.TO vs. XSEM.TO

Last updated Jun 4, 2026

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and XSEM.TO (iShares ESG Aware MSCI Emerging Markets Index ETF) are both Emerging Markets Equities funds from iShares tracking the Morningstar EM GR CAD. Both are passively managed. Over the past 5 years, XEC.TO returned 10.21%/yr vs 9.59%/yr for XSEM.TO. A 0.79 correlation means they provide meaningful diversification when combined. XEC.TO charges 0.28%/yr vs 0.32%/yr for XSEM.TO.

Performance

XEC.TO vs. XSEM.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 iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM.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 XSEM.TO slightly higher at 28.13%.

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%

XSEM.TO

1D
-0.86%
1M
12.07%
YTD
28.13%
6M
29.29%
1Y
57.34%
3Y*
25.23%
5Y*
9.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		27.92%25.78%16.14%7.92%-14.68%-1.74%15.08%4.39%
XSEM.TO
iShares ESG Aware MSCI Emerging Markets Index ETF		28.13%30.16%14.82%7.04%-17.24%-3.58%15.66%5.23%

Correlation

The correlation between XEC.TO and XSEM.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

0.90

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

0.90

Correlation (All Time)
Calculated using the full available price history since Mar 25, 2019

0.79

The correlation between XEC.TO and XSEM.TO shifts across timeframes, from 0.79 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XEC.TO
XSEM.TO

Technology

35.0%
37.0%

Financial Services

18.4%
24.1%

Consumer Cyclical

9.6%
9.7%

Industrials

9.0%
5.6%

Basic Materials

6.9%
4.5%

Communication Services

6.4%
8.4%

Energy

3.9%
2.7%

Healthcare

3.7%
2.8%

Consumer Defensive

3.3%
2.3%

Utilities

2.2%
1.7%

Real Estate

1.7%
1.2%

Technology

XEC.TO
35.0%
XSEM.TO
37.0%

Financial Services

XEC.TO
18.4%
XSEM.TO
24.1%

Consumer Cyclical

XEC.TO
9.6%
XSEM.TO
9.7%

Industrials

XEC.TO
9.0%
XSEM.TO
5.6%

Basic Materials

XEC.TO
6.9%
XSEM.TO
4.5%

Communication Services

XEC.TO
6.4%
XSEM.TO
8.4%

Energy

XEC.TO
3.9%
XSEM.TO
2.7%

Healthcare

XEC.TO
3.7%
XSEM.TO
2.8%

Consumer Defensive

XEC.TO
3.3%
XSEM.TO
2.3%

Utilities

XEC.TO
2.2%
XSEM.TO
1.7%

Real Estate

XEC.TO
1.7%
XSEM.TO
1.2%

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets IMI Index ETF

iShares ESG Aware MSCI Emerging Markets Index 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 XSEM.TO:
XSEM.TO vs. XDSR.TOXSEM.TO vs. XMM.TOXSEM.TO vs. XEQT.TOXSEM.TO vs. XEF.TOXSEM.TO vs. VE.TOXSEM.TO vs. ZEM.TOXSEM.TO vs. XSEA.TO

Return for Risk

XEC.TO vs. XSEM.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
XSEM.TO
XSEM.TO Risk / Return Rank: 8585
Overall Rank
XSEM.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XSEM.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
XSEM.TO Omega Ratio Rank: 8686
Omega Ratio Rank
XSEM.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
XSEM.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. XSEM.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 ESG Aware MSCI Emerging Markets Index ETF (XSEM.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.TOXSEM.TODifference
Sharpe ratioReturn per unit of total volatility
3.01
2.96

+0.05

Sortino ratioReturn per unit of downside risk
3.86
3.78

+0.09

Omega ratioGain probability vs. loss probability

1.56

1.54

+0.03

Calmar ratioReturn relative to maximum drawdown

4.86

4.69

+0.18

Martin ratioReturn relative to average drawdown

17.00

17.06

-0.06

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. XSEM.TO - Sharpe Ratio Comparison

The current XEC.TO Sharpe Ratio is 3.01, which is comparable to the XSEM.TO Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of XEC.TO and XSEM.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.TOXSEM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.01

2.96

+0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.57

+0.08

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

0.55

-0.04

Drawdowns

XEC.TO vs. XSEM.TO - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, smaller than the maximum XSEM.TO drawdown of -37.03%. Use the drawdown chart below to compare losses from any high point for XEC.TO and XSEM.TO.

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Drawdown Indicators

XEC.TOXSEM.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-37.03%

+4.49%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-12.30%

+1.05%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-15.17%

+0.10%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-33.18%

+4.04%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

—

—

Current Drawdown

Current decline from peak

-0.88%

-0.86%

-0.02%

Average Drawdown

Average peak-to-trough decline

-9.56%

-13.17%

+3.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

3.37%

-0.16%

Volatility

XEC.TO vs. XSEM.TO - Volatility Comparison

The current volatility for iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) is 7.80%, while iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM.TO) has a volatility of 8.35%. This indicates that XEC.TO experiences smaller price fluctuations and is considered to be less risky than XSEM.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.TOXSEM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.80%

8.35%

-0.55%

Volatility (6M)

Calculated over the trailing 6-month period

15.85%

17.02%

-1.17%

Volatility (1Y)

Calculated over the trailing 1-year period

18.19%

19.47%

-1.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.91%

17.06%

-1.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.60%

18.26%

-0.66%

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

XEC.TO has a 0.28% expense ratio, which is lower than XSEM.TO's 0.32% expense ratio.

Dividends

XEC.TO vs. XSEM.TO - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.50%, more than XSEM.TO's 1.41% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XSEM.TO
iShares ESG Aware MSCI Emerging Markets Index ETF		1.41%1.80%2.12%1.12%2.29%2.50%1.16%2.46%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.95, XEC.TO and XSEM.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, 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 0.32% for XSEM.TO.

Both ETFs track Morningstar EM GR CAD. Their fees differ too: 0.28% for XEC.TO and 0.32% for XSEM.TO.

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