XEF-U.TO vs. AVDV

Last updated Jul 22, 2026

XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. XEF-U.TO is passively managed, while AVDV is actively managed. Over the past 5 years, XEF-U.TO returned 8.63%/yr vs 14.03%/yr for AVDV. At a 0.49 correlation, their price movements are largely independent. XEF-U.TO charges 0.21%/yr vs 0.36%/yr for AVDV.

Performance

XEF-U.TO vs. AVDV - Performance Comparison

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

Returns By Period

In the year-to-date period, XEF-U.TO achieves a 9.98% return, which is significantly lower than AVDV's 12.46% return.

XEF-U.TO

• 1D: 1.39%
• 1M: 0.15%
• 6M: 7.59%
• YTD: 9.98%
• 1Y: 20.59%
• 3Y*: 15.67%
• 5Y*: 8.63%
• 10Y*: 6.12%
• ALL TIME*: 6.79%

AVDV

• 1D: 2.02%
• 1M: -2.38%
• 6M: 7.52%
• YTD: 12.46%
• 1Y: 32.73%
• 3Y*: 24.42%
• 5Y*: 14.03%
• 10Y*: —
• ALL TIME*: 14.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF-U.TO vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	9.98%	31.70%	3.03%	16.71%	-14.95%	11.35%	10.30%	-19.49%
AVDV Avantis International Small Cap Value ETF	12.46%	49.37%	8.67%	16.85%	-11.47%	15.80%	5.01%	11.78%

Correlation

The correlation between XEF-U.TO and AVDV is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.49

Over the past year, XEF-U.TO and AVDV have become more correlated (0.83) than their long-term average of 0.49, meaning their price movements have been converging.

Return for Risk

XEF-U.TO vs. AVDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XEF-U.TO

XEF-U.TO Risk / Return Rank: 53
XEF-U.TO Sharpe Ratio Rank: 54
XEF-U.TO Sortino Ratio Rank: 55
XEF-U.TO Omega Ratio Rank: 53
XEF-U.TO Calmar Ratio Rank: 47
XEF-U.TO Martin Ratio Rank: 54

AVDV

AVDV Risk / Return Rank: 76
AVDV Sharpe Ratio Rank: 82
AVDV Sortino Ratio Rank: 79
AVDV Omega Ratio Rank: 79
AVDV Calmar Ratio Rank: 68
AVDV Martin Ratio Rank: 70

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.

XEF-U.TO vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF-U.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.

	XEF-U.TO	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.97	-0.59
Sortino ratio: Return per unit of downside risk	2.00	2.67	-0.67
Omega ratio: Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	1.80	2.49	-0.69
Martin ratio: Return relative to average drawdown	6.85	9.21	-2.35

XEF-U.TO vs. AVDV - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.38, which is lower than the AVDV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of XEF-U.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.

Drawdowns

XEF-U.TO vs. AVDV - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -46.92%, which is greater than AVDV's maximum drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and AVDV.

Drawdown Indicators

	XEF-U.TO	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-46.92%	-43.01%	-3.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-13.19%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-14.17%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-30.71%	-28.08%	-2.63%
Max Drawdown (10Y) Largest decline over 10 years	-46.92%	—	—
Current Drawdown Current decline from peak	-1.46%	-4.39%	+2.93%
Average Drawdown Average peak-to-trough decline	-8.17%	-6.72%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.56%	-0.53%

Volatility

XEF-U.TO vs. AVDV - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) is 3.99%, while Avantis International Small Cap Value ETF (AVDV) has a volatility of 4.98%. This indicates that XEF-U.TO experiences smaller price fluctuations and is considered to be less risky than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEF-U.TO	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	4.98%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	14.58%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	16.73%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	17.38%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	19.72%	-2.26%

XEF-U.TO vs. AVDV - Expense Ratio Comparison

XEF-U.TO has a 0.21% expense ratio, which is lower than AVDV's 0.36% expense ratio.

Dividends

XEF-U.TO vs. AVDV - Dividend Comparison

XEF-U.TO's dividend yield for the trailing twelve months is around 2.35%, less than AVDV's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	2.81%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	2.35%	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

Can I hold both XEF-U.TO and AVDV in my portfolio?

XEF-U.TO and AVDV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEF-U.TO or AVDV?

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.

Which ETF is cheaper, XEF-U.TO or AVDV?

XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.36% for AVDV.

What is the main difference between XEF-U.TO and AVDV?

XEF-U.TO is categorized as Global Equities, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.21% for XEF-U.TO and 0.36% for AVDV.