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XEF-U.TO vs. CIE.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEF-U.TO vs. CIE.NEO

Last updated Jun 5, 2026

XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) and CIE.NEO (iShares International Fundamental Common Class) are both Global Equities funds from iShares - XEF-U.TO tracks the MSCI EAFE® Investable Market Index while CIE.NEO tracks the FTSE RAFI Developed ex US 1000 Index. Both are passively managed. Over the past 5 years, XEF-U.TO returned 7.33%/yr vs 12.40%/yr for CIE.NEO. At a 0.48 correlation, their price movements are largely independent. XEF-U.TO charges 0.21%/yr vs 0.73%/yr for CIE.NEO.

Performance

XEF-U.TO vs. CIE.NEO - 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 iShares International Fundamental Common Class (CIE.NEO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XEF-U.TO is traded in USD, while CIE.NEO is traded in CAD. To make them comparable, the CIE.NEO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEF-U.TO achieves a 9.25% return, which is significantly lower than CIE.NEO's 16.80% return.

XEF-U.TO

1D
0.87%
1M
2.69%
YTD
9.25%
6M
11.54%
1Y
21.15%
3Y*
16.13%
5Y*
7.33%
10Y*
—

CIE.NEO

1D
0.33%
1M
4.66%
YTD
16.80%
6M
20.56%
1Y
37.77%
3Y*
23.50%
5Y*
12.40%
10Y*
11.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF-U.TO vs. CIE.NEO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XEF-U.TO
iShares Core MSCI EAFE IMI Index ETF		9.25%31.24%2.23%15.90%-15.58%10.81%10.61%1.79%
CIE.NEO
iShares International Fundamental Common Class		16.80%41.39%3.92%18.22%-9.34%15.26%3.36%3.27%

Correlation

The correlation between XEF-U.TO and CIE.NEO is 0.85, 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

0.85

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

0.64

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

0.55

Correlation (All Time)
Calculated using the full available price history since Oct 30, 2019

0.48

Over the past year, XEF-U.TO and CIE.NEO have become more correlated (0.85) than their long-term average of 0.48, meaning their price movements have been converging.

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iShares Core MSCI EAFE IMI Index ETF

iShares International Fundamental Common Class

Often compared with XEF-U.TO:
XEF-U.TO vs. XEF.TOXEF-U.TO vs. VEAXEF-U.TO vs. VXUSXEF-U.TO vs. IEFAXEF-U.TO vs. ZSP.TOXEF-U.TO vs. VTIXEF-U.TO vs. IEMG
Often compared with CIE.NEO:
CIE.NEO vs. PXFCIE.NEO vs. VGG.TOCIE.NEO vs. SPYCIE.NEO vs. DFIVCIE.NEO vs. FCCM.NEOCIE.NEO vs. XMW.TOCIE.NEO vs. XEQT.TO

Return for Risk

XEF-U.TO vs. CIE.NEO — 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: 4040
Overall Rank
XEF-U.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
XEF-U.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XEF-U.TO Omega Ratio Rank: 4040
Omega Ratio Rank
XEF-U.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
XEF-U.TO Martin Ratio Rank: 4444
Martin Ratio Rank
CIE.NEO
CIE.NEO Risk / Return Rank: 8383
Overall Rank
CIE.NEO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
CIE.NEO Sortino Ratio Rank: 8888
Sortino Ratio Rank
CIE.NEO Omega Ratio Rank: 8989
Omega Ratio Rank
CIE.NEO Calmar Ratio Rank: 7474
Calmar Ratio Rank
CIE.NEO Martin Ratio Rank: 7979
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.

XEF-U.TO vs. CIE.NEO - 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 iShares International Fundamental Common Class (CIE.NEO). 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.

XEF-U.TOCIE.NEODifference
Sharpe ratioReturn per unit of total volatility
1.41
2.53

-1.13

Sortino ratioReturn per unit of downside risk
1.99
3.47

-1.48

Omega ratioGain probability vs. loss probability

1.26

1.46

-0.20

Calmar ratioReturn relative to maximum drawdown

1.84

3.34

-1.50

Martin ratioReturn relative to average drawdown

7.03

13.14

-6.11

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

XEF-U.TO vs. CIE.NEO - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.41, which is lower than the CIE.NEO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of XEF-U.TO and CIE.NEO, 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

XEF-U.TOCIE.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.41

2.53

-1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.76

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.54

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.37

+0.32

Drawdowns

XEF-U.TO vs. CIE.NEO - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -33.72%, smaller than the maximum CIE.NEO drawdown of -49.17%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and CIE.NEO.

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Drawdown Indicators

XEF-U.TOCIE.NEODifference

Max Drawdown

Largest peak-to-trough decline

-33.72%

-49.17%

+15.45%

Max Drawdown (1Y)

Largest decline over 1 year

-11.67%

-11.37%

-0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-15.11%

+1.63%

Max Drawdown (5Y)

Largest decline over 5 years

-31.18%

-26.70%

-4.48%

Max Drawdown (10Y)

Largest decline over 10 years

—

-49.17%

—

Current Drawdown

Current decline from peak

-0.86%

-0.42%

-0.44%

Average Drawdown

Average peak-to-trough decline

-5.61%

-9.84%

+4.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

2.88%

+0.15%

Volatility

XEF-U.TO vs. CIE.NEO - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and iShares International Fundamental Common Class (CIE.NEO) have volatilities of 4.87% and 4.96%, 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

XEF-U.TOCIE.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.87%

4.96%

-0.09%

Volatility (6M)

Calculated over the trailing 6-month period

12.64%

12.31%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

15.25%

14.98%

+0.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.28%

16.47%

+4.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.40%

20.56%

+3.84%

XEF-U.TO vs. CIE.NEO - Expense Ratio Comparison

XEF-U.TO has a 0.21% expense ratio, which is lower than CIE.NEO's 0.73% expense ratio.

Dividends

XEF-U.TO vs. CIE.NEO - Dividend Comparison

XEF-U.TO's dividend yield for the trailing twelve months is around 1.62%, less than CIE.NEO's 2.11% yield.

PositionTTM20252024202320222021202020192018201720162015
CIE.NEO
iShares International Fundamental Common Class		2.11%2.53%2.82%3.08%3.32%2.89%2.15%3.63%3.12%2.67%2.80%2.44%
XEF-U.TO
iShares Core MSCI EAFE IMI Index ETF		1.62%1.77%2.05%2.09%2.27%1.94%1.41%0.77%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XEF-U.TO and CIE.NEO have a correlation of 0.85, 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 0.73% for CIE.NEO.

XEF-U.TO tracks MSCI EAFE® Investable Market Index, while CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index. Their fees differ too: 0.21% for XEF-U.TO and 0.73% for CIE.NEO.

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