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

XEF-U.TO vs. IEMG

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and iShares Core MSCI Emerging Markets ETF (IEMG).

XEF-U.TO and IEMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XEF-U.TO is a passively managed fund by iShares that tracks the performance of the MSCI EAFE® Investable Market Index. It was launched on Oct 9, 2019. IEMG is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Investable Market Index. It was launched on Oct 18, 2012. Both XEF-U.TO and IEMG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XEF-U.TO vs. IEMG - 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 Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)2025202420232022202120202019
XEF-U.TO
iShares Core MSCI EAFE IMI Index ETF		2.36%31.26%2.22%15.89%-15.44%10.81%10.61%1.79%
IEMG
iShares Core MSCI Emerging Markets ETF		4.55%32.56%6.50%11.52%-19.98%-0.64%17.87%7.17%

Returns By Period

In the year-to-date period, XEF-U.TO achieves a 2.36% return, which is significantly lower than IEMG's 4.55% return.

XEF-U.TO

1D
2.24%
1M
-4.76%
YTD
2.36%
6M
6.07%
1Y
25.30%
3Y*
14.14%
5Y*
7.45%
10Y*
—

IEMG

1D
0.76%
1M
-6.83%
YTD
4.55%
6M
7.62%
1Y
33.51%
3Y*
16.36%
5Y*
4.53%
10Y*
8.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE IMI Index ETF

iShares Core MSCI Emerging Markets ETF

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. HXQ.TO
Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY

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

XEF-U.TO has a 0.21% expense ratio, which is higher than IEMG's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

XEF-U.TO
iShares Core MSCI EAFE IMI Index ETF
IEMG
iShares Core MSCI Emerging Markets ETF

Return for Risk

XEF-U.TO vs. IEMG — 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: 7373
Overall Rank
XEF-U.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
XEF-U.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XEF-U.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XEF-U.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
XEF-U.TO Martin Ratio Rank: 6868
Martin Ratio Rank
IEMG
IEMG Risk / Return Rank: 8484
Overall Rank
IEMG Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 8484
Sortino Ratio Rank
IEMG Omega Ratio Rank: 8484
Omega Ratio Rank
IEMG Calmar Ratio Rank: 8585
Calmar Ratio Rank
IEMG Martin Ratio Rank: 8484
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. IEMG - 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 Core MSCI Emerging Markets ETF (IEMG). 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.TOIEMGDifference

Sharpe ratio

Return per unit of total volatility

1.48

1.70

-0.22

Sortino ratio

Return per unit of downside risk

1.99

2.30

-0.31

Omega ratio

Gain probability vs. loss probability

1.30

1.34

-0.04

Calmar ratio

Return relative to maximum drawdown

1.84

2.58

-0.74

Martin ratio

Return relative to average drawdown

7.20

9.84

-2.65

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. IEMG - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.48, which is comparable to the IEMG Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of XEF-U.TO and IEMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

XEF-U.TOIEMGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

1.70

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

0.25

+0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.42

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.28

+0.35

Correlation

The correlation between XEF-U.TO and IEMG is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XEF-U.TO vs. IEMG - Dividend Comparison

XEF-U.TO's dividend yield for the trailing twelve months is around 1.74%, less than IEMG's 2.63% yield.

TTM20252024202320222021202020192018201720162015
XEF-U.TO
iShares Core MSCI EAFE IMI Index ETF		1.74%1.78%2.04%2.08%2.43%1.94%1.40%0.77%0.00%0.00%0.00%0.00%
IEMG
iShares Core MSCI Emerging Markets ETF		2.63%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%

Drawdowns

XEF-U.TO vs. IEMG - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -33.72%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and IEMG.

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Drawdown Indicators

XEF-U.TOIEMGDifference

Max Drawdown

Largest peak-to-trough decline

-33.72%

-38.71%

+4.99%

Max Drawdown (1Y)

Largest decline over 1 year

-11.67%

-13.21%

+1.54%

Max Drawdown (5Y)

Largest decline over 5 years

-31.18%

-35.93%

+4.75%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.71%

—

Current Drawdown

Current decline from peak

-6.88%

-9.40%

+2.52%

Average Drawdown

Average peak-to-trough decline

-5.72%

-13.11%

+7.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

3.46%

-0.38%

Volatility

XEF-U.TO vs. IEMG - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) is 7.98%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 9.35%. This indicates that XEF-U.TO experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEF-U.TOIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.98%

9.35%

-1.37%

Volatility (6M)

Calculated over the trailing 6-month period

11.28%

14.68%

-3.40%

Volatility (1Y)

Calculated over the trailing 1-year period

17.36%

19.79%

-2.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.34%

17.91%

+3.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.66%

19.84%

+4.82%