XEF-U.TO vs. XAW.TO
XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both Global Equities funds from iShares - XEF-U.TO tracks the MSCI EAFE® Investable Market Index while XAW.TO tracks the Morningstar Gbl GR CAD. Both are passively managed. Over the past 5 years, XEF-U.TO returned 7.17%/yr vs 11.00%/yr for XAW.TO. At a 0.43 correlation, their price movements are largely independent. XEF-U.TO charges 0.21%/yr vs 0.22%/yr for XAW.TO.
Performance
XEF-U.TO vs. XAW.TO - Performance Comparison
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Different Trading Currencies
XEF-U.TO is traded in USD, while XAW.TO is traded in CAD. To make them comparable, the XAW.TO 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 8.45% return, which is significantly lower than XAW.TO's 13.24% return.
XEF-U.TO
- 1D
- -0.76%
- 1M
- 3.58%
- YTD
- 8.45%
- 6M
- 10.90%
- 1Y
- 20.77%
- 3Y*
- 15.95%
- 5Y*
- 7.17%
- 10Y*
- —
XAW.TO
- 1D
- 0.00%
- 1M
- 5.89%
- YTD
- 13.24%
- 6M
- 14.10%
- 1Y
- 29.94%
- 3Y*
- 20.68%
- 5Y*
- 11.00%
- 10Y*
- 12.50%
XEF-U.TO vs. XAW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 8.45% | 31.24% | 2.23% | 15.90% | -15.58% | 10.81% | 10.61% | 1.79% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 12.29% | 21.42% | 16.33% | 21.14% | -17.74% | 19.26% | 14.62% | 5.71% |
Correlation
The correlation between XEF-U.TO and XAW.TO is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019 | 0.43 |
Over the past year, XEF-U.TO and XAW.TO have become more correlated (0.86) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
XEF-U.TO vs. XAW.TO — Risk / Return Rank
XEF-U.TO
XAW.TO
XEF-U.TO vs. XAW.TO - 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 All Country World ex Canada Index ETF (XAW.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.
| XEF-U.TO | XAW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.42 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 3.08 | -1.28 |
| Martin ratioReturn relative to average drawdown | 6.90 | 13.67 | -6.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XEF-U.TO | XAW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 2.33 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.69 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.62 | +0.06 |
Drawdowns
XEF-U.TO vs. XAW.TO - Drawdown Comparison
The maximum XEF-U.TO drawdown since its inception was -33.72%, roughly equal to the maximum XAW.TO drawdown of -33.88%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and XAW.TO.
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Drawdown Indicators
| XEF-U.TO | XAW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.72% | -33.88% | +0.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -9.76% | -1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -13.48% | -16.57% | +3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -31.18% | -26.06% | -5.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.88% | — |
Current DrawdownCurrent decline from peak | -1.58% | 0.00% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -5.61% | -5.57% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 2.20% | +0.83% |
Volatility
XEF-U.TO vs. XAW.TO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a higher volatility of 5.01% compared to iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) at 4.32%. This indicates that XEF-U.TO's price experiences larger fluctuations and is considered to be riskier than XAW.TO 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.TO | XAW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 4.32% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 12.61% | 10.41% | +2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.24% | 12.92% | +2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.28% | 16.03% | +5.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.41% | 17.36% | +7.05% |
XEF-U.TO vs. XAW.TO - Expense Ratio Comparison
XEF-U.TO has a 0.21% expense ratio, which is lower than XAW.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XEF-U.TO vs. XAW.TO - Dividend Comparison
XEF-U.TO's dividend yield for the trailing twelve months is around 1.63%, more than XAW.TO's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 1.17% | 1.33% | 1.61% | 1.71% | 1.79% | 1.77% | 1.49% | 2.02% | 2.29% | 1.92% | 1.80% | 1.83% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 1.63% | 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 XAW.TO have a correlation of 0.86, 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 0.22% for XAW.TO.
XEF-U.TO tracks MSCI EAFE® Investable Market Index, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.21% for XEF-U.TO and 0.22% for XAW.TO.
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