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

XEF-U.TO vs. XEQT.TO

Last updated Jun 5, 2026

XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both Global Equities funds from iShares. XEF-U.TO is passively managed, while XEQT.TO is actively managed. Over the past 5 years, XEF-U.TO returned 7.33%/yr vs 10.58%/yr for XEQT.TO. At a 0.44 correlation, their price movements are largely independent. XEF-U.TO charges 0.21%/yr vs 0.20%/yr for XEQT.TO.

Performance

XEF-U.TO vs. XEQT.TO - 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 Equity ETF Portfolio (XEQT.TO). 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 XEQT.TO is traded in CAD. To make them comparable, the XEQT.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 9.25% return, which is significantly lower than XEQT.TO's 10.90% 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*
—

XEQT.TO

1D
0.00%
1M
3.02%
YTD
10.90%
6M
11.26%
1Y
27.23%
3Y*
20.54%
5Y*
10.58%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF-U.TO vs. XEQT.TO - 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%
XEQT.TO
iShares Core Equity ETF Portfolio		11.77%25.19%14.53%19.92%-16.96%19.82%14.06%5.60%

Correlation

The correlation between XEF-U.TO and XEQT.TO 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

0.61

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

0.51

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

0.44

Over the past year, XEF-U.TO and XEQT.TO have become more correlated (0.85) than their long-term average of 0.44, meaning their price movements have been converging.

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iShares Core MSCI EAFE IMI Index ETF

iShares Core Equity ETF Portfolio

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 XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. VOO

Return for Risk

XEF-U.TO vs. XEQT.TO — 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
XEQT.TO
XEQT.TO Risk / Return Rank: 8080
Overall Rank
XEQT.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 8282
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 8282
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. XEQT.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 Equity ETF Portfolio (XEQT.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.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
1.41
2.15

-0.75

Sortino ratioReturn per unit of downside risk
1.99
2.96

-0.97

Omega ratioGain probability vs. loss probability

1.26

1.38

-0.12

Calmar ratioReturn relative to maximum drawdown

1.84

2.96

-1.13

Martin ratioReturn relative to average drawdown

7.03

13.00

-5.97

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. XEQT.TO - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.41, which is lower than the XEQT.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of XEF-U.TO and XEQT.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

XEF-U.TOXEQT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.41

2.15

-0.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.66

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.75

-0.06

Drawdowns

XEF-U.TO vs. XEQT.TO - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -33.72%, smaller than the maximum XEQT.TO drawdown of -36.14%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and XEQT.TO.

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Drawdown Indicators

XEF-U.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.72%

-36.14%

+2.42%

Max Drawdown (1Y)

Largest decline over 1 year

-11.67%

-9.23%

-2.44%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-15.14%

+1.66%

Max Drawdown (5Y)

Largest decline over 5 years

-31.18%

-26.23%

-4.95%

Current Drawdown

Current decline from peak

-0.86%

-0.96%

+0.10%

Average Drawdown

Average peak-to-trough decline

-5.61%

-5.72%

+0.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

2.10%

+0.93%

Volatility

XEF-U.TO vs. XEQT.TO - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a higher volatility of 4.87% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 3.92%. This indicates that XEF-U.TO's price experiences larger fluctuations and is considered to be riskier than XEQT.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.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.87%

3.92%

+0.95%

Volatility (6M)

Calculated over the trailing 6-month period

12.64%

10.25%

+2.39%

Volatility (1Y)

Calculated over the trailing 1-year period

15.25%

12.70%

+2.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.28%

16.13%

+5.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.40%

18.65%

+5.75%

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

XEF-U.TO has a 0.21% expense ratio, which is higher than XEQT.TO's 0.20% 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%.

Dividends

XEF-U.TO vs. XEQT.TO - Dividend Comparison

XEF-U.TO's dividend yield for the trailing twelve months is around 1.62%, more than XEQT.TO's 1.47% yield.

PositionTTM2025202420232022202120202019
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%
XEQT.TO
iShares Core Equity ETF Portfolio		1.47%1.66%2.01%2.07%2.12%1.64%1.66%1.19%

Frequently Asked Questions

XEF-U.TO and XEQT.TO 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, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.21% for XEF-U.TO.

Their fees differ too: 0.21% for XEF-U.TO and 0.20% for XEQT.TO.

Portfolio Optimizer

Find the right allocation for XEF-U.TO and XEQT.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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