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

XEF-U.TO vs. XSP.TO

Last updated Jun 4, 2026

XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, XEF-U.TO returned 7.17%/yr vs 9.08%/yr for XSP.TO. At a 0.37 correlation, their price movements are largely independent. XEF-U.TO charges 0.21%/yr vs 0.09%/yr for XSP.TO.

Performance

XEF-U.TO vs. XSP.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 S&P 500 Index ETF (CAD-Hedged) (XSP.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 XSP.TO is traded in CAD. To make them comparable, the XSP.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with XEF-U.TO having a 8.45% return and XSP.TO slightly lower at 8.28%.

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*
—

XSP.TO

1D
-1.13%
1M
2.89%
YTD
8.28%
6M
9.93%
1Y
23.53%
3Y*
18.92%
5Y*
9.08%
10Y*
12.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		8.28%21.23%13.64%27.16%-24.72%28.80%17.48%7.44%

Correlation

The correlation between XEF-U.TO and XSP.TO is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.76

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

0.51

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

0.43

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

0.37

Over the past year, XEF-U.TO and XSP.TO have become more correlated (0.76) than their long-term average of 0.37, meaning their price movements have been converging.

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iShares Core MSCI EAFE IMI Index ETF

iShares Core S&P 500 Index ETF (CAD-Hedged)

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 XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. VFVAXSP.TO vs. XQQ.TO

Return for Risk

XEF-U.TO vs. XSP.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: 3838
Overall Rank
XEF-U.TO Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
XEF-U.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
XEF-U.TO Omega Ratio Rank: 3838
Omega Ratio Rank
XEF-U.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
XEF-U.TO Martin Ratio Rank: 4242
Martin Ratio Rank
XSP.TO
XSP.TO Risk / Return Rank: 6161
Overall Rank
XSP.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6666
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. XSP.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 S&P 500 Index ETF (CAD-Hedged) (XSP.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.TOXSP.TODifference
Sharpe ratioReturn per unit of total volatility
1.38
1.74

-0.36

Sortino ratioReturn per unit of downside risk
1.96
2.45

-0.49

Omega ratioGain probability vs. loss probability

1.26

1.30

-0.05

Calmar ratioReturn relative to maximum drawdown

1.80

1.96

-0.16

Martin ratioReturn relative to average drawdown

6.90

8.53

-1.63

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. XSP.TO - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.38, which is comparable to the XSP.TO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of XEF-U.TO and XSP.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.TOXSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.38

1.74

-0.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.45

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.60

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.59

+0.09

Drawdowns

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

The maximum XEF-U.TO drawdown since its inception was -33.72%, smaller than the maximum XSP.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and XSP.TO.

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Drawdown Indicators

XEF-U.TOXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.72%

-41.78%

+8.06%

Max Drawdown (1Y)

Largest decline over 1 year

-11.67%

-12.06%

+0.39%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-19.36%

+5.88%

Max Drawdown (5Y)

Largest decline over 5 years

-31.18%

-31.57%

+0.39%

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.78%

—

Current Drawdown

Current decline from peak

-1.58%

-1.13%

-0.45%

Average Drawdown

Average peak-to-trough decline

-5.61%

-6.85%

+1.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

2.76%

+0.27%

Volatility

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

iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a higher volatility of 5.01% compared to iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) at 3.60%. This indicates that XEF-U.TO's price experiences larger fluctuations and is considered to be riskier than XSP.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.TOXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

3.60%

+1.41%

Volatility (6M)

Calculated over the trailing 6-month period

12.61%

10.40%

+2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

13.57%

+1.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.28%

20.51%

+0.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.41%

21.86%

+2.55%

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

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

Dividends

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

XEF-U.TO's dividend yield for the trailing twelve months is around 1.63%, more than XSP.TO's 1.12% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.12%1.23%1.09%1.18%1.37%1.00%1.31%1.73%1.84%1.47%1.75%1.86%

Frequently Asked Questions

XEF-U.TO and XSP.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.21% for XEF-U.TO.

XEF-U.TO is categorized as Global Equities, while XSP.TO is S&P 500. XEF-U.TO tracks MSCI EAFE® Investable Market Index, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.21% for XEF-U.TO and 0.09% for XSP.TO.

Portfolio Optimizer

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