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XEF.TO vs. CIF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEF.TO vs. CIF.TO

Last updated Jun 14, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and CIF.TO (iShares Global Infrastructure Index ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while CIF.TO is a Energy Equities fund tracking the Manulife Investment Management Global Infrastructure Index. Both are passively managed. Over the past 10 years, XEF.TO returned 10.64%/yr vs 13.54%/yr for CIF.TO. A 0.54 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.72%/yr for CIF.TO.

Performance

XEF.TO vs. CIF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI EAFE IMI Index ETF (XEF.TO) and iShares Global Infrastructure Index ETF (CIF.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XEF.TO achieves a 11.50% return, which is significantly lower than CIF.TO's 25.11% return. Over the past 10 years, XEF.TO has underperformed CIF.TO with an annualized return of 10.64%, while CIF.TO has yielded a comparatively higher 13.54% annualized return.

XEF.TO

1D
0.56%
1M
3.07%
YTD
11.50%
6M
12.67%
1Y
25.69%
3Y*
18.06%
5Y*
10.94%
10Y*
10.64%

CIF.TO

1D
1.09%
1M
1.01%
YTD
25.11%
6M
18.12%
1Y
34.53%
3Y*
24.98%
5Y*
18.36%
10Y*
13.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. CIF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		11.50%25.69%12.04%15.21%-9.53%10.35%6.13%15.85%-6.66%18.20%
CIF.TO
iShares Global Infrastructure Index ETF		25.11%14.57%25.83%14.99%6.22%18.14%-0.31%24.93%-5.12%2.73%

Correlation

The correlation between XEF.TO and CIF.TO is 0.55, 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

0.55

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

0.57

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

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2013

0.54

The correlation between XEF.TO and CIF.TO has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.

XEF.TO vs. CIF.TO - Sectors Allocation Comparison

Sectors
XEF.TO
CIF.TO

Financial Services

22.9%

-

Industrials

20.5%
31.8%

Technology

10.2%
0.5%

Healthcare

9.8%

-

Consumer Cyclical

8.2%
0.5%

Basic Materials

6.6%

-

Consumer Defensive

6.4%

-

Communication Services

4.4%

-

Energy

4.0%
20.8%

Utilities

3.8%
46.9%

Real Estate

3.1%

-

Financial Services

XEF.TO
22.9%
CIF.TO

-

Industrials

XEF.TO
20.5%
CIF.TO
31.8%

Technology

XEF.TO
10.2%
CIF.TO
0.5%

Healthcare

XEF.TO
9.8%
CIF.TO

-

Consumer Cyclical

XEF.TO
8.2%
CIF.TO
0.5%

Basic Materials

XEF.TO
6.6%
CIF.TO

-

Consumer Defensive

XEF.TO
6.4%
CIF.TO

-

Communication Services

XEF.TO
4.4%
CIF.TO

-

Energy

XEF.TO
4.0%
CIF.TO
20.8%

Utilities

XEF.TO
3.8%
CIF.TO
46.9%

Real Estate

XEF.TO
3.1%
CIF.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI EAFE IMI Index ETF

iShares Global Infrastructure Index ETF

Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO
Often compared with CIF.TO:
CIF.TO vs. VFV.TOCIF.TO vs. MLPP.LCIF.TO vs. ZQQ.TOCIF.TO vs. CWW.TOCIF.TO vs. VGTCIF.TO vs. ZGI.TOCIF.TO vs. XDIV.TO

Return for Risk

XEF.TO vs. CIF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEF.TO
XEF.TO Risk / Return Rank: 5555
Overall Rank
XEF.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 5555
Martin Ratio Rank
CIF.TO
CIF.TO Risk / Return Rank: 7979
Overall Rank
CIF.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
CIF.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
CIF.TO Omega Ratio Rank: 8080
Omega Ratio Rank
CIF.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
CIF.TO Martin Ratio Rank: 7878
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.TO vs. CIF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) and iShares Global Infrastructure Index ETF (CIF.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

XEF.TOCIF.TODifference
Sharpe ratioReturn per unit of total volatility
1.67
2.23

-0.56

Sortino ratioReturn per unit of downside risk
2.41
3.00

-0.59

Omega ratioGain probability vs. loss probability

1.31

1.41

-0.10

Calmar ratioReturn relative to maximum drawdown

2.14

3.64

-1.50

Martin ratioReturn relative to average drawdown

8.51

12.99

-4.48

XEF.TO vs. CIF.TO - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.67, which is comparable to the CIF.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XEF.TO and CIF.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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Drawdowns

XEF.TO vs. CIF.TO - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum CIF.TO drawdown of -45.41%. Use the drawdown chart below to compare losses from any high point for XEF.TO and CIF.TO.

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Drawdown Indicators

XEF.TOCIF.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-45.41%

+16.90%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-9.49%

-1.78%

Max Drawdown (3Y)

Largest decline over 3 years

-14.31%

-20.33%

+6.02%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-20.33%

-4.25%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-45.41%

+16.90%

Current Drawdown

Current decline from peak

0.00%

-0.94%

+0.94%

Average Drawdown

Average peak-to-trough decline

-4.61%

-9.75%

+5.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

2.65%

+0.18%

Volatility

XEF.TO vs. CIF.TO - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF.TO) and iShares Global Infrastructure Index ETF (CIF.TO) have volatilities of 5.29% and 5.07%, 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.TOCIF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

5.07%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

12.85%

-0.62%

Volatility (1Y)

Calculated over the trailing 1-year period

14.43%

15.50%

-1.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

15.16%

-1.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.87%

25.97%

-11.10%

XEF.TO vs. CIF.TO - Expense Ratio Comparison

XEF.TO has a 0.23% expense ratio, which is lower than CIF.TO's 0.72% expense ratio.

Dividends

XEF.TO vs. CIF.TO - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.18%, more than CIF.TO's 1.82% yield.

PositionTTM20252024202320222021202020192018201720162015
CIF.TO
iShares Global Infrastructure Index ETF		1.82%2.14%3.13%2.63%2.83%2.55%2.37%2.11%2.82%2.64%2.09%2.81%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.18%2.43%2.76%2.75%2.93%2.42%1.93%2.71%2.75%2.11%2.45%2.42%

Frequently Asked Questions

XEF.TO and CIF.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.72% for CIF.TO.

XEF.TO is categorized as Foreign Large Cap Equities, while CIF.TO is Energy Equities. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while CIF.TO tracks Manulife Investment Management Global Infrastructure Index. Their fees differ too: 0.23% for XEF.TO and 0.72% for CIF.TO.

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