XEF.TO vs. CMR.TO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while CMR.TO is a Money Market fund actively managed by iShares. XEF.TO is passively managed, while CMR.TO is actively managed. Over the past 10 years, XEF.TO returned 9.77%/yr vs 1.89%/yr for CMR.TO. At a 0.01 correlation, their price movements are largely independent. XEF.TO charges 0.23%/yr vs 0.14%/yr for CMR.TO.
Performance
XEF.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEF.TO achieves a 9.95% return, which is significantly higher than CMR.TO's 0.97% return. Over the past 10 years, XEF.TO has outperformed CMR.TO with an annualized return of 9.77%, while CMR.TO has yielded a comparatively lower 1.89% annualized return.
XEF.TO
- 1D
- -0.41%
- 1M
- 5.38%
- YTD
- 9.95%
- 6M
- 10.72%
- 1Y
- 23.12%
- 3Y*
- 17.83%
- 5Y*
- 10.89%
- 10Y*
- 9.77%
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
XEF.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 9.95% | 25.69% | 12.04% | 15.21% | -9.53% | 10.36% | 6.13% | 15.86% | -6.65% | 18.19% |
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between XEF.TO and CMR.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013 | 0.01 |
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Return for Risk
XEF.TO vs. CMR.TO — Risk / Return Rank
XEF.TO
CMR.TO
XEF.TO vs. CMR.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 Premium Money Market ETF (CMR.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.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.93 | ||
| Sortino ratioReturn per unit of downside risk | -18.71 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 9.57 | -8.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 25.44 | -23.38 |
| Martin ratioReturn relative to average drawdown | 8.22 | 187.33 | -179.10 |
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.TO | CMR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 10.61 | -8.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 10.67 | -9.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 7.02 | -6.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 3.84 | -3.14 |
Drawdowns
XEF.TO vs. CMR.TO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for XEF.TO and CMR.TO.
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Drawdown Indicators
| XEF.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -0.52% | -27.99% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -0.09% | -11.18% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -0.09% | -14.23% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -0.09% | -24.49% |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | -0.14% | -28.37% |
Current DrawdownCurrent decline from peak | -1.09% | -0.02% | -1.07% |
Average DrawdownAverage peak-to-trough decline | -4.62% | -0.01% | -4.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 0.01% | +2.81% |
Volatility
XEF.TO vs. CMR.TO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a higher volatility of 4.77% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that XEF.TO's price experiences larger fluctuations and is considered to be riskier than CMR.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.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 0.05% | +4.72% |
Volatility (6M)Calculated over the trailing 6-month period | 11.56% | 0.18% | +11.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.85% | 0.22% | +13.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 0.28% | +13.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.85% | 0.27% | +14.58% |
XEF.TO vs. CMR.TO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is higher than CMR.TO's 0.14% 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.TO vs. CMR.TO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.21%, less than CMR.TO's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 2.21% | 2.43% | 2.76% | 2.75% | 2.93% | 2.42% | 1.93% | 2.72% | 2.76% | 2.10% | 2.42% | 2.42% |
Frequently Asked Questions
XEF.TO and CMR.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.23% for XEF.TO.
XEF.TO is categorized as Foreign Large Cap Equities, while CMR.TO is Money Market. Their fees differ too: 0.23% for XEF.TO and 0.14% for CMR.TO.
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