XEF.TO vs. FCIL.NEO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and FCIL.NEO (Fidelity International Low Volatility ETF) are both Foreign Large Cap Equities funds - XEF.TO tracks the MSCI EAFE Investable Market Index (CAD) while FCIL.NEO tracks the Fidelity Canada International Low Volatility Index. Both are passively managed. Over the past 5 years, XEF.TO returned 10.89%/yr vs 8.32%/yr for FCIL.NEO. At a 0.46 correlation, their price movements are largely independent. XEF.TO charges 0.23%/yr vs 0.45%/yr for FCIL.NEO.
Performance
XEF.TO vs. FCIL.NEO - 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 FCIL.NEO's 4.36% 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%
FCIL.NEO
- 1D
- -0.27%
- 1M
- -0.60%
- YTD
- 4.36%
- 6M
- 4.72%
- 1Y
- 10.41%
- 3Y*
- 11.83%
- 5Y*
- 8.32%
- 10Y*
- —
XEF.TO vs. FCIL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 9.95% | 25.69% | 12.04% | 15.21% | -9.53% | 10.36% | 6.13% | 13.08% |
FCIL.NEO Fidelity International Low Volatility ETF | 4.36% | 19.10% | 7.89% | 11.49% | -6.83% | 7.63% | -0.78% | 11.33% |
Correlation
The correlation between XEF.TO and FCIL.NEO is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2019 | 0.46 |
Over the past year, XEF.TO and FCIL.NEO have become more correlated (0.67) than their long-term average of 0.46, meaning their price movements have been converging.
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Return for Risk
XEF.TO vs. FCIL.NEO — Risk / Return Rank
XEF.TO
FCIL.NEO
XEF.TO vs. FCIL.NEO - 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 Fidelity International Low Volatility ETF (FCIL.NEO). 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 | FCIL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.15 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 1.14 | +0.92 |
| Martin ratioReturn relative to average drawdown | 8.22 | 2.80 | +5.42 |
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 | FCIL.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 0.72 | +0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 0.65 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.52 | +0.18 |
Drawdowns
XEF.TO vs. FCIL.NEO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, which is greater than FCIL.NEO's maximum drawdown of -20.28%. Use the drawdown chart below to compare losses from any high point for XEF.TO and FCIL.NEO.
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Drawdown Indicators
| XEF.TO | FCIL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -20.28% | -8.23% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -9.17% | -2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -9.17% | -5.15% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -20.28% | -4.30% |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | — | — |
Current DrawdownCurrent decline from peak | -1.09% | -5.99% | +4.90% |
Average DrawdownAverage peak-to-trough decline | -4.62% | -4.53% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 3.72% | -0.90% |
Volatility
XEF.TO vs. FCIL.NEO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a higher volatility of 4.77% compared to Fidelity International Low Volatility ETF (FCIL.NEO) at 3.59%. This indicates that XEF.TO's price experiences larger fluctuations and is considered to be riskier than FCIL.NEO 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 | FCIL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 3.59% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 11.56% | 9.73% | +1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.85% | 14.55% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 12.90% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.85% | 13.61% | +1.24% |
XEF.TO vs. FCIL.NEO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is lower than FCIL.NEO's 0.45% expense ratio.
Dividends
XEF.TO vs. FCIL.NEO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.21%, while FCIL.NEO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCIL.NEO Fidelity International Low Volatility ETF | 0.00% | 0.00% | 0.00% | 1.94% | 2.44% | 2.53% | 3.78% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% |
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 FCIL.NEO have a correlation of 0.67, 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 0.45% for FCIL.NEO.
XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while FCIL.NEO tracks Fidelity Canada International Low Volatility Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.23% for XEF.TO and 0.45% for FCIL.NEO.
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