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

XEF.TO vs. FEZ

Last updated Jun 9, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and FEZ (SPDR EURO STOXX 50 ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, XEF.TO returned 10.10%/yr vs 11.68%/yr for FEZ. A 0.72 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.29%/yr for FEZ.

Performance

XEF.TO vs. FEZ - 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 SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XEF.TO is traded in CAD, while FEZ is traded in USD. To make them comparable, the FEZ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEF.TO achieves a 8.98% return, which is significantly higher than FEZ's 6.59% return. Over the past 10 years, XEF.TO has underperformed FEZ with an annualized return of 10.10%, while FEZ has yielded a comparatively higher 11.68% annualized return.

XEF.TO

1D
0.52%
1M
0.70%
YTD
8.98%
6M
10.55%
1Y
21.35%
3Y*
17.58%
5Y*
10.64%
10Y*
10.10%

FEZ

1D
0.91%
1M
2.41%
YTD
6.59%
6M
7.34%
1Y
17.54%
3Y*
19.45%
5Y*
12.92%
10Y*
11.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. FEZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		8.98%25.69%12.04%15.21%-9.53%10.35%6.13%15.85%-6.66%18.20%
FEZ
SPDR EURO STOXX 50 ETF		6.59%31.52%12.34%24.14%-8.84%14.79%2.35%20.85%-8.78%16.35%

Correlation

The correlation between XEF.TO and FEZ is 0.84, 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

0.84

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

0.79

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

0.80

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

0.75

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.72

The correlation between XEF.TO and FEZ shifts across timeframes, from 0.72 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

XEF.TO vs. FEZ - Sectors Allocation Comparison

Sectors
XEF.TO
FEZ

Financial Services

22.9%
25.1%

Industrials

20.5%
22.1%

Technology

10.2%
16.1%

Healthcare

9.8%
5.4%

Consumer Cyclical

8.2%
9.8%

Basic Materials

6.6%
3.7%

Consumer Defensive

6.4%
5.5%

Communication Services

4.4%
2.3%

Energy

4.0%
5.2%

Utilities

3.8%
4.8%

Real Estate

3.1%

-

Financial Services

XEF.TO
22.9%
FEZ
25.1%

Industrials

XEF.TO
20.5%
FEZ
22.1%

Technology

XEF.TO
10.2%
FEZ
16.1%

Healthcare

XEF.TO
9.8%
FEZ
5.4%

Consumer Cyclical

XEF.TO
8.2%
FEZ
9.8%

Basic Materials

XEF.TO
6.6%
FEZ
3.7%

Consumer Defensive

XEF.TO
6.4%
FEZ
5.5%

Communication Services

XEF.TO
4.4%
FEZ
2.3%

Energy

XEF.TO
4.0%
FEZ
5.2%

Utilities

XEF.TO
3.8%
FEZ
4.8%

Real Estate

XEF.TO
3.1%
FEZ

-

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE IMI Index ETF

SPDR EURO STOXX 50 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 FEZ:
FEZ vs. VGKFEZ vs. IEURFEZ vs. EZUFEZ vs. IEVFEZ vs. VOOFEZ vs. EWQFEZ vs. EWN

Return for Risk

XEF.TO vs. FEZ — 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: 4848
Overall Rank
XEF.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 4949
Martin Ratio Rank
FEZ
FEZ Risk / Return Rank: 2626
Overall Rank
FEZ Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
FEZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
FEZ Omega Ratio Rank: 2525
Omega Ratio Rank
FEZ Calmar Ratio Rank: 2626
Calmar Ratio Rank
FEZ Martin Ratio Rank: 2929
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. FEZ - 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 SPDR EURO STOXX 50 ETF (FEZ). 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.TOFEZDifference
Sharpe ratioReturn per unit of total volatility
1.53
0.95

+0.57

Sortino ratioReturn per unit of downside risk
2.19
1.44

+0.76

Omega ratioGain probability vs. loss probability

1.28

1.17

+0.11

Calmar ratioReturn relative to maximum drawdown

1.90

1.33

+0.57

Martin ratioReturn relative to average drawdown

7.58

4.49

+3.09

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.TO vs. FEZ - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.53, which is higher than the FEZ Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of XEF.TO and FEZ, 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.TOFEZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

0.95

+0.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.60

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.53

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.29

+0.41

Drawdowns

XEF.TO vs. FEZ - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum FEZ drawdown of -53.81%. Use the drawdown chart below to compare losses from any high point for XEF.TO and FEZ.

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Drawdown Indicators

XEF.TOFEZDifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-53.81%

+25.30%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-13.25%

+1.98%

Max Drawdown (3Y)

Largest decline over 3 years

-14.31%

-16.21%

+1.90%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-28.89%

+4.31%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-33.95%

+5.44%

Current Drawdown

Current decline from peak

-1.96%

-1.27%

-0.69%

Average Drawdown

Average peak-to-trough decline

-4.61%

-13.55%

+8.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.82%

3.92%

-1.10%

Volatility

XEF.TO vs. FEZ - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 4.30%, while SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 5.93%. This indicates that XEF.TO experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEF.TOFEZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.30%

5.93%

-1.63%

Volatility (6M)

Calculated over the trailing 6-month period

11.82%

15.44%

-3.62%

Volatility (1Y)

Calculated over the trailing 1-year period

14.06%

18.51%

-4.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.62%

21.52%

-7.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.87%

22.00%

-7.13%

XEF.TO vs. FEZ - Expense Ratio Comparison

XEF.TO has a 0.23% expense ratio, which is lower than FEZ's 0.29% expense ratio.

Dividends

XEF.TO vs. FEZ - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.23%, less than FEZ's 2.58% yield.

PositionTTM20252024202320222021202020192018201720162015
FEZ
SPDR EURO STOXX 50 ETF		2.58%2.78%2.94%2.75%3.06%2.61%2.13%2.61%3.45%2.44%3.35%3.03%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.23%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 FEZ have a correlation of 0.84, 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 0.29% for FEZ.

XEF.TO is categorized as Foreign Large Cap Equities, while FEZ is Europe Equities. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.23% for XEF.TO and 0.29% for FEZ.

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