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

XEF.TO vs. FNDF

Last updated Jun 14, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and FNDF (Schwab Fundamental International Equity ETF) are both Foreign Large Cap Equities funds - XEF.TO tracks the MSCI EAFE Investable Market Index (CAD) while FNDF tracks the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). Both are passively managed. Over the past 10 years, XEF.TO returned 10.64%/yr vs 13.30%/yr for FNDF. A 0.70 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.25%/yr for FNDF.

Performance

XEF.TO vs. FNDF - 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 Schwab Fundamental International Equity ETF (FNDF). 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 FNDF is traded in USD. To make them comparable, the FNDF 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 11.50% return, which is significantly lower than FNDF's 22.09% return. Over the past 10 years, XEF.TO has underperformed FNDF with an annualized return of 10.64%, while FNDF has yielded a comparatively higher 13.30% annualized return.

XEF.TO

1D
0.56%
1M
4.62%
YTD
11.50%
6M
12.67%
1Y
25.69%
3Y*
18.06%
5Y*
10.94%
10Y*
10.64%

FNDF

1D
0.57%
1M
4.78%
YTD
22.09%
6M
23.34%
1Y
45.51%
3Y*
24.53%
5Y*
16.42%
10Y*
13.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. FNDF - 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%
FNDF
Schwab Fundamental International Equity ETF		22.09%34.56%10.95%17.36%-1.93%14.92%1.16%13.58%-7.00%15.59%

Correlation

The correlation between XEF.TO and FNDF is 0.81, 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

0.81

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

0.78

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

0.76

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

0.72

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

0.70

The correlation between XEF.TO and FNDF shifts across timeframes, from 0.70 (all time) to 0.81 (1 year), reflecting how their relationship changes across market environments.

XEF.TO vs. FNDF - Sectors Allocation Comparison

Sectors
XEF.TO
FNDF

Financial Services

22.9%
16.2%

Industrials

20.5%
15.5%

Technology

10.2%
14.4%

Healthcare

9.8%
5.2%

Consumer Cyclical

8.2%
10.8%

Basic Materials

6.6%
11.3%

Consumer Defensive

6.4%
6.5%

Communication Services

4.4%
4.9%

Energy

4.0%
10.9%

Utilities

3.8%
3.5%

Real Estate

3.1%
0.8%

Financial Services

XEF.TO
22.9%
FNDF
16.2%

Industrials

XEF.TO
20.5%
FNDF
15.5%

Technology

XEF.TO
10.2%
FNDF
14.4%

Healthcare

XEF.TO
9.8%
FNDF
5.2%

Consumer Cyclical

XEF.TO
8.2%
FNDF
10.8%

Basic Materials

XEF.TO
6.6%
FNDF
11.3%

Consumer Defensive

XEF.TO
6.4%
FNDF
6.5%

Communication Services

XEF.TO
4.4%
FNDF
4.9%

Energy

XEF.TO
4.0%
FNDF
10.9%

Utilities

XEF.TO
3.8%
FNDF
3.5%

Real Estate

XEF.TO
3.1%
FNDF
0.8%

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

Schwab Fundamental International Equity 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 FNDF:
FNDF vs. SCHFFNDF vs. VXUSFNDF vs. DFIVFNDF vs. VEAFNDF vs. FIVAFNDF vs. VOOFNDF vs. AVIV

Return for Risk

XEF.TO vs. FNDF — 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
FNDF
FNDF Risk / Return Rank: 8585
Overall Rank
FNDF Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
FNDF Sortino Ratio Rank: 8585
Sortino Ratio Rank
FNDF Omega Ratio Rank: 8686
Omega Ratio Rank
FNDF Calmar Ratio Rank: 8282
Calmar Ratio Rank
FNDF Martin Ratio Rank: 8282
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. FNDF - 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 Schwab Fundamental International Equity ETF (FNDF). 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.TOFNDFDifference
Sharpe ratioReturn per unit of total volatility
1.67
2.66

-0.99

Sortino ratioReturn per unit of downside risk
2.41
3.49

-1.08

Omega ratioGain probability vs. loss probability

1.31

1.46

-0.15

Calmar ratioReturn relative to maximum drawdown

2.14

4.27

-2.14

Martin ratioReturn relative to average drawdown

8.51

16.39

-7.88

XEF.TO vs. FNDF - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.67, which is lower than the FNDF Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of XEF.TO and FNDF, 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. FNDF - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum FNDF drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for XEF.TO and FNDF.

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Drawdown Indicators

XEF.TOFNDFDifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-32.91%

+4.40%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-10.20%

-1.07%

Max Drawdown (3Y)

Largest decline over 3 years

-14.31%

-14.33%

+0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-20.02%

-4.56%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-32.91%

+4.40%

Current Drawdown

Current decline from peak

0.00%

-1.00%

+1.00%

Average Drawdown

Average peak-to-trough decline

-4.61%

-4.58%

-0.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

2.67%

+0.16%

Volatility

XEF.TO vs. FNDF - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 5.29%, while Schwab Fundamental International Equity ETF (FNDF) has a volatility of 6.72%. This indicates that XEF.TO experiences smaller price fluctuations and is considered to be less risky than FNDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEF.TOFNDFDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

6.72%

-1.43%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

13.98%

-1.75%

Volatility (1Y)

Calculated over the trailing 1-year period

14.43%

16.40%

-1.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

17.39%

-3.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.87%

18.72%

-3.85%

XEF.TO vs. FNDF - Expense Ratio Comparison

XEF.TO has a 0.23% expense ratio, which is lower than FNDF's 0.25% expense ratio. Despite the difference, 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. FNDF - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.18%, less than FNDF's 2.87% yield.

PositionTTM20252024202320222021202020192018201720162015
FNDF
Schwab Fundamental International Equity ETF		2.87%3.44%4.01%3.41%3.10%3.54%2.17%3.20%3.47%2.32%2.42%2.08%
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 FNDF have a correlation of 0.81, 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 0.25% for FNDF.

XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net). They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.23% for XEF.TO and 0.25% for FNDF.

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