XEF.TO vs. FNDF
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 9.83%/yr vs 12.27%/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
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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 11.06% return, which is significantly lower than FNDF's 19.34% return. Over the past 10 years, XEF.TO has underperformed FNDF with an annualized return of 9.83%, while FNDF has yielded a comparatively higher 12.27% annualized return.
XEF.TO
- 1D
- -0.31%
- 1M
- -2.09%
- 6M
- 6.66%
- YTD
- 11.06%
- 1Y
- 22.70%
- 3Y*
- 17.40%
- 5Y*
- 10.79%
- 10Y*
- 9.83%
- ALL TIME*
- 10.29%
FNDF
- 1D
- -0.75%
- 1M
- -3.17%
- 6M
- 12.69%
- YTD
- 19.34%
- 1Y
- 38.60%
- 3Y*
- 23.04%
- 5Y*
- 16.10%
- 10Y*
- 12.27%
- ALL TIME*
- 11.44%
XEF.TO vs. FNDF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 11.06% | 25.69% | 12.04% | 15.21% | -9.53% | 10.35% | 6.13% | 15.85% | -6.66% | 18.20% |
FNDF Schwab Fundamental International Equity ETF | 19.34% | 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 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
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 has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.
XEF.TO vs. FNDF - Sectors Allocation Comparison
Sectors
XEF.TO
FNDF
Financial Services
Industrials
Technology
Healthcare
Consumer Cyclical
Consumer Defensive
Basic Materials
Communication Services
Utilities
Energy
Real Estate
Financial Services
XEF.TO
FNDF
Industrials
XEF.TO
FNDF
Technology
XEF.TO
FNDF
Healthcare
XEF.TO
FNDF
Consumer Cyclical
XEF.TO
FNDF
Consumer Defensive
XEF.TO
FNDF
Basic Materials
XEF.TO
FNDF
Communication Services
XEF.TO
FNDF
Utilities
XEF.TO
FNDF
Energy
XEF.TO
FNDF
Real Estate
XEF.TO
FNDF
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Return for Risk
XEF.TO vs. FNDF — Risk / Return Rank
XEF.TO
FNDF
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.TO | FNDF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.41 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 3.80 | -1.78 |
| Martin ratioReturn relative to average drawdown | 7.94 | 14.30 | -6.35 |
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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.TO | FNDF | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -3.71% | -3.55% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -4.58% | -4.56% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.71% | +0.15% |
Volatility
XEF.TO vs. FNDF - Volatility Comparison
The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 3.46%, while Schwab Fundamental International Equity ETF (FNDF) has a volatility of 4.79%. 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.TO | FNDF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 4.79% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 12.42% | 14.52% | -2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.50% | 16.64% | -2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.74% | 17.32% | -3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.65% | 18.45% | -3.80% |
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 2.38%, less than FNDF's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNDF Schwab Fundamental International Equity ETF | 3.12% | 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 | 2.38% | 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 0.80, 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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