XEF.TO vs. HEQT.TO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and HEQT.TO (Horizons All-Equity Asset Allocation ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while HEQT.TO is a Global Equities fund actively managed by Horizons. XEF.TO is passively managed, while HEQT.TO is actively managed. Over the past 5 years, XEF.TO returned 10.94%/yr vs 12.70%/yr for HEQT.TO. A 0.74 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.20%/yr for HEQT.TO.
Performance
XEF.TO vs. HEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEF.TO achieves a 11.50% return, which is significantly lower than HEQT.TO's 13.37% return.
XEF.TO
- 1D
- 0.56%
- 1M
- 3.07%
- YTD
- 11.50%
- 6M
- 12.67%
- 1Y
- 25.69%
- 3Y*
- 18.06%
- 5Y*
- 10.94%
- 10Y*
- 10.64%
HEQT.TO
- 1D
- 0.59%
- 1M
- 2.47%
- YTD
- 13.37%
- 6M
- 13.85%
- 1Y
- 32.15%
- 3Y*
- 21.39%
- 5Y*
- 12.70%
- 10Y*
- —
XEF.TO vs. HEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 11.50% | 25.69% | 12.04% | 15.21% | -9.53% | 10.35% | 6.13% | 5.33% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.37% | 19.82% | 23.83% | 22.29% | -18.95% | 22.54% | 16.34% | 7.44% |
Correlation
The correlation between XEF.TO and HEQT.TO is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.74 |
The correlation between XEF.TO and HEQT.TO shifts across timeframes, from 0.74 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XEF.TO vs. HEQT.TO — Risk / Return Rank
XEF.TO
HEQT.TO
XEF.TO vs. HEQT.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 Horizons All-Equity Asset Allocation ETF (HEQT.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.
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 | HEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.45 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 3.60 | -1.46 |
| Martin ratioReturn relative to average drawdown | 8.51 | 15.68 | -7.17 |
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Drawdowns
XEF.TO vs. HEQT.TO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum HEQT.TO drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for XEF.TO and HEQT.TO.
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Drawdown Indicators
| XEF.TO | HEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -31.82% | +3.31% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -8.49% | -2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -15.33% | +1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -24.89% | +0.31% |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.75% | +0.75% |
Average DrawdownAverage peak-to-trough decline | -4.61% | -5.17% | +0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 1.95% | +0.88% |
Volatility
XEF.TO vs. HEQT.TO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a higher volatility of 5.29% compared to Horizons All-Equity Asset Allocation ETF (HEQT.TO) at 4.92%. This indicates that XEF.TO's price experiences larger fluctuations and is considered to be riskier than HEQT.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 | HEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.29% | 4.92% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 10.45% | +1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.43% | 12.59% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 14.98% | -1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.87% | 16.90% | -2.03% |
XEF.TO vs. HEQT.TO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is higher than HEQT.TO's 0.20% 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. HEQT.TO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.18%, more than HEQT.TO's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.62% | 1.70% | 1.67% | 0.84% | 0.03% | 0.02% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
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 HEQT.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.23% for XEF.TO.
XEF.TO is categorized as Foreign Large Cap Equities, while HEQT.TO is Global Equities. They also come from different issuers: iShares and Horizons. Their fees differ too: 0.23% for XEF.TO and 0.20% for HEQT.TO.
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