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

XEF.TO vs. IEFA

Last updated Jun 25, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds from iShares - XEF.TO tracks the MSCI EAFE Investable Market Index (CAD) while IEFA tracks the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, XEF.TO returned 10.66%/yr vs 11.08%/yr for IEFA. A 0.74 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.07%/yr for IEFA.

Performance

XEF.TO vs. IEFA - 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 iShares Core MSCI EAFE ETF (IEFA). 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 IEFA is traded in USD. To make them comparable, the IEFA values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with XEF.TO having a 12.11% return and IEFA slightly higher at 12.39%. Both investments have delivered pretty close results over the past 10 years, with XEF.TO having a 10.66% annualized return and IEFA not far ahead at 11.08%.

XEF.TO

1D
0.02%
1M
0.85%
YTD
12.11%
6M
12.09%
1Y
24.72%
3Y*
19.54%
5Y*
11.11%
10Y*
10.66%

IEFA

1D
0.23%
1M
2.81%
YTD
12.39%
6M
12.04%
1Y
24.75%
3Y*
19.86%
5Y*
11.29%
10Y*
11.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		12.11%25.69%12.04%15.21%-9.53%10.35%6.13%15.85%-6.66%18.20%
IEFA
iShares Core MSCI EAFE ETF		12.39%26.05%12.01%15.15%-9.87%11.58%5.61%17.59%-6.93%18.00%

Correlation

The correlation between XEF.TO and IEFA is 0.85, 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

0.85

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

0.83

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

0.81

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

0.76

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

0.74

The correlation between XEF.TO and IEFA shifts across timeframes, from 0.74 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

XEF.TO vs. IEFA - Sectors Allocation Comparison

Sectors
XEF.TO
IEFA

Financial Services

22.6%
22.6%

Industrials

20.1%
20.1%

Technology

11.6%
11.6%

Healthcare

9.7%
9.7%

Consumer Cyclical

8.3%
8.3%

Basic Materials

6.8%
6.8%

Consumer Defensive

6.2%
6.2%

Communication Services

4.7%
4.7%

Energy

3.6%
3.6%

Utilities

3.5%
3.5%

Real Estate

2.9%
2.9%

Financial Services

XEF.TO
22.6%
IEFA
22.6%

Industrials

XEF.TO
20.1%
IEFA
20.1%

Technology

XEF.TO
11.6%
IEFA
11.6%

Healthcare

XEF.TO
9.7%
IEFA
9.7%

Consumer Cyclical

XEF.TO
8.3%
IEFA
8.3%

Basic Materials

XEF.TO
6.8%
IEFA
6.8%

Consumer Defensive

XEF.TO
6.2%
IEFA
6.2%

Communication Services

XEF.TO
4.7%
IEFA
4.7%

Energy

XEF.TO
3.6%
IEFA
3.6%

Utilities

XEF.TO
3.5%
IEFA
3.5%

Real Estate

XEF.TO
2.9%
IEFA
2.9%

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

iShares Core MSCI EAFE 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. XIC.TOXEF.TO vs. XEF-U.TOXEF.TO vs. XIN.TO
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. IXUSIEFA vs. IDEV

Return for Risk

XEF.TO vs. IEFA — 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: 5858
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4949
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 5555
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4141
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4141
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4141
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3939
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4545
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. IEFA - 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 iShares Core MSCI EAFE ETF (IEFA). 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.TOIEFADifference
Sharpe ratioReturn per unit of total volatility
1.73
1.56

+0.16

Sortino ratioReturn per unit of downside risk
2.47
2.24

+0.24

Omega ratioGain probability vs. loss probability

1.32

1.28

+0.04

Calmar ratioReturn relative to maximum drawdown

2.20

2.21

0.00

Martin ratioReturn relative to average drawdown

8.76

8.47

+0.29

XEF.TO vs. IEFA - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.73, which is comparable to the IEFA Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of XEF.TO and IEFA, 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. IEFA - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, roughly equal to the maximum IEFA drawdown of -29.92%. Use the drawdown chart below to compare losses from any high point for XEF.TO and IEFA.

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Drawdown Indicators

XEF.TOIEFADifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-29.92%

+1.41%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-11.27%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-14.31%

-14.32%

+0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-24.68%

+0.10%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-29.92%

+1.41%

Current Drawdown

Current decline from peak

-1.57%

-1.86%

+0.29%

Average Drawdown

Average peak-to-trough decline

-4.60%

-4.51%

-0.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

2.93%

-0.10%

Volatility

XEF.TO vs. IEFA - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 4.76%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 5.58%. This indicates that XEF.TO experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEF.TOIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.76%

5.58%

-0.82%

Volatility (6M)

Calculated over the trailing 6-month period

12.30%

13.61%

-1.31%

Volatility (1Y)

Calculated over the trailing 1-year period

14.41%

15.92%

-1.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.71%

17.63%

-3.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.71%

18.19%

-3.48%

XEF.TO vs. IEFA - Expense Ratio Comparison

XEF.TO has a 0.23% expense ratio, which is higher than IEFA's 0.07% 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. IEFA - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.17%, less than IEFA's 3.45% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.45%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.17%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 IEFA have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEFA is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.23% for XEF.TO.

XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while IEFA tracks MSCI EAFE IMI Index (Net). Their fees differ too: 0.23% for XEF.TO and 0.07% for IEFA.

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