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

XEF.TO vs. IEFA

Last updated Jun 4, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - XEF.TO is a Global Equities fund tracking the Morningstar DM xNA GR CAD, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index. Both are passively managed. Over the past 10 years, XEF.TO returned 9.77%/yr vs 10.01%/yr for IEFA. Their correlation of 0.87 suggests significant overlap in exposure. XEF.TO charges 0.22%/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 9.95% return and IEFA slightly higher at 10.24%. Both investments have delivered pretty close results over the past 10 years, with XEF.TO having a 9.77% annualized return and IEFA not far ahead at 10.01%.

XEF.TO

1D
-0.41%
1M
5.38%
YTD
9.95%
6M
10.72%
1Y
23.12%
3Y*
17.83%
5Y*
10.89%
10Y*
9.77%

IEFA

1D
-0.38%
1M
5.50%
YTD
10.24%
6M
11.02%
1Y
23.58%
3Y*
18.08%
5Y*
11.16%
10Y*
10.01%
*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		9.95%25.69%12.04%15.21%-9.53%10.36%6.13%15.86%-6.65%18.19%
IEFA
iShares Core MSCI EAFE ETF		10.24%26.02%12.13%15.35%-9.20%10.63%6.35%16.62%-6.86%18.51%

Correlation

The correlation between XEF.TO and IEFA is 0.93, 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

0.93

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

0.95

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

0.94

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

0.94

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

0.87

The correlation between XEF.TO and IEFA has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

XEF.TO vs. IEFA - Sectors Allocation Comparison

Sectors
XEF.TO
IEFA

Financial Services

22.9%
22.5%

Industrials

20.5%
20.1%

Technology

10.2%
10.8%

Healthcare

9.8%
9.5%

Consumer Cyclical

8.2%
8.0%

Basic Materials

6.6%
7.0%

Consumer Defensive

6.4%
6.6%

Communication Services

4.4%
4.4%

Energy

4.0%
3.8%

Utilities

3.8%
3.6%

Real Estate

3.1%
3.0%

Financial Services

XEF.TO
22.9%
IEFA
22.5%

Industrials

XEF.TO
20.5%
IEFA
20.1%

Technology

XEF.TO
10.2%
IEFA
10.8%

Healthcare

XEF.TO
9.8%
IEFA
9.5%

Consumer Cyclical

XEF.TO
8.2%
IEFA
8.0%

Basic Materials

XEF.TO
6.6%
IEFA
7.0%

Consumer Defensive

XEF.TO
6.4%
IEFA
6.6%

Communication Services

XEF.TO
4.4%
IEFA
4.4%

Energy

XEF.TO
4.0%
IEFA
3.8%

Utilities

XEF.TO
3.8%
IEFA
3.6%

Real Estate

XEF.TO
3.1%
IEFA
3.0%

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: 4747
Overall Rank
XEF.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 4848
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: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4444
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.

XEF.TOIEFADifference
Sharpe ratioReturn per unit of total volatility
1.68
1.69

-0.01

Sortino ratioReturn per unit of downside risk
2.41
2.42

0.00

Omega ratioGain probability vs. loss probability

1.31

1.31

0.00

Calmar ratioReturn relative to maximum drawdown

2.06

2.11

-0.05

Martin ratioReturn relative to average drawdown

8.22

8.50

-0.27

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. IEFA - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.68, which is comparable to the IEFA Sharpe Ratio of 1.69. 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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Sharpe Ratios by Period

XEF.TOIEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.68

1.69

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

0.82

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.69

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.78

-0.08

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 -28.60%. 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%

-28.60%

+0.09%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-11.20%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-14.32%

-14.12%

-0.20%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-24.47%

-0.11%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-28.60%

+0.09%

Current Drawdown

Current decline from peak

-1.09%

-0.38%

-0.71%

Average Drawdown

Average peak-to-trough decline

-4.62%

-4.37%

-0.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.82%

2.78%

+0.04%

Volatility

XEF.TO vs. IEFA - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF.TO) and iShares Core MSCI EAFE ETF (IEFA) have volatilities of 4.77% and 4.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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

4.77%

4.71%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

11.56%

11.78%

-0.22%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

14.02%

-0.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.58%

13.66%

-0.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.85%

14.66%

+0.19%

XEF.TO vs. IEFA - Expense Ratio Comparison

XEF.TO has a 0.22% 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 2.21%, less than IEFA's 3.26% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.26%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		2.21%2.43%2.76%2.75%2.93%2.42%1.93%2.72%2.76%2.10%2.42%2.42%

Frequently Asked Questions

With a correlation of 0.93, XEF.TO and IEFA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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 0.22% for XEF.TO.

XEF.TO is categorized as Global Equities, while IEFA is Foreign Large Cap Equities. XEF.TO tracks Morningstar DM xNA GR CAD, while IEFA tracks MSCI EAFE Investable Market Index. Their fees differ too: 0.22% for XEF.TO and 0.07% for IEFA.

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