XEF.TO vs. PSA.TO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and PSA.TO (Purpose High Interest Savings Fund) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while PSA.TO is a Money Market fund actively managed by Purpose Investments. XEF.TO is passively managed, while PSA.TO is actively managed. Over the past 10 years, XEF.TO returned 10.18%/yr vs 2.27%/yr for PSA.TO. At a 0.03 correlation, their price movements are largely independent. XEF.TO charges 0.23%/yr vs 0.17%/yr for PSA.TO.
Performance
XEF.TO vs. PSA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEF.TO achieves a 12.66% return, which is significantly higher than PSA.TO's 1.15% return. Over the past 10 years, XEF.TO has outperformed PSA.TO with an annualized return of 10.18%, while PSA.TO has yielded a comparatively lower 2.27% annualized return.
XEF.TO
- 1D
- 0.16%
- 1M
- 1.03%
- 6M
- 8.15%
- YTD
- 12.66%
- 1Y
- 23.99%
- 3Y*
- 18.01%
- 5Y*
- 10.98%
- 10Y*
- 10.18%
PSA.TO
- 1D
- 0.02%
- 1M
- 0.18%
- 6M
- 1.11%
- YTD
- 1.15%
- 1Y
- 2.31%
- 3Y*
- 3.61%
- 5Y*
- 3.21%
- 10Y*
- 2.27%
XEF.TO vs. PSA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 12.66% | 25.69% | 12.04% | 15.21% | -9.53% | 10.35% | 6.13% | 15.85% | -6.66% | 18.20% |
PSA.TO Purpose High Interest Savings Fund | 1.15% | 2.64% | 4.55% | 5.13% | 2.32% | 0.61% | 0.93% | 2.22% | 1.65% | 1.08% |
Correlation
The correlation between XEF.TO and PSA.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.03 |
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Return for Risk
XEF.TO vs. PSA.TO — Risk / Return Rank
XEF.TO
PSA.TO
XEF.TO vs. PSA.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 Purpose High Interest Savings Fund (PSA.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 | PSA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.74 | ||
| Sortino ratioReturn per unit of downside risk | -20.98 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 5.76 | -4.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 115.87 | -113.73 |
| Martin ratioReturn relative to average drawdown | 8.47 | 353.52 | -345.04 |
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Drawdowns
XEF.TO vs. PSA.TO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, which is greater than PSA.TO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for XEF.TO and PSA.TO.
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Drawdown Indicators
| XEF.TO | PSA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -0.04% | -28.47% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -0.02% | -11.25% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -0.02% | -14.29% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -0.04% | -24.54% |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | -0.04% | -28.47% |
Current DrawdownCurrent decline from peak | -2.32% | 0.00% | -2.32% |
Average DrawdownAverage peak-to-trough decline | -4.58% | -0.00% | -4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 0.01% | +2.83% |
Volatility
XEF.TO vs. PSA.TO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a higher volatility of 3.45% compared to Purpose High Interest Savings Fund (PSA.TO) at 0.05%. This indicates that XEF.TO's price experiences larger fluctuations and is considered to be riskier than PSA.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 | PSA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.45% | 0.05% | +3.40% |
Volatility (6M)Calculated over the trailing 6-month period | 12.41% | 0.16% | +12.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.46% | 0.25% | +14.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.74% | 0.29% | +13.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.65% | 0.25% | +14.40% |
XEF.TO vs. PSA.TO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is higher than PSA.TO's 0.17% 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. PSA.TO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.34%, more than PSA.TO's 2.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSA.TO Purpose High Interest Savings Fund | 2.30% | 2.61% | 4.46% | 5.05% | 2.26% | 0.59% | 0.94% | 2.18% | 1.66% | 1.07% | 0.99% | 1.07% |
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 2.34% | 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 PSA.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PSA.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PSA.TO is cheaper with a 0.17% expense ratio, compared with 0.23% for XEF.TO.
XEF.TO is categorized as Foreign Large Cap Equities, while PSA.TO is Money Market. They also come from different issuers: iShares and Purpose Investments. Their fees differ too: 0.23% for XEF.TO and 0.17% for PSA.TO.
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