XEF.TO vs. TPE.TO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and TPE.TO (TD International Equity Index ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while TPE.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR). Both are passively managed. Over the past 10 years, XEF.TO returned 9.77%/yr vs 9.84%/yr for TPE.TO. A 0.79 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.19%/yr for TPE.TO.
Performance
XEF.TO vs. TPE.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with XEF.TO having a 9.95% return and TPE.TO slightly lower at 9.84%. Both investments have delivered pretty close results over the past 10 years, with XEF.TO having a 9.77% annualized return and TPE.TO not far ahead at 9.84%.
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%
TPE.TO
- 1D
- -0.43%
- 1M
- 5.26%
- YTD
- 9.84%
- 6M
- 10.54%
- 1Y
- 23.20%
- 3Y*
- 17.84%
- 5Y*
- 11.09%
- 10Y*
- 9.84%
XEF.TO vs. TPE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TPE.TO TD International Equity Index ETF | 9.84% | 25.30% | 12.36% | 15.65% | -9.18% | 10.41% | 6.19% | 16.38% | -6.63% | 17.27% |
Correlation
The correlation between XEF.TO and TPE.TO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2016 | 0.79 |
The correlation between XEF.TO and TPE.TO shifts across timeframes, from 0.79 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.
XEF.TO vs. TPE.TO - Sectors Allocation Comparison
Sectors
XEF.TO
TPE.TO
Financial Services
Industrials
Technology
Healthcare
Consumer Cyclical
Basic Materials
Consumer Defensive
Communication Services
Energy
Utilities
Real Estate
Financial Services
XEF.TO
TPE.TO
Industrials
XEF.TO
TPE.TO
Technology
XEF.TO
TPE.TO
Healthcare
XEF.TO
TPE.TO
Consumer Cyclical
XEF.TO
TPE.TO
Basic Materials
XEF.TO
TPE.TO
Consumer Defensive
XEF.TO
TPE.TO
Communication Services
XEF.TO
TPE.TO
Energy
XEF.TO
TPE.TO
Utilities
XEF.TO
TPE.TO
Real Estate
XEF.TO
TPE.TO
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Return for Risk
XEF.TO vs. TPE.TO — Risk / Return Rank
XEF.TO
TPE.TO
XEF.TO vs. TPE.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 TD International Equity Index ETF (TPE.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.
| XEF.TO | TPE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 2.06 | +0.01 |
| Martin ratioReturn relative to average drawdown | 8.22 | 7.95 | +0.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XEF.TO | TPE.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 1.57 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 0.79 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.66 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.65 | +0.06 |
Drawdowns
XEF.TO vs. TPE.TO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, roughly equal to the maximum TPE.TO drawdown of -27.42%. Use the drawdown chart below to compare losses from any high point for XEF.TO and TPE.TO.
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Drawdown Indicators
| XEF.TO | TPE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -27.42% | -1.09% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -11.33% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -14.41% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -24.81% | +0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | -27.42% | -1.09% |
Current DrawdownCurrent decline from peak | -1.09% | -3.37% | +2.28% |
Average DrawdownAverage peak-to-trough decline | -4.62% | -4.42% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 2.93% | -0.11% |
Volatility
XEF.TO vs. TPE.TO - Volatility Comparison
The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 4.77%, while TD International Equity Index ETF (TPE.TO) has a volatility of 6.99%. This indicates that XEF.TO experiences smaller price fluctuations and is considered to be less risky than TPE.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 | TPE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 6.99% | -2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.56% | 12.56% | -1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.85% | 14.90% | -1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 14.05% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.85% | 14.90% | -0.05% |
XEF.TO vs. TPE.TO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is higher than TPE.TO's 0.19% 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. TPE.TO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.21%, more than TPE.TO's 2.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TPE.TO TD International Equity Index ETF | 2.13% | 2.30% | 2.37% | 2.66% | 2.89% | 2.41% | 2.42% | 2.60% | 2.94% | 2.35% | 2.21% | 0.00% |
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 0.98, XEF.TO and TPE.TO 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, TPE.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPE.TO is cheaper with a 0.19% expense ratio, compared with 0.23% for XEF.TO.
XEF.TO is categorized as Foreign Large Cap Equities, while TPE.TO is International Equity. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while TPE.TO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR). They also come from different issuers: iShares and TD. Their fees differ too: 0.23% for XEF.TO and 0.19% for TPE.TO.
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