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

XEF.TO vs. VFV.TO

Last updated Jun 5, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and VFV.TO (Vanguard S&P 500 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 VFV.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. A 0.70 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.09%/yr for VFV.TO.

Performance

XEF.TO vs. VFV.TO - 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 Vanguard S&P 500 Index ETF (VFV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XEF.TO achieves a 10.86% return, which is significantly higher than VFV.TO's 10.06% return.

XEF.TO

1D
0.82%
1M
2.14%
YTD
10.86%
6M
12.33%
1Y
24.11%
3Y*
18.31%
5Y*
11.07%
10Y*
9.90%

VFV.TO

1D
-2.35%
1M
2.71%
YTD
10.06%
6M
8.92%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. VFV.TO - Yearly Performance Comparison

2026 (YTD)2025
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		10.86%11.35%
VFV.TO
Vanguard S&P 500 Index ETF		10.06%14.91%

Correlation

The correlation between XEF.TO and VFV.TO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (All Time)
Calculated using the full available price history since Jun 9, 2025

0.70

XEF.TO vs. VFV.TO - Sectors Allocation Comparison

Sectors
XEF.TO
VFV.TO

Financial Services

22.9%
11.6%

Industrials

20.5%
8.3%

Technology

10.2%
35.7%

Healthcare

9.8%
8.5%

Consumer Cyclical

8.2%
10.2%

Basic Materials

6.6%
1.8%

Consumer Defensive

6.4%
4.9%

Communication Services

4.4%
11.3%

Energy

4.0%
3.5%

Utilities

3.8%
2.4%

Real Estate

3.1%
1.9%

Financial Services

XEF.TO
22.9%
VFV.TO
11.6%

Industrials

XEF.TO
20.5%
VFV.TO
8.3%

Technology

XEF.TO
10.2%
VFV.TO
35.7%

Healthcare

XEF.TO
9.8%
VFV.TO
8.5%

Consumer Cyclical

XEF.TO
8.2%
VFV.TO
10.2%

Basic Materials

XEF.TO
6.6%
VFV.TO
1.8%

Consumer Defensive

XEF.TO
6.4%
VFV.TO
4.9%

Communication Services

XEF.TO
4.4%
VFV.TO
11.3%

Energy

XEF.TO
4.0%
VFV.TO
3.5%

Utilities

XEF.TO
3.8%
VFV.TO
2.4%

Real Estate

XEF.TO
3.1%
VFV.TO
1.9%

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iShares Core MSCI EAFE IMI Index ETF

Vanguard S&P 500 Index 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. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO
Often compared with VFV.TO:
VFV.TO vs. XEQT.TOVFV.TO vs. VEQT.TOVFV.TO vs. VOOVFV.TO vs. QQC.TOVFV.TO vs. VSP.TOVFV.TO vs. VCN.TOVFV.TO vs. XQQ.TO

Return for Risk

XEF.TO vs. VFV.TO — 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: 5050
Overall Rank
XEF.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5353
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 5151
Martin Ratio Rank
VFV.TO
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. VFV.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 Vanguard S&P 500 Index ETF (VFV.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.TOVFV.TODifference
Sharpe ratioReturn per unit of total volatility
1.73

—

—

Sortino ratioReturn per unit of downside risk
2.48

—

—

Omega ratioGain probability vs. loss probability

1.32

—

—

Calmar ratioReturn relative to maximum drawdown

2.13

—

—

Martin ratioReturn relative to average drawdown

8.48

—

—

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. VFV.TO - Sharpe Ratio Comparison

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Sharpe Ratios by Period

XEF.TOVFV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.73

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

2.30

-1.59

Drawdowns

XEF.TO vs. VFV.TO - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, which is greater than VFV.TO's maximum drawdown of -8.62%. Use the drawdown chart below to compare losses from any high point for XEF.TO and VFV.TO.

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Drawdown Indicators

XEF.TOVFV.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-8.62%

-19.89%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-14.32%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

—

—

Current Drawdown

Current decline from peak

-0.27%

-2.35%

+2.08%

Average Drawdown

Average peak-to-trough decline

-4.61%

-1.38%

-3.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.82%

—

—

Volatility

XEF.TO vs. VFV.TO - Volatility Comparison

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Volatility by Period

XEF.TOVFV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.67%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

11.59%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

11.65%

+2.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.58%

11.65%

+1.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.85%

11.65%

+3.20%

XEF.TO vs. VFV.TO - Expense Ratio Comparison

XEF.TO has a 0.23% expense ratio, which is higher than VFV.TO's 0.09% 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. VFV.TO - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.19%, more than VFV.TO's 0.85% yield.

PositionTTM20252024202320222021202020192018201720162015
VFV.TO
Vanguard S&P 500 Index ETF		0.85%0.92%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.19%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

XEF.TO and VFV.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VFV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VFV.TO is cheaper with a 0.09% expense ratio, compared with 0.23% for XEF.TO.

XEF.TO is categorized as Foreign Large Cap Equities, while VFV.TO is S&P 500. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while VFV.TO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.23% for XEF.TO and 0.09% for VFV.TO.

Portfolio Optimizer

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