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

XEF.TO vs. XEG.TO

Last updated Jun 4, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy 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 XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, XEF.TO returned 9.77%/yr vs 11.85%/yr for XEG.TO. At a 0.28 correlation, their price movements are largely independent. XEF.TO charges 0.23%/yr vs 0.61%/yr for XEG.TO.

Performance

XEF.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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 9.95% return, which is significantly lower than XEG.TO's 44.34% return. Over the past 10 years, XEF.TO has underperformed XEG.TO with an annualized return of 9.77%, while XEG.TO has yielded a comparatively higher 11.85% annualized return.

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%

XEG.TO

1D
1.17%
1M
-0.04%
YTD
44.34%
6M
39.73%
1Y
70.40%
3Y*
28.08%
5Y*
29.48%
10Y*
11.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. XEG.TO - 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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		44.34%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-27.05%-11.18%

Correlation

The correlation between XEF.TO and XEG.TO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.12

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

0.12

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

0.20

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

0.29

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

0.28

The correlation between XEF.TO and XEG.TO shifts across timeframes, from -0.12 (1 year) to 0.29 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
XEF.TO
XEG.TO

Financial Services

22.9%

-

Industrials

20.5%

-

Technology

10.2%

-

Healthcare

9.8%

-

Consumer Cyclical

8.2%

-

Basic Materials

6.6%

-

Consumer Defensive

6.4%

-

Communication Services

4.4%

-

Energy

4.0%
100.0%

Utilities

3.8%

-

Real Estate

3.1%

-

Financial Services

XEF.TO
22.9%
XEG.TO

-

Industrials

XEF.TO
20.5%
XEG.TO

-

Technology

XEF.TO
10.2%
XEG.TO

-

Healthcare

XEF.TO
9.8%
XEG.TO

-

Consumer Cyclical

XEF.TO
8.2%
XEG.TO

-

Basic Materials

XEF.TO
6.6%
XEG.TO

-

Consumer Defensive

XEF.TO
6.4%
XEG.TO

-

Communication Services

XEF.TO
4.4%
XEG.TO

-

Energy

XEF.TO
4.0%
XEG.TO
100.0%

Utilities

XEF.TO
3.8%
XEG.TO

-

Real Estate

XEF.TO
3.1%
XEG.TO

-

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE IMI Index ETF

iShares S&P/TSX Capped Energy Index ETF

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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 XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

XEF.TO vs. XEG.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: 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
XEG.TO
XEG.TO Risk / Return Rank: 8686
Overall Rank
XEG.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8787
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. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
1.68
3.11

-1.43

Sortino ratioReturn per unit of downside risk
2.41
3.66

-1.25

Omega ratioGain probability vs. loss probability

1.31

1.49

-0.18

Calmar ratioReturn relative to maximum drawdown

2.06

6.36

-4.30

Martin ratioReturn relative to average drawdown

8.22

19.02

-10.80

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. XEG.TO - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.68, which is lower than the XEG.TO Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of XEF.TO and XEG.TO, 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.TOXEG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.68

3.11

-1.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

1.04

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.36

+0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.28

+0.43

Drawdowns

XEF.TO vs. XEG.TO - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for XEF.TO and XEG.TO.

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Drawdown Indicators

XEF.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-87.74%

+59.23%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-11.12%

-0.15%

Max Drawdown (3Y)

Largest decline over 3 years

-14.32%

-25.67%

+11.35%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-28.42%

+3.84%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-79.66%

+51.15%

Current Drawdown

Current decline from peak

-1.09%

-4.00%

+2.91%

Average Drawdown

Average peak-to-trough decline

-4.62%

-29.19%

+24.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.82%

3.71%

-0.89%

Volatility

XEF.TO vs. XEG.TO - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 4.77%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.31%. This indicates that XEF.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.77%

9.31%

-4.54%

Volatility (6M)

Calculated over the trailing 6-month period

11.56%

18.99%

-7.43%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

22.76%

-8.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.58%

28.62%

-15.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.85%

33.41%

-18.56%

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

XEF.TO has a 0.23% expense ratio, which is lower than XEG.TO's 0.61% expense ratio.

Dividends

XEF.TO vs. XEG.TO - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.21%, less than XEG.TO's 2.65% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.65%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

XEF.TO and XEG.TO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.61% for XEG.TO.

XEF.TO is categorized as Foreign Large Cap Equities, while XEG.TO is Energy Equities. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.23% for XEF.TO and 0.61% for XEG.TO.

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