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

XEF.TO vs. XEH.TO

Last updated Jun 4, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while XEH.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD. Both are passively managed. Over the past 10 years, XEF.TO returned 9.77%/yr vs 9.71%/yr for XEH.TO. A 0.76 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.28%/yr for XEH.TO.

Performance

XEF.TO vs. XEH.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 MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.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 higher than XEH.TO's 6.64% return. Both investments have delivered pretty close results over the past 10 years, with XEF.TO having a 9.77% annualized return and XEH.TO not far behind at 9.71%.

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%

XEH.TO

1D
-0.65%
1M
3.95%
YTD
6.64%
6M
8.79%
1Y
15.55%
3Y*
13.05%
5Y*
9.17%
10Y*
9.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. XEH.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%
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		6.64%20.43%7.72%15.86%-8.29%21.75%-2.39%26.24%-9.67%15.64%

Correlation

The correlation between XEF.TO and XEH.TO is 0.87, 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

0.87

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

0.81

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

0.80

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

0.78

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2014

0.76

The correlation between XEF.TO and XEH.TO shifts across timeframes, from 0.76 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XEF.TO
XEH.TO

Financial Services

22.9%
20.8%

Industrials

20.5%
16.1%

Technology

10.2%
8.7%

Healthcare

9.8%
10.9%

Consumer Cyclical

8.2%
6.7%

Basic Materials

6.6%
5.4%

Consumer Defensive

6.4%
8.2%

Communication Services

4.4%
3.4%

Energy

4.0%
4.1%

Utilities

3.8%
3.7%

Real Estate

3.1%
1.4%

Financial Services

XEF.TO
22.9%
XEH.TO
20.8%

Industrials

XEF.TO
20.5%
XEH.TO
16.1%

Technology

XEF.TO
10.2%
XEH.TO
8.7%

Healthcare

XEF.TO
9.8%
XEH.TO
10.9%

Consumer Cyclical

XEF.TO
8.2%
XEH.TO
6.7%

Basic Materials

XEF.TO
6.6%
XEH.TO
5.4%

Consumer Defensive

XEF.TO
6.4%
XEH.TO
8.2%

Communication Services

XEF.TO
4.4%
XEH.TO
3.4%

Energy

XEF.TO
4.0%
XEH.TO
4.1%

Utilities

XEF.TO
3.8%
XEH.TO
3.7%

Real Estate

XEF.TO
3.1%
XEH.TO
1.4%

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 MSCI Europe IMI Index ETF (CAD-Hedged)

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 XEH.TO:
XEH.TO vs. XEU.TOXEH.TO vs. VEF.TOXEH.TO vs. IWYXEH.TO vs. IEURXEH.TO vs. XEQT.TOXEH.TO vs. ZEA.TOXEH.TO vs. ZGQ.TO

Return for Risk

XEF.TO vs. XEH.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
XEH.TO
XEH.TO Risk / Return Rank: 3434
Overall Rank
XEH.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
XEH.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
XEH.TO Omega Ratio Rank: 3333
Omega Ratio Rank
XEH.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
XEH.TO Martin Ratio Rank: 3939
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. XEH.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 MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.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.TOXEH.TODifference
Sharpe ratioReturn per unit of total volatility
1.68
1.24

+0.44

Sortino ratioReturn per unit of downside risk
2.41
1.80

+0.61

Omega ratioGain probability vs. loss probability

1.31

1.23

+0.08

Calmar ratioReturn relative to maximum drawdown

2.06

1.50

+0.56

Martin ratioReturn relative to average drawdown

8.22

6.13

+2.10

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. XEH.TO - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.68, which is higher than the XEH.TO Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of XEF.TO and XEH.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.TOXEH.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.68

1.24

+0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

0.66

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.61

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.54

+0.16

Drawdowns

XEF.TO vs. XEH.TO - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum XEH.TO drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for XEF.TO and XEH.TO.

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Drawdown Indicators

XEF.TOXEH.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-35.81%

+7.30%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-10.38%

-0.89%

Max Drawdown (3Y)

Largest decline over 3 years

-14.32%

-15.01%

+0.69%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-20.34%

-4.24%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-35.81%

+7.30%

Current Drawdown

Current decline from peak

-1.09%

-2.11%

+1.02%

Average Drawdown

Average peak-to-trough decline

-4.62%

-4.88%

+0.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.82%

2.54%

+0.28%

Volatility

XEF.TO vs. XEH.TO - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF.TO) and iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) have volatilities of 4.77% and 4.79%, 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.TOXEH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.77%

4.79%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

11.56%

10.44%

+1.12%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

12.62%

+1.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.58%

14.07%

-0.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.85%

15.89%

-1.04%

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

XEF.TO has a 0.23% expense ratio, which is lower than XEH.TO's 0.28% expense ratio.

Dividends

XEF.TO vs. XEH.TO - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.21%, less than XEH.TO's 2.35% 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%
XEH.TO
iShares MSCI Europe IMI Index ETF (CAD-Hedged)		2.35%2.50%2.71%2.98%3.13%2.39%1.98%3.48%3.35%2.19%2.35%2.24%

Frequently Asked Questions

XEF.TO and XEH.TO have a correlation of 0.87, 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 0.28% for XEH.TO.

XEF.TO is categorized as Foreign Large Cap Equities, while XEH.TO is Europe Equities. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while XEH.TO tracks Morningstar Eur GR CAD. Their fees differ too: 0.23% for XEF.TO and 0.28% for XEH.TO.

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