XEF.TO vs. XEU.TO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and XEU.TO (iShares MSCI Europe IMI 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 XEU.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 9.77%/yr for XEU.TO. Their correlation of 0.86 suggests significant overlap in exposure. XEF.TO charges 0.23%/yr vs 0.28%/yr for XEU.TO.
Performance
XEF.TO vs. XEU.TO - Performance Comparison
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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 XEU.TO's 6.82% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: XEF.TO at 9.77% and XEU.TO at 9.77%.
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%
XEU.TO
- 1D
- -0.82%
- 1M
- 5.05%
- YTD
- 6.82%
- 6M
- 8.23%
- 1Y
- 18.70%
- 3Y*
- 17.08%
- 5Y*
- 10.84%
- 10Y*
- 9.77%
XEF.TO vs. XEU.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% |
XEU.TO iShares MSCI Europe IMI Index ETF | 6.82% | 29.40% | 9.36% | 17.36% | -10.48% | 16.36% | 3.16% | 18.30% | -8.11% | 18.48% |
Correlation
The correlation between XEF.TO and XEU.TO is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2014 | 0.86 |
The correlation between XEF.TO and XEU.TO has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.
XEF.TO vs. XEU.TO - Sectors Allocation Comparison
Sectors
XEF.TO
XEU.TO
Financial Services
Industrials
Technology
Healthcare
Consumer Cyclical
Basic Materials
Consumer Defensive
Communication Services
Energy
Utilities
Real Estate
Financial Services
XEF.TO
XEU.TO
Industrials
XEF.TO
XEU.TO
Technology
XEF.TO
XEU.TO
Healthcare
XEF.TO
XEU.TO
Consumer Cyclical
XEF.TO
XEU.TO
Basic Materials
XEF.TO
XEU.TO
Consumer Defensive
XEF.TO
XEU.TO
Communication Services
XEF.TO
XEU.TO
Energy
XEF.TO
XEU.TO
Utilities
XEF.TO
XEU.TO
Real Estate
XEF.TO
XEU.TO
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Return for Risk
XEF.TO vs. XEU.TO — Risk / Return Rank
XEF.TO
XEU.TO
XEF.TO vs. XEU.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 (XEU.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 | XEU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 1.57 | +0.49 |
| Martin ratioReturn relative to average drawdown | 8.22 | 6.06 | +2.17 |
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 | XEU.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 1.32 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 0.74 | +0.07 |
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 | 0.53 | +0.18 |
Drawdowns
XEF.TO vs. XEU.TO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum XEU.TO drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for XEF.TO and XEU.TO.
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Drawdown Indicators
| XEF.TO | XEU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -32.02% | +3.51% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -11.94% | +0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -14.62% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -26.96% | +2.38% |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | -32.02% | +3.51% |
Current DrawdownCurrent decline from peak | -1.09% | -1.74% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -4.62% | -5.38% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 3.09% | -0.27% |
Volatility
XEF.TO vs. XEU.TO - Volatility Comparison
The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 4.77%, while iShares MSCI Europe IMI Index ETF (XEU.TO) has a volatility of 5.16%. This indicates that XEF.TO experiences smaller price fluctuations and is considered to be less risky than XEU.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 | XEU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 5.16% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 11.56% | 11.85% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.85% | 14.22% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 14.72% | -1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.85% | 16.09% | -1.24% |
XEF.TO vs. XEU.TO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is lower than XEU.TO's 0.28% expense ratio.
Dividends
XEF.TO vs. XEU.TO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.21%, less than XEU.TO's 2.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEU.TO iShares MSCI Europe IMI Index ETF | 2.31% | 2.47% | 2.68% | 2.96% | 3.03% | 2.42% | 1.98% | 3.56% | 3.28% | 2.27% | 2.91% | 2.33% |
Frequently Asked Questions
With a correlation of 0.94, XEF.TO and XEU.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, 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 XEU.TO.
XEF.TO is categorized as Foreign Large Cap Equities, while XEU.TO is Europe Equities. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while XEU.TO tracks Morningstar Eur GR CAD. Their fees differ too: 0.23% for XEF.TO and 0.28% for XEU.TO.
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