XEF.TO vs. XTLH.TO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and XTLH.TO (iShares 20+ Year U.S. Treasury Bond 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 XTLH.TO is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged). Both are passively managed. Over the past year, XEF.TO returned 26.52% vs 2.20% for XTLH.TO. At a 0.24 correlation, their price movements are largely independent. XEF.TO charges 0.23%/yr vs 0.18%/yr for XTLH.TO.
Performance
XEF.TO vs. XTLH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEF.TO achieves a 12.24% return, which is significantly higher than XTLH.TO's -0.61% return.
XEF.TO
- 1D
- 0.66%
- 1M
- 5.31%
- YTD
- 12.24%
- 6M
- 12.83%
- 1Y
- 26.52%
- 3Y*
- 18.22%
- 5Y*
- 11.04%
- 10Y*
- 10.44%
XTLH.TO
- 1D
- -0.03%
- 1M
- 2.76%
- YTD
- -0.61%
- 6M
- -0.52%
- 1Y
- 2.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XEF.TO vs. XTLH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 12.24% | 25.69% | 12.04% | 0.24% |
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | -0.61% | 2.61% | -9.55% | -1.06% |
Correlation
The correlation between XEF.TO and XTLH.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.24 |
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Return for Risk
XEF.TO vs. XTLH.TO — Risk / Return Rank
XEF.TO
XTLH.TO
XEF.TO vs. XTLH.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 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XEF.TO | XTLH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.05 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 0.26 | +2.10 |
| Martin ratioReturn relative to average drawdown | 9.41 | 0.63 | +8.78 |
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Drawdowns
XEF.TO vs. XTLH.TO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, which is greater than XTLH.TO's maximum drawdown of -15.86%. Use the drawdown chart below to compare losses from any high point for XEF.TO and XTLH.TO.
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Drawdown Indicators
| XEF.TO | XTLH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -15.86% | -12.65% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -8.37% | -2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -11.50% | +11.50% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -9.14% | +4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 3.49% | -0.66% |
Volatility
XEF.TO vs. XTLH.TO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a higher volatility of 5.30% compared to iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) at 3.04%. This indicates that XEF.TO's price experiences larger fluctuations and is considered to be riskier than XTLH.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 | XTLH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 3.04% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 6.56% | +5.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 9.51% | +4.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.70% | 12.41% | +1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.87% | 12.41% | +2.46% |
XEF.TO vs. XTLH.TO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is higher than XTLH.TO's 0.18% 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. XTLH.TO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.17%, less than XTLH.TO's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 2.17% | 2.43% | 2.76% | 2.75% | 2.93% | 2.42% | 1.93% | 2.71% | 2.75% | 2.11% | 2.45% | 2.42% |
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | 4.60% | 4.42% | 4.32% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XEF.TO and XTLH.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XTLH.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XTLH.TO is cheaper with a 0.18% expense ratio, compared with 0.23% for XEF.TO.
XEF.TO is categorized as Foreign Large Cap Equities, while XTLH.TO is Government Bonds. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while XTLH.TO tracks ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged). Their fees differ too: 0.23% for XEF.TO and 0.18% for XTLH.TO.
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