XEH.TO vs. MA

Last updated Jun 4, 2026

XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) is Europe Equities fund tracking the Morningstar Eur GR CAD, while MA (Mastercard Incorporated) is a stock. Over the past 10 years, XEH.TO returned 9.71%/yr vs 18.80%/yr for MA. At a 0.38 correlation, their price movements are largely independent.

Performance

XEH.TO vs. MA - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) and Mastercard Incorporated (MA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XEH.TO is traded in CAD, while MA is traded in USD. To make them comparable, the MA values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEH.TO achieves a 6.64% return, which is significantly higher than MA's -16.08% return. Over the past 10 years, XEH.TO has underperformed MA with an annualized return of 9.71%, while MA has yielded a comparatively higher 18.80% annualized return.

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%

MA

• 1D: -0.88%
• 1M: -4.71%
• YTD: -16.08%
• 6M: -14.90%
• 1Y: -17.44%
• 3Y*: 9.96%
• 5Y*: 8.84%
• 10Y*: 18.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XEH.TO vs. MA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MA Mastercard Incorporated	-16.08%	4.04%	34.84%	20.69%	4.28%	0.25%	18.16%	51.33%	35.94%	38.28%

Correlation

The correlation between XEH.TO and MA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Apr 25, 2014	0.38

The correlation between XEH.TO and MA shifts across timeframes, from 0.20 (1 year) to 0.41 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

XEH.TO vs. MA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XEH.TO

XEH.TO Risk / Return Rank: 34
XEH.TO Sharpe Ratio Rank: 34
XEH.TO Sortino Ratio Rank: 33
XEH.TO Omega Ratio Rank: 33
XEH.TO Calmar Ratio Rank: 30
XEH.TO Martin Ratio Rank: 39

MA

MA Risk / Return Rank: 7
MA Sharpe Ratio Rank: 8
MA Sortino Ratio Rank: 10
MA Omega Ratio Rank: 11
MA Calmar Ratio Rank: 6
MA Martin Ratio Rank: 1

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.

XEH.TO vs. MA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) and Mastercard Incorporated (MA). 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.

	XEH.TO	MA	Difference
Sharpe ratio: Return per unit of total volatility	1.24	-0.79	+2.02
Sortino ratio: Return per unit of downside risk	1.80	-0.97	+2.77
Omega ratio: Gain probability vs. loss probability	1.23	0.88	+0.35
Calmar ratio: Return relative to maximum drawdown	1.50	-0.85	+2.36
Martin ratio: Return relative to average drawdown	6.13	-1.71	+7.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEH.TO vs. MA - Sharpe Ratio Comparison

The current XEH.TO Sharpe Ratio is 1.24, which is higher than the MA Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of XEH.TO and MA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XEH.TO	MA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	-0.79	+2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.39	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.74	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.96	-0.42

Drawdowns

XEH.TO vs. MA - Drawdown Comparison

The maximum XEH.TO drawdown since its inception was -35.81%, roughly equal to the maximum MA drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for XEH.TO and MA.

Drawdown Indicators

	XEH.TO	MA	Difference
Max Drawdown Largest peak-to-trough decline	-35.81%	-35.47%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-20.48%	+10.10%
Max Drawdown (3Y) Largest decline over 3 years	-15.01%	-20.77%	+5.76%
Max Drawdown (5Y) Largest decline over 5 years	-20.34%	-21.75%	+1.41%
Max Drawdown (10Y) Largest decline over 10 years	-35.81%	-35.47%	-0.34%
Current Drawdown Current decline from peak	-2.11%	-20.77%	+18.66%
Average Drawdown Average peak-to-trough decline	-4.88%	-5.94%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	10.24%	-7.70%

Volatility

XEH.TO vs. MA - Volatility Comparison

The current volatility for iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) is 4.79%, while Mastercard Incorporated (MA) has a volatility of 5.85%. This indicates that XEH.TO experiences smaller price fluctuations and is considered to be less risky than MA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEH.TO	MA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	5.85%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	17.58%	-7.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	22.27%	-9.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	22.80%	-8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	25.53%	-9.64%

Dividends

XEH.TO vs. MA - Dividend Comparison

XEH.TO's dividend yield for the trailing twelve months is around 2.35%, more than MA's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MA Mastercard Incorporated	0.69%	0.53%	0.50%	0.53%	0.56%	0.49%	0.45%	0.44%	0.53%	0.58%	0.74%	0.66%
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

Can I hold both XEH.TO and MA in my portfolio?

XEH.TO and MA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.