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

XEH.TO vs. XEI.TO

Last updated Jun 4, 2026

XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - XEH.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, XEH.TO returned 9.71%/yr vs 12.32%/yr for XEI.TO. A 0.53 correlation means they provide meaningful diversification when combined. XEH.TO charges 0.28%/yr vs 0.22%/yr for XEI.TO.

Performance

XEH.TO vs. XEI.TO - 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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.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, XEH.TO achieves a 6.64% return, which is significantly lower than XEI.TO's 22.21% return. Over the past 10 years, XEH.TO has underperformed XEI.TO with an annualized return of 9.71%, while XEI.TO has yielded a comparatively higher 12.32% 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%

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEH.TO vs. XEI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between XEH.TO and XEI.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.33

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

0.51

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

0.57

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

0.59

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

0.53

Over the past year, the correlation between XEH.TO and XEI.TO has dropped to 0.33 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

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

Sectors
XEH.TO
XEI.TO

Financial Services

20.8%
31.4%

Industrials

16.1%
0.7%

Healthcare

10.9%
0.2%

Technology

8.7%
0.7%

Consumer Defensive

8.2%
0.5%

Consumer Cyclical

6.7%
6.2%

Basic Materials

5.4%
4.6%

Energy

4.1%
32.1%

Utilities

3.7%
11.2%

Communication Services

3.4%
7.6%

Real Estate

1.4%
4.8%

Financial Services

XEH.TO
20.8%
XEI.TO
31.4%

Industrials

XEH.TO
16.1%
XEI.TO
0.7%

Healthcare

XEH.TO
10.9%
XEI.TO
0.2%

Technology

XEH.TO
8.7%
XEI.TO
0.7%

Consumer Defensive

XEH.TO
8.2%
XEI.TO
0.5%

Consumer Cyclical

XEH.TO
6.7%
XEI.TO
6.2%

Basic Materials

XEH.TO
5.4%
XEI.TO
4.6%

Energy

XEH.TO
4.1%
XEI.TO
32.1%

Utilities

XEH.TO
3.7%
XEI.TO
11.2%

Communication Services

XEH.TO
3.4%
XEI.TO
7.6%

Real Estate

XEH.TO
1.4%
XEI.TO
4.8%

Compare stocks, funds, or ETFs

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iShares MSCI Europe IMI Index ETF (CAD-Hedged)

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with XEH.TO:
XEH.TO vs. XEU.TOXEH.TO vs. XEF.TOXEH.TO vs. VEF.TOXEH.TO vs. IWYXEH.TO vs. IEURXEH.TO vs. XEQT.TOXEH.TO vs. ZEA.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

XEH.TO vs. XEI.TO — 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: 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
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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.

XEH.TO vs. XEI.TO - 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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.

XEH.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
1.24
6.08

-4.84

Sortino ratioReturn per unit of downside risk
1.80
9.07

-7.27

Omega ratioGain probability vs. loss probability

1.23

2.27

-1.04

Calmar ratioReturn relative to maximum drawdown

1.50

19.53

-18.02

Martin ratioReturn relative to average drawdown

6.13

66.28

-60.16

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. XEI.TO - Sharpe Ratio Comparison

The current XEH.TO Sharpe Ratio is 1.24, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of XEH.TO and XEI.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

XEH.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

6.08

-4.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

1.39

-0.74

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.77

-0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.67

-0.12

Drawdowns

XEH.TO vs. XEI.TO - Drawdown Comparison

The maximum XEH.TO drawdown since its inception was -35.81%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for XEH.TO and XEI.TO.

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Drawdown Indicators

XEH.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.81%

-45.51%

+9.70%

Max Drawdown (1Y)

Largest decline over 1 year

-10.38%

-2.24%

-8.14%

Max Drawdown (3Y)

Largest decline over 3 years

-15.01%

-9.92%

-5.09%

Max Drawdown (5Y)

Largest decline over 5 years

-20.34%

-17.32%

-3.02%

Max Drawdown (10Y)

Largest decline over 10 years

-35.81%

-45.51%

+9.70%

Current Drawdown

Current decline from peak

-2.11%

-0.76%

-1.35%

Average Drawdown

Average peak-to-trough decline

-4.88%

-5.05%

+0.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

0.66%

+1.88%

Volatility

XEH.TO vs. XEI.TO - Volatility Comparison

iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) has a higher volatility of 4.79% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that XEH.TO's price experiences larger fluctuations and is considered to be riskier than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEH.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.79%

2.87%

+1.92%

Volatility (6M)

Calculated over the trailing 6-month period

10.44%

6.01%

+4.43%

Volatility (1Y)

Calculated over the trailing 1-year period

12.62%

7.21%

+5.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.07%

11.24%

+2.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.89%

16.01%

-0.12%

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

XEH.TO has a 0.28% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

XEH.TO vs. XEI.TO - Dividend Comparison

XEH.TO's dividend yield for the trailing twelve months is around 2.35%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%

Frequently Asked Questions

XEH.TO and XEI.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.28% for XEH.TO.

XEH.TO is categorized as Europe Equities, while XEI.TO is Canada Equities. XEH.TO tracks Morningstar Eur GR CAD, while XEI.TO tracks S&P/TSX Composite High Dividend Index. Their fees differ too: 0.28% for XEH.TO and 0.22% for XEI.TO.

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