XEI.TO vs. XAW.TO

Last updated Jun 5, 2026

XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index, while XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index. Both are passively managed. Over the past 10 years, XEI.TO returned 12.30%/yr vs 13.26%/yr for XAW.TO. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.22% expense ratio.

Performance

XEI.TO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XEI.TO achieves a 23.25% return, which is significantly higher than XAW.TO's 14.15% return. Over the past 10 years, XEI.TO has underperformed XAW.TO with an annualized return of 12.30%, while XAW.TO has yielded a comparatively higher 13.26% annualized return.

XEI.TO

• 1D: 0.85%
• 1M: 3.41%
• YTD: 23.25%
• 6M: 23.82%
• 1Y: 45.53%
• 3Y*: 22.82%
• 5Y*: 15.75%
• 10Y*: 12.30%

XAW.TO

• 1D: 0.40%
• 1M: 6.30%
• YTD: 14.15%
• 6M: 12.98%
• 1Y: 31.14%
• 3Y*: 21.98%
• 5Y*: 14.05%
• 10Y*: 13.26%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	23.25%	25.96%	15.42%	6.69%	0.41%	35.88%	-7.53%	25.44%	-10.85%	7.24%
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	14.15%	15.87%	26.31%	18.45%	-11.84%	18.38%	12.37%	19.82%	-2.28%	16.10%

Correlation

The correlation between XEI.TO and XAW.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015	0.53

Over the past year, the correlation between XEI.TO and XAW.TO has dropped to 0.26 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

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

Sectors	XEI.TO	XAW.TO
Energy	32.1%	3.3%
Financial Services	31.4%	13.7%
Utilities	11.2%	2.2%
Communication Services	7.6%	8.7%
Consumer Cyclical	6.2%	8.8%
Real Estate	4.8%	1.4%
Basic Materials	4.6%	2.8%
Technology	0.7%	32.6%
Industrials	0.7%	9.1%
Consumer Defensive	0.5%	4.6%
Healthcare	0.2%	7.8%

Return for Risk

XEI.TO vs. XAW.TO — Risk / Return Rank

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

XEI.TO

XEI.TO Risk / Return Rank: 98
XEI.TO Sharpe Ratio Rank: 98
XEI.TO Sortino Ratio Rank: 99
XEI.TO Omega Ratio Rank: 98
XEI.TO Calmar Ratio Rank: 99
XEI.TO Martin Ratio Rank: 98

XAW.TO

XAW.TO Risk / Return Rank: 80
XAW.TO Sharpe Ratio Rank: 80
XAW.TO Sortino Ratio Rank: 80
XAW.TO Omega Ratio Rank: 82
XAW.TO Calmar Ratio Rank: 77
XAW.TO Martin Ratio Rank: 79

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.

XEI.TO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.

	XEI.TO	XAW.TO	Difference
Sharpe ratio: Return per unit of total volatility	6.34	2.55	+3.79
Sortino ratio: Return per unit of downside risk	9.47	3.55	+5.92
Omega ratio: Gain probability vs. loss probability	2.34	1.49	+0.86
Calmar ratio: Return relative to maximum drawdown	20.39	3.84	+16.56
Martin ratio: Return relative to average drawdown	69.23	15.47	+53.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEI.TO vs. XAW.TO - Sharpe Ratio Comparison

The current XEI.TO Sharpe Ratio is 6.34, which is higher than the XAW.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XEI.TO and XAW.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.

Sharpe Ratios by Period

	XEI.TO	XAW.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.34	2.55	+3.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.41	1.04	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.88	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.79	-0.12

Drawdowns

XEI.TO vs. XAW.TO - Drawdown Comparison

The maximum XEI.TO drawdown since its inception was -45.51%, which is greater than XAW.TO's maximum drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for XEI.TO and XAW.TO.

Drawdown Indicators

	XEI.TO	XAW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-27.32%	-18.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-8.16%	+5.92%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	-16.66%	+6.74%
Max Drawdown (5Y) Largest decline over 5 years	-17.32%	-21.02%	+3.70%
Max Drawdown (10Y) Largest decline over 10 years	-45.51%	-27.32%	-18.19%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.05%	-3.91%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	2.02%	-1.36%

Volatility

XEI.TO vs. XAW.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) is 2.89%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.12%. This indicates that XEI.TO experiences smaller price fluctuations and is considered to be less risky than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEI.TO	XAW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	4.12%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	6.03%	9.86%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	12.25%	-5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.24%	13.56%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	15.12%	+0.89%

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

Both XEI.TO and XAW.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XEI.TO vs. XAW.TO - Dividend Comparison

XEI.TO's dividend yield for the trailing twelve months is around 3.53%, more than XAW.TO's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	1.16%	1.33%	1.61%	1.71%	1.79%	1.77%	1.49%	2.02%	2.29%	1.92%	1.80%	1.83%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	3.53%	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

Can I hold both XEI.TO and XAW.TO in my portfolio?

XEI.TO and XAW.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEI.TO or XAW.TO?

Both ETFs have the same 0.22% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEI.TO or XAW.TO?

XEI.TO and XAW.TO have the same expense ratio: 0.22% per year.

What is the main difference between XEI.TO and XAW.TO?

XEI.TO is categorized as Canada Equities, while XAW.TO is Global Equities. XEI.TO tracks S&P/TSX Composite High Dividend Index, while XAW.TO tracks MSCI ACWI ex Canada IMI Index.