XEM.TO vs. DRFE.TO
XEM.TO (iShares MSCI Emerging Markets Index ETF) and DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) are both Emerging Markets Equities funds. XEM.TO is passively managed, while DRFE.TO is actively managed. Over the past 5 years, XEM.TO returned 8.00%/yr vs 11.42%/yr for DRFE.TO. At a 0.38 correlation, their price movements are largely independent.
Performance
XEM.TO vs. DRFE.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with XEM.TO having a 20.43% return and DRFE.TO slightly lower at 19.91%.
XEM.TO
- 1D
- -2.07%
- 1M
- -6.27%
- 6M
- 12.01%
- YTD
- 20.43%
- 1Y
- 36.78%
- 3Y*
- 20.72%
- 5Y*
- 8.00%
- 10Y*
- 8.75%
DRFE.TO
- 1D
- -1.00%
- 1M
- -5.73%
- 6M
- 11.85%
- YTD
- 19.91%
- 1Y
- 25.69%
- 3Y*
- 20.74%
- 5Y*
- 11.42%
- 10Y*
- —
XEM.TO vs. DRFE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XEM.TO iShares MSCI Emerging Markets Index ETF | 20.43% | 27.25% | 14.98% | 6.49% | -15.74% | -4.09% | 14.12% | 3.87% |
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF | 19.91% | 21.25% | 18.51% | 10.59% | -8.03% | 4.88% | 7.49% | 0.47% |
Correlation
The correlation between XEM.TO and DRFE.TO is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | 0.38 |
Over the past year, XEM.TO and DRFE.TO have become more correlated (0.89) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
XEM.TO vs. DRFE.TO — Risk / Return Rank
XEM.TO
DRFE.TO
XEM.TO vs. DRFE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Index ETF (XEM.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.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.
| XEM.TO | DRFE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 2.10 | +0.92 |
| Martin ratioReturn relative to average drawdown | 9.45 | 6.61 | +2.84 |
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Drawdowns
XEM.TO vs. DRFE.TO - Drawdown Comparison
The maximum XEM.TO drawdown since its inception was -35.27%, which is greater than DRFE.TO's maximum drawdown of -25.26%. Use the drawdown chart below to compare losses from any high point for XEM.TO and DRFE.TO.
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Drawdown Indicators
| XEM.TO | DRFE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.27% | -25.26% | -10.01% |
Max Drawdown (1Y)Largest decline over 1 year | -12.27% | -12.31% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -15.30% | -14.27% | -1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -29.79% | -21.05% | -8.74% |
Max Drawdown (10Y)Largest decline over 10 years | -35.27% | — | — |
Current DrawdownCurrent decline from peak | -10.57% | -9.44% | -1.13% |
Average DrawdownAverage peak-to-trough decline | -10.46% | -6.88% | -3.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.90% | 3.90% | 0.00% |
Volatility
XEM.TO vs. DRFE.TO - Volatility Comparison
iShares MSCI Emerging Markets Index ETF (XEM.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) have volatilities of 10.06% and 9.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEM.TO | DRFE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.06% | 9.86% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 21.15% | 19.35% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.09% | 21.01% | +2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.66% | 16.60% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 17.22% | +1.16% |
Dividends
XEM.TO vs. DRFE.TO - Dividend Comparison
XEM.TO's dividend yield for the trailing twelve months is around 1.50%, less than DRFE.TO's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF | 1.63% | 2.10% | 2.60% | 3.04% | 3.00% | 2.49% | 2.45% | 2.05% | 0.00% | 0.00% | 0.00% | 0.00% |
XEM.TO iShares MSCI Emerging Markets Index ETF | 1.50% | 1.90% | 2.08% | 2.39% | 2.10% | 1.91% | 1.28% | 2.56% | 1.95% | 1.78% | 1.97% | 2.24% |
Frequently Asked Questions
XEM.TO and DRFE.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: iShares and Desjardins.
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