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XEM.TO vs. VSGX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEM.TO vs. VSGX

Last updated Jun 25, 2026

XEM.TO (iShares MSCI Emerging Markets Index ETF) and VSGX (Vanguard ESG International Stock ETF) are both exchange-traded funds - XEM.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD, while VSGX is a Foreign Large Cap Equities fund tracking the FTSE Global All Cap ex US Choice Index. Both are passively managed. Over the past 5 years, XEM.TO returned 9.01%/yr vs 10.81%/yr for VSGX. A 0.69 correlation means they provide meaningful diversification when combined. XEM.TO charges 0.81%/yr vs 0.10%/yr for VSGX.

Performance

XEM.TO vs. VSGX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Emerging Markets Index ETF (XEM.TO) and Vanguard ESG International Stock ETF (VSGX). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XEM.TO achieves a 27.52% return, which is significantly higher than VSGX's 18.89% return.

XEM.TO

1D
0.06%
1M
2.01%
YTD
27.52%
6M
28.74%
1Y
47.35%
3Y*
25.08%
5Y*
9.01%
10Y*
10.35%

VSGX

1D
0.45%
1M
4.91%
YTD
18.89%
6M
18.64%
1Y
33.63%
3Y*
22.59%
5Y*
10.81%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEM.TO vs. VSGX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
XEM.TO
iShares MSCI Emerging Markets Index ETF		27.52%27.25%14.98%6.49%-15.74%-4.09%14.12%11.47%-1.56%
VSGX
Vanguard ESG International Stock ETF		18.89%24.80%14.68%12.87%-13.45%7.19%10.33%17.97%-7.83%

Correlation

The correlation between XEM.TO and VSGX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.76

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

0.71

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

0.67

Correlation (All Time)
Calculated using the full available price history since Sep 20, 2018

0.69

The correlation between XEM.TO and VSGX has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

XEM.TO vs. VSGX - Sectors Allocation Comparison

Sectors
XEM.TO
VSGX

Technology

27.2%
30.0%

Financial Services

14.0%
28.3%

Consumer Cyclical

5.8%
8.3%

Communication Services

4.9%
4.1%

Basic Materials

4.7%
5.1%

Industrials

3.5%
7.2%

Energy

2.6%
0.0%

Consumer Defensive

2.1%
4.8%

Healthcare

1.8%
8.8%

Utilities

1.5%
0.5%

Real Estate

0.8%
2.0%

Technology

XEM.TO
27.2%
VSGX
30.0%

Financial Services

XEM.TO
14.0%
VSGX
28.3%

Consumer Cyclical

XEM.TO
5.8%
VSGX
8.3%

Communication Services

XEM.TO
4.9%
VSGX
4.1%

Basic Materials

XEM.TO
4.7%
VSGX
5.1%

Industrials

XEM.TO
3.5%
VSGX
7.2%

Energy

XEM.TO
2.6%
VSGX
0.0%

Consumer Defensive

XEM.TO
2.1%
VSGX
4.8%

Healthcare

XEM.TO
1.8%
VSGX
8.8%

Utilities

XEM.TO
1.5%
VSGX
0.5%

Real Estate

XEM.TO
0.8%
VSGX
2.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets Index ETF

Vanguard ESG International Stock ETF

Often compared with XEM.TO:
XEM.TO vs. XEC.TOXEM.TO vs. XEF.TOXEM.TO vs. XEQT.TOXEM.TO vs. ZEA.TOXEM.TO vs. VXC.TOXEM.TO vs. VOOXEM.TO vs. VFV.TO
Often compared with VSGX:
VSGX vs. VXUSVSGX vs. VOOVSGX vs. VTIVSGX vs. VEAVSGX vs. FNIDXVSGX vs. EFAXVSGX vs. AVDV

Return for Risk

XEM.TO vs. VSGX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEM.TO
XEM.TO Risk / Return Rank: 7777
Overall Rank
XEM.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XEM.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
XEM.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XEM.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
XEM.TO Martin Ratio Rank: 7878
Martin Ratio Rank
VSGX
VSGX Risk / Return Rank: 5454
Overall Rank
VSGX Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
VSGX Sortino Ratio Rank: 5252
Sortino Ratio Rank
VSGX Omega Ratio Rank: 5656
Omega Ratio Rank
VSGX Calmar Ratio Rank: 5151
Calmar Ratio Rank
VSGX Martin Ratio Rank: 5555
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.

XEM.TO vs. VSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Index ETF (XEM.TO) and Vanguard ESG International Stock ETF (VSGX). 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.TOVSGXDifference
Sharpe ratioReturn per unit of total volatility
2.18
1.88

+0.30

Sortino ratioReturn per unit of downside risk
2.79
2.57

+0.22

Omega ratioGain probability vs. loss probability

1.42

1.34

+0.08

Calmar ratioReturn relative to maximum drawdown

3.88

2.74

+1.13

Martin ratioReturn relative to average drawdown

13.48

10.46

+3.02

XEM.TO vs. VSGX - Sharpe Ratio Comparison

The current XEM.TO Sharpe Ratio is 2.18, which is comparable to the VSGX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of XEM.TO and VSGX, 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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Drawdowns

XEM.TO vs. VSGX - Drawdown Comparison

The maximum XEM.TO drawdown since its inception was -35.27%, which is greater than VSGX's maximum drawdown of -28.02%. Use the drawdown chart below to compare losses from any high point for XEM.TO and VSGX.

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Drawdown Indicators

XEM.TOVSGXDifference

Max Drawdown

Largest peak-to-trough decline

-35.27%

-28.02%

-7.25%

Max Drawdown (1Y)

Largest decline over 1 year

-12.27%

-12.31%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-15.30%

-14.09%

-1.21%

Max Drawdown (5Y)

Largest decline over 5 years

-31.06%

-25.75%

-5.31%

Max Drawdown (10Y)

Largest decline over 10 years

-35.27%

—

—

Current Drawdown

Current decline from peak

-5.31%

-3.07%

-2.24%

Average Drawdown

Average peak-to-trough decline

-10.47%

-5.75%

-4.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.52%

3.22%

+0.30%

Volatility

XEM.TO vs. VSGX - Volatility Comparison

iShares MSCI Emerging Markets Index ETF (XEM.TO) has a higher volatility of 11.82% compared to Vanguard ESG International Stock ETF (VSGX) at 8.24%. This indicates that XEM.TO's price experiences larger fluctuations and is considered to be riskier than VSGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEM.TOVSGXDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.82%

8.24%

+3.58%

Volatility (6M)

Calculated over the trailing 6-month period

20.02%

16.14%

+3.88%

Volatility (1Y)

Calculated over the trailing 1-year period

22.00%

18.06%

+3.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.40%

17.65%

-0.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.30%

19.24%

-0.94%

XEM.TO vs. VSGX - Expense Ratio Comparison

XEM.TO has a 0.81% expense ratio, which is higher than VSGX's 0.10% expense ratio.

Dividends

XEM.TO vs. VSGX - Dividend Comparison

XEM.TO's dividend yield for the trailing twelve months is around 1.49%, less than VSGX's 2.96% yield.

PositionTTM20252024202320222021202020192018201720162015
VSGX
Vanguard ESG International Stock ETF		2.96%3.23%3.10%2.77%2.61%2.49%1.67%2.28%0.38%0.00%0.00%0.00%
XEM.TO
iShares MSCI Emerging Markets Index ETF		1.49%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 VSGX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VSGX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VSGX is cheaper with a 0.10% expense ratio, compared with 0.81% for XEM.TO.

XEM.TO is categorized as Emerging Markets Equities, while VSGX is Foreign Large Cap Equities. XEM.TO tracks Morningstar EM GR CAD, while VSGX tracks FTSE Global All Cap ex US Choice Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.81% for XEM.TO and 0.10% for VSGX.

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