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XEQT.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEQT.TO vs. PZW.TO

Last updated Jun 25, 2026

XEQT.TO (iShares Core Equity ETF Portfolio) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds. XEQT.TO is actively managed, while PZW.TO is passively managed. Over the past 5 years, XEQT.TO returned 13.55%/yr vs 10.35%/yr for PZW.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

XEQT.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Equity ETF Portfolio (XEQT.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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, XEQT.TO achieves a 12.77% return, which is significantly lower than PZW.TO's 15.70% return.

XEQT.TO

1D
-0.13%
1M
0.27%
YTD
12.77%
6M
12.14%
1Y
28.80%
3Y*
22.95%
5Y*
13.55%
10Y*
—

PZW.TO

1D
-0.63%
1M
3.40%
YTD
15.70%
6M
14.72%
1Y
32.76%
3Y*
21.00%
5Y*
10.35%
10Y*
11.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEQT.TO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XEQT.TO
iShares Core Equity ETF Portfolio		12.77%20.57%24.38%17.27%-10.99%18.98%11.85%8.56%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		15.70%18.48%16.03%12.88%-10.53%17.53%7.48%11.45%

Correlation

The correlation between XEQT.TO and PZW.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.38

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

0.43

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2019

0.37

The correlation between XEQT.TO and PZW.TO shifts across timeframes, from 0.32 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.

XEQT.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors
XEQT.TO
PZW.TO

Financial Services

25.5%
13.3%

Technology

19.2%
12.2%

Energy

11.9%
4.1%

Basic Materials

10.4%
7.0%

Industrials

9.9%
19.2%

Consumer Cyclical

6.2%
12.1%

Communication Services

5.0%
3.8%

Healthcare

3.8%
12.7%

Consumer Defensive

3.6%
4.6%

Utilities

2.8%
2.3%

Real Estate

1.9%
8.8%

Financial Services

XEQT.TO
25.5%
PZW.TO
13.3%

Technology

XEQT.TO
19.2%
PZW.TO
12.2%

Energy

XEQT.TO
11.9%
PZW.TO
4.1%

Basic Materials

XEQT.TO
10.4%
PZW.TO
7.0%

Industrials

XEQT.TO
9.9%
PZW.TO
19.2%

Consumer Cyclical

XEQT.TO
6.2%
PZW.TO
12.1%

Communication Services

XEQT.TO
5.0%
PZW.TO
3.8%

Healthcare

XEQT.TO
3.8%
PZW.TO
12.7%

Consumer Defensive

XEQT.TO
3.6%
PZW.TO
4.6%

Utilities

XEQT.TO
2.8%
PZW.TO
2.3%

Real Estate

XEQT.TO
1.9%
PZW.TO
8.8%

Compare stocks, funds, or ETFs

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iShares Core Equity ETF Portfolio

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. VOO
Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. INAI.TOPZW.TO vs. TEQT.TOPZW.TO vs. XWD.TOPZW.TO vs. QQCE.TOPZW.TO vs. QQC.TOPZW.TO vs. VDU.TO

Return for Risk

XEQT.TO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEQT.TO
XEQT.TO Risk / Return Rank: 8181
Overall Rank
XEQT.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 8383
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 8383
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8484
Overall Rank
PZW.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8181
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.

XEQT.TO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Equity ETF Portfolio (XEQT.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

XEQT.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
2.32

+0.05

Sortino ratioReturn per unit of downside risk
3.25
3.41

-0.16

Omega ratioGain probability vs. loss probability

1.44

1.45

-0.01

Calmar ratioReturn relative to maximum drawdown

3.51

3.87

-0.36

Martin ratioReturn relative to average drawdown

15.04

13.82

+1.22

XEQT.TO vs. PZW.TO - Sharpe Ratio Comparison

The current XEQT.TO Sharpe Ratio is 2.37, which is comparable to the PZW.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of XEQT.TO and PZW.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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Drawdowns

XEQT.TO vs. PZW.TO - Drawdown Comparison

The maximum XEQT.TO drawdown since its inception was -29.74%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for XEQT.TO and PZW.TO.

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Drawdown Indicators

XEQT.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.74%

-32.45%

+2.71%

Max Drawdown (1Y)

Largest decline over 1 year

-8.25%

-8.50%

+0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-15.08%

-16.88%

+1.80%

Max Drawdown (5Y)

Largest decline over 5 years

-19.55%

-22.13%

+2.58%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.45%

—

Current Drawdown

Current decline from peak

-1.32%

-0.67%

-0.65%

Average Drawdown

Average peak-to-trough decline

-4.07%

-5.72%

+1.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

2.38%

-0.46%

Volatility

XEQT.TO vs. PZW.TO - Volatility Comparison

iShares Core Equity ETF Portfolio (XEQT.TO) has a higher volatility of 4.55% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 2.82%. This indicates that XEQT.TO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEQT.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.55%

2.82%

+1.73%

Volatility (6M)

Calculated over the trailing 6-month period

10.11%

10.41%

-0.30%

Volatility (1Y)

Calculated over the trailing 1-year period

12.22%

14.20%

-1.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.24%

14.67%

-1.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.56%

15.91%

-0.35%

Dividends

XEQT.TO vs. PZW.TO - Dividend Comparison

XEQT.TO's dividend yield for the trailing twelve months is around 1.48%, less than PZW.TO's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.68%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
XEQT.TO
iShares Core Equity ETF Portfolio		1.48%1.66%2.03%2.09%2.14%1.66%1.69%1.21%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XEQT.TO and PZW.TO have a correlation of 0.32, 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 Invesco.

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