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XESG.TO vs. HEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XESG.TO vs. HEFA

Last updated Jun 5, 2026

XESG.TO (iShares ESG Aware MSCI Canada Index ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - XESG.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. Both are passively managed. Over the past 5 years, XESG.TO returned 12.68%/yr vs 16.92%/yr for HEFA. At a 0.50 correlation, their price movements are largely independent. XESG.TO charges 0.16%/yr vs 0.35%/yr for HEFA.

Performance

XESG.TO vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Aware MSCI Canada Index ETF (XESG.TO) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XESG.TO achieves a 11.62% return, which is significantly lower than HEFA's 12.38% return.

XESG.TO

1D
1.16%
1M
4.57%
YTD
11.62%
6M
9.33%
1Y
31.21%
3Y*
21.50%
5Y*
12.68%
10Y*
—

HEFA

1D
0.66%
1M
5.86%
YTD
12.38%
6M
12.29%
1Y
28.71%
3Y*
20.15%
5Y*
16.92%
10Y*
13.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XESG.TO vs. HEFA - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		11.62%26.25%20.05%10.13%-7.77%22.91%4.80%15.28%
HEFA
iShares Currency Hedged MSCI EAFE ETF		12.38%18.86%23.48%17.68%1.92%18.51%0.37%11.93%

Correlation

The correlation between XESG.TO and HEFA is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.51

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

0.48

Correlation (All Time)
Calculated using the full available price history since Mar 25, 2019

0.50

The correlation between XESG.TO and HEFA has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

XESG.TO vs. HEFA - Sectors Allocation Comparison

Sectors
XESG.TO
HEFA

Financial Services

38.5%
24.3%

Energy

19.3%
3.8%

Basic Materials

17.9%
6.2%

Industrials

8.9%
19.3%

Technology

8.3%
11.0%

Utilities

2.7%
3.7%

Consumer Cyclical

2.2%
7.4%

Consumer Defensive

1.9%
6.8%

Real Estate

0.2%
1.8%

Communication Services

0.1%
4.4%

Healthcare

0.1%
10.1%

Financial Services

XESG.TO
38.5%
HEFA
24.3%

Energy

XESG.TO
19.3%
HEFA
3.8%

Basic Materials

XESG.TO
17.9%
HEFA
6.2%

Industrials

XESG.TO
8.9%
HEFA
19.3%

Technology

XESG.TO
8.3%
HEFA
11.0%

Utilities

XESG.TO
2.7%
HEFA
3.7%

Consumer Cyclical

XESG.TO
2.2%
HEFA
7.4%

Consumer Defensive

XESG.TO
1.9%
HEFA
6.8%

Real Estate

XESG.TO
0.2%
HEFA
1.8%

Communication Services

XESG.TO
0.1%
HEFA
4.4%

Healthcare

XESG.TO
0.1%
HEFA
10.1%

Compare stocks, funds, or ETFs

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iShares ESG Aware MSCI Canada Index ETF

iShares Currency Hedged MSCI EAFE ETF

Often compared with XESG.TO:
XESG.TO vs. XCSR.TOXESG.TO vs. XEQT.TOXESG.TO vs. SCHGXESG.TO vs. VFV.TOXESG.TO vs. SPYXESG.TO vs. XIU.TOXESG.TO vs. GEQT.TO
Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. IDMOHEFA vs. HSCZHEFA vs. HEZUHEFA vs. HEWJ

Return for Risk

XESG.TO vs. HEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XESG.TO
XESG.TO Risk / Return Rank: 7373
Overall Rank
XESG.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
XESG.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
XESG.TO Omega Ratio Rank: 7575
Omega Ratio Rank
XESG.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
XESG.TO Martin Ratio Rank: 7979
Martin Ratio Rank
HEFA
HEFA Risk / Return Rank: 6464
Overall Rank
HEFA Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 6565
Sortino Ratio Rank
HEFA Omega Ratio Rank: 6666
Omega Ratio Rank
HEFA Calmar Ratio Rank: 5757
Calmar Ratio Rank
HEFA Martin Ratio Rank: 6565
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.

XESG.TO vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI Canada Index ETF (XESG.TO) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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.

XESG.TOHEFADifference
Sharpe ratioReturn per unit of total volatility
2.38
2.22

+0.16

Sortino ratioReturn per unit of downside risk
3.02
3.04

-0.03

Omega ratioGain probability vs. loss probability

1.44

1.41

+0.03

Calmar ratioReturn relative to maximum drawdown

3.38

3.13

+0.25

Martin ratioReturn relative to average drawdown

15.02

13.06

+1.97

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XESG.TO vs. HEFA - Sharpe Ratio Comparison

The current XESG.TO Sharpe Ratio is 2.38, which is comparable to the HEFA Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of XESG.TO and HEFA, 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

XESG.TOHEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.38

2.22

+0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

1.34

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.92

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.85

-0.02

Drawdowns

XESG.TO vs. HEFA - Drawdown Comparison

The maximum XESG.TO drawdown since its inception was -37.36%, which is greater than HEFA's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for XESG.TO and HEFA.

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Drawdown Indicators

XESG.TOHEFADifference

Max Drawdown

Largest peak-to-trough decline

-37.36%

-28.48%

-8.88%

Max Drawdown (1Y)

Largest decline over 1 year

-9.28%

-9.22%

-0.06%

Max Drawdown (3Y)

Largest decline over 3 years

-14.18%

-15.07%

+0.89%

Max Drawdown (5Y)

Largest decline over 5 years

-17.91%

-15.07%

-2.84%

Max Drawdown (10Y)

Largest decline over 10 years

—

-28.48%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.55%

-3.90%

-0.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.08%

2.20%

-0.12%

Volatility

XESG.TO vs. HEFA - Volatility Comparison

The current volatility for iShares ESG Aware MSCI Canada Index ETF (XESG.TO) is 3.49%, while iShares Currency Hedged MSCI EAFE ETF (HEFA) has a volatility of 3.71%. This indicates that XESG.TO experiences smaller price fluctuations and is considered to be less risky than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XESG.TOHEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.49%

3.71%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

10.99%

10.29%

+0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

13.18%

12.99%

+0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.62%

12.65%

+0.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.83%

14.65%

+2.18%

XESG.TO vs. HEFA - Expense Ratio Comparison

XESG.TO has a 0.16% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

XESG.TO vs. HEFA - Dividend Comparison

XESG.TO's dividend yield for the trailing twelve months is around 1.94%, less than HEFA's 3.97% yield.

PositionTTM20252024202320222021202020192018201720162015
HEFA
iShares Currency Hedged MSCI EAFE ETF		3.97%4.40%3.09%3.02%25.14%3.06%2.10%7.56%4.58%2.55%3.17%3.54%
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		1.94%2.13%2.45%2.74%2.63%1.88%2.15%1.05%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XESG.TO and HEFA have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XESG.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XESG.TO is cheaper with a 0.16% expense ratio, compared with 0.35% for HEFA.

XESG.TO is categorized as Canada Equities, while HEFA is Foreign Large Cap Equities. XESG.TO tracks Morningstar Canada GR CAD, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. Their fees differ too: 0.16% for XESG.TO and 0.35% for HEFA.

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