XFH.TO vs. HEQT.TO
XFH.TO (iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)) and HEQT.TO (Horizons All-Equity Asset Allocation ETF) are both Global Equities funds. XFH.TO is passively managed, while HEQT.TO is actively managed. Over the past 5 years, XFH.TO returned 10.31%/yr vs 16.89%/yr for HEQT.TO. A 0.77 correlation means they provide meaningful diversification when combined. XFH.TO charges 0.22%/yr vs 0.20%/yr for HEQT.TO.
Performance
XFH.TO vs. HEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XFH.TO achieves a 9.98% return, which is significantly lower than HEQT.TO's 14.13% return.
XFH.TO
- 1D
- 0.70%
- 1M
- 3.65%
- YTD
- 9.98%
- 6M
- 11.71%
- 1Y
- 23.32%
- 3Y*
- 16.60%
- 5Y*
- 10.31%
- 10Y*
- 10.20%
HEQT.TO
- 1D
- 0.50%
- 1M
- 6.41%
- YTD
- 14.13%
- 6M
- 13.38%
- 1Y
- 32.17%
- 3Y*
- 25.88%
- 5Y*
- 16.89%
- 10Y*
- —
XFH.TO vs. HEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XFH.TO iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) | 9.98% | 21.68% | 11.68% | 18.28% | -6.60% | 12.13% | 0.84% | 6.38% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 14.13% | 19.82% | 25.95% | 31.63% | -12.65% | 23.11% | 16.34% | 7.76% |
Correlation
The correlation between XFH.TO and HEQT.TO is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.77 |
The correlation between XFH.TO and HEQT.TO has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.
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Return for Risk
XFH.TO vs. HEQT.TO — Risk / Return Rank
XFH.TO
HEQT.TO
XFH.TO vs. HEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.TO) and Horizons All-Equity Asset Allocation ETF (HEQT.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.
| XFH.TO | HEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.51 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 3.81 | -1.38 |
| Martin ratioReturn relative to average drawdown | 10.02 | 16.80 | -6.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XFH.TO | HEQT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.70 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.74 | 1.11 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 1.06 | -0.55 |
Drawdowns
XFH.TO vs. HEQT.TO - Drawdown Comparison
The maximum XFH.TO drawdown since its inception was -33.85%, which is greater than HEQT.TO's maximum drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for XFH.TO and HEQT.TO.
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Drawdown Indicators
| XFH.TO | HEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.85% | -31.82% | -2.03% |
Max Drawdown (1Y)Largest decline over 1 year | -9.63% | -8.49% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -14.14% | -15.33% | +1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -20.59% | -24.25% | +3.66% |
Max Drawdown (10Y)Largest decline over 10 years | -33.85% | — | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.08% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -5.61% | -4.28% | -1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 1.92% | +0.41% |
Volatility
XFH.TO vs. HEQT.TO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.TO) has a higher volatility of 3.93% compared to Horizons All-Equity Asset Allocation ETF (HEQT.TO) at 3.48%. This indicates that XFH.TO's price experiences larger fluctuations and is considered to be riskier than HEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XFH.TO | HEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 3.48% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 9.68% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.01% | 11.96% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.03% | 15.33% | -1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.16% | 17.16% | -1.00% |
XFH.TO vs. HEQT.TO - Expense Ratio Comparison
XFH.TO has a 0.22% expense ratio, which is higher than HEQT.TO's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XFH.TO vs. HEQT.TO - Dividend Comparison
XFH.TO's dividend yield for the trailing twelve months is around 1.96%, more than HEQT.TO's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.61% | 1.70% | 3.22% | 7.85% | 7.31% | 0.48% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
XFH.TO iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) | 1.96% | 2.16% | 2.47% | 2.91% | 2.91% | 2.29% | 1.73% | 2.43% | 2.66% | 2.11% | 2.03% | 2.45% |
Frequently Asked Questions
XFH.TO and HEQT.TO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.22% for XFH.TO.
They also come from different issuers: iShares and Horizons. Their fees differ too: 0.22% for XFH.TO and 0.20% for HEQT.TO.
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