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XFH.TO vs. VEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XFH.TO vs. VEF.TO

Last updated Jun 5, 2026

XFH.TO (iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)) and VEF.TO (Vanguard FTSE Developed All Cap Ex US) are both Global Equities funds - XFH.TO tracks the Morningstar DM xNA GR CAD while VEF.TO tracks the Spliced FTSE Developed ex US Index Hedged in CAD. Both are passively managed. Over the past 10 years, XFH.TO returned 10.20%/yr vs 11.26%/yr for VEF.TO. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.22% expense ratio.

Performance

XFH.TO vs. VEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.TO) and Vanguard FTSE Developed All Cap Ex US (VEF.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, XFH.TO achieves a 9.98% return, which is significantly lower than VEF.TO's 16.23% return. Over the past 10 years, XFH.TO has underperformed VEF.TO with an annualized return of 10.20%, while VEF.TO has yielded a comparatively higher 11.26% annualized 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%

VEF.TO

1D
0.15%
1M
5.53%
YTD
16.23%
6M
18.10%
1Y
33.94%
3Y*
19.22%
5Y*
12.75%
10Y*
11.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XFH.TO vs. VEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%23.05%-10.97%17.50%
VEF.TO
Vanguard FTSE Developed All Cap Ex US		16.23%24.61%10.91%18.02%-7.54%18.04%2.10%22.61%-11.96%16.90%

Correlation

The correlation between XFH.TO and VEF.TO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.95

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

0.96

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

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Feb 23, 2015

0.86

The correlation between XFH.TO and VEF.TO has been stable across timeframes, ranging from 0.86 to 0.96 - a consistent structural relationship.

XFH.TO vs. VEF.TO - Sectors Allocation Comparison

Sectors
XFH.TO
VEF.TO

Financial Services

22.9%
23.3%

Industrials

20.5%
19.2%

Technology

10.2%
13.8%

Healthcare

9.8%
8.2%

Consumer Cyclical

8.2%
7.5%

Basic Materials

6.6%
7.5%

Consumer Defensive

6.4%
5.6%

Communication Services

4.5%
3.4%

Energy

4.0%
5.4%

Utilities

3.8%
3.3%

Real Estate

3.1%
2.7%

Financial Services

XFH.TO
22.9%
VEF.TO
23.3%

Industrials

XFH.TO
20.5%
VEF.TO
19.2%

Technology

XFH.TO
10.2%
VEF.TO
13.8%

Healthcare

XFH.TO
9.8%
VEF.TO
8.2%

Consumer Cyclical

XFH.TO
8.2%
VEF.TO
7.5%

Basic Materials

XFH.TO
6.6%
VEF.TO
7.5%

Consumer Defensive

XFH.TO
6.4%
VEF.TO
5.6%

Communication Services

XFH.TO
4.5%
VEF.TO
3.4%

Energy

XFH.TO
4.0%
VEF.TO
5.4%

Utilities

XFH.TO
3.8%
VEF.TO
3.3%

Real Estate

XFH.TO
3.1%
VEF.TO
2.7%

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)

Vanguard FTSE Developed All Cap Ex US

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Often compared with VEF.TO:
VEF.TO vs. XEF.TOVEF.TO vs. VDU.TOVEF.TO vs. VEAVEF.TO vs. VFV.TOVEF.TO vs. VXUSVEF.TO vs. XEH.TOVEF.TO vs. VUG

Return for Risk

XFH.TO vs. VEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XFH.TO
XFH.TO Risk / Return Rank: 5858
Overall Rank
XFH.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XFH.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
XFH.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XFH.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
XFH.TO Martin Ratio Rank: 5858
Martin Ratio Rank
VEF.TO
VEF.TO Risk / Return Rank: 7878
Overall Rank
VEF.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
VEF.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
VEF.TO Omega Ratio Rank: 8383
Omega Ratio Rank
VEF.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
VEF.TO Martin Ratio Rank: 7878
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.

XFH.TO vs. VEF.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 Vanguard FTSE Developed All Cap Ex US (VEF.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.TOVEF.TODifference
Sharpe ratioReturn per unit of total volatility
1.95
2.60

-0.65

Sortino ratioReturn per unit of downside risk
2.78
3.55

-0.76

Omega ratioGain probability vs. loss probability

1.37

1.50

-0.13

Calmar ratioReturn relative to maximum drawdown

2.43

3.45

-1.02

Martin ratioReturn relative to average drawdown

10.02

14.81

-4.79

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

XFH.TO vs. VEF.TO - Sharpe Ratio Comparison

The current XFH.TO Sharpe Ratio is 1.95, which is comparable to the VEF.TO Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of XFH.TO and VEF.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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Sharpe Ratios by Period

XFH.TOVEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.95

2.60

-0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.95

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.73

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.51

0.71

-0.20

Drawdowns

XFH.TO vs. VEF.TO - Drawdown Comparison

The maximum XFH.TO drawdown since its inception was -33.85%, roughly equal to the maximum VEF.TO drawdown of -33.03%. Use the drawdown chart below to compare losses from any high point for XFH.TO and VEF.TO.

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Drawdown Indicators

XFH.TOVEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.85%

-33.03%

-0.82%

Max Drawdown (1Y)

Largest decline over 1 year

-9.63%

-9.89%

+0.26%

Max Drawdown (3Y)

Largest decline over 3 years

-14.14%

-13.78%

-0.36%

Max Drawdown (5Y)

Largest decline over 5 years

-20.59%

-16.35%

-4.24%

Max Drawdown (10Y)

Largest decline over 10 years

-33.85%

-33.03%

-0.82%

Current Drawdown

Current decline from peak

-0.60%

-0.29%

-0.31%

Average Drawdown

Average peak-to-trough decline

-5.61%

-4.26%

-1.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

2.30%

+0.03%

Volatility

XFH.TO vs. VEF.TO - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.TO) is 3.93%, while Vanguard FTSE Developed All Cap Ex US (VEF.TO) has a volatility of 4.76%. This indicates that XFH.TO experiences smaller price fluctuations and is considered to be less risky than VEF.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.TOVEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.93%

4.76%

-0.83%

Volatility (6M)

Calculated over the trailing 6-month period

9.87%

11.05%

-1.18%

Volatility (1Y)

Calculated over the trailing 1-year period

12.01%

13.11%

-1.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.03%

13.51%

+0.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.16%

15.50%

+0.66%

XFH.TO vs. VEF.TO - Expense Ratio Comparison

Both XFH.TO and VEF.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XFH.TO vs. VEF.TO - Dividend Comparison

XFH.TO's dividend yield for the trailing twelve months is around 1.96%, less than VEF.TO's 2.04% yield.

PositionTTM20252024202320222021202020192018201720162015
VEF.TO
Vanguard FTSE Developed All Cap Ex US		2.04%2.61%2.55%2.50%2.21%2.55%1.73%2.41%2.64%2.21%2.31%2.39%
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

With a correlation of 0.95, XFH.TO and VEF.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.22% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

XFH.TO and VEF.TO have the same expense ratio: 0.22% per year.

XFH.TO tracks Morningstar DM xNA GR CAD, while VEF.TO tracks Spliced FTSE Developed ex US Index Hedged in CAD. They also come from different issuers: iShares and Vanguard.

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