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

XFN.TO vs. XEQT.TO

Last updated Jun 4, 2026

XFN.TO (iShares S&P/TSX Capped Financials Index ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - XFN.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD, while XEQT.TO is a Global Equities fund actively managed by iShares. XFN.TO is passively managed, while XEQT.TO is actively managed. Over the past 5 years, XFN.TO returned 16.93%/yr vs 13.72%/yr for XEQT.TO. A 0.73 correlation means they provide meaningful diversification when combined. XFN.TO charges 0.61%/yr vs 0.20%/yr for XEQT.TO.

Performance

XFN.TO vs. XEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Financials Index ETF (XFN.TO) and iShares Core Equity ETF Portfolio (XEQT.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with XFN.TO having a 12.51% return and XEQT.TO slightly lower at 12.29%.

XFN.TO

1D
-0.55%
1M
5.10%
YTD
12.51%
6M
17.66%
1Y
41.54%
3Y*
29.67%
5Y*
16.93%
10Y*
14.38%

XEQT.TO

1D
-0.56%
1M
5.98%
YTD
12.29%
6M
11.20%
1Y
29.24%
3Y*
21.78%
5Y*
13.72%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		12.51%34.40%29.32%13.09%-9.92%35.57%0.99%9.66%
XEQT.TO
iShares Core Equity ETF Portfolio		12.29%19.47%24.36%17.25%-11.01%18.94%11.82%9.89%

Correlation

The correlation between XFN.TO and XEQT.TO is 0.75, 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

0.75

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

0.75

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

0.75

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2019

0.73

The correlation between XFN.TO and XEQT.TO has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

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

Sectors
XFN.TO
XEQT.TO

Financial Services

100.0%
20.3%

Basic Materials

-

7.3%

Communication Services

-

6.4%

Consumer Cyclical

-

7.8%

Consumer Defensive

-

4.4%

Energy

-

7.2%

Healthcare

-

6.6%

Industrials

-

12.1%

Real Estate

-

2.2%

Technology

-

22.9%

Utilities

-

2.8%

Financial Services

XFN.TO
100.0%
XEQT.TO
20.3%

Basic Materials

XFN.TO

-

XEQT.TO
7.3%

Communication Services

XFN.TO

-

XEQT.TO
6.4%

Consumer Cyclical

XFN.TO

-

XEQT.TO
7.8%

Consumer Defensive

XFN.TO

-

XEQT.TO
4.4%

Energy

XFN.TO

-

XEQT.TO
7.2%

Healthcare

XFN.TO

-

XEQT.TO
6.6%

Industrials

XFN.TO

-

XEQT.TO
12.1%

Real Estate

XFN.TO

-

XEQT.TO
2.2%

Technology

XFN.TO

-

XEQT.TO
22.9%

Utilities

XFN.TO

-

XEQT.TO
2.8%

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iShares S&P/TSX Capped Financials Index ETF

iShares Core Equity ETF Portfolio

Often compared with XFN.TO:
XFN.TO vs. VDY.TOXFN.TO vs. FIE.TOXFN.TO vs. XIU.TOXFN.TO vs. CEW.TOXFN.TO vs. VFV.TOXFN.TO vs. RY.TOXFN.TO vs. XUS-U.TO
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

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XFN.TO
XFN.TO Risk / Return Rank: 9191
Overall Rank
XFN.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XFN.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
XFN.TO Omega Ratio Rank: 9191
Omega Ratio Rank
XFN.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
XFN.TO Martin Ratio Rank: 9090
Martin Ratio Rank
XEQT.TO
XEQT.TO Risk / Return Rank: 7575
Overall Rank
XEQT.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XEQT.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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Financials Index ETF (XFN.TO) and iShares Core Equity ETF Portfolio (XEQT.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.

XFN.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
3.46
2.53

+0.93

Sortino ratioReturn per unit of downside risk
4.85
3.49

+1.36

Omega ratioGain probability vs. loss probability

1.61

1.47

+0.15

Calmar ratioReturn relative to maximum drawdown

5.35

3.56

+1.79

Martin ratioReturn relative to average drawdown

21.60

15.50

+6.10

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

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

The current XFN.TO Sharpe Ratio is 3.46, which is higher than the XEQT.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of XFN.TO and XEQT.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

XFN.TOXEQT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.46

2.53

+0.93

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.26

1.05

+0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.87

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.95

-0.31

Drawdowns

XFN.TO vs. XEQT.TO - Drawdown Comparison

The maximum XFN.TO drawdown since its inception was -56.55%, which is greater than XEQT.TO's maximum drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for XFN.TO and XEQT.TO.

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Drawdown Indicators

XFN.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-56.55%

-29.74%

-26.81%

Max Drawdown (1Y)

Largest decline over 1 year

-7.80%

-8.25%

+0.45%

Max Drawdown (3Y)

Largest decline over 3 years

-12.37%

-15.08%

+2.71%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

-19.56%

-2.34%

Max Drawdown (10Y)

Largest decline over 10 years

-39.93%

—

—

Current Drawdown

Current decline from peak

-1.39%

-0.56%

-0.83%

Average Drawdown

Average peak-to-trough decline

-6.60%

-4.11%

-2.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

1.89%

+0.04%

Volatility

XFN.TO vs. XEQT.TO - Volatility Comparison

iShares S&P/TSX Capped Financials Index ETF (XFN.TO) has a higher volatility of 4.19% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 3.70%. This indicates that XFN.TO's price experiences larger fluctuations and is considered to be riskier than XEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XFN.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.19%

3.70%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

10.10%

9.38%

+0.72%

Volatility (1Y)

Calculated over the trailing 1-year period

12.07%

11.63%

+0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.47%

13.12%

+0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.53%

15.56%

+0.97%

XFN.TO vs. XEQT.TO - Expense Ratio Comparison

XFN.TO has a 0.61% expense ratio, which is higher than XEQT.TO's 0.20% expense ratio.

Dividends

XFN.TO vs. XEQT.TO - Dividend Comparison

XFN.TO's dividend yield for the trailing twelve months is around 2.17%, more than XEQT.TO's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
XEQT.TO
iShares Core Equity ETF Portfolio		1.48%1.66%2.01%2.07%2.12%1.64%1.66%1.19%0.00%0.00%0.00%0.00%
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		2.17%2.39%3.16%3.60%3.48%2.67%3.35%3.00%3.43%2.73%2.83%3.17%

Frequently Asked Questions

XFN.TO and XEQT.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.61% for XFN.TO.

XFN.TO is categorized as Financials Equities, while XEQT.TO is Global Equities. Their fees differ too: 0.61% for XFN.TO and 0.20% for XEQT.TO.

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