XIC.TO vs. HEQT.TO
XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) and HEQT.TO (Horizons All-Equity Asset Allocation ETF) are both exchange-traded funds - XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index, while HEQT.TO is a Global Equities fund actively managed by Horizons. XIC.TO is passively managed, while HEQT.TO is actively managed. Over the past 5 years, XIC.TO returned 14.57%/yr vs 12.70%/yr for HEQT.TO. A 0.74 correlation means they provide meaningful diversification when combined. XIC.TO charges 0.06%/yr vs 0.20%/yr for HEQT.TO.
Performance
XIC.TO vs. HEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XIC.TO achieves a 11.27% return, which is significantly lower than HEQT.TO's 13.37% return.
XIC.TO
- 1D
- 0.79%
- 1M
- 2.23%
- YTD
- 11.27%
- 6M
- 11.99%
- 1Y
- 34.84%
- 3Y*
- 23.86%
- 5Y*
- 14.57%
- 10Y*
- 12.79%
HEQT.TO
- 1D
- 0.59%
- 1M
- 2.47%
- YTD
- 13.37%
- 6M
- 13.85%
- 1Y
- 32.15%
- 3Y*
- 21.39%
- 5Y*
- 12.70%
- 10Y*
- —
XIC.TO vs. HEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF | 11.27% | 31.51% | 21.48% | 11.74% | -5.82% | 23.43% | 5.61% | 2.35% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.37% | 19.82% | 23.83% | 22.29% | -18.95% | 22.54% | 16.34% | 7.44% |
Correlation
The correlation between XIC.TO and HEQT.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 | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.74 |
The correlation between XIC.TO and HEQT.TO has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.
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Return for Risk
XIC.TO vs. HEQT.TO — Risk / Return Rank
XIC.TO
HEQT.TO
XIC.TO vs. HEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.
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.
| XIC.TO | HEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.45 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | 3.60 | +0.12 |
| Martin ratioReturn relative to average drawdown | 17.02 | 15.68 | +1.34 |
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Drawdowns
XIC.TO vs. HEQT.TO - Drawdown Comparison
The maximum XIC.TO drawdown since its inception was -47.27%, 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 XIC.TO and HEQT.TO.
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Drawdown Indicators
| XIC.TO | HEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.27% | -31.82% | -15.45% |
Max Drawdown (1Y)Largest decline over 1 year | -9.29% | -8.49% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -12.27% | -15.33% | +3.06% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -24.89% | +8.65% |
Max Drawdown (10Y)Largest decline over 10 years | -37.21% | — | — |
Current DrawdownCurrent decline from peak | -0.75% | -0.75% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.73% | -5.17% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 1.95% | +0.08% |
Volatility
XIC.TO vs. HEQT.TO - Volatility Comparison
The current volatility for iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) is 4.53%, while Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a volatility of 4.92%. This indicates that XIC.TO experiences smaller price fluctuations and is considered to be less risky 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
| XIC.TO | HEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 4.92% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.73% | 10.45% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.06% | 12.59% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.21% | 14.98% | -1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.98% | 16.90% | -1.92% |
XIC.TO vs. HEQT.TO - Expense Ratio Comparison
XIC.TO has a 0.06% expense ratio, which is lower than HEQT.TO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XIC.TO vs. HEQT.TO - Dividend Comparison
XIC.TO's dividend yield for the trailing twelve months is around 2.01%, more than HEQT.TO's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.62% | 1.70% | 1.67% | 0.84% | 0.03% | 0.02% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF | 2.01% | 2.23% | 2.64% | 2.96% | 3.10% | 2.45% | 3.03% | 3.01% | 3.19% | 2.49% | 2.72% | 3.21% |
Frequently Asked Questions
XIC.TO and HEQT.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, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.20% for HEQT.TO.
XIC.TO is categorized as Canada Equities, while HEQT.TO is Global Equities. They also come from different issuers: iShares and Horizons. Their fees differ too: 0.06% for XIC.TO and 0.20% for HEQT.TO.
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