PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMC.TO vs. XEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMC.TO vs. XEF.TO

Last updated Jun 4, 2026

XMC.TO (iShares S&P U.S. Mid-Cap Index ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - XMC.TO is a Mid Cap Blend Equities fund tracking the Morningstar US SMID TR CAD, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). Both are passively managed. Over the past 10 years, XMC.TO returned 11.71%/yr vs 9.77%/yr for XEF.TO. A 0.63 correlation means they provide meaningful diversification when combined. XMC.TO charges 0.16%/yr vs 0.23%/yr for XEF.TO.

Performance

XMC.TO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XMC.TO achieves a 15.43% return, which is significantly higher than XEF.TO's 9.95% return. Over the past 10 years, XMC.TO has outperformed XEF.TO with an annualized return of 11.71%, while XEF.TO has yielded a comparatively lower 9.77% annualized return.

XMC.TO

1D
0.48%
1M
6.14%
YTD
15.43%
6M
13.83%
1Y
26.54%
3Y*
17.13%
5Y*
10.91%
10Y*
11.71%

XEF.TO

1D
-0.41%
1M
5.38%
YTD
9.95%
6M
10.72%
1Y
23.12%
3Y*
17.83%
5Y*
10.89%
10Y*
9.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMC.TO vs. XEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		15.43%2.37%22.99%13.65%-7.61%23.39%11.11%20.87%-4.83%8.74%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		9.95%25.69%12.04%15.21%-9.53%10.36%6.13%15.86%-6.65%18.19%

Correlation

The correlation between XMC.TO and XEF.TO is 0.65, 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

0.65

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

0.63

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

0.66

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

0.65

Correlation (All Time)
Calculated using the full available price history since Aug 11, 2015

0.63

The correlation between XMC.TO and XEF.TO has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

XMC.TO vs. XEF.TO - Sectors Allocation Comparison

Sectors
XMC.TO
XEF.TO

Industrials

25.0%
20.5%

Technology

16.6%
10.2%

Financial Services

13.7%
22.9%

Consumer Cyclical

9.5%
8.2%

Healthcare

8.9%
9.8%

Real Estate

7.5%
3.1%

Energy

5.4%
4.0%

Basic Materials

4.8%
6.6%

Consumer Defensive

4.1%
6.4%

Utilities

3.0%
3.8%

Communication Services

1.0%
4.4%

Industrials

XMC.TO
25.0%
XEF.TO
20.5%

Technology

XMC.TO
16.6%
XEF.TO
10.2%

Financial Services

XMC.TO
13.7%
XEF.TO
22.9%

Consumer Cyclical

XMC.TO
9.5%
XEF.TO
8.2%

Healthcare

XMC.TO
8.9%
XEF.TO
9.8%

Real Estate

XMC.TO
7.5%
XEF.TO
3.1%

Energy

XMC.TO
5.4%
XEF.TO
4.0%

Basic Materials

XMC.TO
4.8%
XEF.TO
6.6%

Consumer Defensive

XMC.TO
4.1%
XEF.TO
6.4%

Utilities

XMC.TO
3.0%
XEF.TO
3.8%

Communication Services

XMC.TO
1.0%
XEF.TO
4.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P U.S. Mid-Cap Index ETF

iShares Core MSCI EAFE IMI Index ETF

Often compared with XMC.TO:
XMC.TO vs. XSMC.TOXMC.TO vs. ZEB.TOXMC.TO vs. XSP.TOXMC.TO vs. XSMOXMC.TO vs. IMCGXMC.TO vs. FMDEXMC.TO vs. VOE
Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO

Return for Risk

XMC.TO vs. XEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMC.TO
XMC.TO Risk / Return Rank: 5656
Overall Rank
XMC.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
XMC.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XMC.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMC.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
XMC.TO Martin Ratio Rank: 6565
Martin Ratio Rank
XEF.TO
XEF.TO Risk / Return Rank: 4747
Overall Rank
XEF.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 4848
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.

XMC.TO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.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.

XMC.TOXEF.TODifference
Sharpe ratioReturn per unit of total volatility
1.70
1.68

+0.02

Sortino ratioReturn per unit of downside risk
2.52
2.41

+0.10

Omega ratioGain probability vs. loss probability

1.30

1.31

-0.01

Calmar ratioReturn relative to maximum drawdown

3.22

2.06

+1.16

Martin ratioReturn relative to average drawdown

11.84

8.22

+3.62

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

XMC.TO vs. XEF.TO - Sharpe Ratio Comparison

The current XMC.TO Sharpe Ratio is 1.70, which is comparable to the XEF.TO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of XMC.TO and XEF.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.

Loading charts...

Sharpe Ratios by Period

XMC.TOXEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.68

+0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.81

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.66

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.71

-0.12

Drawdowns

XMC.TO vs. XEF.TO - Drawdown Comparison

The maximum XMC.TO drawdown since its inception was -36.38%, which is greater than XEF.TO's maximum drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for XMC.TO and XEF.TO.

Loading charts...

Drawdown Indicators

XMC.TOXEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.38%

-28.51%

-7.87%

Max Drawdown (1Y)

Largest decline over 1 year

-8.28%

-11.27%

+2.99%

Max Drawdown (3Y)

Largest decline over 3 years

-22.70%

-14.32%

-8.38%

Max Drawdown (5Y)

Largest decline over 5 years

-22.70%

-24.58%

+1.88%

Max Drawdown (10Y)

Largest decline over 10 years

-36.38%

-28.51%

-7.87%

Current Drawdown

Current decline from peak

0.00%

-1.09%

+1.09%

Average Drawdown

Average peak-to-trough decline

-5.05%

-4.62%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

2.82%

-0.57%

Volatility

XMC.TO vs. XEF.TO - Volatility Comparison

iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO) have volatilities of 4.57% and 4.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XMC.TOXEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

4.77%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

11.57%

11.56%

+0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

15.76%

13.85%

+1.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.62%

13.58%

+4.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.65%

14.85%

+3.80%

XMC.TO vs. XEF.TO - Expense Ratio Comparison

XMC.TO has a 0.16% expense ratio, which is lower than XEF.TO's 0.23% 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

XMC.TO vs. XEF.TO - Dividend Comparison

XMC.TO's dividend yield for the trailing twelve months is around 0.96%, less than XEF.TO's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.21%2.43%2.76%2.75%2.93%2.42%1.93%2.72%2.76%2.10%2.42%2.42%
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		0.96%1.10%0.94%1.17%1.27%0.99%1.07%1.40%1.56%0.96%1.09%0.51%

Frequently Asked Questions

XMC.TO and XEF.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XMC.TO is cheaper with a 0.16% expense ratio, compared with 0.23% for XEF.TO.

XMC.TO is categorized as Mid Cap Blend Equities, while XEF.TO is Foreign Large Cap Equities. XMC.TO tracks Morningstar US SMID TR CAD, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). Their fees differ too: 0.16% for XMC.TO and 0.23% for XEF.TO.

Portfolio Optimizer

Find the right allocation for XMC.TO and XEF.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer