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XMI.TO vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMI.TO vs. EFAV

Last updated Jul 1, 2026
See Documentation

XMI.TO (iShares MSCI Min Vol EAFE Index ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both exchange-traded funds - XMI.TO is a Global Equities fund tracking the MSCI EAFE Minimum Volatility Index, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, XMI.TO returned 6.32%/yr vs 6.90%/yr for EFAV. A 0.58 correlation means they provide meaningful diversification when combined. XMI.TO charges 0.40%/yr vs 0.20%/yr for EFAV.

Performance

XMI.TO vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XMI.TO is traded in CAD, while EFAV is traded in USD. To make them comparable, the EFAV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XMI.TO achieves a 6.56% return, which is significantly lower than EFAV's 7.50% return. Over the past 10 years, XMI.TO has underperformed EFAV with an annualized return of 6.32%, while EFAV has yielded a comparatively higher 6.90% annualized return.

XMI.TO

1D
-0.61%
1M
0.53%
YTD
6.56%
6M
5.16%
1Y
11.28%
3Y*
14.50%
5Y*
8.37%
10Y*
6.32%

EFAV

1D
-0.32%
1M
1.31%
YTD
7.50%
6M
7.10%
1Y
11.92%
3Y*
15.30%
5Y*
9.06%
10Y*
6.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMI.TO vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		6.56%19.69%13.51%9.32%-10.50%7.01%-2.02%9.84%1.71%13.75%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		7.50%20.25%14.22%9.84%-9.73%7.15%-2.43%11.87%2.19%13.97%

Correlation

The correlation between XMI.TO and EFAV 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

0.66

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

0.62

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

0.60

Correlation (All Time)
Calculated using the full available price history since Aug 17, 2012

0.58

The correlation between XMI.TO and EFAV shifts across timeframes, from 0.58 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.

XMI.TO vs. EFAV - Sectors Allocation Comparison

Sectors
XMI.TO
EFAV

Financial Services

19.4%
19.4%

Industrials

15.9%
15.9%

Healthcare

12.0%
12.0%

Consumer Defensive

11.9%
11.9%

Communication Services

9.6%
9.6%

Utilities

8.8%
8.8%

Energy

8.3%
8.3%

Consumer Cyclical

5.0%
5.0%

Technology

4.6%
4.6%

Real Estate

3.0%
3.0%

Basic Materials

1.5%
1.5%

Financial Services

XMI.TO
19.4%
EFAV
19.4%

Industrials

XMI.TO
15.9%
EFAV
15.9%

Healthcare

XMI.TO
12.0%
EFAV
12.0%

Consumer Defensive

XMI.TO
11.9%
EFAV
11.9%

Communication Services

XMI.TO
9.6%
EFAV
9.6%

Utilities

XMI.TO
8.8%
EFAV
8.8%

Energy

XMI.TO
8.3%
EFAV
8.3%

Consumer Cyclical

XMI.TO
5.0%
EFAV
5.0%

Technology

XMI.TO
4.6%
EFAV
4.6%

Real Estate

XMI.TO
3.0%
EFAV
3.0%

Basic Materials

XMI.TO
1.5%
EFAV
1.5%

Compare stocks, funds, or ETFs

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iShares MSCI Min Vol EAFE Index ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with XMI.TO:
XMI.TO vs. XMV.TOXMI.TO vs. ZLB.TOXMI.TO vs. XMU.TOXMI.TO vs. XEF.TOXMI.TO vs. XMW.TOXMI.TO vs. XUU.TOXMI.TO vs. XML.TO
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

XMI.TO vs. EFAV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMI.TO
XMI.TO Risk / Return Rank: 3636
Overall Rank
XMI.TO Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
XMI.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
XMI.TO Omega Ratio Rank: 3333
Omega Ratio Rank
XMI.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
XMI.TO Martin Ratio Rank: 3838
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 2323
Overall Rank
EFAV Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 2121
Sortino Ratio Rank
EFAV Omega Ratio Rank: 2121
Omega Ratio Rank
EFAV Calmar Ratio Rank: 2626
Calmar Ratio Rank
EFAV Martin Ratio Rank: 2424
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.

XMI.TO vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

XMI.TOEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.11
1.04

+0.06

Sortino ratioReturn per unit of downside risk
1.57
1.52

+0.05

Omega ratioGain probability vs. loss probability

1.21

1.19

+0.02

Calmar ratioReturn relative to maximum drawdown

1.85

1.98

-0.13

Martin ratioReturn relative to average drawdown

5.27

5.14

+0.13

XMI.TO vs. EFAV - Sharpe Ratio Comparison

The current XMI.TO Sharpe Ratio is 1.11, which is comparable to the EFAV Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of XMI.TO and EFAV, 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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Drawdowns

XMI.TO vs. EFAV - Drawdown Comparison

The maximum XMI.TO drawdown since its inception was -23.08%, smaller than the maximum EFAV drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for XMI.TO and EFAV.

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Drawdown Indicators

XMI.TOEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-23.08%

-24.54%

+1.46%

Max Drawdown (1Y)

Largest decline over 1 year

-6.12%

-6.05%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-7.97%

-8.27%

+0.30%

Max Drawdown (5Y)

Largest decline over 5 years

-21.18%

-21.95%

+0.77%

Max Drawdown (10Y)

Largest decline over 10 years

-23.08%

-24.54%

+1.46%

Current Drawdown

Current decline from peak

-2.49%

-2.13%

-0.36%

Average Drawdown

Average peak-to-trough decline

-4.03%

-3.99%

-0.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

2.32%

-0.17%

Volatility

XMI.TO vs. EFAV - Volatility Comparison

The current volatility for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) is 2.80%, while iShares MSCI EAFE Min Vol Factor ETF (EFAV) has a volatility of 3.36%. This indicates that XMI.TO experiences smaller price fluctuations and is considered to be less risky than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMI.TOEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

3.36%

-0.56%

Volatility (6M)

Calculated over the trailing 6-month period

8.26%

9.24%

-0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

10.25%

11.51%

-1.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.90%

13.32%

-3.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.36%

14.61%

-3.25%

XMI.TO vs. EFAV - Expense Ratio Comparison

XMI.TO has a 0.40% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

XMI.TO vs. EFAV - Dividend Comparison

XMI.TO's dividend yield for the trailing twelve months is around 2.68%, less than EFAV's 3.26% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.26%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		2.68%2.69%2.64%2.56%1.98%1.93%1.16%3.74%2.93%2.07%3.29%2.02%

Frequently Asked Questions

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

EFAV is cheaper with a 0.20% expense ratio, compared with 0.40% for XMI.TO.

XMI.TO is categorized as Global Equities, while EFAV is Foreign Large Cap Equities. XMI.TO tracks MSCI EAFE Minimum Volatility Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. Their fees differ too: 0.40% for XMI.TO and 0.20% for EFAV.

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