PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMI.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMI.TO vs. PZW.TO

Last updated Jul 1, 2026
See Documentation

XMI.TO (iShares MSCI Min Vol EAFE Index ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - XMI.TO tracks the MSCI EAFE Minimum Volatility Index while PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, XMI.TO returned 6.32%/yr vs 11.60%/yr for PZW.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

XMI.TO vs. PZW.TO - 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 Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XMI.TO achieves a 6.56% return, which is significantly lower than PZW.TO's 17.33% return. Over the past 10 years, XMI.TO has underperformed PZW.TO with an annualized return of 6.32%, while PZW.TO has yielded a comparatively higher 11.60% 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%

PZW.TO

1D
0.29%
1M
3.40%
YTD
17.33%
6M
16.85%
1Y
32.19%
3Y*
20.71%
5Y*
10.71%
10Y*
11.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMI.TO vs. PZW.TO - 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%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		17.33%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%

Correlation

The correlation between XMI.TO and PZW.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.21

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

0.27

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

0.24

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.23

The correlation between XMI.TO and PZW.TO shifts across timeframes, from 0.11 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

XMI.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors
XMI.TO
PZW.TO

Financial Services

19.4%
13.3%

Industrials

15.9%
19.2%

Healthcare

12.0%
12.7%

Consumer Defensive

11.9%
4.6%

Communication Services

9.6%
3.8%

Utilities

8.8%
2.3%

Energy

8.3%
4.1%

Consumer Cyclical

5.0%
12.1%

Technology

4.6%
12.2%

Real Estate

3.0%
8.8%

Basic Materials

1.5%
7.0%

Financial Services

XMI.TO
19.4%
PZW.TO
13.3%

Industrials

XMI.TO
15.9%
PZW.TO
19.2%

Healthcare

XMI.TO
12.0%
PZW.TO
12.7%

Consumer Defensive

XMI.TO
11.9%
PZW.TO
4.6%

Communication Services

XMI.TO
9.6%
PZW.TO
3.8%

Utilities

XMI.TO
8.8%
PZW.TO
2.3%

Energy

XMI.TO
8.3%
PZW.TO
4.1%

Consumer Cyclical

XMI.TO
5.0%
PZW.TO
12.1%

Technology

XMI.TO
4.6%
PZW.TO
12.2%

Real Estate

XMI.TO
3.0%
PZW.TO
8.8%

Basic Materials

XMI.TO
1.5%
PZW.TO
7.0%

Compare stocks, funds, or ETFs

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

iShares MSCI Min Vol EAFE Index ETF

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with XMI.TO:
XMI.TO vs. XMV.TOXMI.TO vs. ZLB.TOXMI.TO vs. XMU.TOXMI.TO vs. EFAVXMI.TO vs. XEF.TOXMI.TO vs. XMW.TOXMI.TO vs. XUU.TO
Often compared with PZW.TO:
PZW.TO vs. INAI.TOPZW.TO vs. PXC.TOPZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQC-F.TOPZW.TO vs. QQCE.TO

Return for Risk

XMI.TO vs. PZW.TO — 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
PZW.TO
PZW.TO Risk / Return Rank: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
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. PZW.TO - 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 Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

XMI.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
1.11
2.28

-1.17

Sortino ratioReturn per unit of downside risk
1.57
3.35

-1.78

Omega ratioGain probability vs. loss probability

1.21

1.45

-0.24

Calmar ratioReturn relative to maximum drawdown

1.85

3.79

-1.94

Martin ratioReturn relative to average drawdown

5.27

13.53

-8.26

XMI.TO vs. PZW.TO - Sharpe Ratio Comparison

The current XMI.TO Sharpe Ratio is 1.11, which is lower than the PZW.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of XMI.TO and PZW.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...

Drawdowns

XMI.TO vs. PZW.TO - Drawdown Comparison

The maximum XMI.TO drawdown since its inception was -23.08%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for XMI.TO and PZW.TO.

Loading charts...

Drawdown Indicators

XMI.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.08%

-32.45%

+9.37%

Max Drawdown (1Y)

Largest decline over 1 year

-6.12%

-8.50%

+2.38%

Max Drawdown (3Y)

Largest decline over 3 years

-7.97%

-16.88%

+8.91%

Max Drawdown (5Y)

Largest decline over 5 years

-21.18%

-22.13%

+0.95%

Max Drawdown (10Y)

Largest decline over 10 years

-23.08%

-32.45%

+9.37%

Current Drawdown

Current decline from peak

-2.49%

0.00%

-2.49%

Average Drawdown

Average peak-to-trough decline

-4.03%

-5.72%

+1.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

2.38%

-0.23%

Volatility

XMI.TO vs. PZW.TO - Volatility Comparison

iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) have volatilities of 2.80% and 2.90%, 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

XMI.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

2.90%

-0.10%

Volatility (6M)

Calculated over the trailing 6-month period

8.26%

10.41%

-2.15%

Volatility (1Y)

Calculated over the trailing 1-year period

10.25%

14.17%

-3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.90%

14.65%

-4.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.36%

15.90%

-4.54%

Dividends

XMI.TO vs. PZW.TO - Dividend Comparison

XMI.TO's dividend yield for the trailing twelve months is around 2.68%, more than PZW.TO's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.65%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
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 PZW.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMI.TO tracks MSCI EAFE Minimum Volatility Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. They also come from different issuers: iShares and Invesco.

Portfolio Optimizer

Find the right allocation for XMI.TO and PZW.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