PortfoliosLab logoPortfoliosLab logo

Documentation

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

XMI.TO vs. VEF.TO

Last updated Jun 4, 2026

XMI.TO (iShares MSCI Min Vol EAFE Index ETF) and VEF.TO (Vanguard FTSE Developed All Cap Ex US) are both Global Equities funds - XMI.TO tracks the MSCI EAFE Minimum Volatility Index while VEF.TO tracks the Spliced FTSE Developed ex US Index Hedged in CAD. Both are passively managed. Over the past 10 years, XMI.TO returned 6.04%/yr vs 11.33%/yr for VEF.TO. A 0.57 correlation means they provide meaningful diversification when combined. XMI.TO charges 0.40%/yr vs 0.22%/yr for VEF.TO.

Performance

XMI.TO vs. VEF.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 Vanguard FTSE Developed All Cap Ex US (VEF.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 5.02% return, which is significantly lower than VEF.TO's 16.05% return. Over the past 10 years, XMI.TO has underperformed VEF.TO with an annualized return of 6.04%, while VEF.TO has yielded a comparatively higher 11.33% annualized return.

XMI.TO

1D
-0.21%
1M
1.00%
YTD
5.02%
6M
4.57%
1Y
10.07%
3Y*
13.52%
5Y*
8.54%
10Y*
6.04%

VEF.TO

1D
-0.44%
1M
7.02%
YTD
16.05%
6M
18.30%
1Y
33.85%
3Y*
19.04%
5Y*
12.71%
10Y*
11.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMI.TO vs. VEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		5.02%19.69%13.51%9.32%-10.50%7.01%-2.02%9.84%1.70%13.74%
VEF.TO
Vanguard FTSE Developed All Cap Ex US		16.05%24.61%10.91%18.02%-7.54%18.04%2.10%22.61%-11.96%16.90%

Correlation

The correlation between XMI.TO and VEF.TO is 0.56, 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

0.56

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

0.55

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

0.53

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

0.57

Correlation (All Time)
Calculated using the full available price history since Aug 20, 2012

0.57

The correlation between XMI.TO and VEF.TO has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.

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

Sectors
XMI.TO
VEF.TO

Financial Services

18.8%
23.3%

Industrials

13.5%
19.2%

Healthcare

12.7%
8.2%

Consumer Defensive

11.2%
5.6%

Communication Services

9.6%
3.4%

Utilities

8.3%
3.3%

Energy

7.2%
5.4%

Consumer Cyclical

5.3%
7.5%

Technology

4.7%
13.8%

Real Estate

2.7%
2.7%

Basic Materials

1.4%
7.5%

Financial Services

XMI.TO
18.8%
VEF.TO
23.3%

Industrials

XMI.TO
13.5%
VEF.TO
19.2%

Healthcare

XMI.TO
12.7%
VEF.TO
8.2%

Consumer Defensive

XMI.TO
11.2%
VEF.TO
5.6%

Communication Services

XMI.TO
9.6%
VEF.TO
3.4%

Utilities

XMI.TO
8.3%
VEF.TO
3.3%

Energy

XMI.TO
7.2%
VEF.TO
5.4%

Consumer Cyclical

XMI.TO
5.3%
VEF.TO
7.5%

Technology

XMI.TO
4.7%
VEF.TO
13.8%

Real Estate

XMI.TO
2.7%
VEF.TO
2.7%

Basic Materials

XMI.TO
1.4%
VEF.TO
7.5%

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

Vanguard FTSE Developed All Cap Ex US

Often compared with XMI.TO:
XMI.TO vs. XMV.TOXMI.TO vs. ZLB.TOXMI.TO vs. XMU.TOXMI.TO vs. XEF.TOXMI.TO vs. EFAVXMI.TO vs. XMW.TOXMI.TO vs. XUU.TO
Often compared with VEF.TO:
VEF.TO vs. XEF.TOVEF.TO vs. VDU.TOVEF.TO vs. VEAVEF.TO vs. VFV.TOVEF.TO vs. VXUSVEF.TO vs. XEH.TOVEF.TO vs. VUG

Return for Risk

XMI.TO vs. VEF.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: 2929
Overall Rank
XMI.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
XMI.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
XMI.TO Omega Ratio Rank: 2727
Omega Ratio Rank
XMI.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
XMI.TO Martin Ratio Rank: 3333
Martin Ratio Rank
VEF.TO
VEF.TO Risk / Return Rank: 7676
Overall Rank
VEF.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
VEF.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
VEF.TO Omega Ratio Rank: 8181
Omega Ratio Rank
VEF.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
VEF.TO Martin Ratio Rank: 7676
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. VEF.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 Vanguard FTSE Developed All Cap Ex US (VEF.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.

XMI.TOVEF.TODifference
Sharpe ratioReturn per unit of total volatility
0.97
2.59

-1.63

Sortino ratioReturn per unit of downside risk
1.37
3.54

-2.17

Omega ratioGain probability vs. loss probability

1.18

1.50

-0.31

Calmar ratioReturn relative to maximum drawdown

1.65

3.44

-1.79

Martin ratioReturn relative to average drawdown

4.94

14.77

-9.83

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

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

The current XMI.TO Sharpe Ratio is 0.97, which is lower than the VEF.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of XMI.TO and VEF.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

XMI.TOVEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.97

2.59

-1.63

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

0.95

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.73

-0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.71

+0.07

Drawdowns

XMI.TO vs. VEF.TO - Drawdown Comparison

The maximum XMI.TO drawdown since its inception was -23.08%, smaller than the maximum VEF.TO drawdown of -33.03%. Use the drawdown chart below to compare losses from any high point for XMI.TO and VEF.TO.

Loading charts...

Drawdown Indicators

XMI.TOVEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.08%

-33.03%

+9.95%

Max Drawdown (1Y)

Largest decline over 1 year

-6.12%

-9.89%

+3.77%

Max Drawdown (3Y)

Largest decline over 3 years

-7.97%

-13.78%

+5.81%

Max Drawdown (5Y)

Largest decline over 5 years

-21.18%

-16.35%

-4.83%

Max Drawdown (10Y)

Largest decline over 10 years

-23.08%

-33.03%

+9.95%

Current Drawdown

Current decline from peak

-3.90%

-0.44%

-3.46%

Average Drawdown

Average peak-to-trough decline

-4.04%

-4.27%

+0.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

2.30%

-0.26%

Volatility

XMI.TO vs. VEF.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) is 3.28%, while Vanguard FTSE Developed All Cap Ex US (VEF.TO) has a volatility of 4.94%. This indicates that XMI.TO experiences smaller price fluctuations and is considered to be less risky than VEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XMI.TOVEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

4.94%

-1.66%

Volatility (6M)

Calculated over the trailing 6-month period

8.21%

11.06%

-2.85%

Volatility (1Y)

Calculated over the trailing 1-year period

10.47%

13.11%

-2.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.87%

13.51%

-3.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.48%

15.50%

-4.02%

XMI.TO vs. VEF.TO - Expense Ratio Comparison

XMI.TO has a 0.40% expense ratio, which is higher than VEF.TO's 0.22% expense ratio.

Dividends

XMI.TO vs. VEF.TO - Dividend Comparison

XMI.TO's dividend yield for the trailing twelve months is around 2.56%, more than VEF.TO's 2.05% yield.

PositionTTM20252024202320222021202020192018201720162015
VEF.TO
Vanguard FTSE Developed All Cap Ex US		2.05%2.61%2.55%2.50%2.21%2.55%1.73%2.41%2.64%2.21%2.31%2.39%
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		2.56%2.69%2.64%2.56%1.99%1.93%1.16%3.74%2.92%2.07%3.29%2.02%

Frequently Asked Questions

XMI.TO and VEF.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VEF.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VEF.TO is cheaper with a 0.22% expense ratio, compared with 0.40% for XMI.TO.

XMI.TO tracks MSCI EAFE Minimum Volatility Index, while VEF.TO tracks Spliced FTSE Developed ex US Index Hedged in CAD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.40% for XMI.TO and 0.22% for VEF.TO.

Portfolio Optimizer

Find the right allocation for XMI.TO and VEF.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