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XML.TO vs. VXC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XML.TO vs. VXC.TO

Last updated Jun 4, 2026

XML.TO (iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)) and VXC.TO (Vanguard FTSE Global All Cap ex Canada Index ETF) are both Global Equities funds - XML.TO tracks the MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index while VXC.TO tracks the FTSE Global All Cap ex Canada China A Inclusion Index. Both are passively managed. Over the past 10 years, XML.TO returned 7.35%/yr vs 13.05%/yr for VXC.TO. At a 0.44 correlation, their price movements are largely independent. XML.TO charges 0.40%/yr vs 0.22%/yr for VXC.TO.

Performance

XML.TO vs. VXC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) and Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XML.TO achieves a 3.89% return, which is significantly lower than VXC.TO's 13.63% return. Over the past 10 years, XML.TO has underperformed VXC.TO with an annualized return of 7.35%, while VXC.TO has yielded a comparatively higher 13.05% annualized return.

XML.TO

1D
-0.12%
1M
-0.91%
YTD
3.89%
6M
5.30%
1Y
9.71%
3Y*
13.01%
5Y*
9.34%
10Y*
7.35%

VXC.TO

1D
-0.35%
1M
7.19%
YTD
13.63%
6M
12.36%
1Y
30.23%
3Y*
21.78%
5Y*
13.65%
10Y*
13.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XML.TO vs. VXC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)		3.89%17.56%14.13%11.69%-6.94%13.27%-5.87%16.26%-3.28%15.15%
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		13.63%15.89%26.06%19.20%-13.02%17.20%14.13%20.47%-2.86%15.94%

Correlation

The correlation between XML.TO and VXC.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

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

0.29

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

0.35

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

0.44

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2016

0.44

The correlation between XML.TO and VXC.TO shifts across timeframes, from 0.29 (3 years) to 0.44 (all time), reflecting how their relationship changes across market environments.

XML.TO vs. VXC.TO - Sectors Allocation Comparison

Sectors
XML.TO
VXC.TO

Financial Services

19.9%
15.2%

Industrials

15.1%
10.5%

Healthcare

12.4%
8.4%

Consumer Defensive

11.5%
4.9%

Communication Services

9.7%
9.0%

Utilities

9.1%
2.8%

Energy

8.2%
3.8%

Consumer Cyclical

5.2%
9.1%

Technology

4.5%
31.2%

Real Estate

2.9%
1.6%

Basic Materials

1.6%
3.0%

Financial Services

XML.TO
19.9%
VXC.TO
15.2%

Industrials

XML.TO
15.1%
VXC.TO
10.5%

Healthcare

XML.TO
12.4%
VXC.TO
8.4%

Consumer Defensive

XML.TO
11.5%
VXC.TO
4.9%

Communication Services

XML.TO
9.7%
VXC.TO
9.0%

Utilities

XML.TO
9.1%
VXC.TO
2.8%

Energy

XML.TO
8.2%
VXC.TO
3.8%

Consumer Cyclical

XML.TO
5.2%
VXC.TO
9.1%

Technology

XML.TO
4.5%
VXC.TO
31.2%

Real Estate

XML.TO
2.9%
VXC.TO
1.6%

Basic Materials

XML.TO
1.6%
VXC.TO
3.0%

Compare stocks, funds, or ETFs

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iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)

Vanguard FTSE Global All Cap ex Canada Index ETF

Often compared with XML.TO:
XML.TO vs. XIN.TOXML.TO vs. XSP.TOXML.TO vs. XMI.TOXML.TO vs. XMU.TOXML.TO vs. HXQ.TOXML.TO vs. XEQT.TOXML.TO vs. XMW.TO
Often compared with VXC.TO:
VXC.TO vs. XAW.TOVXC.TO vs. XEQT.TOVXC.TO vs. VEQT.TOVXC.TO vs. VFV.TOVXC.TO vs. VTVXC.TO vs. XEF.TOVXC.TO vs. VOO

Return for Risk

XML.TO vs. VXC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XML.TO
XML.TO Risk / Return Rank: 3535
Overall Rank
XML.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
XML.TO Sortino Ratio Rank: 3131
Sortino Ratio Rank
XML.TO Omega Ratio Rank: 3535
Omega Ratio Rank
XML.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
XML.TO Martin Ratio Rank: 3636
Martin Ratio Rank
VXC.TO
VXC.TO Risk / Return Rank: 7575
Overall Rank
VXC.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
VXC.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
VXC.TO Omega Ratio Rank: 7777
Omega Ratio Rank
VXC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
VXC.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.

XML.TO vs. VXC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) and Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.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.

XML.TOVXC.TODifference
Sharpe ratioReturn per unit of total volatility
1.15
2.48

-1.34

Sortino ratioReturn per unit of downside risk
1.63
3.45

-1.83

Omega ratioGain probability vs. loss probability

1.23

1.47

-0.24

Calmar ratioReturn relative to maximum drawdown

2.00

3.68

-1.69

Martin ratioReturn relative to average drawdown

5.42

14.87

-9.45

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

XML.TO vs. VXC.TO - Sharpe Ratio Comparison

The current XML.TO Sharpe Ratio is 1.15, which is lower than the VXC.TO Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of XML.TO and VXC.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.

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Sharpe Ratios by Period

XML.TOVXC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.15

2.48

-1.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.97

1.00

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.86

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

0.84

-0.22

Drawdowns

XML.TO vs. VXC.TO - Drawdown Comparison

The maximum XML.TO drawdown since its inception was -28.62%, roughly equal to the maximum VXC.TO drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for XML.TO and VXC.TO.

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Drawdown Indicators

XML.TOVXC.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.62%

-27.28%

-1.34%

Max Drawdown (1Y)

Largest decline over 1 year

-4.88%

-8.24%

+3.36%

Max Drawdown (3Y)

Largest decline over 3 years

-7.46%

-16.76%

+9.30%

Max Drawdown (5Y)

Largest decline over 5 years

-12.34%

-21.61%

+9.27%

Max Drawdown (10Y)

Largest decline over 10 years

-28.62%

-27.28%

-1.34%

Current Drawdown

Current decline from peak

-4.26%

-0.35%

-3.91%

Average Drawdown

Average peak-to-trough decline

-3.41%

-3.89%

+0.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

2.04%

-0.24%

Volatility

XML.TO vs. VXC.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) is 2.60%, while Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO) has a volatility of 3.81%. This indicates that XML.TO experiences smaller price fluctuations and is considered to be less risky than VXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XML.TOVXC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.60%

3.81%

-1.21%

Volatility (6M)

Calculated over the trailing 6-month period

6.48%

9.86%

-3.38%

Volatility (1Y)

Calculated over the trailing 1-year period

8.50%

12.24%

-3.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.70%

13.69%

-3.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.09%

15.28%

-3.19%

XML.TO vs. VXC.TO - Expense Ratio Comparison

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

Dividends

XML.TO vs. VXC.TO - Dividend Comparison

XML.TO's dividend yield for the trailing twelve months is around 2.66%, more than VXC.TO's 1.22% yield.

PositionTTM20252024202320222021202020192018201720162015
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		1.22%1.39%1.45%1.68%1.82%1.48%1.46%1.80%1.94%1.68%1.85%1.83%
XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)		2.66%2.76%2.67%2.56%2.02%1.92%1.11%3.62%2.77%1.92%3.34%0.00%

Frequently Asked Questions

XML.TO and VXC.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

VXC.TO is cheaper with a 0.22% expense ratio, compared with 0.40% for XML.TO.

XML.TO tracks MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index, while VXC.TO tracks FTSE Global All Cap ex Canada China A Inclusion Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.40% for XML.TO and 0.22% for VXC.TO.

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