XML.TO vs. XEF-U.TO

Last updated Jun 4, 2026

XML.TO (iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both Global Equities funds from iShares - XML.TO tracks the MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index while XEF-U.TO tracks the MSCI EAFE® Investable Market Index. Both are passively managed. Over the past 5 years, XML.TO returned 9.34%/yr vs 10.23%/yr for XEF-U.TO. At a 0.27 correlation, their price movements are largely independent. XML.TO charges 0.40%/yr vs 0.21%/yr for XEF-U.TO.

Performance

XML.TO vs. XEF-U.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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XML.TO achieves a 3.89% return, which is significantly lower than XEF-U.TO's 9.83% 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%

XEF-U.TO

• 1D: -0.35%
• 1M: 5.65%
• YTD: 9.83%
• 6M: 10.47%
• 1Y: 22.33%
• 3Y*: 17.30%
• 5Y*: 10.23%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XML.TO vs. XEF-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%	0.77%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	9.83%	25.22%	11.01%	13.32%	-9.54%	9.81%	6.64%	2.91%

Correlation

The correlation between XML.TO and XEF-U.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.27

The correlation between XML.TO and XEF-U.TO shifts across timeframes, from 0.27 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XML.TO vs. XEF-U.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: 35
XML.TO Sharpe Ratio Rank: 32
XML.TO Sortino Ratio Rank: 31
XML.TO Omega Ratio Rank: 35
XML.TO Calmar Ratio Rank: 40
XML.TO Martin Ratio Rank: 36

XEF-U.TO

XEF-U.TO Risk / Return Rank: 38
XEF-U.TO Sharpe Ratio Rank: 38
XEF-U.TO Sortino Ratio Rank: 37
XEF-U.TO Omega Ratio Rank: 38
XEF-U.TO Calmar Ratio Rank: 36
XEF-U.TO Martin Ratio Rank: 42

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. XEF-U.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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.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.TO	XEF-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.59	-0.44
Sortino ratio: Return per unit of downside risk	1.63	2.21	-0.58
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	2.00	1.99	+0.01
Martin ratio: Return relative to average drawdown	5.42	8.01	-2.59
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. XEF-U.TO - Sharpe Ratio Comparison

The current XML.TO Sharpe Ratio is 1.15, which is comparable to the XEF-U.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of XML.TO and XEF-U.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.

Sharpe Ratios by Period

	XML.TO	XEF-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.59	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.90	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.91	-0.29

Drawdowns

XML.TO vs. XEF-U.TO - Drawdown Comparison

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

Drawdown Indicators

	XML.TO	XEF-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.62%	-27.28%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-11.37%	+6.49%
Max Drawdown (3Y) Largest decline over 3 years	-7.46%	-13.81%	+6.35%
Max Drawdown (5Y) Largest decline over 5 years	-12.34%	-25.05%	+12.71%
Max Drawdown (10Y) Largest decline over 10 years	-28.62%	—	—
Current Drawdown Current decline from peak	-4.26%	-0.91%	-3.35%
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%	2.81%	-1.01%

Volatility

XML.TO vs. XEF-U.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) is 2.60%, while iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a volatility of 4.81%. This indicates that XML.TO experiences smaller price fluctuations and is considered to be less risky than XEF-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XML.TO	XEF-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	4.81%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	6.48%	11.84%	-5.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.50%	14.28%	-5.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.70%	17.82%	-8.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.09%	20.35%	-8.26%

XML.TO vs. XEF-U.TO - Expense Ratio Comparison

XML.TO has a 0.40% expense ratio, which is higher than XEF-U.TO's 0.21% expense ratio.

Dividends

XML.TO vs. XEF-U.TO - Dividend Comparison

XML.TO's dividend yield for the trailing twelve months is around 2.66%, more than XEF-U.TO's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	1.63%	1.77%	2.05%	2.09%	2.27%	1.94%	1.41%	0.77%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both XML.TO and XEF-U.TO in my portfolio?

XML.TO and XEF-U.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XML.TO or XEF-U.TO?

On fees, XEF-U.TO is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XML.TO or XEF-U.TO?

XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.40% for XML.TO.

What is the main difference between XML.TO and XEF-U.TO?

XML.TO tracks MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index, while XEF-U.TO tracks MSCI EAFE® Investable Market Index. Their fees differ too: 0.40% for XML.TO and 0.21% for XEF-U.TO.