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XMM.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMM.TO vs. XEI.TO

Last updated Jun 4, 2026

XMM.TO (iShares MSCI Min Vol Emerging Markets Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - XMM.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, XMM.TO returned 6.86%/yr vs 12.32%/yr for XEI.TO. At a 0.34 correlation, their price movements are largely independent. XMM.TO charges 0.42%/yr vs 0.22%/yr for XEI.TO.

Performance

XMM.TO vs. XEI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol Emerging Markets Index ETF (XMM.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.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, XMM.TO achieves a 18.98% return, which is significantly lower than XEI.TO's 22.21% return. Over the past 10 years, XMM.TO has underperformed XEI.TO with an annualized return of 6.86%, while XEI.TO has yielded a comparatively higher 12.32% annualized return.

XMM.TO

1D
-0.77%
1M
9.35%
YTD
18.98%
6M
17.95%
1Y
27.44%
3Y*
15.00%
5Y*
8.00%
10Y*
6.86%

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMM.TO vs. XEI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMM.TO
iShares MSCI Min Vol Emerging Markets Index ETF		18.98%7.65%16.66%4.10%-7.83%3.95%4.32%1.36%2.35%18.74%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between XMM.TO and XEI.TO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.05

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

0.18

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

0.17

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

0.29

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2012

0.34

Over the past year, the correlation between XMM.TO and XEI.TO has dropped to 0.05 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

XMM.TO vs. XEI.TO - Sectors Allocation Comparison

Sectors
XMM.TO
XEI.TO

Technology

23.0%
0.7%

Financial Services

14.9%
31.4%

Communication Services

7.5%
7.6%

Consumer Defensive

5.4%
0.5%

Consumer Cyclical

3.9%
6.2%

Healthcare

3.8%
0.2%

Utilities

3.7%
11.2%

Industrials

2.9%
0.7%

Energy

2.3%
32.1%

Basic Materials

1.8%
4.6%

Real Estate

0.4%
4.8%

Technology

XMM.TO
23.0%
XEI.TO
0.7%

Financial Services

XMM.TO
14.9%
XEI.TO
31.4%

Communication Services

XMM.TO
7.5%
XEI.TO
7.6%

Consumer Defensive

XMM.TO
5.4%
XEI.TO
0.5%

Consumer Cyclical

XMM.TO
3.9%
XEI.TO
6.2%

Healthcare

XMM.TO
3.8%
XEI.TO
0.2%

Utilities

XMM.TO
3.7%
XEI.TO
11.2%

Industrials

XMM.TO
2.9%
XEI.TO
0.7%

Energy

XMM.TO
2.3%
XEI.TO
32.1%

Basic Materials

XMM.TO
1.8%
XEI.TO
4.6%

Real Estate

XMM.TO
0.4%
XEI.TO
4.8%

Compare stocks, funds, or ETFs

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iShares MSCI Min Vol Emerging Markets Index ETF

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with XMM.TO:
XMM.TO vs. XSEM.TOXMM.TO vs. XMU.TOXMM.TO vs. XEQT.TOXMM.TO vs. XEC.TOXMM.TO vs. HTAE.TOXMM.TO vs. VEE.TOXMM.TO vs. SPMO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

XMM.TO vs. XEI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMM.TO
XMM.TO Risk / Return Rank: 6969
Overall Rank
XMM.TO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
XMM.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
XMM.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XMM.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
XMM.TO Martin Ratio Rank: 6363
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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.

XMM.TO vs. XEI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol Emerging Markets Index ETF (XMM.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.

XMM.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
2.19
6.08

-3.88

Sortino ratioReturn per unit of downside risk
3.24
9.07

-5.83

Omega ratioGain probability vs. loss probability

1.46

2.27

-0.81

Calmar ratioReturn relative to maximum drawdown

3.15

19.53

-16.38

Martin ratioReturn relative to average drawdown

11.25

66.28

-55.04

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

XMM.TO vs. XEI.TO - Sharpe Ratio Comparison

The current XMM.TO Sharpe Ratio is 2.19, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of XMM.TO and XEI.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

XMM.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.19

6.08

-3.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

1.39

-0.62

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.77

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.67

-0.12

Drawdowns

XMM.TO vs. XEI.TO - Drawdown Comparison

The maximum XMM.TO drawdown since its inception was -22.07%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for XMM.TO and XEI.TO.

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Drawdown Indicators

XMM.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-22.07%

-45.51%

+23.44%

Max Drawdown (1Y)

Largest decline over 1 year

-8.76%

-2.24%

-6.52%

Max Drawdown (3Y)

Largest decline over 3 years

-9.94%

-9.92%

-0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-17.32%

+1.90%

Max Drawdown (10Y)

Largest decline over 10 years

-22.07%

-45.51%

+23.44%

Current Drawdown

Current decline from peak

-0.77%

-0.76%

-0.01%

Average Drawdown

Average peak-to-trough decline

-5.21%

-5.05%

-0.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

0.66%

+1.79%

Volatility

XMM.TO vs. XEI.TO - Volatility Comparison

iShares MSCI Min Vol Emerging Markets Index ETF (XMM.TO) has a higher volatility of 5.38% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that XMM.TO's price experiences larger fluctuations and is considered to be riskier than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMM.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.38%

2.87%

+2.51%

Volatility (6M)

Calculated over the trailing 6-month period

11.25%

6.01%

+5.24%

Volatility (1Y)

Calculated over the trailing 1-year period

12.57%

7.21%

+5.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.40%

11.24%

-0.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.02%

16.01%

-3.99%

XMM.TO vs. XEI.TO - Expense Ratio Comparison

XMM.TO has a 0.42% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

XMM.TO vs. XEI.TO - Dividend Comparison

XMM.TO's dividend yield for the trailing twelve months is around 2.00%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%
XMM.TO
iShares MSCI Min Vol Emerging Markets Index ETF		2.00%2.37%2.95%2.55%1.55%1.91%2.09%2.44%2.21%2.09%2.32%2.16%

Frequently Asked Questions

XMM.TO and XEI.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.42% for XMM.TO.

XMM.TO is categorized as Emerging Markets Equities, while XEI.TO is Canada Equities. XMM.TO tracks Morningstar EM GR CAD, while XEI.TO tracks S&P/TSX Composite High Dividend Index. Their fees differ too: 0.42% for XMM.TO and 0.22% for XEI.TO.

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