XMW.TO vs. HEQT.TO
XMW.TO (iShares MSCI Min Vol Global Index ETF) and HEQT.TO (Horizons All-Equity Asset Allocation ETF) are both Global Equities funds. XMW.TO is passively managed, while HEQT.TO is actively managed. Over the past 5 years, XMW.TO returned 7.90%/yr vs 16.77%/yr for HEQT.TO. At a 0.46 correlation, their price movements are largely independent. XMW.TO charges 0.48%/yr vs 0.20%/yr for HEQT.TO.
Performance
XMW.TO vs. HEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XMW.TO achieves a 3.60% return, which is significantly lower than HEQT.TO's 13.56% return.
XMW.TO
- 1D
- 0.07%
- 1M
- 3.38%
- YTD
- 3.60%
- 6M
- 2.07%
- 1Y
- 5.74%
- 3Y*
- 10.78%
- 5Y*
- 7.90%
- 10Y*
- 7.50%
HEQT.TO
- 1D
- -0.58%
- 1M
- 6.87%
- YTD
- 13.56%
- 6M
- 13.18%
- 1Y
- 31.58%
- 3Y*
- 25.58%
- 5Y*
- 16.77%
- 10Y*
- —
XMW.TO vs. HEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XMW.TO iShares MSCI Min Vol Global Index ETF | 3.60% | 5.84% | 20.05% | 4.68% | -4.33% | 12.80% | 0.51% | 0.63% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.56% | 19.82% | 25.95% | 31.63% | -12.65% | 23.11% | 16.34% | 7.76% |
Correlation
The correlation between XMW.TO and HEQT.TO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.46 |
The correlation between XMW.TO and HEQT.TO has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.
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Return for Risk
XMW.TO vs. HEQT.TO — Risk / Return Rank
XMW.TO
HEQT.TO
XMW.TO vs. HEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol Global Index ETF (XMW.TO) and Horizons All-Equity Asset Allocation ETF (HEQT.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.
| XMW.TO | HEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.50 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 3.74 | -2.62 |
| Martin ratioReturn relative to average drawdown | 3.08 | 16.49 | -13.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XMW.TO | HEQT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 2.65 | -1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 1.10 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 1.05 | -0.11 |
Drawdowns
XMW.TO vs. HEQT.TO - Drawdown Comparison
The maximum XMW.TO drawdown since its inception was -21.42%, smaller than the maximum HEQT.TO drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for XMW.TO and HEQT.TO.
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Drawdown Indicators
| XMW.TO | HEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.42% | -31.82% | +10.40% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -8.49% | +3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -15.33% | +6.74% |
Max Drawdown (5Y)Largest decline over 5 years | -14.45% | -24.25% | +9.80% |
Max Drawdown (10Y)Largest decline over 10 years | -21.42% | — | — |
Current DrawdownCurrent decline from peak | -0.58% | -0.58% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.74% | -4.29% | +1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 1.92% | -0.05% |
Volatility
XMW.TO vs. HEQT.TO - Volatility Comparison
The current volatility for iShares MSCI Min Vol Global Index ETF (XMW.TO) is 1.87%, while Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a volatility of 3.53%. This indicates that XMW.TO experiences smaller price fluctuations and is considered to be less risky than HEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XMW.TO | HEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.87% | 3.53% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 5.59% | 9.67% | -4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.67% | 11.96% | -4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.70% | 15.33% | -6.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.07% | 17.16% | -6.09% |
XMW.TO vs. HEQT.TO - Expense Ratio Comparison
XMW.TO has a 0.48% expense ratio, which is higher than HEQT.TO's 0.20% expense ratio.
Dividends
XMW.TO vs. HEQT.TO - Dividend Comparison
XMW.TO's dividend yield for the trailing twelve months is around 1.52%, less than HEQT.TO's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.61% | 1.70% | 3.22% | 7.85% | 7.31% | 0.48% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
XMW.TO iShares MSCI Min Vol Global Index ETF | 1.52% | 1.58% | 1.81% | 1.98% | 1.66% | 1.43% | 1.52% | 2.20% | 2.01% | 1.61% | 2.02% | 1.85% |
Frequently Asked Questions
XMW.TO and HEQT.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.48% for XMW.TO.
They also come from different issuers: iShares and Horizons. Their fees differ too: 0.48% for XMW.TO and 0.20% for HEQT.TO.
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