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XMW.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMW.TO vs. PZW.TO

Last updated Jul 1, 2026
See Documentation

XMW.TO (iShares MSCI Min Vol Global Index ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - XMW.TO tracks the Morningstar Gbl GR CAD while PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, XMW.TO returned 7.33%/yr vs 11.60%/yr for PZW.TO. At a 0.24 correlation, their price movements are largely independent.

Performance

XMW.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol Global Index ETF (XMW.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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, XMW.TO achieves a 5.35% return, which is significantly lower than PZW.TO's 17.33% return. Over the past 10 years, XMW.TO has underperformed PZW.TO with an annualized return of 7.33%, while PZW.TO has yielded a comparatively higher 11.60% annualized return.

XMW.TO

1D
-0.15%
1M
2.20%
YTD
5.35%
6M
5.20%
1Y
7.29%
3Y*
11.45%
5Y*
7.72%
10Y*
7.33%

PZW.TO

1D
0.29%
1M
3.40%
YTD
17.33%
6M
16.85%
1Y
32.19%
3Y*
20.71%
5Y*
10.71%
10Y*
11.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMW.TO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMW.TO
iShares MSCI Min Vol Global Index ETF		5.35%5.84%20.05%4.68%-4.33%12.80%0.51%14.74%5.95%10.19%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		17.33%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%

Correlation

The correlation between XMW.TO and PZW.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

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

0.25

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

0.29

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

0.24

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.24

XMW.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors
XMW.TO
PZW.TO

Technology

25.8%
12.2%

Financial Services

13.2%
13.3%

Healthcare

13.0%
12.7%

Communication Services

11.9%
3.8%

Consumer Defensive

9.8%
4.6%

Industrials

8.1%
19.2%

Utilities

7.3%
2.3%

Consumer Cyclical

5.1%
12.1%

Energy

3.7%
4.1%

Basic Materials

1.5%
7.0%

Real Estate

0.6%
8.8%

Technology

XMW.TO
25.8%
PZW.TO
12.2%

Financial Services

XMW.TO
13.2%
PZW.TO
13.3%

Healthcare

XMW.TO
13.0%
PZW.TO
12.7%

Communication Services

XMW.TO
11.9%
PZW.TO
3.8%

Consumer Defensive

XMW.TO
9.8%
PZW.TO
4.6%

Industrials

XMW.TO
8.1%
PZW.TO
19.2%

Utilities

XMW.TO
7.3%
PZW.TO
2.3%

Consumer Cyclical

XMW.TO
5.1%
PZW.TO
12.1%

Energy

XMW.TO
3.7%
PZW.TO
4.1%

Basic Materials

XMW.TO
1.5%
PZW.TO
7.0%

Real Estate

XMW.TO
0.6%
PZW.TO
8.8%

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 Global Index ETF

Invesco FTSE RAFI Global Small-Mid ETF

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Often compared with PZW.TO:
PZW.TO vs. INAI.TOPZW.TO vs. PXC.TOPZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQC-F.TOPZW.TO vs. QQCE.TO

Return for Risk

XMW.TO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMW.TO
XMW.TO Risk / Return Rank: 2929
Overall Rank
XMW.TO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
XMW.TO Sortino Ratio Rank: 2727
Sortino Ratio Rank
XMW.TO Omega Ratio Rank: 2727
Omega Ratio Rank
XMW.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
XMW.TO Martin Ratio Rank: 3131
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
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.

XMW.TO vs. PZW.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 Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

XMW.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
0.96
2.28

-1.31

Sortino ratioReturn per unit of downside risk
1.39
3.35

-1.96

Omega ratioGain probability vs. loss probability

1.17

1.45

-0.27

Calmar ratioReturn relative to maximum drawdown

1.43

3.79

-2.37

Martin ratioReturn relative to average drawdown

3.95

13.53

-9.58

XMW.TO vs. PZW.TO - Sharpe Ratio Comparison

The current XMW.TO Sharpe Ratio is 0.96, which is lower than the PZW.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of XMW.TO and PZW.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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Drawdowns

XMW.TO vs. PZW.TO - Drawdown Comparison

The maximum XMW.TO drawdown since its inception was -21.42%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for XMW.TO and PZW.TO.

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Drawdown Indicators

XMW.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-21.42%

-32.45%

+11.03%

Max Drawdown (1Y)

Largest decline over 1 year

-5.14%

-8.50%

+3.36%

Max Drawdown (3Y)

Largest decline over 3 years

-8.59%

-16.88%

+8.29%

Max Drawdown (5Y)

Largest decline over 5 years

-14.45%

-22.13%

+7.68%

Max Drawdown (10Y)

Largest decline over 10 years

-21.42%

-32.45%

+11.03%

Current Drawdown

Current decline from peak

-0.15%

0.00%

-0.15%

Average Drawdown

Average peak-to-trough decline

-2.73%

-5.72%

+2.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.85%

2.38%

-0.53%

Volatility

XMW.TO vs. PZW.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol Global Index ETF (XMW.TO) is 1.57%, while Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) has a volatility of 2.90%. This indicates that XMW.TO experiences smaller price fluctuations and is considered to be less risky than PZW.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.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.57%

2.90%

-1.33%

Volatility (6M)

Calculated over the trailing 6-month period

5.55%

10.41%

-4.86%

Volatility (1Y)

Calculated over the trailing 1-year period

7.59%

14.17%

-6.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.70%

14.65%

-5.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.05%

15.90%

-4.85%

Dividends

XMW.TO vs. PZW.TO - Dividend Comparison

XMW.TO's dividend yield for the trailing twelve months is around 1.44%, less than PZW.TO's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.65%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
XMW.TO
iShares MSCI Min Vol Global Index ETF		1.44%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 PZW.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMW.TO tracks Morningstar Gbl GR CAD, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. They also come from different issuers: iShares and Invesco.

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