XMW.TO vs. XEF-U.TO

Last updated Jul 25, 2026

XMW.TO (iShares MSCI Min Vol Global Index ETF) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both Global Equities funds from iShares - XMW.TO tracks the Morningstar Gbl GR CAD while XEF-U.TO tracks the MSCI EAFE® Investable Market Index. Both are passively managed. Over the past 10 years, XMW.TO returned 7.02%/yr vs 6.67%/yr for XEF-U.TO. At a 0.32 correlation, their price movements are largely independent. XMW.TO charges 0.48%/yr vs 0.21%/yr for XEF-U.TO.

Performance

XMW.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 Global Index ETF (XMW.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

XMW.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, XMW.TO achieves a 5.79% return, which is significantly lower than XEF-U.TO's 12.61% return. Both investments have delivered pretty close results over the past 10 years, with XMW.TO having a 7.02% annualized return and XEF-U.TO not far behind at 6.67%.

XMW.TO

• 1D: 1.00%
• 1M: 0.91%
• 6M: 4.93%
• YTD: 5.79%
• 1Y: 7.55%
• 3Y*: 11.03%
• 5Y*: 7.13%
• 10Y*: 7.02%
• ALL TIME*: 10.17%

XEF-U.TO

• 1D: 0.82%
• 1M: 0.32%
• 6M: 7.12%
• YTD: 12.61%
• 1Y: 21.73%
• 3Y*: 17.94%
• 5Y*: 11.04%
• 10Y*: 6.67%
• ALL TIME*: 9.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	CA$316.42K	CA$331.50K	CA$319.99K
XMW.TO iShares MSCI Min Vol Global Index ETF	CA$124.60K	CA$121.48K	CA$132.62K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMW.TO iShares MSCI Min Vol Global Index ETF	5.79%	5.84%	20.05%	4.68%	-4.33%	12.80%	0.51%	14.74%	5.95%	10.19%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	12.61%	25.69%	11.75%	13.94%	-9.57%	11.30%	7.69%	-15.98%	0.56%	9.18%

Correlation

The correlation between XMW.TO and XEF-U.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	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013	0.32

Return for Risk

XMW.TO vs. XEF-U.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: 39
XMW.TO Sharpe Ratio Rank: 40
XMW.TO Sortino Ratio Rank: 38
XMW.TO Omega Ratio Rank: 38
XMW.TO Calmar Ratio Rank: 42
XMW.TO Martin Ratio Rank: 39

XEF-U.TO

XEF-U.TO Risk / Return Rank: 48
XEF-U.TO Sharpe Ratio Rank: 48
XEF-U.TO Sortino Ratio Rank: 48
XEF-U.TO Omega Ratio Rank: 48
XEF-U.TO Calmar Ratio Rank: 45
XEF-U.TO Martin Ratio Rank: 51

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. XEF-U.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 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.

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.TO	XEF-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.41	-0.43
Sortino ratio: Return per unit of downside risk	1.41	2.04	-0.63
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.48	1.94	-0.47
Martin ratio: Return relative to average drawdown	4.05	7.42	-3.37

XMW.TO vs. XEF-U.TO - Sharpe Ratio Comparison

The current XMW.TO Sharpe Ratio is 0.98, which is lower than the XEF-U.TO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of XMW.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.

Drawdowns

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

The maximum XMW.TO drawdown since its inception was -21.42%, smaller than the maximum XEF-U.TO drawdown of -42.21%. Use the drawdown chart below to compare losses from any high point for XMW.TO and XEF-U.TO.

Drawdown Indicators

	XMW.TO	XEF-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.42%	-42.21%	+20.79%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-11.34%	+6.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.59%	-14.64%	+6.05%
Max Drawdown (5Y) Largest decline over 5 years	-14.45%	-25.28%	+10.83%
Max Drawdown (10Y) Largest decline over 10 years	-21.42%	-42.21%	+20.79%
Current Drawdown Current decline from peak	-1.08%	-2.72%	+1.64%
Average Drawdown Average peak-to-trough decline	-2.72%	-8.97%	+6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	2.96%	-1.09%

Volatility

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

The current volatility for iShares MSCI Min Vol Global Index ETF (XMW.TO) is 2.46%, while iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a volatility of 4.00%. This indicates that XMW.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

	XMW.TO	XEF-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	4.00%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	13.48%	-7.76%
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	15.60%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.72%	17.64%	-8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.04%	18.13%	-7.09%

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

XMW.TO has a 0.48% expense ratio, which is higher than XEF-U.TO's 0.21% expense ratio.

Dividends

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

XMW.TO's dividend yield for the trailing twelve months is around 1.43%, less than XEF-U.TO's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	2.36%	2.44%	2.85%	2.76%	2.98%	2.43%	1.86%	2.72%	2.07%	1.62%	1.84%	1.86%
XMW.TO iShares MSCI Min Vol Global Index ETF	1.43%	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

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

XMW.TO and XEF-U.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.

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

XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.48% for XMW.TO.

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

XMW.TO tracks Morningstar Gbl GR CAD, while XEF-U.TO tracks MSCI EAFE® Investable Market Index. Their fees differ too: 0.48% for XMW.TO and 0.21% for XEF-U.TO.