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

XMW.TO vs. XMI.TO

Last updated Jun 4, 2026

XMW.TO (iShares MSCI Min Vol Global Index ETF) and XMI.TO (iShares MSCI Min Vol EAFE Index ETF) are both Global Equities funds from iShares - XMW.TO tracks the Morningstar Gbl GR CAD while XMI.TO tracks the MSCI EAFE Minimum Volatility Index. Both are passively managed. Over the past 10 years, XMW.TO returned 7.50%/yr vs 6.04%/yr for XMI.TO. A 0.70 correlation means they provide meaningful diversification when combined. XMW.TO charges 0.48%/yr vs 0.40%/yr for XMI.TO.

Performance

XMW.TO vs. XMI.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 MSCI Min Vol EAFE Index ETF (XMI.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 3.60% return, which is significantly lower than XMI.TO's 5.02% return. Over the past 10 years, XMW.TO has outperformed XMI.TO with an annualized return of 7.50%, while XMI.TO has yielded a comparatively lower 6.04% annualized 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%

XMI.TO

1D
-0.21%
1M
1.00%
YTD
5.02%
6M
4.57%
1Y
10.07%
3Y*
13.52%
5Y*
8.54%
10Y*
6.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XMW.TO
iShares MSCI Min Vol Global Index ETF		3.60%5.84%20.05%4.68%-4.33%12.80%0.51%14.74%5.95%10.19%
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		5.02%19.69%13.51%9.32%-10.50%7.01%-2.02%9.84%1.70%13.74%

Correlation

The correlation between XMW.TO and XMI.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.63

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

0.62

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

0.65

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

0.71

Correlation (All Time)
Calculated using the full available price history since Aug 20, 2012

0.70

The correlation between XMW.TO and XMI.TO has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

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

Sectors
XMW.TO
XMI.TO

Technology

22.6%
4.7%

Financial Services

13.4%
18.8%

Healthcare

12.9%
12.7%

Communication Services

11.6%
9.6%

Consumer Defensive

10.1%
11.2%

Utilities

7.6%
8.3%

Industrials

7.5%
13.5%

Consumer Cyclical

5.1%
5.3%

Energy

2.9%
7.2%

Basic Materials

1.6%
1.4%

Real Estate

0.7%
2.7%

Technology

XMW.TO
22.6%
XMI.TO
4.7%

Financial Services

XMW.TO
13.4%
XMI.TO
18.8%

Healthcare

XMW.TO
12.9%
XMI.TO
12.7%

Communication Services

XMW.TO
11.6%
XMI.TO
9.6%

Consumer Defensive

XMW.TO
10.1%
XMI.TO
11.2%

Utilities

XMW.TO
7.6%
XMI.TO
8.3%

Industrials

XMW.TO
7.5%
XMI.TO
13.5%

Consumer Cyclical

XMW.TO
5.1%
XMI.TO
5.3%

Energy

XMW.TO
2.9%
XMI.TO
7.2%

Basic Materials

XMW.TO
1.6%
XMI.TO
1.4%

Real Estate

XMW.TO
0.7%
XMI.TO
2.7%

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iShares MSCI Min Vol Global Index ETF

iShares MSCI Min Vol EAFE Index ETF

Often compared with XMW.TO:
XMW.TO vs. ZLB.TOXMW.TO vs. ACWVXMW.TO vs. XMV.TOXMW.TO vs. XEF.TOXMW.TO vs. XEQT.TOXMW.TO vs. XDIV.TOXMW.TO vs. VXC.TO
Often compared with XMI.TO:
XMI.TO vs. XMV.TOXMI.TO vs. ZLB.TOXMI.TO vs. XMU.TOXMI.TO vs. XEF.TOXMI.TO vs. EFAVXMI.TO vs. XUU.TOXMI.TO vs. XML.TO

Return for Risk

XMW.TO vs. XMI.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: 2222
Overall Rank
XMW.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
XMW.TO Sortino Ratio Rank: 2020
Sortino Ratio Rank
XMW.TO Omega Ratio Rank: 2020
Omega Ratio Rank
XMW.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
XMW.TO Martin Ratio Rank: 2424
Martin Ratio Rank
XMI.TO
XMI.TO Risk / Return Rank: 2929
Overall Rank
XMI.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
XMI.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
XMI.TO Omega Ratio Rank: 2727
Omega Ratio Rank
XMI.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
XMI.TO Martin Ratio Rank: 3333
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. XMI.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 MSCI Min Vol EAFE Index ETF (XMI.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.TOXMI.TODifference
Sharpe ratioReturn per unit of total volatility
0.75
0.97

-0.22

Sortino ratioReturn per unit of downside risk
1.10
1.37

-0.27

Omega ratioGain probability vs. loss probability

1.14

1.18

-0.05

Calmar ratioReturn relative to maximum drawdown

1.12

1.65

-0.53

Martin ratioReturn relative to average drawdown

3.08

4.94

-1.86

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

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

The current XMW.TO Sharpe Ratio is 0.75, which is comparable to the XMI.TO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of XMW.TO and XMI.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

XMW.TOXMI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.75

0.97

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

0.87

+0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.53

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.94

0.78

+0.16

Drawdowns

XMW.TO vs. XMI.TO - Drawdown Comparison

The maximum XMW.TO drawdown since its inception was -21.42%, smaller than the maximum XMI.TO drawdown of -23.08%. Use the drawdown chart below to compare losses from any high point for XMW.TO and XMI.TO.

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Drawdown Indicators

XMW.TOXMI.TODifference

Max Drawdown

Largest peak-to-trough decline

-21.42%

-23.08%

+1.66%

Max Drawdown (1Y)

Largest decline over 1 year

-5.14%

-6.12%

+0.98%

Max Drawdown (3Y)

Largest decline over 3 years

-8.59%

-7.97%

-0.62%

Max Drawdown (5Y)

Largest decline over 5 years

-14.45%

-21.18%

+6.73%

Max Drawdown (10Y)

Largest decline over 10 years

-21.42%

-23.08%

+1.66%

Current Drawdown

Current decline from peak

-0.58%

-3.90%

+3.32%

Average Drawdown

Average peak-to-trough decline

-2.74%

-4.04%

+1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.87%

2.04%

-0.17%

Volatility

XMW.TO vs. XMI.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol Global Index ETF (XMW.TO) is 1.87%, while iShares MSCI Min Vol EAFE Index ETF (XMI.TO) has a volatility of 3.28%. This indicates that XMW.TO experiences smaller price fluctuations and is considered to be less risky than XMI.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.TOXMI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.87%

3.28%

-1.41%

Volatility (6M)

Calculated over the trailing 6-month period

5.59%

8.21%

-2.62%

Volatility (1Y)

Calculated over the trailing 1-year period

7.67%

10.47%

-2.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.70%

9.87%

-1.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.07%

11.48%

-0.41%

XMW.TO vs. XMI.TO - Expense Ratio Comparison

XMW.TO has a 0.48% expense ratio, which is higher than XMI.TO's 0.40% expense ratio.

Dividends

XMW.TO vs. XMI.TO - Dividend Comparison

XMW.TO's dividend yield for the trailing twelve months is around 1.52%, less than XMI.TO's 2.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		2.56%2.69%2.64%2.56%1.99%1.93%1.16%3.74%2.92%2.07%3.29%2.02%
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 XMI.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMI.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMI.TO is cheaper with a 0.40% expense ratio, compared with 0.48% for XMW.TO.

XMW.TO tracks Morningstar Gbl GR CAD, while XMI.TO tracks MSCI EAFE Minimum Volatility Index. Their fees differ too: 0.48% for XMW.TO and 0.40% for XMI.TO.

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