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XRE.TO vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XRE.TO vs. IEFA

Last updated Jun 13, 2026

XRE.TO (iShares S&P/TSX Capped REIT Index ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - XRE.TO is a REIT fund tracking the Morningstar DM REIT NR CAD, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, XRE.TO returned 5.10%/yr vs 10.86%/yr for IEFA. At a 0.36 correlation, their price movements are largely independent. XRE.TO charges 0.61%/yr vs 0.07%/yr for IEFA.

Performance

XRE.TO vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XRE.TO is traded in CAD, while IEFA is traded in USD. To make them comparable, the IEFA values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XRE.TO achieves a 13.45% return, which is significantly higher than IEFA's 11.85% return. Over the past 10 years, XRE.TO has underperformed IEFA with an annualized return of 5.10%, while IEFA has yielded a comparatively higher 10.86% annualized return.

XRE.TO

1D
1.00%
1M
6.08%
YTD
13.45%
6M
16.21%
1Y
13.57%
3Y*
6.64%
5Y*
2.18%
10Y*
5.10%

IEFA

1D
0.47%
1M
2.99%
YTD
11.85%
6M
12.78%
1Y
23.73%
3Y*
18.09%
5Y*
11.29%
10Y*
10.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XRE.TO vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		13.45%8.89%-2.52%1.88%-17.34%32.54%-13.58%21.98%5.72%9.33%
IEFA
iShares Core MSCI EAFE ETF		11.85%26.05%12.01%15.15%-9.87%11.58%5.61%17.59%-6.93%18.00%

Correlation

The correlation between XRE.TO and IEFA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.44

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

0.47

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

0.38

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.36

The correlation between XRE.TO and IEFA shifts across timeframes, from 0.36 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.

XRE.TO vs. IEFA - Sectors Allocation Comparison

Sectors
XRE.TO
IEFA

Real Estate

100.0%
3.0%

Basic Materials

-

7.0%

Communication Services

-

4.4%

Consumer Cyclical

-

8.0%

Consumer Defensive

-

6.6%

Energy

-

3.8%

Financial Services

-

22.5%

Healthcare

-

9.5%

Industrials

-

20.1%

Technology

-

10.8%

Utilities

-

3.6%

Real Estate

XRE.TO
100.0%
IEFA
3.0%

Basic Materials

XRE.TO

-

IEFA
7.0%

Communication Services

XRE.TO

-

IEFA
4.4%

Consumer Cyclical

XRE.TO

-

IEFA
8.0%

Consumer Defensive

XRE.TO

-

IEFA
6.6%

Energy

XRE.TO

-

IEFA
3.8%

Financial Services

XRE.TO

-

IEFA
22.5%

Healthcare

XRE.TO

-

IEFA
9.5%

Industrials

XRE.TO

-

IEFA
20.1%

Technology

XRE.TO

-

IEFA
10.8%

Utilities

XRE.TO

-

IEFA
3.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX Capped REIT Index ETF

iShares Core MSCI EAFE ETF

Often compared with XRE.TO:
XRE.TO vs. ZRE.TOXRE.TO vs. VRE.TOXRE.TO vs. CGR.TOXRE.TO vs. XIC.TOXRE.TO vs. XDIV.TOXRE.TO vs. XBB.TOXRE.TO vs. VOO
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

XRE.TO vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XRE.TO
XRE.TO Risk / Return Rank: 3636
Overall Rank
XRE.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
XRE.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
XRE.TO Omega Ratio Rank: 3333
Omega Ratio Rank
XRE.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XRE.TO Martin Ratio Rank: 3434
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4444
Overall Rank
IEFA Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4444
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4343
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4242
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4848
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.

XRE.TO vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and iShares Core MSCI EAFE ETF (IEFA). 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.

XRE.TOIEFADifference
Sharpe ratioReturn per unit of total volatility
1.17
1.49

-0.33

Sortino ratioReturn per unit of downside risk
1.73
2.15

-0.42

Omega ratioGain probability vs. loss probability

1.20

1.27

-0.07

Calmar ratioReturn relative to maximum drawdown

1.82

2.12

-0.30

Martin ratioReturn relative to average drawdown

4.56

8.13

-3.57

XRE.TO vs. IEFA - Sharpe Ratio Comparison

The current XRE.TO Sharpe Ratio is 1.17, which is comparable to the IEFA Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of XRE.TO and IEFA, 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

XRE.TO vs. IEFA - Drawdown Comparison

The maximum XRE.TO drawdown since its inception was -57.01%, which is greater than IEFA's maximum drawdown of -29.92%. Use the drawdown chart below to compare losses from any high point for XRE.TO and IEFA.

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Drawdown Indicators

XRE.TOIEFADifference

Max Drawdown

Largest peak-to-trough decline

-57.01%

-29.92%

-27.09%

Max Drawdown (1Y)

Largest decline over 1 year

-7.51%

-11.27%

+3.76%

Max Drawdown (3Y)

Largest decline over 3 years

-20.91%

-14.32%

-6.59%

Max Drawdown (5Y)

Largest decline over 5 years

-30.53%

-24.68%

-5.85%

Max Drawdown (10Y)

Largest decline over 10 years

-46.58%

-29.92%

-16.66%

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-10.78%

-4.52%

-6.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

2.94%

+0.06%

Volatility

XRE.TO vs. IEFA - Volatility Comparison

The current volatility for iShares S&P/TSX Capped REIT Index ETF (XRE.TO) is 3.08%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 5.66%. This indicates that XRE.TO experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XRE.TOIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.08%

5.66%

-2.58%

Volatility (6M)

Calculated over the trailing 6-month period

8.74%

13.45%

-4.71%

Volatility (1Y)

Calculated over the trailing 1-year period

11.75%

15.97%

-4.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.18%

17.64%

-1.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.58%

18.40%

-0.82%

XRE.TO vs. IEFA - Expense Ratio Comparison

XRE.TO has a 0.61% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

XRE.TO vs. IEFA - Dividend Comparison

XRE.TO's dividend yield for the trailing twelve months is around 4.34%, more than IEFA's 3.24% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.24%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		4.34%5.00%5.55%4.52%4.85%2.62%4.50%4.88%4.86%4.77%5.27%5.66%

Frequently Asked Questions

XRE.TO and IEFA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEFA is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.61% for XRE.TO.

XRE.TO is categorized as REIT, while IEFA is Foreign Large Cap Equities. XRE.TO tracks Morningstar DM REIT NR CAD, while IEFA tracks MSCI EAFE IMI Index (Net). Their fees differ too: 0.61% for XRE.TO and 0.07% for IEFA.

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