XWD.TO vs. CIE.NEO

Last updated Jun 5, 2026

XWD.TO (iShares MSCI World Index ETF) and CIE.NEO (iShares International Fundamental Common Class) are both Global Equities funds from iShares - XWD.TO tracks the Morningstar Gbl GR CAD while CIE.NEO tracks the FTSE RAFI Developed ex US 1000 Index. Both are passively managed. Over the past 10 years, XWD.TO returned 13.55%/yr vs 11.89%/yr for CIE.NEO. A 0.68 correlation means they provide meaningful diversification when combined. XWD.TO charges 0.48%/yr vs 0.73%/yr for CIE.NEO.

Performance

XWD.TO vs. CIE.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI World Index ETF (XWD.TO) and iShares International Fundamental Common Class (CIE.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XWD.TO achieves a 11.99% return, which is significantly lower than CIE.NEO's 17.83% return. Over the past 10 years, XWD.TO has outperformed CIE.NEO with an annualized return of 13.55%, while CIE.NEO has yielded a comparatively lower 11.89% annualized return.

XWD.TO

• 1D: 0.51%
• 1M: 6.27%
• YTD: 11.99%
• 6M: 10.63%
• 1Y: 28.11%
• 3Y*: 21.72%
• 5Y*: 14.88%
• 10Y*: 13.55%

CIE.NEO

• 1D: -0.39%
• 1M: 6.26%
• YTD: 17.83%
• 6M: 19.92%
• 1Y: 39.49%
• 3Y*: 25.09%
• 5Y*: 15.50%
• 10Y*: 11.89%

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

XWD.TO vs. CIE.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XWD.TO iShares MSCI World Index ETF	11.99%	15.25%	28.07%	20.32%	-11.57%	21.87%	11.41%	21.44%	-1.52%	14.42%
CIE.NEO iShares International Fundamental Common Class	17.83%	34.92%	12.83%	15.59%	-2.83%	14.42%	1.33%	11.29%	-8.19%	16.74%

Correlation

The correlation between XWD.TO and CIE.NEO is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.68

The correlation between XWD.TO and CIE.NEO has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

Return for Risk

XWD.TO vs. CIE.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XWD.TO

XWD.TO Risk / Return Rank: 76
XWD.TO Sharpe Ratio Rank: 76
XWD.TO Sortino Ratio Rank: 76
XWD.TO Omega Ratio Rank: 76
XWD.TO Calmar Ratio Rank: 74
XWD.TO Martin Ratio Rank: 78

CIE.NEO

CIE.NEO Risk / Return Rank: 82
CIE.NEO Sharpe Ratio Rank: 86
CIE.NEO Sortino Ratio Rank: 86
CIE.NEO Omega Ratio Rank: 87
CIE.NEO Calmar Ratio Rank: 72
CIE.NEO Martin Ratio Rank: 77

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.

XWD.TO vs. CIE.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Index ETF (XWD.TO) and iShares International Fundamental Common Class (CIE.NEO). 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.

	XWD.TO	CIE.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.85	-0.43
Sortino ratio: Return per unit of downside risk	3.37	3.90	-0.53
Omega ratio: Gain probability vs. loss probability	1.45	1.54	-0.09
Calmar ratio: Return relative to maximum drawdown	3.66	3.57	+0.09
Martin ratio: Return relative to average drawdown	14.98	14.78	+0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XWD.TO vs. CIE.NEO - Sharpe Ratio Comparison

The current XWD.TO Sharpe Ratio is 2.42, which is comparable to the CIE.NEO Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of XWD.TO and CIE.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XWD.TO	CIE.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.85	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	1.13	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.66	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.44	+0.47

Drawdowns

XWD.TO vs. CIE.NEO - Drawdown Comparison

The maximum XWD.TO drawdown since its inception was -27.48%, smaller than the maximum CIE.NEO drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for XWD.TO and CIE.NEO.

Drawdown Indicators

	XWD.TO	CIE.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-27.48%	-40.08%	+12.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-11.10%	+3.39%
Max Drawdown (3Y) Largest decline over 3 years	-16.77%	-15.44%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-21.40%	-20.55%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	-27.48%	-40.08%	+12.60%
Current Drawdown Current decline from peak	-0.29%	-0.39%	+0.10%
Average Drawdown Average peak-to-trough decline	-3.49%	-7.13%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.68%	-0.80%

Volatility

XWD.TO vs. CIE.NEO - Volatility Comparison

The current volatility for iShares MSCI World Index ETF (XWD.TO) is 3.55%, while iShares International Fundamental Common Class (CIE.NEO) has a volatility of 4.85%. This indicates that XWD.TO experiences smaller price fluctuations and is considered to be less risky than CIE.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XWD.TO	CIE.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	4.85%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	9.04%	11.56%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.68%	13.95%	-2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.71%	13.85%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.36%	18.19%	-2.83%

XWD.TO vs. CIE.NEO - Expense Ratio Comparison

XWD.TO has a 0.48% expense ratio, which is lower than CIE.NEO's 0.73% expense ratio.

Dividends

XWD.TO vs. CIE.NEO - Dividend Comparison

XWD.TO's dividend yield for the trailing twelve months is around 1.19%, less than CIE.NEO's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIE.NEO iShares International Fundamental Common Class	2.12%	2.53%	2.82%	3.08%	3.32%	2.89%	2.15%	3.63%	3.12%	2.67%	2.80%	2.44%
XWD.TO iShares MSCI World Index ETF	1.19%	1.33%	1.19%	1.39%	1.36%	1.21%	1.06%	1.77%	1.94%	1.63%	1.83%	1.84%

Frequently Asked Questions

Can I hold both XWD.TO and CIE.NEO in my portfolio?

XWD.TO and CIE.NEO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XWD.TO or CIE.NEO?

On fees, XWD.TO is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XWD.TO or CIE.NEO?

XWD.TO is cheaper with a 0.48% expense ratio, compared with 0.73% for CIE.NEO.

What is the main difference between XWD.TO and CIE.NEO?

XWD.TO tracks Morningstar Gbl GR CAD, while CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index. Their fees differ too: 0.48% for XWD.TO and 0.73% for CIE.NEO.