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XWD.TO vs. DRFG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XWD.TO vs. DRFG.TO

Last updated Jul 18, 2026
Documentation

XWD.TO (iShares MSCI World Index ETF) and DRFG.TO (Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF) are both Global Equities funds. XWD.TO is passively managed, while DRFG.TO is actively managed. Over the past 5 years, XWD.TO returned 13.62%/yr vs 13.44%/yr for DRFG.TO. At a 0.47 correlation, their price movements are largely independent.

Performance

XWD.TO vs. DRFG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI World Index ETF (XWD.TO) and Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF (DRFG.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, XWD.TO achieves a 11.52% return, which is significantly lower than DRFG.TO's 13.90% return.

XWD.TO

1D
-1.02%
1M
-0.34%
6M
7.85%
YTD
11.52%
1Y
21.84%
3Y*
20.00%
5Y*
13.62%
10Y*
13.24%

DRFG.TO

1D
-0.94%
1M
-1.27%
6M
10.30%
YTD
13.90%
1Y
29.11%
3Y*
23.18%
5Y*
13.44%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XWD.TO vs. DRFG.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XWD.TO
iShares MSCI World Index ETF		11.52%15.25%28.07%20.32%-11.57%21.63%11.41%11.40%
DRFG.TO
Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF		13.90%24.31%26.78%12.68%-12.16%17.99%7.88%8.78%

Correlation

The correlation between XWD.TO and DRFG.TO is 0.74, 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

0.74

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

0.56

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

0.48

Correlation (All Time)
Calculated using the full available price history since Mar 6, 2019

0.47

Over the past year, XWD.TO and DRFG.TO have become more correlated (0.74) than their long-term average of 0.47, meaning their price movements have been converging.

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iShares MSCI World Index ETF

Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF

Often compared with XWD.TO:
XWD.TO vs. XEQT.TOXWD.TO vs. URTHXWD.TO vs. VTXWD.TO vs. VWRA.LXWD.TO vs. ZGQ.TOXWD.TO vs. VEQT.TOXWD.TO vs. SPY
Often compared with DRFG.TO:
DRFG.TO vs. DANC.TODRFG.TO vs. DCG.TODRFG.TO vs. DCS.TODRFG.TO vs. DRFD.TODRFG.TO vs. DRFE.TODRFG.TO vs. DRFU.TODRFG.TO vs. DRMC.TO

Return for Risk

XWD.TO vs. DRFG.TO — 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: 7272
Overall Rank
XWD.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
XWD.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
XWD.TO Omega Ratio Rank: 7070
Omega Ratio Rank
XWD.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XWD.TO Martin Ratio Rank: 7777
Martin Ratio Rank
DRFG.TO
DRFG.TO Risk / Return Rank: 8787
Overall Rank
DRFG.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
DRFG.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
DRFG.TO Omega Ratio Rank: 8787
Omega Ratio Rank
DRFG.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
DRFG.TO Martin Ratio Rank: 8787
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.

XWD.TO vs. DRFG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Index ETF (XWD.TO) and Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF (DRFG.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.

XWD.TODRFG.TODifference
Sharpe ratioReturn per unit of total volatility
1.80
2.25

-0.45

Sortino ratioReturn per unit of downside risk
2.55
3.14

-0.60

Omega ratioGain probability vs. loss probability

1.33

1.41

-0.08

Calmar ratioReturn relative to maximum drawdown

2.85

3.48

-0.64

Martin ratioReturn relative to average drawdown

11.32

13.73

-2.40

XWD.TO vs. DRFG.TO - Sharpe Ratio Comparison

The current XWD.TO Sharpe Ratio is 1.80, which is comparable to the DRFG.TO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of XWD.TO and DRFG.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

XWD.TO vs. DRFG.TO - Drawdown Comparison

The maximum XWD.TO drawdown since its inception was -27.48%, roughly equal to the maximum DRFG.TO drawdown of -27.73%. Use the drawdown chart below to compare losses from any high point for XWD.TO and DRFG.TO.

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Drawdown Indicators

XWD.TODRFG.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.48%

-27.73%

+0.25%

Max Drawdown (1Y)

Largest decline over 1 year

-7.71%

-8.40%

+0.69%

Max Drawdown (3Y)

Largest decline over 3 years

-16.77%

-16.44%

-0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-21.56%

-21.09%

-0.47%

Max Drawdown (10Y)

Largest decline over 10 years

-27.48%

—

—

Current Drawdown

Current decline from peak

-2.49%

-2.91%

+0.42%

Average Drawdown

Average peak-to-trough decline

-3.50%

-4.62%

+1.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

2.13%

-0.20%

Volatility

XWD.TO vs. DRFG.TO - Volatility Comparison

The current volatility for iShares MSCI World Index ETF (XWD.TO) is 3.04%, while Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF (DRFG.TO) has a volatility of 3.31%. This indicates that XWD.TO experiences smaller price fluctuations and is considered to be less risky than DRFG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XWD.TODRFG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.04%

3.31%

-0.27%

Volatility (6M)

Calculated over the trailing 6-month period

9.86%

10.85%

-0.99%

Volatility (1Y)

Calculated over the trailing 1-year period

12.24%

12.99%

-0.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.84%

12.73%

+1.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.33%

14.24%

+1.09%

Dividends

XWD.TO vs. DRFG.TO - Dividend Comparison

XWD.TO's dividend yield for the trailing twelve months is around 1.21%, less than DRFG.TO's 1.57% yield.

PositionTTM20252024202320222021202020192018201720162015
DRFG.TO
Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF		1.57%2.14%1.40%1.49%1.58%1.37%1.59%1.68%0.00%0.00%0.00%0.00%
XWD.TO
iShares MSCI World Index ETF		1.21%1.33%1.19%1.39%1.35%1.21%1.06%1.77%1.94%1.64%1.83%1.84%

Frequently Asked Questions

XWD.TO and DRFG.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and Desjardins.

Portfolio Optimizer

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