XWD.TO vs. HEQT.TO
XWD.TO (iShares MSCI World Index ETF) and HEQT.TO (Horizons All-Equity Asset Allocation ETF) are both Global Equities funds. XWD.TO is passively managed, while HEQT.TO is actively managed. Over the past 5 years, XWD.TO returned 14.76%/yr vs 16.77%/yr for HEQT.TO. Their correlation of 0.80 suggests significant overlap in exposure. XWD.TO charges 0.48%/yr vs 0.20%/yr for HEQT.TO.
Performance
XWD.TO vs. HEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XWD.TO achieves a 11.42% return, which is significantly lower than HEQT.TO's 13.56% return.
XWD.TO
- 1D
- -0.47%
- 1M
- 6.72%
- YTD
- 11.42%
- 6M
- 10.29%
- 1Y
- 27.27%
- 3Y*
- 21.42%
- 5Y*
- 14.76%
- 10Y*
- 13.45%
HEQT.TO
- 1D
- -0.58%
- 1M
- 6.87%
- YTD
- 13.56%
- 6M
- 13.18%
- 1Y
- 31.58%
- 3Y*
- 25.58%
- 5Y*
- 16.77%
- 10Y*
- —
XWD.TO vs. HEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XWD.TO iShares MSCI World Index ETF | 11.42% | 15.25% | 28.07% | 20.32% | -11.57% | 21.87% | 11.41% | 4.95% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.56% | 19.82% | 25.95% | 31.63% | -12.65% | 23.11% | 16.34% | 7.76% |
Correlation
The correlation between XWD.TO and HEQT.TO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019 | 0.80 |
The correlation between XWD.TO and HEQT.TO shifts across timeframes, from 0.80 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XWD.TO vs. HEQT.TO — Risk / Return Rank
XWD.TO
HEQT.TO
XWD.TO vs. HEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Index ETF (XWD.TO) and Horizons All-Equity Asset Allocation ETF (HEQT.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.
| XWD.TO | HEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.50 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 3.74 | -0.19 |
| Martin ratioReturn relative to average drawdown | 14.52 | 16.49 | -1.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XWD.TO | HEQT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.35 | 2.65 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.08 | 1.10 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 1.05 | -0.15 |
Drawdowns
XWD.TO vs. HEQT.TO - Drawdown Comparison
The maximum XWD.TO drawdown since its inception was -27.48%, smaller than the maximum HEQT.TO drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for XWD.TO and HEQT.TO.
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Drawdown Indicators
| XWD.TO | HEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.48% | -31.82% | +4.34% |
Max Drawdown (1Y)Largest decline over 1 year | -7.71% | -8.49% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -16.77% | -15.33% | -1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -24.25% | +2.85% |
Max Drawdown (10Y)Largest decline over 10 years | -27.48% | — | — |
Current DrawdownCurrent decline from peak | -0.80% | -0.58% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -4.29% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 1.92% | -0.04% |
Volatility
XWD.TO vs. HEQT.TO - Volatility Comparison
iShares MSCI World Index ETF (XWD.TO) and Horizons All-Equity Asset Allocation ETF (HEQT.TO) have volatilities of 3.61% and 3.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XWD.TO | HEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 3.53% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.03% | 9.67% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.67% | 11.96% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.71% | 15.33% | -1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.36% | 17.16% | -1.80% |
XWD.TO vs. HEQT.TO - Expense Ratio Comparison
XWD.TO has a 0.48% expense ratio, which is higher than HEQT.TO's 0.20% expense ratio.
Dividends
XWD.TO vs. HEQT.TO - Dividend Comparison
XWD.TO's dividend yield for the trailing twelve months is around 1.19%, less than HEQT.TO's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.61% | 1.70% | 3.22% | 7.85% | 7.31% | 0.48% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.92, XWD.TO and HEQT.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.48% for XWD.TO.
They also come from different issuers: iShares and Horizons. Their fees differ too: 0.48% for XWD.TO and 0.20% for HEQT.TO.
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