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iShares Core MSCI All Country World ex Canada Index ETF (XAW) and iShares Core MSCI EAFE IMI Index ETF (XEF) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XAW focuses its top 3 sector exposures on Technology, Finance, and Industrials, while XEF leans towards Finance, Industrials, and Technology. When evaluating costs, XAW features a management fee (MER) of 0.2%, compared to 0.2% for XEF. Performance-wise, XAW has returned 13% year-to-date with +$526 M in net flows, whereas XEF is at 11.47% with +$6 B. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
XAW
XEF
| AuM | $4,585.25 M | $24,192.68 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.22% |
| Tracking Difference | -0.06% | -0.08% |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XAW | -3.38% | -0.38% | +13.00% | +12.14% | +81.52% |
XEF | -2.65% | -1.94% | +11.47% | +12.82% | +72.91% | |
| Flows | XAW | +$74 M | +$209 M | +$526 M | +$723 M | +$1,086 M |
XEF | +$553 M | +$1,738 M | +$6,037 M | +$7,163 M | +$12,687 M |
XAW vs XEF exposure
Countries
XAW
USA
63.11%
Other
36.89%
XEF
Japan
26.50%
United Kingdom
13.44%
Switzerland
8.78%
Germany
7.81%
France
7.66%
Other
35.80%
Sectors
XAW
Technology
37.54%
Finance
17.44%
Industrials
9.57%
Healthcare
8.44%
Consumer Non-Cyclicals
7.77%
Other
19.24%
XEF
Finance
26.99%
Industrials
16.10%
Technology
13.23%
Healthcare
9.09%
Non-Energy Materials
7.67%
Consumer Non-Cyclicals
7.59%
Other
19.33%
As of October 30, 2026
Top 10 Holdings
XAW
US4642872000
51.50%
CA46434T1057
22.26%
CA46434U1021
12.90%
US4642871507
8.27%
US4642875078
3.09%
US4642878049
1.81%
XEF
ASML Holding NV
2.73%
US46432F8427
2.27%
HSBC Holdings Plc
1.32%
Roche Holding AG
1.14%
Shell Plc
1.06%
Novartis AG
1.02%
Mitsubishi UFJ Financial Group, Inc.
0.97%
AstraZeneca PLC
0.96%
Nestlé SA
0.91%
Siemens AG
0.88%
Diversification
XAW
Total weight of top 10 holdings out of 7,998 total
99.82%
XEF
Total weight of top 10 holdings out of 2,639 total
13.25%
Characteristics
Compare
XAW
XEF
| Provider | iShares | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI ACWI ex Canada IMI Net Total Return Index - CAD | MSCI EAFE IMI Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | Other |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.23% | 2.38% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2015 | April 10, 2013 |
Frequently asked questions about XAW and XEF
Which ETF has performed better year to date: XAW or XEF?
As of October 30, 2026, XAW has returned 13.00% year to date, while XEF has returned 11.47%. XAW is ahead on YTD performance.
Which ETF is larger by assets under management: XAW or XEF?
As of October 30, 2026, XAW manages $4.59 B in assets, while XEF manages $24.19 B. XEF is the larger fund by AUM.
How are XAW and XEF managed?
XAW is passively managed by iShares. It tracks the MSCI ACWI ex Canada IMI Net Total Return Index - CAD benchmark. XEF is passively managed by iShares. It tracks the MSCI EAFE IMI Net Total Return Index - CAD benchmark.
Which ETF is more diversified: XAW or XEF?
XAW holds 1 securities, while XEF holds 2446. On holdings count, XEF is the more diversified portfolio.
Which ETF is attracting more investor flows: XAW or XEF?
Year to date, XAW has seen +$526.21 M in net flows, compared with +$6,036.68 M for XEF. XEF has attracted more net investor money so far.
How do the fees of XAW and XEF compare?
XAW has an expense ratio of 0.22%, while XEF has an expense ratio of 0.22%.
What sectors do XAW and XEF emphasize?
XAW is most exposed to Technology, Finance, and Industrials. XEF is most exposed to Finance, Industrials, and Technology.
Recent articles about XAW and XEF
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