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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 Information Technology, Financials, and Industrials, while XEF leans towards Financials, Industrials, and Information Technology. When evaluating costs, XAW features a management fee (MER) of 0.2%, compared to 0.2% for XEF. Performance-wise, XAW has returned 16.01% year-to-date with +$259 M in net flows, whereas XEF is at 13.64% with +$3 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 | $4,469.42 M | $22,441.93 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.23% |
| Tracking Difference | -0.17% | 0.01% |
Historical performance and flows
As of June 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XAW | +6.46% | +17.17% | +16.01% | +33.59% | +81.80% |
XEF | +6.12% | +13.53% | +13.64% | +28.39% | +67.99% | |
| Flows | XAW | +$127 M | +$203 M | +$259 M | +$597 M | +$915 M |
XEF | +$612 M | +$1,471 M | +$3,474 M | +$6,418 M | +$10,409 M |
XAW vs XEF exposure
Countries
XAW
USA
62.15%
Other
37.85%
XEF
Japan
24.72%
United Kingdom
13.85%
Switzerland
8.56%
France
8.29%
Germany
8.26%
Australia
7.14%
Other
29.19%
Sectors
XAW
Information Technology
28.15%
Financials
13.84%
Industrials
11.23%
Consumer Discretionary
9.57%
Communication Services
8.19%
Health Care
7.41%
Other
21.62%
XEF
Financials
21.98%
Industrials
19.21%
Information Technology
9.35%
Consumer Discretionary
8.38%
Health Care
7.01%
Other
34.06%
As of June 19, 2026
Top 10 Holdings
XAW
NVIDIA
4.54%
APPLE
3.73%
MICROSOFT-T
2.83%
AMAZON.COM INC
2.42%
ALPHABET INC-CL
2.10%
BROADCOM LIMITED
1.85%
ALPHABET INC-CL
1.67%
TWN SEMICONT MAN
1.58%
META PLATFORMS
1.25%
TESLA
1.00%
XEF
ASML HOLDING
2.21%
HSBC HOLDINGS
1.24%
ASTRAZENECA
1.17%
CH1499059983
1.13%
NOVARTIS
1.11%
NESTLE SA
1.03%
SHELL PLC
1.02%
SIEMENS
0.89%
COMMONWEALTH BANK OF AUSTRALIA
0.83%
MITSUBISHI UFJ FINANCIAL GROUP
0.80%
Diversification
XAW
Total weight of top 10 holdings out of 8,150 total
22.97%
XEF
Total weight of top 10 holdings out of 2,646 total
11.43%
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) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.15% | 2.15% |
| 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 June 19, 2026, XAW has returned 16.01% year to date, while XEF has returned 13.64%. XAW is ahead on YTD performance.
Which ETF is larger by assets under management: XAW or XEF?
As of June 19, 2026, XAW manages $4.47 B in assets, while XEF manages $22.44 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.
What sectors do XAW and XEF emphasize?
XAW is most exposed to Information Technology, Financials, and Industrials. XEF is most exposed to Financials, Industrials, and Information Technology.
Which ETF is attracting more investor flows: XAW or XEF?
Year to date, XAW has seen +$258.88 M in net flows, compared with +$3,474.17 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 0.23%.
What are the top holdings of XAW and XEF?
XAW's largest holdings include NVIDIA and ALPHABET INC-CL. XEF's top holdings include ASML HOLDING and HSBC HOLDINGS.
Which ETF is more diversified: XAW or XEF?
XAW holds 7267 securities, while XEF holds 2464. On holdings count, XAW is the more diversified portfolio.
Recent articles about XAW and XEF
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